A Look Back at 2014: The Year’s Best in Property Management Insider
In 2014, we witnessed “stellar” space movies, bendy smart phones, a number of hackings, and ice bucket challenges—this was a year of surprises to say the least. For the apartment industry, there are some topics, such as resident retention, apartment market data, and of course property management, that will continue to be relevant time and time again. But what were some of the most popular topics we observed on Property Management Insider? We count down our top-viewed articles for the year, as we share what’s on the horizon for property management in 2015.
The renewal process should be viewed strategically, much like a chess match between residents and property managers. As a property manager, it is crucial to think steps ahead of every possible objection a resident might have during this process. To achieve the goal of resident retention, know your “opponent” backwards and forwards.
Finding new, creative ways to connect with Generation Y is a big trend we continue to see in property management and this blog explains five big selling points for enticing millennial residents to your property.
Seasonal maintenance is a must at any property, especially during the winter months. Failing to make simple fixes and repairs to your community could end up being costly. These 10 tidbits are quick and easy to remember when preparing your community for the harsh polar weather.
Holding the No. 2 spot in our countdown is an in-depth rundown of the top six cities for apartment demand. These markets span across the fastest growing metros across the United States, and give us insight into which cities residents flock to the most.
Coming in at No. 1, Joanna Ellis, CEO of Ellis Partners in Management Solutions (EPMS) takes us through her must-have list of traits that make up the best leasing consultants. The key to becoming the best is to continue to improve and to find ways to gain an edge over your competitors.
The Common Denominator for 2014: Change
Throughout the year, we noticed a common theme surrounding many of our most popular articles: change. Here’s what you can expect:
As a property owner, getting new and keeping current residents leasing is the biggest priority. Apartment amenities are more important than ever, and owners should find enhancements to make to their property better appeal to renters. Whether it’s adding a dog park, implementing package lockers, or going green, investing your time and money in the resident experience can prove valuable in the long run.
A significant disruption came to apartment marketing in the form of digital media. Because of the change in consumer buying, property managers may need to think about modifying their apartment marketing strategies and dedicating resources strictly to managing their property’s online presence.
There’s a growing interest in big data and apartment market research, and what it says about activity in metros around the nation. Market analysts at MPF Research present findings that give property managers evidence of significant trends. According to MPF Research, in 2014, new supply hit the U.S. apartment market at some of the largest levels seen in the last 14 years. With such a surge in supply, can we expect to see a spike in demand to follow suit in the New Year? Only time and statistics will tell.
What Does the Future Hold?
While no one can foresee the future, buzz is growing surrounding technology and business intelligence. The future of multifamily looks toward digitization favorably. E-payments, online portals and 3D floorplans are some of the changes we can expect in property management. When it comes to connecting to communities, personalization is becoming an important component for resident services, meaning properties will need to tailor their offerings to sync with residents’ tastes and preferences.
In 2014, we witnessed a shift in consumer buying habits and an interest in e-commerce platforms in the retail space. In 2015, we’ll need to monitor how this buying behavior will affect the apartment industry. Because consumers now expect an online leasing experience, owners must evaluate what rental process they have in place for their property or risk being left behind.
Do you have a favorite article from 2014? What topics do you think will be big in 2015? Share it in the comments below. Here’s to next year and everything it has in store!
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