Today our team is celebrating our new national partnership with Alliance Residential Company, the fourth largest multifamily manager and the largest developer in the United States.
Our team is thrilled to announce our new partnership with Alliance Residential Company. Read below for a reprint of our press release on Newswire today:
CHICAGO, March 10, 2020 (Newswire.com) -
PrintWithMe, the Chicago-based technology company bringing convenient printer stations to consumers nationwide, announced today a national agreement with Alliance Residential Company, the fourth largest manager of multifamily housing in the United States. Alliance is headquartered in Phoenix and manages a $20 billion portfolio of 129,000 units in 36 metropolitan markets. In 2019, the National Multifamily Housing Council named Alliance the top development company in the United States.
“We are proud to partner with PrintWithMe and are confident that their innovative printer amenity will exceed the printing needs of all of our residents nationwide, from millennials to seniors,” said Brian Bullock, Emerging Technology Analyst from Alliance. “We are always innovating with new secure technologies and smarter systems that improve experiences for our residents and staff, and PrintWithMe is a perfect complement to this effort.”
Founded in 2014, PrintWithMe is the leading multifamily printer amenity that enables residents to print wirelessly from any device in seconds. Using predictive analytics, PrintWithMe automates paper and toner ordering. End-users have access to a dedicated customer care team and data is encrypted. Through this partnership, Alliance properties gain access to a secure printing solution that is also CCPA-compliant.
“We signed up for PrintWithMe services when we first opened in August 2019. The services align perfectly with our resident co-working space,” said Ian Goodwin, Business Manager from Lenox Ridge Apartments, an Alliance-managed property in Austin, Texas. “As more residents work from home, we want to stay ahead of the challenges properties face with printing needs. No more running out of ink, buying excessive amounts of paper, or fixing broken printers. PrintWithMe manages the whole process, makes it easy for staff, and most importantly, provides us with a more efficient and secure resident experience. Our owners love that it saves us money on supplies and staff time. ”
Since opening in 2000, the culture at Alliance reflects an entrepreneurial spirit that consistently pushes the evolution of the multifamily industry. As a result, they continue to be recognized for delivering exceptional customer experiences and sustainable apartment living. PrintWithMe’s founder and CEO, Jonathan Treble, says their “full-service” multifamily printer station will not only provide a seamless digital experience for Alliance residents, but it will also help them promote sustainable printing and reduce individual electronic waste (a reported average of 550lbs per community).
“We are thrilled to be partnering with Alliance Residential, the forward-thinking industry giant that has consistently focused on innovation and best-in-class resident experiences,” said Joe Summers, Chief Revenue Officer of PrintWithMe. “We are excited to help not only simplify life for Alliance’s residents and staff, but also to help promote green efforts that encourage a culture of sustainability in apartments nationwide.”
About PrintWithMe
PrintWithMe is revolutionizing the $10 billion personal printing market by placing its mobile printer stations in a wide network of convenient locations, such as multifamily housing, coffee shops, co-working spaces, and more. To date, they’ve helped hundreds of thousands of customers print over 10 million pages across 46 states. For more information, visit www.printwithme.com.
About Alliance Residential Company
Alliance Residential Company is the fourth largest multifamily manager and the largest developer in the nation. Alliance manages a $20 billion portfolio of 129,000 residential and mixed-use units in 36 metropolitan markets throughout the West, Southwest, South-Central, Southeast, Mid-Atlantic, and Northeast. For more information, visit www.liveatalliance.com and www.allresco.com.
Press Contact
Radhika Sen radhika@printwithme.com
We are thrilled to announce our new deal to upgrade multifamily apartments in Lincoln's portfolio of 203,000 apartment homes nationwide.
Our team is thrilled to announce our new partnership with Lincoln Property Company. Read below for a reprint of our press release on Newswire today:
CHICAGO, February 11, 2020 (Newswire.com) -
PrintWithMe, the Chicago-based technology company bringing convenient, mobile-friendly printer locations to consumers nationwide, announced today that they’ve entered into a national agreement with Lincoln Property Company, the nation’s second-largest manager of multifamily housing. Lincoln’s portfolio includes over 203,000 residential units in over 200 cities in the United States, with $30 billion in total assets under management.
"When looking for a printing partner, Lincoln was searching for an elevated amenity for our residents while also providing cost and time savings for our teams,” said Theresa Kaiser-White, Vice President- Asset Management and Procurement at Lincoln Property Company. “PrintWithMe checked all of the boxes, providing support seven days a week, auto-shipping supplies, as well as, making our residents' privacy a top concern. It has provided convenience for our residents while taking our teams out of the printing business.”
