It seems that there are two types of people as we flip the calendar to a new year—those who are eager to put 2020 behind them and those who are fibbing when they say they aren’t.
While the first week of the year makes clear that a January 1 wasn’t an automatic reset, we’re among those who believe that 2021 has the potential to be an outstanding year, for both the apartment industry and the world in general. continue
Amid All the Chaos, 2020 Offered Suprising Positives
Typically, these types of year-end recaps feature a cheery look back at significant milestones and benchmarks in the industry. Seeing that “cheery” will seldom be an adjective associated with 2020, some may wonder why we didn’t entirely skip this piece.
But although 2020 was a trying time for virtually everyone, it was not without positives. The multifamily industry deftly adjusted to the bevy of newfound challenges by finding ways to connect with residents and prospects in a socially distant environment. Many associates went above and beyond to assist those facing unprecedented circumstances and the words virtual, Zoom and contactless became a regular part of the industry’s vernacular.
All the while, the resilient apartment sector managed to avoid widespread disaster and continued to prime itself for a promising post-pandemic future. Here’s a look at some of the encouraging developments in an otherwise chaotic 2020: continue
Virtually everyone has experienced an environment where morale is low. Whether you experience it at the workplace, on an athletic team, at school or any other type of group, odds are you remember the experience very well—because it can be draining.
When culture turns sour, productivity becomes an uphill battle. In addition to trying to conquer a task, team members have to weave through discontent and preconceived notions that can stunt their progress.
That’s why positive company culture is so important. continue
The associates who comprise the IT team are among the most astute in your organization. But despite their tech-savvy skill set and problem-solving abilities—IT stands for information technology, after all—these teams are no different than others in that they require training to function at a high level.
While a high-functioning IT team often performs training for other groups within the organization, such as educating employees about software systems, training resources for IT itself cannot be neglected. In short, effective training for IT teams hinges around process as much as education.
Here are a few concepts to consider when incorporating IT teams into the greater operations process: continue
Pricing can be an obscure concept. There is no absolute right or wrong rate, necessarily, but problems can arise if you’re too far off in either direction.
While many variables factor in as to how apartment communities arrive at their rates, 2020 has introduced another in the form of the pandemic. The effects have meant different things to different markets, which adds another dynamic when attempting to accurately price units.
“Even in a tough year, we’re seeing solid results for our Entrata Pricing clients, over 2 percent lease trade-out increase year-to-date,” said Entrata Pricing product manager Matt Schultz. “This is a testament to the value and discipline that pricing software adds for our partners.”
With so many moving parts to consider, relying on guesswork or gut feelings generally fails to serve as a solid strategy. And with pricing as the primary component of NOI, it’s monumentally important to arrive at rates that strike the balance of making sense for the community while not alienating potential renters. continue
Be excellent to each other. It’s one of Entrata’s key values, and perhaps the most pertinent during the current climate.
“2020 has shown us so many examples of humans not being excellent,” said Chase Harrington, president and chief operating officer of Entrata. “But we’ve also seen some of the best in humanity.”
Throughout the Entrata Connect four-episode series, the company highlighted many of those who went above and beyond during an unprecedented 2020.
Here are their stories: continue
Renaissance Man Shares Stories, Insights, and Humor
When daydreaming about the most interesting individual to have a conversation with, Matthew McConaughey comes to mind for many. The Academy Award-winning actor has a charming easiness about him, and his abundance of catchphrases transcend the most popular “alright, alright, alright.”
Dave Bateman, chief executive officer for Entrata, recently had the opportunity for that coveted conversation with McConaughey and was able to share it with the apartment world in Episode 4 of Entrata Connect. continue
Wall Street Innovator Inspires Future Leaders
A testament to Carla Harris’ leadership skills can be found in the simplest of concepts: Her passion is rooted in helping others.
The Vice Chairman, Managing Director and Senior Client Advisor at Morgan Stanley has a laundry list of accolades too lengthy to categorize, but the Harvard graduate has built success on Wall Street and has extensive experience in the technology, media, retail, telecommunications, transportation, industrial and healthcare sectors.
“We’re at a point in time where leadership really matters,” said Harris, who imparted her tools for maximizing leadership success in Episode 2 of Entrata Connect. “And one of the things I feel most passionate about is that you can lead from any seat.” continue
An Experience-Driven Approach to Business
Molly Fletcher spent nearly two decades as the only female sports agent representing professional athletes and coaches. In an industry where there are more agents than people to represent, and where she had no footsteps to follow, Fletcher’s success depended on her ability to create a differentiating experience for her clients.
During Episode 3 of Entrata Connect, Fletcher outlined her approach and described how it translates to multifamily and beyond. continue
Imagine a world where a property management system not only accurately tracked rental payment data, but also analyzed it to predict which payments have the highest likelihood of returning.
Actually, you don’t have to imagine. Thanks to advancements in predictive machine learning algorithms, this cutting-edge technology analyzes scores of data pertaining to payment history, timing and behavior. It can be used to more intuitively assess the ultimate result of the payment.
How do apartment operators get in on the action? By partnering with providers that invest in these sophisticated technologies. continue