The multifamily industry recently witnessed a legal challenge against a major property management software provider. The lawsuit questions the software's role in rent pricing, sparking conversations about transparency, compliance, and customizability. While the company in question has strongly defended its software, this situation brings up several talking points that are worth considering.Key Points from the LawsuitAlleged Rent Mandating: The la ...
The Problem Juggling multiple multifamily properties is no walk in the park. The maze of various dashboards, scattered logins, and inconsistent communication methods can turn routine tasks into operational hurdles. Adding to the complexity, you must manage key performance indicators, engagement metrics and uphold a unified brand experience across all properties. The result? A fragmented resident experience that can erode resi ...
Moving Made Easy: The Power of Automating Resident OnboardingMoving to a new place is often accompanied by excitement and stress. According to a survey commissioned by North American Van Lines, 64% of respondents consider their most recent big move to be one of the most stressful experiences they've ever had (Anderer, 2020). To alleviate the stress associated with moving and ensure a seamless transition, automating the resident onboarding process ...
In our fast-paced world, convenience has become a paramount factor in the decision-making process for today's renters. Millennials, who are now dominating the rental market, have a strong affinity for technology and value the ability to manage their living spaces efficiently. One emerging trend among this tech-savvy generation is the desire for smart locks in their apartments, accompanied by the convenience of controlling various smart systems fr ...
In uncertain financial times, with inflation and expensive labor costs, protecting your investment and ROI can be challenging. However, for multifamily property owners and managers, focusing on existing residents is one of the most effective ways to achieve this. Retention is much more cost-effective than acquiring new ones. Satisfied residents are also more likely to renew their leases, which means a more stable income for your property.Here are ...
Property management companies have various options to engage with renters, such as omnichannel, touchpoint, and 360 marketing. Each strategy is unique and advantageous, depending on goals and target audience. We will explore the differences between omnichannel marketing, touchpoint marketing, and 360 marketing.Omnichannel Marketing: A strategy that focuses on creating a seamless, consistent, and integrated customer experience across all marketing ...
In today's fast-paced world, technology has become an integral part of our lives, and the multifamily industry is no exception. With the advent of digital demands and a thirst for instant gratification, the call for technology-driven solutions has skyrocketed. Enter Artificial Intelligence (AI) a game-changer that's revolutionizing the dynamic between owners and renters. The key benefits of AI:Instant Responses: Renters expect immediate answ ...
Saying Goodbye to High Employee Turnover: How to Keep Your Team Happy and Productive
A major challenge that the multi-family industry faces is high employee turnover. With an annual employee turnover rate of 70%, property management has much higher turnover rates than other industries. This is notably higher than the national average of 22% pre-pandemic. ...
Our employee survey data at Swift Bunny supports your proposed solutions. Employees tell us in their confidential survey responses that these things especially matter in terms of whether they will stick around:
- Fair compensation
- A bright future - meaning learning and career growth opportunities
- Good communication at all levels of the organization
- A reasonable workload
Sounds simple...but each one of those can be hard to deliver on, especially when you are short-staffed and time-crunched.
My advice to leaders and supervisors would be to start by improving... Show more
How To Make Multifamily Psychologically Safe
Summary What happens when employees feel unsafe, unheard, and disengaged with their managers or even peers? The result is often underperforming, stressed, and distrustful teams. Consider an industry with high levels of stress and low levels of satisfaction. Certainly, it will see a high employee turnover rate, as is the story of the multifamily industry. Research suggests that teams wi ...
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22 May
Multifamily News
- Northcap Commercial Arranges Sale of Sierra Park Apartments for $7,000,000
- ANF Group Celebrates Topping Out of REVA in Fort Myers, Florida
- CONSTELLATION GROUP PARTNERS WITH NOMADA RESIDENCES TO MANAGE ELLA MIAMI BEACH’S SHORT-TERM RENTAL PROGRAM
- Mill Creek Announces Groundbreaking of Modera South Shore Marshfield
- Patriot Place in St. Augustine Certified ‘Florida Green’ by Florida Green Building Coalition
