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The Lost Revenue—And How to get it Back With New Tech

The Lost Revenue—And How to get it Back With New Tech
Mitigating revenue loss has always been a primary concern for multifamily operators. But as with everything else, the pandemic has magnified the impact of any financial shortcomings and cast an enormous spotlight on a problem that needs to be solved immediately.  Savvy apartment operators are using technology to recover lost revenue and mitigate future losses, with some accelerating their tech rollout timelines from two years to two weeks. While most of these rollouts involve PropTech such as virtual tours and remote leasing, one often overlooked concept that can quickly drive revenue is PetTech.  It is no secret that pet adoption has prominently risen during the pandemic, which provides operators with a unique opportunity to increase revenue by making their communities more friendly to pet owners. And while concepts such as reducing breed and weight restrictions aren’t rooted in technology, PetTech can help implement them responsibly.  Here are some of the ways more intuitive pet processes can help operators recover some desperately needed revenue:  Ease pet limits, weight thresholds  With pet ownership being one of the only things trending upward in the pandemic, communities should consider letting more of them into their buildings. Reasonably increasing the number of pets allowed per home is one way. Eradicating weight restrictions, as recently done by Camden and others, is another and generally involves little risk of increased damage. A recent PetFinder study indicated that only 11% of apartment communities allow large breeds, which means plenty of that market share remains. Reduce breed restrictions  Reducing or e......
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Do We Need to Re-Think Breeds in Pet Policies?

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From the time I was a little girl, I have loved animals.  What I have learned through the years is that badly behaved animals are often a by-product of badly behaved owners.  For those of you who are hard and fast “Restrict-the-Breeds” pet policy lovers, please bear with me and read along.  I have a legal reason for raising this subject.

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