Trilogy Real Estate Group is a vertically integrated multifamily powerhouse, boasting a remarkable $4.5 billion in transaction volume across 14 thriving U.S. markets.
During the interview, Jonathan and Girish dive into an array of industry topics, including the game-changing strategies that have propelled Trilogy to success.
One of the most interesting insights Girish shares is the invaluable role supplier relationships can play in learning about and understanding key trends in multifamily.
He notes, "I've probably learned more from our third-party supplier partner relationships than I have from people who are sitting on my side of the table."
But why are these relationships so invaluable for property managers?
Girish explains that suppliers like WithMe engage with a multitude of clients, resulting in a unique and well-rounded vantage point of the industry. Supplier relationships have the ability to extend far beyond transactions, offering owner-operators a frontline view into market demands, operational intricacies, resident preferences and potential areas of innovation.
Girish emphasizes, “I spend a lot of my time creating those relationships in a true and authentic way, and it's been invaluable.”
This sentiment rings true for the team at WithMe. As a supplier, we are often boots on the ground, meeting with property managers all across the U.S. To deliver superior products and services, we closely monitor the operational challenges our clients face. As a result, we accumulate many data points that offer valuable insight into various parts of the industry.
Over the last year, here are three of the significant trends we’ve observed:
Labor Shortages and Overburdened Teams
Property management firms have been struggling with labor shortages for quite some time now, particularly when it comes to on-site roles, such as maintenance and leasing.
It’s undeniably a complex issue. Operational bottlenecks often stem from understaffed teams, causing delays in addressing resident needs and maintenance issues. This not only impacts the efficiency of operations and quality of service, but it also places an ever-increasing burden on existing staff members, leading to potential burnout.
To combat these issues, the industry has been turning to automation and AI.
Focus on Cost Control
With interest rates and insurance premiums continuously on the rise, property managers are under immense pressure to control costs. The challenge has been finding ways to reduce expenses without compromising service quality.
Seeking vendors and suppliers offering all-inclusive, flat-rate packages can help maintain fixed and predictable costs in an unstable environment. This especially rings true for amenities like coffee and printing, where wildly unpredictable and staggeringly high costs have become the norm.
The rapid rollout of new technologies in recent years has led to an unforeseen challenge—pilot fatigue.
In times like these, it’s important that property managers exercise a high level of discernment regarding the technologies they adopt. This involves developing a clear evaluation framework, particularly assessing the compatibility of new technologies with existing systems, evaluating their scalability, and ensuring comprehensive training and support for effective staff adoption.
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