News, insights, and perspectives on tech, trends, and multifamily housing—from the people behind Entrata.
In our latest Resident Experts Series, we sat down with Dana Pate, founder and CEO of Stitch Marketing, a consulting firm tailor-made to serve the rental housing industry to discuss how multifamily businesses should approach branding and what they can do to build a strong brand that resonates with their target audience. The following are a few of the key takeaways from our conversation.
Property Solutions recently targeted a number of our clients for an intensive study on the processes surrounding lease signing and renewals. The responses indicate that, while the multifamily industry is embracing technology more and more in their marketing and resident retention efforts, many use the same labor and paper-intensive practices for lease execution and renewals that they were using decades ago. Here’s what we found:
Centralization isn’t one-size-fits-all. Property management companies are looking to centralize their business through new workflows, consolidating processes, shifting organization structures, etc for a variety of reasons. These include reasons like:
Property managers unanimously agree that online rent payments are the way to go. The time saved processing payments can save a manager an average of $5 per online payment. So now that you’ve made it available for residents to pay their rent online, how do you get them to actually do it? Here are a few ideas:
Deconstructing consumer behavior really comes down to one thing – perception of value. Unfortunately, that one thing is more complicated than it sounds. There are an endless number of perceptions from a seemingly endless variety of prospective renters and residents. That’s why apartment owner/operators who navigate the consumer behavior maze most effectively and efficiently win residents at higher rents and for longer lease terms than their competitors.
Ask anyone who works in multifamily about the challenges facing the industry, and you won’t have to wait long for the topic of soaring property insurance costs to come up.
Apartment operators have pricing structures for conventional homes down to a fine-tuned science.
Property owners and managers who can meet the affordable housing need can make a genuine, significant impact in their communities while also entering into an industry that has seen record-breaking growth over the past several years. However, along with several potential benefits, investing in and managing these properties comes with a host of unique challenges that require careful consideration. Here are some of the most important things to remember when deciding to get involved in affordable housing.
This is the second in a series of blog posts about how multifamily businesses can build and maintain a strong online reputation. In case you missed it, check out the first blog post here.
On the business side, multifamily and single-family rentals had always been distinct entities. An operator either managed one or the other with very little crossover.
The secret is out—renters are keen on smart home capabilities. What used to be a luxury feature is now an expectation. More than 80% of renters say they want an apartment with smart home amenities, and more than 60% are willing to pay a monthly fee for a voice-activated virtual assistant. But part of the allure of a smart home apartment is the seamless experience that accompanies it.
As part of our ongoing Resident Expert series, we recently hosted a conversation with Mike Brewer, a 30-year veteran of the multifamily industry who is currently the COO of Radco Companies. The following is a brief summary of that conversation which was led by Virginia Love.