LOS ANGELES—The pandemic now seems firmly in the rearview mirror for most players in the multifamily industry. However, while it's business as usual for the majority of the multifamily market, many aspects of property management will never be the same.
A recent property management session at the GlobeSt. Multifamily Fall Conference on Monday delved into how property owners have adapted to the changing landscape of property management, offering insights on new property classes, rising property trends, and tools for a more digital workforce.
Moderator Laura Khouri, President of Western National Property Management, kicked off the session by emphasizing the vital role of property managers in today's real estate deals. She then posed the question, "What's trending and what's not?"
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Craig Rooney, Senior Vice President at Windsor Communities, noted that movie theaters and racquetball courts have lost their appeal. What's currently on the rise, he pointed out, are parking pricing opportunities, which add significant value. The effects typically become evident in about six to nine months. "By carefully managing these smaller financial details, you'll begin to witness growth."
Sarah Malone, Vice President at Bozzuto, shared data from their community surveys, revealing that over 50% of their renters now work from home at least one day a week and are seeking flexible spaces. Traditional conference rooms are being replaced with open workspaces, which over 30% of residents find comfortable for work, she said.
According to Malone, "this trend is expected to continue as we navigate the evolving landscape of hybrid work schedules." Additionally, she says, there's a growing emphasis on wellness and well-being, with changes in amenity spaces and in-unit features. "This includes creating serene, quiet areas or transforming spaces like movie theaters into yoga zen rooms or dry saunas, reflecting the diverse preferences of tenants."
Kyle Crown, President of L.A. Property Management Group, added that they've introduced concierge services as part of the evolving list of amenities.
Moderator Khouri then asked the panelists about the most significant challenges they're currently adapting to. Shifting focus, the panelists discussed the changing landscape, with Kyle Crown emphasizing that "occupancy" is their primary concern. They're focusing on tenant needs, addressing turnovers, renewals, and improving communication with tenants. Proactively handling maintenance and repairs, which should have been a standard practice, has become a consistent priority in their operations.
Check back with GlobeSt.com for more coverage from the GlobeSt. Multifamily Fall Conference.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
