Property management has become increasingly important in all asset classes—but none more than apartment properties. To attract tenants and incentivize longer lease terms, apartment owners are adopting hotel-style property management with increasing services and community events. To find out more about the new trend and how hotel services are translating into apartment communities, we sat down with Zev Nagel, VP of operations at Decron Capital.
GlobeSt.com: Why are apartment communities beginning to include hotel-like amenities?
Zev Nagel: Now that customers are staying in apartments longer, they are expecting both quality and value. Having a hotel/gym quality fitness center that is open 24 or extended hours saves on both cost of an additional membership. Now that everyone is connected 24/7, having the ability to respond to customer needs in a timely manner is becoming more important.
GlobeSt.com: How have these amenities changes apartment property management?
Nagel: Property management is shifting to be more of a service industry. Customers can quickly go online and comparison shop. They are comparing both amenities, along with customer service feedback. If online feedback is negative, the customer will be hesitant to visit a property.
GlobeSt.com: Are property managers adopting policies from hotel assets to manage these amenities?
Nagel: Like a hotel, property managers are expected to have an online portal to conduct business. This includes being able to make a reservation, make payment, submit service requests, or sign a lease. In addition, customers are very social media savvy. Owners need to be listening and also responding to online customer feedback.
GlobeSt.com: In new construction, are amenities still the hottest trend, or is it changing?
Nagel: It's a combination of amenities, along with customer service. Customer service includes having the technology to handle all the customer touch points. This includes from the time they begin their search, to when they move out. In addition to having a quality product, companies need to invest in their technology, people, and customer service. This is where we are investing.
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Kelsi Maree Borland