Founded in 2014, PrintWithMe is a wireless printer station that enables residents to print securely from any digital device in just a few seconds. Unlike traditional printing services, PrintWithMe’s printer amenity is found in convenient community locations nationwide, including multifamily apartments, coffee shops, co-working spaces, hotels, and more. Through this partnership, residents at Lincoln properties will have access to shared PrintWithMe stations that are easy to use and secure. All PrintWithMe printers are CCPA-compliant and use encryption and deletion technology to ensure resident privacy.
“We are so excited about the new national partnership between Lincoln and PrintWithMe,” said Scott Fleming, a Chicago-based Regional Manager with Lincoln. “One of the assets in my portfolio, The Madison at Racine, was the first Lincoln-managed property to sign up for PrintwithMe services in Chicago. PrintWithMe has truly revolutionized the resident experience. As more and more residents work from home we found ourselves unable to keep up with printing issues - running out of ink, running out of paper or fixing broken printers. Our IT department didn't have the capacity to manage a resident printing system and fixing printer issues were taking up a huge portion of the management team's day. Making the switch to PrintWithMe was seamless and resolved all of our issues with that amenity. Not only do they take care of managing the whole process, it now provides a more efficient and secure printing option for our residents, as they no longer have to log in on a community computer. Our properties found that making the switch resulted in savings for the property between money spent on supplies, repairs and employee time. With flexible plans to match any budget, it quickly was something that most of our downtown Chicago properties adopted and our residents appreciate it. “
With over five decades of industry leadership and 5,200 employees nationwide, Lincoln focuses on addressing the needs of residents across the full spectrum of multifamily property types, including luxury, high-rise, mid-rise, mixed-use, and affordable apartment living. PrintWithMe’s founder and CEO, Jonathan Treble, says their “full-service” multifamily product will help Lincoln meet the day-to-day needs of residents across every property type.
“Lincoln Property Company is an unquestioned industry leader in the multifamily industry, and PrintWithMe is proud to be deepening our relationship with this premier brand,” said Jonathan Treble, Founder and CEO of PrintWithMe. “Lincoln and PrintWithMe are both committed to quality, innovation, and providing the best experience possible for all residents. We are excited to grow together and further our team’s mission of making printing convenient for everyone, everywhere.”
About PrintWithMe
PrintWithMe is revolutionizing the $10 billion personal printing market by placing its proprietary mobile printer stations in a wide network of convenient locations, such as multifamily housing, coffee shops, college campuses, co-working spaces, and more. They currently operate in 46 states and Washington DC. To date, they’ve helped hundreds of thousands of enthusiastic customers print over 10 million pages. For more information, visit www.printwithme.com.
About Lincoln Property Company
Lincoln Property Company was founded in 1965, by Mack Pogue, as a builder and operator of high-quality residential communities. Headquartered in Dallas, Texas, Lincoln focuses on real estate investment, construction, and development, in addition to property management. Their national reputation has enabled Lincoln to attract a large client base of owners and investors who count on their ability to deliver quality results and continually serve as a market leader. Lincoln is currently the second largest multifamily manager in the United States with over 203,000 units under management and the fifth largest multifamily developer.
Media Contact
Radhika Sen
radhika.sen@printwithme.com
New Year's is approaching quickly, so we've decided to showcase some of our favorite Chicago high-rise apartment buildings of 2019. Scroll down to see some of our top picks by neighborhood. We'd love to call these communities home and we think you will too!
A beautiful co-working space in Landmark West Loop, located near Google's headquarters and Illinois Medical District.
Landmark West Loop is located in the ever popular West Loop neighborhood, near Google's headquarters, as well as University of Illinois and the Illinois Medical District campuses. Commuters will find its location to be extremely convenient, but there are many other draws to West Loop, including a vibrant nightlife and restaurant scene that has blossomed in the historic warehouses of the former meat-packing district.
Renters have been attracted to Landmark West Loop since it opened in the summer of 2017 because of it's suite of amenities, including a sundeck, swimming pool, hot tub and library. The 30-story community offers apartments for rent anywhere from studios to 3-bedrooms, depending on availability.
Landmark is managed and developed by Related Midwest and has earned a Silver LEED Certification for its sustainable design.
