Four Trends to Watch for in Multifamily Property Management in 2022

2021 has presented the multifamily industry with a plethora of challenges due to the pandemic, with both the secondary and tertiary effects forcing the industry to quickly pivot to respond to the needs of residents and prospects appropriately. On the one hand, there is an over-supply issue that has affected prices while at the same time there is also an alarming lack of new construction driven by a labor shortage which also affects prices. As such, multifamily owners need to become increasingly creative. For example, they can think about ways to revamp their resident retention strategies and communicate their value proposition consistently if they want to avoid price wars that are sure to ensue once demand increases. Here are some trends we expect for the future of the multifamily industry. 

Service Will Be a Secret Weapon

Next year, one trend you'll see is the high adoption of digital services in customer service. We believe that providing this type of service is essential for keeping your business up-to-date and to avoid going out of the market against competitors that can provide both! But, even if your customers are used to communicating digitally with you, that doesn't mean they expect nothing from you when it comes down to presenting your services and products or having person-to-person communication with them.

This also means accelerating response times and prioritizing maintenance requests since many residents work from home and spend ample time in their living space. What was once a minor maintenance issue can now quickly escalate into an unsatisfied and angry customer as residents are experiencing the maintenance issue for more hours of the day.

Prioritize the Retention of Top Qualified Talent

A highly skilled property management Auckland and maintenance staff is paramount to resident satisfaction and successful day-to-day operations. It would be best if you had people who are going to effectively help you make sure that you keep things moving smoothly without complications. Unfortunately, the amount of available talent out there continues to grow while at the same time the number of qualified workers keeps on decreasing. It's straightforward for someone to get burned out working in this industry and if you want to make sure that your business keeps on thriving, keeping upon how many people you have and how well they're doing is vital! Suppose something happens with one of your employees. In that case, it will only make things more complicated, so keeping everything up and running is paramount because with every push forward comes progression or even sometimes success!

Go Digital, Stay Connected

There's a pandemic in society right now. It could have started with the smartphone, and it's not showing any signs of slowing down anytime soon (heck – the internet doesn't start slow, it gets going and then keeps on going until well into the future). This is making greater demands on what we see and experience each day. Because of this, there's a need to communicate with people more frequently as physical interaction declines. For property management companies like us, digital communication tools like apps, emails, and texts are the industry standard. Still, we also need web portals for residents to make payments, submit maintenance requests, view discussion boards or upcoming events. We should also consider offering self-guided and virtual property tours because these will both come in handy for meeting our owners/renters wherever they are – online! 

Getting Creative With Resident Connection

Noticeably the balance between resident interaction and safety precautions will continue to challenge multifamily teams. Residents want to resume standard social connections and activities in the coming months, but the ongoing pandemic will challenge property management Auckland teams to rethink social events and connectivity. 

We've seen a lot of virtual happy hours and drive-by celebrations, but it's the teams that leverage creative programming to bring people together in a person who will have the most success in 2021. We expect to see more VHOs (Virtual Happy Hours), scavenger hunts and trivia, cooking activities and mixology classes, visits from cast members of local food shows and food trucks into workspaces as we continue to strive for an authentic community feel amongst our digital networks.

For details related to property services Auckland, contact us!

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