With such a saturated market to compete in, many multifamily properties are challenged with finding unique methods to attract today’s renter. Everything from dog-friendly complexes to shared spaces and tech-focused amenities helps properties achieve a competitive advantage.
Digital connections are vital for success in the modern world. Access to internet has become so ingrained in societal function that those without that access can be at a significant disadvantage. Connectivity is a fundamental for work, school, and even future success — over 90% of college applications are now filed online. Yet families with a median household income of $34,800 are five times less likely to have broadband access than those in the upper fifth of median household income per the Center for Public Integrity.
Innovation in any industry starts with one—that is, one person, one product, one solution. And one willing customer to take a chance.
The days of working in a traditional office are slowly dwindling as young professionals want the freedom to choose their ideal work environment or enjoy the comfort of being in their own home while being productive. For a variety of independent and entrepreneurial professionals, coworking spaces provide the ideal solution: a communal place to work on individual projects. Taking the mundane office life out of the equation allows workers to have more control over their job, while maintaining that community feel a traditional office provides.
Numerous advances in technology are helping property managers do their jobs more effectively. As in most industries, computerization has provided some relief regarding data collection, manipulation, and storage, as well as new and better means of communication. But how can you utilize technology to better manage and motivate your property management team?
In business, every purchase must be justified. This includes, but is not limited to discussing how the purchase affects your NOI (Net Operating Income), and whether the purchase offers long term ROI (Return On Investment). For your financial analyst, this process of calculating ROI is simple enough — they have specific formulas relevant to your business that looks at the costs of your purchase and the expected benefits from that purchase over time to calculate that ROI.
We all know utilizing your property management software properly is important, but do we actually know how to do that? Using a new system can be challenging, but it helps that most property management software solutions have similar features (yet can vary in ease-of-use and quality).
We all know change is difficult. Even good change can be stressful, or at least taking some getting used to. For those in multifamily property management, tradition is a fundamental of business. It’s easy to feel locked into a property management software that the company has been using for decades. When processes are already in place, and a hectic day-to-day doesn’t allow time for a giant overhaul, updating software solutions becomes an afterthought, if that.
It’s not always what’s on the inside that counts—curb appeal is essential to attract renters and buyers alike to your property. Residents want a strikingly vibrant exterior and equally modern interior, however you’ll need to be creative in how your property’s outdoor space is set apart from others. Here's a few tips we've curated to help you take advantage of your property's outdoor space.
The millennial generation has surpassed the boomer generation population, and it’s no surprise they have become a driving factor in the growing multifamily sector. Multifamily developments are battling over the latest trends to attract new millennial renters, but in order to successfully attract millennials you need to understand this generation and what they value. In fact, the true homeownership rate for 18-34 year olds has fallen to a new low: 13.2%.