If there's one word to describe Essex on The Park, it's serenity. This 56-story community offers unparalleled views of Grant Park and Lake Michigan, easy access to downtown Chicago, and six-floors of amenity spaces that allow residents to relax and recuperate in an environment that is specifically designed to support health and wellness.
There are many amenities at Essex on the Park, but the most memorable is the four-story Winter Garden with unobstructed lake views and a convertible indoor/outdoor infinity pool. The Winter Garden offers residents "a moment perpetual summer" even during the chilly winters in the Windy City.
Residents also have access to the restaurant at Grant Bark Bistro and the nightclub SX Sky Bar right next door at Hotel Essex.
The Paragon is a new building in Chicago's South Loop neighborhood. Open for residents since the spring of 2019, The Paragon is one of many high-rise apartment buildings that has contributed to the South Loop's development boom in recent years.
The 47-story luxury community is located at 1326 S Michigan Ave. Upon entering the Paragon, the lobby makes an impression right away, but it's only a small glimpse into the experience that Paragon has to offer.
Apartment finishes at The Paragon are top-notch and all apartments have floor-to-ceiling faceted facade windows, so that residents can fully enjoy the skyline views from their homes.
Residents can enjoy Paragon's many amenity spaces, including the rooftop sky-lounge with panoramic views, the Spa with a sauna, steam and whirlpool, outdoor pool with cabanas, fitness center + yoga room, and co-working spaces with privacy booths -- just to name a few.
465 North Park is a 48-story apartment building in Chicago's Near North Side Streeterville neighborhood. The community features studios, one, two, and three bedroom apartments, along with two-story town-homes.
The first things you'll notice when you walk in to 465 N Park is the warm greeting from world-class Bozzuto Management staff and the dramatic spiral staircase in the lobby.
The first 465 N Park residents moved in during the fall of 2018 and have access to many high-end amenities including a 22,000 sq. ft. deck on the 6th floor with an outdoor pool, cabanas, grilling areas, fire pits, and a dog-run. Inside the 6th floor are conference rooms, a demonstration kitchen and lounge, a game room, a spa with a hot tub, and a fully outfitted fitness center with skyline views.
Residents can also head up to the sky-deck on the 38th floor to enjoy stunning views of Chicago's lakefront and relax by a warm fire, or head inside to private kitchen, dining, and lounge areas.
Cityfront Place is another beautiful Streeterville apartment building with a prime location. Cityfront Place is an oasis right in the middle of one of the busiest parts of downtown Chicago. Tucked away on McClurg Court, Cityfront Place is away from the hustle and bustle, but still just steps away from Michigan Avenue and the Riverwalk.
The biggest draw to Cityfront Place? Location and Chicago River views.
The community offers 1 and 2 bedroom apartments and amenities including an indoor pool, a business center, library, fitness center, yoga studio, and sun decks with grilling stations, lounge areas, and games.
Residents also have access to 24/7 door staff, round-the-clock maintenance, and a lovely on-site leasing team. Cityfront Place is perfect for those who want to be in the middle of the action downtown Chicago, but still want somewhere relaxing to decompress after a busy day in the city.
Niche 905 offers a mixture of convertible, one, two, and three-bedroom apartments in an 18-story apartment tower in Chicago's River North neighborhood. Niche905 is located conveniently downtown and would offer a quick commute for many professionals working in the area.
Niche905 amenities are stunning and spacious. The rooftop features a pool, hot tub, an outdoor bar, grilling stations, and a community garden with 360° views of the Chicago Skyline. There's also a fully equipped business center, a gym, a dog run, and a pet grooming area available on-site.
The apartments feature quartz countertops, 9-foot ceilings, and updated appliances. The first residents moved into Niche 905 in the spring of 2017.
That wraps up our featured picks of the best high-rise apartment buildings in Chicago of 2019! We're proud to say that we've partnered with each of these communities to provide them with wireless PrintWithMe printers, so that residents can print quickly and independently from their own devices, anywhere in the building.
Contact us today to learn more!
We hope you've enjoyed learning about this year's featured residential buildings of Chicago and we hope you have a wonderful 2020 New Year!
With Millennials making up 56% of the rental market and Gen Z bringing in an estimated 44.4 million renters of their own, it’s time for multi-family to re-evaluate their engagement tactics when connecting with these prospects.
It’s undeniable that the Millennials and Gen Zs are big players in the rental market. These renters are digitally-powered, sociable individuals with high expectations for convenience and authenticity. Although both groups have distinct characteristics about them, they also share quite a few similarities. When considering how to get these individuals on board with your property, there are a few things to note from both groups.
