Join the world's largest professional social network for the apartment industry!
Multifamily portfolio management is changing. High interest rates are revealing the reality of bad property management.
Where previously a portfolio with low interest rate financing was able to make a profit, the same portfolio with high interest rates isn't.
Property management now needs to focus on the 4 pillars of multifamily protfitability
1) Optimize rents
2) Maximize Economic Occupancy
3) Minimize Delinquency
4) Manage costs
And remember,...Multifamily portfolio management is changing. High interest rates are revealing the reality of bad property management.
Where previously a portfolio with low interest rate financing was able to make a profit, the same portfolio with high interest rates isn't.
Property management now needs to focus on the 4 pillars of multifamily protfitability
1) Optimize rents
2) Maximize Economic Occupancy
3) Minimize Delinquency
4) Manage costs
And remember, they are pillars. If any of them are out of sync, the structure will collapse. Adjusting any one of the pillars affects the other.
Show more
What’s some information you would put in your welcome packets for new move ins? Looking to change ours up and want to touch all bases!
Read More...
I Have you eve worked with a Know It ALL!! Working with a Know-It-All takes it's toll on the morale of the entire team! The rest of the team is left frustrated when they have to fix problems when a Know-It-All is so sure they are clever, that they will not ask or clarification or help. For the sake of the morale of your team, it is up to you to keep the peace & coach your Know-It-All! They will need some concrete examples, and ...
In my 15-year journey through the maintenance industry, spanning roles from technician to multi-site supervisor, I've encountered and conquered numerous challenges. Currently overseeing two properties just over 30 minutes apart, comprising a total of over 1000 units, I've navigated the intricacies of managing high turnover rates, particularly in properties built in the 80s or even older.The Costly Impact of TurnoverOne of the foremost challenges ...
Time for a property management corporate rebrand, multifamily marketer? Perhaps the whole marketing team is in on the idea. It's been in the works, you've collected preliminary quotes, estimated a possible budget, but now: you need to get the rest of the team on board. Let's carefully talk through why and how to get them on board.You'll need to grab the people that matter, consider the competition, and present some proposals you've collected. But ...
A few years ago, Centralization was the big topic at all the conferences, and now it is AI. Here at RETCON, it's interesting to hear Cindy Fisher at Kettler talk about how they are using AI to reduce friction and lessen loads on on-site teams through managing processes like collections and renewals.
This idea of removing functions and tasks from on-site teams is being approached by two different hot topics from the last couple of years, so we...A few years ago, Centralization was the big topic at all the conferences, and now it is AI. Here at RETCON, it's interesting to hear Cindy Fisher at Kettler talk about how they are using AI to reduce friction and lessen loads on on-site teams through managing processes like collections and renewals.
This idea of removing functions and tasks from on-site teams is being approached by two different hot topics from the last couple of years, so we really need to consider the future of the on-site team.
What's your all's take on what the on-site teams look like 5 years from now?
Show more
Hey, Insiders! Happy Fair Housing Month! As we gear up for Doug Chasick's webinar next week, we want to test your fair housing knowledge! Vote on the poll below if you think the following statement is true or false: You can limit the number of animals in an apartment home, true or false?
Kudos on taking the leap into the world of social media for your apartment community! As a property manager in the apartment industry, you encounter unique challenges and opportunities. Let's delve into the top 10 social media mistakes tailored specifically to your field.Together, let's ensure your social media endeavors attract new residents and keep your current ones engaged. Let's dive right in!1. Trying to Establish a Presence on Every Single ...
$300,000 a year. That's how much owners and managers with 100 properties spend on manual market surveys. The traditional approach to market surveys is tedious and cumbersome. Leasing teams spend hours collecting data into spreadsheets, cutting into their customer service and property management responsibilities. While a cornerstone of multifamily growth, manual market surveys are diminishing your bott ...
In today's crowded commercial real estate marketplace, where information overload is a constant threat, capturing attention and building trust can be a challenge. But what if there was a secret weapon that could disarm skepticism, forge emotional connections, and ultimately drive sales? Enter the power of storytelling. Humans are hardwired to respond to stories. They spark our imaginations, transport us to new realities, and allow us to con ...
In today's increasingly interconnected world, rental housing communities are recognizing the profound impact that pets have on the lives of their residents. From companionship to mental well-being, the presence of pets and support animals enriches our neighborhoods in myriad ways. Yet, amidst this appreciation for our furry companions, many operators may overlook the importance of systematically tracking and utilizing relevant pet data. The truth ...
Scenario: resident is elderly and old. Has been telling me he’s dying for the last few months.. didn’t ask why as he always says he has health issues. All of a sudden he emails me a mold spore report with counts. Never once brought this concern up to us nor has any work orders regarding it. His private report shows high counts of some stuff but the moisture and humidity levels are witching normal range with no concerns. What would you do? To my...Scenario: resident is elderly and old. Has been telling me he’s dying for the last few months.. didn’t ask why as he always says he has health issues. All of a sudden he emails me a mold spore report with counts. Never once brought this concern up to us nor has any work orders regarding it. His private report shows high counts of some stuff but the moisture and humidity levels are witching normal range with no concerns. What would you do? To my knowledge we’ve never done an actual mold test or report in apartments and only do moisture and humidity readings. Do you do full remediations according to these “mold tests”? The only visible growth from his report is mildew on the ac vents and mildew on ac coil.. Show more
ACM’s- Is your delinquency bonus paid monthly or quarterly?
Read More...
One of the common conversations we see on Multifamily Insiders relates to strategies to lease up a new property. Similarly, we see other Insiders asking how to compete with new lease-ups that are hitting their own area. So in this conversation with Katie Trevino Senior Regional Marketing Manager at Avenue5 Residential, she shares how she tackled both at the same time – marketing their n ...
Ready to step up your social media game in 2024? Let's dive right in and look at the top 10 social media errors you should avoid to make sure your presence soars and your apartment community stands out.1. Choosing Too Many PlatformsUnderstanding where your audience hangs out is crucial. Rather than burning out from maintaining every social media platform, zero in on where your demographic really connects.2. Ignoring Data and TrendsAnalytics is cr ...