Hutchison: I think two things continue to change our industry—technology and reputation management. Technology continues to grow and morph, as more companies enter the field with new ways to provide data and engage prospects. Reputation management and social media can change how the public views a property and whether they want to live there. It makes us more accountable to the prospect and resident—and we need to continue to work at making positive customer experiences. The bar for amenities continues to be raised—no longer is a dog park and a fitness center an “exceptional” amenity. It is now dog parks with agility stations, climbing walls and bowling lanes.

GlobeSt.com: What property management strategies are key to succeeding at a multifamily community?

Hutchison: Understanding the owner's goals and objectives are key to succeeding at a multifamily community. Hiring, retaining and training team members and empowering them to make important decisions to achieve those goals on a daily basis. The property teams are in tune with the residents needs and desires. This will allow the sites to maximize rental increases as the resident understands the value.

GlobeSt.com: What does the future hold for the multifamily property management industry?

Hutchison: There are many leaders in the industry that are retiring or getting ready to retire. As a result, we will have a shortage in leadership if we do not work hard to develop and promote the new generation. As millennials age, many will be buying homes. This means our industry needs to understand and be ready to change the marketing behavior for the next generation of renters.