Here are the top things to keep in mind when marketing to the new faces of renters:
Both Millennials and Gen Zs desire authenticity when it comes to businesses. It’s important to not be too salesy -- let your professional photos speak for themselves, and make sure the photos and descriptions are to-the-point and not overly embellished. Shorter attention spans mean you have to catch their attention quickly and leave a great first impression. According to recent reports, Gen Zers in particular note YouTube as their favorite website, so consider video tours when listing your properties.
Both groups believe that businesses should focus on more than just their bottom line. They want positive reasons to be loyal to a business, whether it’s sustainable practices, eco-friendliness, etc. That means you should show great initiatives that your business is a part of! For example, offering environmentally friendly recycling on-site, community printing, or energy-saving smart home tech will appeal to the 76% concerned about sustainability.
Both Millennials and Gen Zs are sociable groups that desire community. Providing co-working spaces and rooftop decks designed for socializing will definitely be a hit with these renters. When marketing your property, highlight access to local nightlife, restaurants, nature, etc. Since these groups are active and pay attention to fitness as well, be sure to highlight proximity to parks, hiking trails, and bike routes, or access to an amazing gym, too.
The most important factor for these digital natives is technology. Top-speed internet and wifi are a must, with feature-rich and immersive apps for greater connectivity. Highlight the convenience that your high-tech amenities add, whether it's easy accessibility on demand with your property using chatbots, or reaching out with social media DMs. Ensuring a strong social media presence with cross-channel marketing across popular platforms such as Youtube, Facebook, Twitter, and Instagram will help attract prospects from the Millennial and Gen Z demographics overall.
It’s important to offer amenities that matter to Millennials and Gen Zs. Since it takes valuable time and money to attract prospects, it’s crucial that you use your resources wisely, going above and beyond to engage and keep these renters in your property.
Valuable tech amenities don't also have to be expensive or extraordinary. Even amenities like #printers can delight younger generations that are often still in college or require printing for work, taxes, applications, return receipts, and more. Learn more about PrintWithMe's convenient wireless printer station as a low-cost amenity that will be truly appreciated by this demographic, as well as your property staff.
After attending this year's NMHC OPTECH Conference & Expo in Dallas, here are some key insights we had to share. Read on to learn about what is currently disrupting the multifamily industry and what changes to expect in the near future.
Over 2,000 professionals in the multifamily industry attended this year's NMHC OPTECH Conference & Expo. About half of these were CEOs, COOs, VPs, and other C-Level executives. Attendees had the opportunity to share knowledge and connect with other industry professionals during the networking events, peer roundtables, expo showcase, and speaker presentations that spanned over the 3-day conference.
One of the biggest topics at this year's OPTECH conference was self-guided tour technology. This topic came up in numerous presentations and panels throughout the conference. Here's some key points that show that self-guided tours might not just be passing fad in multifamily.
According to 2020 Kingsley Survey Data of over 373,000 multifamily residents, 86% of renters say that they would not rent without seeing an apartment in person. Yet it's extremely hard for prospects to make time for a tour during leasing hours.
Many leasing offices offer the last tours of the day before 5:30pm and renters aren't able to get there in time after work. Busy prospects may pass up communities that don't have flexible touring options and lease elsewhere.
One of the most interesting sessions at OPTECH was the Cage Match: Leasing Agent vs. Self-Guided Tour Performance moderated by Todd Katler, Founder & CEO of Anyone Home Inc. Featured speakers included Khushbu Sikaria of The Bozzuto Group, Mia Wentworth of CWS Apartments, and Phil Rogers of Invitation Homes. There weren't enough seats in the conference room as this was one of the most popular sessions. You can find the presentation slides here.
Here are some data points that were shared at the session:
Conversion rates for self-guided tours are actually higher than agent led tours when both options are offered. Many prospects enjoy the flexibility that self-guided tours give them. They are able to tour outside of regular leasing hours and they can come back to a property multiple times with family members and friends. Prospects are able to tour at their own pace and carefully consider their new home before leasing, without placing an extra burden on leasing staff.
The idea of self-guided tours has certainly caught on with OPTECH 2019 attendees. At the Ask the Tech Pros session moderated by Brian Zrimsek of MRI, attendees were polled about their likelihood to implement self-guided tours at their communities. 65% of industry professionals polled plan to implement self guided tours before the end of 2022 or have already begun the process.
