2022 Trends In Multifamily Property Management
Multifamily Management - 2022 Trends You Need To Pay Attention To
4 MIN. READ
Multifamily management companies are uniquely positioned to spearhead change in 2021 and beyond. Keep up with the latest trends in the industry and improve your own management practices to be in line with other forward-facing companies.
The 4 biggest trends for multifamily management companies
Multifamily managers have stiff competition in every region. That is why you must adapt and progress in order to attract the best quality tenants. By implementing new technologies and adopting new trends, you can stay head and shoulders above the competition:
- Smart buildings: The internet of things continues to dominate trends in the property sector. This technology connects everyday objects to the internet via devices that are embedded in the items. These devices can allow residents to adjust their thermostats remotely, monitor indoor air quality and control interior lighting.
- Enhanced security: Security is a top concern for renters. So, any improvement of security protocols will be well worth it. For example, give renters control via devices to see who is at their front door. Or, provide them the option to send one-time access codes for family and visitors right from their mobile devices. These amenities are becoming more common, and we expect them to continue to gain traction in 2022.
- Building automation: Multifamily management companies are getting more adept with the automation of their building systems. This allows for greater efficiencies when running and controlling HVAC systems or metering devices. The ability to control HVAC setpoints remotely and adjust air intake saves time and helps expand the machine’s lifecycle.
- AR and VR: Augmented reality (AR) and virtual reality (VR) have established a big presence in the property scene, and this will only grow more visible in the coming years. After all, the use of 3D virtual tours is a must these days -in light ofthe current pandemic and the working-from-home era, which has enabled people to potentially work from anywhere in the world. Thus, being able to virtually “walk through” a property from a hundred miles away is a game-changer.
Multifamily management companies have unique chances to enhance and develop their portfolios with the strategic application of selective upgrades and improvements. If done correctly, it will help add value to units.
Inventory management is going digital, and it is changing operations
Seeing the back of the house of multifamily management companies can be eye-opening. You may encounter a shop room that runs with a disorganized chaotic approach, with scattered boxes and supplies and no labeling. Or, you may find a well-planned digitized environment where items are labeled and can be viewed from a computer or mobile device.
The latter is fast becoming the norm, and for good reason. Implementing a digital inventory system allows real-time access to data. Knowing the exact amount and location of supplies like refrigerator parts will help you gauge whether you are stocked appropriately. It can also generate various reports on demand that will aid you in ordering.
As a result of digitized operations, through the use of barcodes, QR codes and automatic ordering, property managers can use their time more deliberately. It will also take some of the human element out of the picture, which will reduce errors. Furthermore, digitization enables an organization to scale according to market demands, which is essential for growth and a competitive edge.
Strategic sourcing - understanding and managing digital supply chains
Strategic sourcing is when businesses and managers analyze spending habits within the company. It involves finding the best way to capture the lowest pricing on supplies. Managing and building partnerships is another important facet of strategic sourcing.
When this concept is merged onto a digital platform, it enables companies to access data, run reports, review supplier pricing and manage bid packets. This streamlined approach improves efficiencies and the speed of decisions.
By understanding the new-age supply chain that lives online, multifamily management companies can gain:
- Thorough knowledge of the entire digital supply chain.
- Networking with the best suppliers in the business.
- The ability to study performance metrics online that can impact the procurement program.
Ultimately, activating a robust procurement program that involves a strategic sourcing component can help elevate your company. Fortunately, there is an innovative platform that makes this jump easy.
Raiven can improve your portfolio's performance
Raiven’s platform takes a comprehensive approach to streamline procurement, strategic sourcing, cost reduction and purchasing compliance. It also allows you to centralize your operations. As a result, you can gain complete visibility into your sourcing methods so you can monitor trends as they emerge.
Saving money is a big driver for property managers and having the tools at hand to help in this endeavor is invaluable. Raiven ensures that you are getting the best price on routine supplies as well as access to a wide range of top suppliers across the country.
To find out more about how Raiven can help you save money and improve efficiency, reach out today.