Key Insight #14: Strengthen Your Tech Stack

A dangerous undersupply of Affordable Housing in the U.S. continues under policies and funding shortages that restrict and slow development and pass the buck to property owners. Apartment industry professionals joining with public advocates, policymakers and media can deliver a cohesive, informative message to grow Affordable inventory for low-income renters. Watch the video version of this podcast here: https://www.realpage.com/videos/public-support-for-affordable/ Key Resource: National Multifamily Housing Council (NMHC) National Affordable Housing Management Association (NAHMA)

In 2021, anticipate a limited construction supply chain with greater delays and costs for property repairs and unit renovations. Proactively adjust move-out timelines and vendor processes and empower your teams with the tools to manage it all remotely to ensure efficient operations and consistent quality. Watch the video version of this podcast here: https://www.realpage.com/videos/longer-unit-turns/ Key Resource: Property Management Suite

After stress-testing short-term rental business models during the pandemic, multifamily owners/operators can prepare for the next generation of STRs with “flexible living” technology, services and tools. These innovative solutions are designed for apartment operators to easily implement and accommodate transient guest activity—affordably, safely and profitably—and correct vacancies with minimal PMC involvement. Watch the video version of this podcast here: https://www.realpage.com/videos/reimagine-short-term-rentals/ Key Resource: Property Management Suite Virtual Living Suite

Strategic investors are identifying higher-demand submarkets worthy of capital for fewer apartment starts as we continue to see key market struggles and generally higher construction costs. But a shift is easier said than done given some higher barriers to entry. Tweak your strategy, but COVID shouldn’t shape your entire view of new development. Watch the video version of this podcast here: https://www.realpage.com/videos/post-covid-development-opportunities/ Key Resource: Asset Optimization Suite

Multifamily emerged from 2020 a net winner with investors reallocating capital toward apartments. As this accelerates in 2021, investors will want to weigh goals against the opportunities likely to appear primarily in Sun Belt and Suburban assets, while recognizing  that yields were compressed basically everywhere. Key Resource: Asset Optimization Suite

Property owners and managers looking beyond rent growth in 2021 must think bigger to monetize the amenity services and premium features that residents value. From technology to spaces to in-unit premiums, build additional revenue by pricing amenities to resonate with renters and align with demand. Key Resource: Asset Optimization Suite Smart Building Suite

Standard lead generation offers limited control over brand positioning and limited visibility into results. Investing in focused, science-based marketing that can more efficiently target the right audience, timing, presence and content gives you maximum ROI at every point in the renter’s digital journey to your property. Watch the video version of this podcast here: https://www.realpage.com/videos/take-control-of-your-brand/ Key Resource: Virtual Leasing Suite

For CTOs, 2020 brought a clear focus on efficiency and optimizing the software stack—evaluating solutions on overall performance, value and impact in the portfolio’s overall technology set. Identifying opportunities for integration and analytics can fuel productivity and better inform and align property and resident operations to meet demands. Watch the video version of this podcast here: https://www.realpage.com/videos/strengthen-your-tech-stack/ Key Resource: Property Management Suite Smart Building Suite Utility Management & Sustainability Suite

Multifamily operators with community managers and leasing agents who never experienced a downturn are combatting this operational gap by focusing on the basics of delivering results. Hear how attending to the critical details of product, presence and promotion can differentiate properties in a competitive, engagement-driven rental market. Watch the video version of this podcast here: https://www.realpage.com/videos/get-back-to-property-management-basics/ Key Resource: Property Management Suite Virtual Leasing Suite

Lease-up concessions sometimes make sense but often cost more than they gain, complicate achieving new rent growth, frustrate other residents and create fair housing compliance risk. Consider pricing strategies that establish consistency but offer flexibility, transparency and incentives that benefit properties and renters alike. Watch the video version of this podcast here: https://www.realpage.com/videos/be-cautious-with-concessions/ Key Resource: Asset Optimization Suite