That's not to say that self-guided tours will be replacing agent led tours anytime soon. Most industry professionals simply want to augment their current leasing experience with flexible self-guided options. Some management companies are beginning to offer self-guided options just for retours.
The majority of prospects still prefer to tour with a leasing agent before signing. According to 2020 Kingsley Survey Data, 69% of prospects prefer to tour with a community representative to ask questions.
Another highly discussed topic at OPTECH was automation. 36% of industry professionals polled plan to implement Robotic Process Automation by the end of 2022 or earlier. Another 29% of these professionals admit that it is not yet on their radar.
Robotic Process Automation (RPA) is a technology that can remove repetitive tasks from the plates of leasing agents. There are many examples of RPA in the lead nurturing process. For instance, RPA software can detect when a prospect is looking for a 3-bedroom apartment and then act by automatically sending over a discount offer on available 3-bedroom options at a community. RPA can also nurture residents through the life cycle process by sending out welcome emails at move-in or renewal email drips near the end of a renter's lease automatically.
Conversational AI (Artificial Intelligence) was also a trending topic at OPTECH this year. 65% of industry professionals polled plan to implement Conversation AI in their portfolios by the end of 2022 or earlier.
An example of an application of AI in multifamily is Voice Assistant Technology, such as LeaseHawk. Automated Assistants are able to answer prospect phone calls after hours or when leasing agents are unable to get to the phone. They can respond to resident inquiries about floor plan availability and book appointments around the clock. Automated assistants make sure that the leasing process can continue 24/7 and are able to convert prospects that might've otherwise been missed opportunities.
AI Powered Call Analysis also allows companies to score leasing agents' phone calls with first time prospects and identify strengths and weaknesses. Another example of AI is website chat bot technology that interacts with prospects and answers questions with the goal to schedule tour appointments.
One of the main takeaways from the session, A Process Audit: Reviewing, Streamlining, and Automating to Save Time and Money, was that 100% self-service is a real option in the multifamily industry.
As time progresses, AI technology will continue to improve and better address the needs of leads that leasing agents don't have time to nurture properly. This will allow property staff to focus on other tasks that will improve community engagement and resident retention.
By far the most concerning topic of conversation at OPTECH was the pending roll-out of California's "CCPA" bill. NMHC hosted special summits on Cyber-Security and Data Privacy Regulation that were well attended by Operations and IT leaders across the industry. More info can be found on the topic here: https://www.nmhc.org/data-privacy/.
Key steps you can take to prepare your multifamily properties for upcoming new resident data security regulations.
Did you know? New data privacy regulations are taking effect on January 1, 2020 that will set higher standards for managing resident data. These laws vary state-by-state and experts expect California’s CCPA to set a standard of compliance that many other states will follow closely.
The new laws are in response to consumers' demands to know the information a company has saved on them, and to know who their data is being shared with.
"As consumers become more conscious of their data rights across industries, we as real estate managers, operators, and developers, need to expand our policies to include dedicated sections on data protection," says Mark Zikra, Vice President of Technology at CA Ventures, LLC. "Furthermore, we need to know how and when our data is being used internally and/or externally and be able to speak to those uses clearly and concisely with our residents. Transparency on this within lease agreements, websites, and other communication mediums will go a long way in gaining the trust of our renters."
Luckily, there are many steps that you can take to reduce your properties' risk, put your clients at ease, and signal to your residents that you take their data privacy very seriously. Creating a plan to address potential security risks is vital.
“Just like any other business that handles consumer information, property management companies need a plan for how to comply with things like breach response notification laws and data subject requests,” says Lisa Angelo, Founding & Managing Partner of Angelo Law Firm PLLC, a firm focused on cyber liability.
We identified three areas to start your internal data security assessment. However, please note that we are not offering legal advice and we recommend you consult with an attorney for more comprehensive advice:
Identify all systems that touch your data and residents’ data. Each of these systems should have a clearly-stated Terms of Service and Privacy Notice, that were made available to you during your contracting phase, and shown to your residents if they sign up for the service directly.
In each of these vendor’s documents, you’ll want to look for some key “positive” language that signals that their Privacy Notice is up-to-date and ready for the upcoming new regulations.
Here are a few key questions to ask while reviewing their Privacy Note:
Further, you will want to watch out for these yellow flags:
To ensure that your property staff is giving the utmost care towards maintaining resident data privacy, we recommend publishing an official Privacy Checklist. If leasing teams are writing down personal information on notepads or other papers, is that information eventually shredded? Are privacy screens placed over desktop monitors?
