The expectations of today’s renters have changed, and multifamily property managers must be prepared to meet those expectations to stay competitive. Being able to maximize occupancy with the right residents, retain them with a high-end experience, and keep track of progress toward business goals are crucial to property management in the digital age.
MRI understands that multifamily property managers must excel across each of these areas. MRI Living represents our comprehensive suite of end-to-end residential software solutions designed to help multifamily property managers rise to the latest challenges facing the industry.
A day in the life of a multifamily property manager
Keeping residents happy isn’t just one of a dozen ways to protect your bottom line – it’s the lifeblood of your business. You don’t just manage units and buildings; you manage people’s homes, and the best way to build a good relationship with those people – your residents – is to offer them the best experience you possibly can.
The development and preservation of a landlord/resident relationship is the story that lies at the heart of the residential lifecycle, and the tools provided through MRI Living and our extensive partner ecosystem can help you develop that relationship and excel at every step of that lifecycle. Through MRI Living, you’ll be empowered to attract great residents, simplify living, run your properties effectively and efficiently, and utilize your data to plan for the future.
1. Attract great residents
Prospects are consumers by nature, and every consumer today starts the search for their desired purchase online. Did you know that 73% of renters in the United States are younger than 44 years old? On top of that, nearly 100% of them have a cell phone, and over 90% have a smartphone. This means that it’s more important than ever that your property and brand has online visibility so that prospects can find you.
After you get a prospective resident engaged with your property, you’ll want to get a lease signed in a way that makes things as easy as possible for both your prospect and your leasing staff.
Utilizing the proper software solution can help you get your organization out in front of the right prospects at the right time, and it can also help fast-track the leasing process in a convenient and effective manner.
2. Simplify living
Property Managers aren’t just in the business of real estate; they’re in the business of taking care of people. Astonishing residents with your services, amenities, and general “customer service” skills will increase the likelihood that they will renew their lease.
Considering that many of today’s residents are from younger generations, traditional amenities such as pool access and workout areas don’t hold as much clout as they used to. Today, providing convenient digital amenities, transparency, and tools that make life easier for you and your residents can go a long way.
At the same time, providing a satisfying and easy resident experience doesn’t rest entirely upon your shoulders. There’s a balance between the two extremes of overbearing communication with residents and forcing them to go searching for information. The proper tools can help you on your quest to find the best way to simplify living for both your residents and your property staff.
3. Run smoothly
So you’ve automated the lead-to-lease process and are providing self-service tools for your residents, but how well are you automating your back office processes?
If your property isn’t running smoothly, inefficiencies can reverberate across your organization and negatively impact the resident experience. Simplifying your day-to-day property management tasks with tools that maximize operational efficiency and minimize risk can help alleviate your worries.
At this stage in the residential lifecycle, you as a property manager can put your best foot forward with your new residents. Getting a new lease signed is one thing but providing a satisfying experience for an existing resident is another. Even if you feel that you’ve built a solid foundation of trust through the leasing process, residents often spend a greater amount of time adjusting to their new homes, and you have a critical role to play in ensuring that process is as smooth as it can be.
4. Know the score
As you’re working towards making your operations more resident-centric than lease-centric, it’s important that you keep track of your data and assess the health of your organization to see what’s working and what’s not.
The health of your business is a critical aspect of property management that you shouldn’t be neglecting. Knowing the score and keeping track of your progress can help you reach your goals and maximize profitability.
The more you provide for your residents, the more you’ll find that their retention will become predictable. This aspect of property management isn’t just good business; it’s a good way to stabilize your bottom line and prepare for the future by keeping your occupancy rate high.
Excel throughout the residential lifecycle
The lead-to-lease process is essential to your property operations, but it doesn’t represent the full scope of your responsibilities as a property manager. The road to success in today’s ever-changing industry starts by firing on all cylinders at every step of the residential lifecycle.
With the right tools at your disposal, you’ll be able to fully commit to your organization’s future. Utilizing residential property management solutions can enable you not only to carry out your daily operations, but to prepare yourself for whatever challenges may lie ahead.
Learn more about MRI Living and how you can excel in every step of the residential lifecycle.