Some things were different about NAA Apartmentalize this year, but one thing that wasn’t was the great content that the association puts together to share best practices and stay current on industry trends. Below are highlights from sessions that the ResMan team found most compelling and relevant.
Operators who are currently using AI shared insights into how AI is being used to reduce costs, increase bandwidth and create the future. The session provided a really compelling case for the need for and value in using AI across many operational areas. Examples cited by presenters include:
If these examples are enough to motivate you to adopt an AI solution, the presenters had some advice for successfully rolling out AI in multifamily – have a dedicated project manager for the rollout and take seasonality into account when setting the roll out schedule (e.g. don’t roll out in May/June). On another note related to AI but not to Apartmentalize, ResMan and AvidXchange are hosting a webinar on September 22nd titled “How AI-Powered Innovation is Transforming Accounts Payable”. This webinar is a great opportunity to learn more about how using AI to replace manual AP processes can help your company increase efficiencies and scale for growth.
Much has been written about the rise in pet ownership/adoption during the pandemic, but the reality it is a trend that has been on the rise for at least the last three decades. We all know that with pet fees and pet rent, pet owners provide more revenue to apartment communities than residents that don’t own pets. But there are always a lot of questions about whether the benefits of allowing pets outweigh the drawbacks. Presenters during this session shared a lot of helpful data and insights for apartment communities that allow pets or are considering allowing pets. The points that we found most interesting/relevant are:
Beyond just the data, it was also interesting to hear the approach that communities are taking to pet policies. For example, Jamin Harkness, Executive Vice President of The Management Group (TMG), does not look at pet ownership as just an income line item. They’ve found that pet ownership has a considerable and positive impact on the community. They encourage prospective renters to bring their pets with them for the initial tour. They incorporate pets as part of the community, from encouraging Tik-Tok videos with renters and their pets to adding pet station locations to property maps and sponsoring pet adoptions. Given that people with pets are less likely to move, they can secure higher effective rents for being the Pet Preferred Community of Choice.
There are 67 million Gen Zers in the US. The oldest are nearing 25 years old. They’ll make up 30% of the workforce by 2023. While every generation is unique, this one is particularly different in ways that matter to apartment communities. They’ve never lived without the internet, social media or mobile devices, so their expectations for apartment search and lifestyle are different. Some statistics that we found particularly interesting and relevant for apartment communities looking to attract Gen Z renters are:
Earlier this year, when our industry started to feel the impact of the rising costs of materials coupled with labor shortages, there was anxiety about the increasing operating expenses and capital expenditures. But, interestingly enough, expenses for the first half of 2021 are in line with the first half of 2020. One the reasons provided as to why we are not seeing the spike in expenses is due to the payroll savings, which have remained flat. Payroll savings reflect the challenges management companies are having when trying to fill open positions. In addition, as companies rushed to adopt technology needed to move to virtual or centralized processes, they re-evaluated their staffing models for 2021 and beyond, taking savings where they could.
Now the interesting question is where do things go from here. Will prices continue to rise? Will labor continue to be in short supply? Can communities continue to operate effectively at current staffing levels? ResMan’s recent webinar, “Natural Disasters, Pandemic, Recession, Inflation – How the Heck Do We Budget for 2022?” shares insights from industry veterans around how to budget for 2022 amid all this uncertainty. We encourage you to watch the on-demand recording.
Remote work went from 3.6% pre-pandemic to 44% even as vaccines were rolled out and restrictions started were relaxed. This remote work trend is not expected to subside, even when the pandemic finally comes to an end. In fact, experts are predicting a 25% to 30% increase in remote work by the end of 2021.
With remote work here to stay, organization and team leaders need to be thinking about changes they need to make to how they engage with and manage their teams. The panelists for this session highlighted traits they are seeing in great remote leaders, which include:
The pandemic has had a significant impact on the way that prospective residents find and make decisions about their next home. While historical leasing process metrics are still relevant, there are many new and different metrics and processes that properties need to consider to ensure they continue to hit their revenue and occupancy goals. Below are key takeaways from the session:
If you’re interested in more takeaways from NAA Apartmentalize 2021, watch ResMan’s on-demand webinar, “In Case You Missed Apartmentalize: ResMan Recaps What You Need to Know”.
If you’re interested in ResMan as a software provider for your daily operations, book a demo to see the product up close.