Many properties still allow residents to print personal documents via the office staff. This practice should be prohibited as it introduces personal resident information onto your corporate systems and introduces a human-risk vulnerability. If helping residents print via the staff printer is unavoidable, staff should always delete personal documents immediately after printing.
PC and Mac computer terminals for shared use by residents are by far the riskiest devices on-site today. Many properties still require users to login to a shared computer to print on a networked printer. The security risks inherent in this public workflow are obvious.
Properties should switch to a wireless printer amenity that enables users to print directly and securely from their own devices. The documents should never touch your property’s own systems, and users should have the option to enter a unique secure release code before printing.
Contact PrintWithMe today to upgrade your property’s resident printer amenity to a secure and wireless system, and reduce this area of cyber liability.
Budgeting season is always a hectic time for property managers – but it doesn't have to be. Here are 3 tips that will make the process painless and add value to your community.
Property managers will begin preparing their annual budgets months before they're finalized for 2020.
As the end of the year approaches quickly, property managers nationwide are already making headway on their 2020 budget planning process. If you're a property manager, it's your job to accurately assess what's going well at your property and what needs to be changed in the budget to address challenges your property is facing.
Though budgeting can feel painful at times, always keep in mind that your budgeting choices can directly benefit your residents, your staff, and ownership in the coming year. Sometimes these budgeting choices can be conflicting, but with thoughtful planning, you can make planning work well for all stakeholders.
Here's a few tips to give you some momentum during budgeting season:
Before completely diving into your budget process, you'll need to have a clear understanding of your current income. That means more than just documenting the sources of your income and their amounts, it means evaluating the health of those income sources. Determine an income strategy that is both smart and sustainable.
Here's a few questions you should ask yourself to get started:
You should project your renewal rates and occupancy goals for the coming year, but don't lose sight of the bigger picture.
If you reduce concessions drastically at renewal, it's likely that your retention rate will suffer. Alternatively, if you continue to offer lower rental rates, you'll drive down the asset value of the property.
These decisions are difficult that you'll have to make - but you shouldn't have to do it alone.
Collaborate with ownership to determine your goals for the coming year. Your budget should be a resource that helps you achieve long term financial goals for your property. Just make sure you're creating goals that are concrete and achievable.
Find out what goals your owners have in mind, but don't be afraid to speak up.
As a property manager, you have the most first-hand knowledge about what's happening at your community on a daily basis. You're interacting with residents regularly and you work closely with leasing, front desk, and maintenance staff. Use your insight to define revenue and net operating income (NOI) goals for your annual budget.
Christine Bright, Vice President of Operations at RealPage, Inc. believes that multifamily budgeting involves more than just plugging in numbers. In a Property Management Insider article, she stresses the importance of creating a specific plan of action during the budgeting process:
"Not properly defining an asset’s goals can impact the review process. Simply stating a desire to grow income by 5 percent and hold expenses is not goal-setting. Sure, they are measurable numbers, but how are you going to get there?"
Bright suggests that property managers and owners dig deeper to map out exactly what it'll take to achieve their specific income growth goals. She focuses on three major categories she describes as the, "what, how, and how much" it'll take to successfully achieve financial goals.
Setting yearly NOI goals is important, but it's key to continue investing in your property for growth well into the future.
If you focus too intently on increasing income right away, you might miss out on the opportunity for return on investment (ROI) through valuable upgrades for your property.
To stay competitive in the rental market, property managers should budget for new appliances, amenities, and services that'll keep current residents happy and appeal to prospects searching for a new home.
The multifamily rental market has grown more competitive in recent years and owners have been pushed to constantly invest in upgrades for their properties.
According to the 2018 NAA Survey of Operating Income & Expenses in Rental Apartment Communities, capital expenditures in areas such as amenity upgrades and apartment rehabs has steadily increased since 2010. At 11.1% of gross potential rent (GPR) currently, it's at the highest level since 2005. The survey included data from more than 3,000 multifamily rental properties across the U.S.
The National Apartment Association (NAA) provides context for this increase in their survey analysis:
"Competition from not only new properties but other highly-amenitized communities has kept the pressure on owners to improve their assets more frequently, and with an eye toward differentiating themselves from their competitors."
The NAA suggests that property managers looking to differentiate their property from competitors need to budget for new categories that will continue to improve resident satisfaction each year.
