Leaders in multi-family property ownership met in Dallas, TX to discuss changing trends in the correlation between lease transactions and amenities offerings for operational success. The focused discussion compared which strategies were key to increased operational and revenue success. The findings discovered when amenities were maximized, revenue increased. So while property owners may be hesitant to spend cash to increase the level of amenity offerings, the study suggests that when they do – there is a large return on those investments.
At the Marcus & Millichap Dallas/Fort Worth Multifamily Forum, the panelists concluded that the key to attracting new residents and renewing current occupants was found in providing a combination of both traditional amenities and modern, tech-focused offerings. Other key findings included:
Use Data for Targeted Marketing
Using data to match target residents to the right apartments that fit their lifestyle and the community is possible using lease transaction data. This way, property owners can narrow their focus on finding a match for the type of property being offered:
Lease transaction data is being studied to identify trends that can help multifamily operators find the right prospects for the right types of apartments. Predictive analysis is trumping traditional pricing practices by factoring in various conditions, occupancy rates, rental rates, and other data based on resident behavior to recommend a price.
Match Amenities With Price
Applicants are willing to pay for additional amenities such as hardwood floors, granite countertops or fireplaces – having these in place can reduce the time on the market for vacancies. But it takes insight into what the targeted demographics are willing to pay for, and this is where looking closely at market studies can help determine what will get a resident into an apartment.
Quality Customer Service
If you want to retain current building occupants, it seems as if good old-fashioned, quality services and a responsive property management team are key to operational success. If a dog park is offered, or package acceptance and delivery, or door trash collection – it is incumbent upon management to ensure those services have the trained staff to deliver. While you can’t put a price on customer service, there is a direct correlation with increased revenue.
Learn More About Operational Success as Discussed by Industry Panelists
If your property management team lacks the skills or training to successfully match technology with a human touch, contact us for more information on how our management training programs can show your teams how to gain operational success in occupancy retention, maintaining high-quality amenities, and providing unmatched customer service.