How Multifamily Centralization Boosts NOI

Centralization has become a buzzword in the world of multifamily real estate, and for good reason. With the rapid development of technology, it has become easier than ever to centralize all aspects of property management, from maintenance requests to rent payments. Yet, many in the multifamily business will tell you it's not as easy as it sounds.

Centralizing operations involves a comprehensive overhaul of a business, encompassing three essential components: restructuring of the organization (how teams are organized), redefinition of operational roles (who performs which tasks), and implementation of technological solutions (required to effectuate these changes).

Proptech Benefits

Proptech, or property technology, has had a significant impact on the multifamily real estate industry, with many property management companies using it to streamline their operations and improve the resident experience. One of the key benefits of proptech is that it allows for greater centralization of property management tasks.

"In terms of running properties more efficiently and effectively in the future, centralization is a necessity," said Mike Brewer, Chief Operating Officer at The RADCO Companies ?. 

For example, many property management companies now use resident management platforms to centralize their communication with residents. Resident management platforms allow property managers to communicate with residents via a single platform, rather than relying on multiple channels such as email, phone, and in-person communication.

This not only makes it easier for property managers to keep track of resident communication, but also makes it easier for residents to get in touch with property managers when they have a question or concern. Elevated Living's all-in one platform allows property teams to communicate at any time in the day, allowing for flexibility and real-time updates.

One Platform for Everything

Resident management platforms also allow property managers to centralize other aspects of property management, such as maintenance requests and rent payments. With a resident management platform, residents can submit maintenance requests online, and property managers can easily track and respond to those requests. Similarly, residents can use a resident management platform to pay their rent online, which makes it easier for property managers to track rent payments and for residents to avoid late fees.

"Some aspects of centralization can be moved to any location, but others, such as floating leasing consultants or maintenance crews are only possible with geographically dense portfolios," Brent Williams discusses in the Multifamily Insiders blog.

Resident management apps are another tool that property management companies are using to centralize their operations. Such all-in-one apps allow residents to access property management services and information from their mobile devices. This can include features such as maintenance request submission, rent payment, and communication with property managers. By using a resident management app, residents can access all of these services in one place, making it easier and more convenient for them to manage their living situation.

Centralize Communication

One of the main advantages of centralization in multifamily real estate is that it allows property teams to be more efficient and effective in their operations. By centralizing communication, maintenance requests, and rent payments, property managers can reduce the amount of time and resources they spend on these tasks. This can free up property teams to focus on other aspects of property management, such as marketing and resident retention.

Centralization can also improve the resident experience. By using resident management platforms and apps, property managers can provide residents with a more streamlined and convenient way to communicate and interact with their property management team. This can lead to greater resident satisfaction and retention.

Centralize Leasing

Centralized leasing is a business strategy in which a property management company uses a centralized team or department to handle all leasing activities for their properties. This approach is in contrast to a decentralized model where leasing responsibilities are spread out among various teams or individuals. The adoption of centralized leasing is assisting operators in mitigating their risks by reducing exposure and filling vacancies.

"Centralized leasing is really about meeting customers where they’re at and providing them the instant gratification they desire," says Wendy Rae Walker, CAPS, Vice President and COO of TAM Residential. 

In centralized leasing, a dedicated team handles all aspects of the leasing process, including advertising the property, scheduling viewings, screening tenants, and preparing lease agreements. This approach can result in greater efficiency, consistency, and standardization of leasing practices. Additionally, it can help operators to fill vacancies more quickly and reduce their exposure to leasing risks, such as leasing to unqualified tenants or violating fair housing laws.

Centralized leasing can be facilitated through the use of tech, such as Elevated Living's property management platform, that allows for centralized tracking and management of leasing activities across multiple properties. Overall, centralized leasing is a strategy that can improve the leasing process for both property teams and residents alike.

Data Mining Through Centralization

Another advantage of centralization is that it can lead to greater data analysis and insights. By centralizing data on leasing interest, maintenance requests, rent payments, and resident communication, property teams can gain a better understanding of their data. This can help property managers identify areas where they can improve operations and the overall resident experience.

"It’s way beyond just the normal website interactive bot. It’s not only dealing with potential renters, but dealing with resident inquiries as well and looking at ways for this virtual assistant to be able to handle any request form," says Michael Tuer, VP & GM of Yardi Systems western region.

Improve SEO

In addition to the benefits of centralization for property management companies and residents, there are also SEO benefits to consider. By using SEO terms in their online content, property management companies can improve their visibility in Google search results. This can make it easier for potential residents to find their properties and learn more about their services.

Some SEO terms that property management companies may want to consider include "multifamily property management," "resident management platform," "resident management app," and "property technology." By using these terms in their online content, property management companies can improve their chances of ranking higher in Google search results.

Book Your Multifamily Proptech Demo

As centralization becomes increasingly important in the world of multifamily real estate, don't get left behind by your competition. With help from the best all-in-one proptech platform, Elevated Living allows your multifamily community to succeed while centralizing all aspects of running a strong portfolio in 2023.