Let’s dive into some standout insights from the 2023 MFE Conference held Sept. 26-28 in Dallas, TX:
1. Now’s the Time to Focus on Occupancy Over Rent Growth
Rent prices are forecasted to continue stalling. It was suggested that operators focus their efforts on maintaining full occupancy over pursuing rent growth in the current market. This is mentioned in discussions led by Ryan Davis, CEO at Witten Advisors, and Greg Willett, Vice President of IPA Research at Marcus & Millichap. Rent renewals are high due to residents not chasing deals from different apartment communities; concessions have become rare and consumers can generally handle the current rent levels.
2. The Role of Centralization and Technology Is Paramount
Centralization of property management functions, also known as enhanced services, has emerged as a critical priority for operators post-COVID. For those initiating or at the beginning stages of centralization efforts, Jennifer Staciokas, President of Western Wealth Communities, recommended beginning with property administration, proceeding to maintenance, and finally, addressing leasing. According to panel insights, successful integration of technology that enables residents to self-serve is contingent upon clear process identification prior to jumping into the tools available. Once this is achieved, the most significant obstacle is change management within your existing talent pool. Addressing these areas will pave the way for enhanced operational efficiency and an elevated renter experience.
3. PropTech Solutions with Cross-Asset Functionality are the Future of Multifamily
The pandemic fast-tracked technology adoption in the multifamily industry. However, because of this, stakeholders have adopted solutions to enhance team efficiency and experiences left and right. Elie Finegold, Managing Director at Crow Holdings, underscored the need for PropTech solutions that not only adeptly handle different multifamily property classes (Class A, B, and C), but also cater to the nuances of diverse real estate assets that do not exist today.
In reflection of these insights, it’s evident that the multifamily industry is gracefully evolving. The road ahead seems to be paved with innovative technology, the unity of centralization efforts, and, most importantly, a commitment to the resident.
Domuso is driving digital transformation for the multifamily industry with an advanced platform to manage payments and communication throughout the entire resident lifecycle. Domuso captures 100% of a property’s receivables electronically while giving residents the flexibility to access multiple payment methods from any mobile device.
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