Young professionals thrive on innovation and imagining new ideas or solutions in the workforce. These young and eager professionals in the workforce have an entrepreneurial mindset, where they bring new methods and concepts to the table. In the multifamily industry, this is a huge plus because the demographics of residential living are constantly changing. Allowing these young professionals to become intrapreneurials at the property level is a key component to industry growth and evolution.
We often talk about how the demographic shift impacts multifamily in terms of rental changes, but what many people don’t realize is that this growth in diversity impacts the multifamily workforce as well. An industry reflective of it’s audience, multifamily employers have seen growth in millennials and minorities in the workplace, as well as a growth of women in leadership roles — and we can only expect these changes to continue.
‘Tis the season! The holiday months are among us, which means colder weather, residents heading home for the holidays, and maintenance teams dealing with the unexpected. While you can’t plan for everything, it’s best to get ahead on the things you can plan for. We’ve previously shared How to Manage Your Property Management Team During Busy Season, now we’re outlining a few tips to help property managers keep up with the winter season!
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).