At a panel discussion held at Apartmentalize and led by Stephanie Furman, Senior Vice President of Development Corporate at Entrata, industry experts, including Sherry Freitas from RangeWater, Laine Gomez from Catalyst, and Gardner Reese from Greystar delved into the challenges and opportunities facing property managers today. The conversation centered on the increasing pressure to reduce expenses while maintaining resident satisfaction and driving revenue growth.

A key theme in their conversation that stood out most was the need to streamline operations and leverage technology to improve efficiency at both the property and corporate level. This included the group emphasizing the importance of centralizing tasks and utilizing a comprehensive property management system to reduce administrative burdens on site teams. Centralization would free up managers to focus on higher-level responsibilities, such as overseeing multiple assets and improving resident retention.

The group also highlighted the potential of technology to drive revenue growth, particularly through ancillary services like resident programs and smart building technology. However, they cautioned against implementing technology for the sake of innovation, emphasizing the importance of focusing on solutions that solve real problems and enhance the resident experience.

The discussion also touched on the impact of rising costs, particularly in areas like insurance and maintenance that are having a significant impact on net operating income. One suggestion was finding a way to balance expense reduction with investments in resident satisfaction, such as offering financial wellness programs and prioritizing timely responses to maintenance requests.

Finally, the group highlighted the importance of data-driven decision-making and understanding resident preferences. For example, having the ability to access and use data correctly could help you tailor services and amenities to the specific needs of the community. By embracing technology, focusing on resident satisfaction, and strategically managing expenses, property managers can navigate the current challenges and achieve long-term success.

Learn more about Entrata’s commitment to efficiency here.