The multifamily housing industry, like so many others, is witnessing a transformative period of rapid change. In order to stand the test of time, apartment operators need to stay up to date, on their toes, and prepared to address the many challenges property management companies face today.
Here are some easy ways to overcome prevalent issues and remain successful in 2022.
- Staffing Challenges
Offset labor shortages, employee turnover rates, and improve happiness among existing teams by streamlining processes and reducing manual, low-value tasks. Find qualified applicants through industry networking, online talent resources and incentivizing employee referrals.
- Rent Increases and Supply Chain Issues
In order to counter both rising property costs and vacancies, explore alternative cost-saving measures and ways to reduce the impact of the rent cycle besides rent increases. Prioritize working relationships, but also finding the best vendors and business partners for your brand.
- Modernizing Amenities and Property Tech
Compare new property tech and payment platforms by their onboarding process, ease-of-use and customer support. Choose ones with the least demand on staff and residents. Encourage resident adoption of mobile apps and digital payment options, and meet the expectations of prospective residents by offering modern amenities like virtual tours and smart home technology.
- Online Reviews and Reputation Management
Online reviews can make or break the financial performance of a property or entire brand portfolio. Most revolve around maintenance issues, lease terms and deposit handling. Improve response times and protect your online reputation with secure and easily trackable online submission of payments, maintenance requests, forms and applications.
- Rising to Resident Expectations
Today’s residents expect convenience at their fingertips. Companies that offer online resident portals and mobile property apps with easy digital payment options have a serious advantage when it comes to resident communication, engagement and overall satisfaction.
In these times, property companies must find a workable balance to manage business priorities with shifting economic and safety risk factors. The methods and tools we use may change, but the end goal remains the same: Making life easier for staff and residents populations alike. That means offering the best available technology, which helps attract greater prospects for your brand.
Interested in making the switch to 100% digital payments? Get to know Domuso’s platform and give your residents the easiest way to pay rent. To learn more, please complete the contact form below.
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