Many property managers have budgeted with this strategy in mind in recent years, and it has paid off. Resident turnover rates in 2018 have sunk to their lowest point on record (46.8 percent) since data was collected starting in the year 2000.
Get with your team to determine new budget categories that could increase ROI and create a better experience for your residents.
Ask yourselves these questions:
There might be a lot that you'll want to change - and that's OK. Even small changes can make a large difference.
For instance, your leasing staff could be spending lots of valuable time monitoring your pool to make sure that residents are following rules. They also might spend time dealing with printer issues in the business center or retrieving packages for residents.
Hiring a pool attendant, installing a self-service printer, or using an offsite package management service could free up hours of valuable time for your staff in the long run. Extra time saved might allow your staff to give more tours and follow up with prospective residents, ultimately increasing occupancy. They could also provide better service to current residents, leading to increased resident satisfaction and renewal rates in the future.
As you create your annual budget for 2020, make sure to evaluate your current income, define goals with ownership, and to create new budget categories that will add significant value to your #multifamily property.
That wraps up our top 3 tips for this year's budgeting season. Keep these tips in mind as and you'll breeze through this year's process. Good luck!
Here are 5 ways to increase your multifamily property's ORA™ score and improve online reputation, drawing prospects to your community right away.
According to JTurner Research, 75% of prospects look at online ratings multiple times in the apartment search process and 70% of prospects will choose to visit a property with a better online reputation.
ORA™ score (Online Reputation Assessment) was created by JTurner in order to compile online property ratings across more than 20 review sites into one simple score. Each month, JTurner uses a statistical model to aggregate online reviews and create a score for each property based on a scale of 0 to 100. This score allows property management companies to compare themselves with competitors and evaluate different properties within their own portfolio.
Turner Research tracks the online ratings of more than 71,000 properties in the U.S. with nearly 5 million total reviews. Each year, properties compete for spots on the ORAORA™ Elite 1% Power Rankings to be named as one of the top properties in the whole country for online ratings by residents.
Here's how #PropertyManagers can increase their ORA™ and gain national recognition:
Stephanie Williams, President of Bozzuto Management Company.
The best online reputation strategy begins with creating wonderful experiences for residents. Successful property management companies hire people who can provide customer service that is unmatched.
Stephanie Williams, President of Bozzuto Management Company, oversees a portfolio of more than 215 properties and has helped Bozzuto earn its spot as The #1 Management Company for Online Reputation - five years in a row.
Williams believes that there's no substitute for good service and that the people her team hires make all the difference. In an interview with JTurner, she shares some of her secrets to a stellar online reputation:
"We start with our hiring process. Since our reputation is earned through the everyday experience we provide, we ensure that we hire people who will best represent our brand every day. This means they shared our brand’s values and use them to govern their decision-making as they serve our customers."
Williams knows that the best way to improve online reputation is by making sure that residents are happy in their homes. She focuses on building a strong legacy of meaningful service and experiences for residents in Bozzuto communities. Providing incentives for positive reviews won't help her company in the long run, so Williams focuses on the fundamentals.
The Retreat at Trinity Apartments, an ORA Elite 1% property managed by Greystar.
After property management teams focus on delivering meaningful service to their residents, they'll need to start asking for reviews.
Exceptional service offers a great opportunity for staff to ask residents for honest feedback and see if they're open to posting an online review about their experience. It's helpful to get the whole team involved in asking residents for reviews, maintenance staff can help too.
According to JTurner's Mechanics of Online Review Sites and ILSs, the majority of apartment hunters (72%) consider a property with 450+ positive reviews as more credible than a property with less than 160 reviews. Prospects are more likely to visit a property with a higher number of reviews, so management teams should be actively seeking reviews as often as possible.
That being said, communities shouldn't solicit reviews for gifts, drawings, or other incentives. If reviews are earned this way, it's likely that someone may uncover these practices and expose the property online – reducing credibility in the long run. Asking for honest feedback or writing sincere thank you notes to residents should be enough.
No property is perfect, and it's inevitable that there will be a time when a resident's experience is less than ideal. Think noisy neighbors, maintenance issues, smoking complaints, etc.
The best thing that a management team can do is to create an 'Open Door Policy' and stick to it.
That means responding to complaints promptly via email and inviting residents to come into the office to talk about their concerns. Property managers should remain available and engaged with their residents when issues arise.
Residents are more likely to have a positive opinion of their property management team when they feel like their concerns are being heard. Some companies have online portals such as Bozzuto Listens, that allow residents to submit their concerns privately 24/7, so that management is notified right away. Staff members are given a chance to proactively find a solution to the problem before the issue is publicized online.
SkyGarden, an ORA Elite 1% property in Charleston, SC managed by Cardinal Group.
Even with these measures in place, it's nearly impossible to run a property without one or two negative reviews being posted over time.
Property staff should respond to all reviews quickly and with care. It helps to explain what steps will be taken to resolve the issue in the review and what steps have already been taken to prevent the issue from escalating.
This allows the resident who wrote the review to feel respected, knowing that their concern is being addressed, and it makes the management team seem more responsive to prospects who are reading online reviews without full context.
JTurner considers ratings from over 20 different review sites when calculating a property's ORA score.
When it comes to the many online review sites, it's difficult to choose which to focus on. According to research published by JTurner, the top platforms in regards to a prospect's decision to rent include Google, Apartments.com, and ApartmentRatings.com.
Renters also consider reviews from
Facebook and other sites during their search, but generally believe that reviews posted on independent review sites are more credible than reviews posted on property websites or Facebook.
JTurner found Google to be the most impactful site on a prospect’s decision to rent at a property. While JTurner does not release their exact algorithm to compute ORA™ scores, it's a possibility that they may weight Google reviews more heavily than reviews on other platforms because of their increased impact.
When a prospect searches for a property, its Google reviews are showcased on the search engine right away – making them nearly impossible to miss. Property staff should take this into account when asking for resident feedback on different review platforms.
That concludes the top 5 tips for improving your property's #ORA™ Score. Take a look at more resources from JTurner here to view FAQs, best practices, and more information about ORA™ Scores and #multifamily online reputation.
These are the top 3 reasons that multifamily developers should pursue LEED Certification and implement green building features in their multifamily properties.
LEED, or Leadership in Energy and Environmental Design, is a green certification program for building design, construction, and maintenance. LEED certification is increasingly sought after by developers across all different industries. Currently there are more than 90,000 certified LEED projects in 167 countries around the world.
In order to obtain LEED Certification, projects earn points based on their ability to implement green building features relating to Location & Transportation, Sustainable Sites, Water Efficiency, Energy & Atmosphere, Indoor Environmental Quality, and more.
These are the top 3 reasons developers should invest in green building and consider LEED certification for their multifamily properties:
Once a multifamily apartment property earns LEED Certification, there's instant brand recognition that helps establish the community as part of a network of leaders in #greenbuilding.
According to AMLI Residential's third annual Sustainable Living Index of over 3,500 residents, nearly 89% of AMLI residents are concerned about climate change and more than 61% of residents said they would be willing to pay more to live in a sustainable community.
As renters become more interested in environmental issues, the demand for sustainable living options continue to rise. LEED Certified properties lease-up as much as 20% faster than buildings that aren't certified. Newer generations of renters are taking green building features into consideration before signing leases and multifamily developers will benefit immensely from going green.
Multifamily properties benefit from green building right away as buildings typically lease-up faster, but benefits also continue well into the future.
Amenity floor at OneEleven – A LEED Gold Certified building managed by Bozzuto.
Green features can increase property value significantly, and LEED Certified buildings generate a 10 percent or greater increase in asset value as compared to average.
Profitability doesn’t stop there. Green properties also generate higher long-term ROI through increased rental income and lower operational costs.
A report on the Los Angeles rental market found that traditional buildings received rental income at an average of $2.16 per sq. ft, while tenants were willing to pay $2.91 per sq. ft for spaces that were LEED certified. That's nearly a 35% increase in rent income each month.
Additionally, LEED buildings have reported lower day-to-day costs. Reported maintenance costs are nearly 20% lower for green buildings on average, and green building retrofits typically decrease operation costs by about 10% in just one year.
The Winter Garden at Essex on the Park
Benefits of green building extend much further than just increased income for the property itself. Green features affect the health and well-being of residents too.
According to the USGBC Standard Issue report, nearly a third of those surveyed indicated they have direct, personal experience with bad health associated with poor environments or living situations. Americans spend approximately 90 percent of their time indoors, so the connection between green buildings and personal health is important to keep researching.
Essex on the Park is a brand new 56-story high rise in Chicago's South Loop neighborhood that was designed with wellness in mind. The multifamily development features a four story Winter Garden filled with greenery that overlooks Lake Michigan. A guided meditation app is being developed for use specifically in the Winter Garden with aim to create sanctuary for residents.
“The whole green trend in terms of energy efficiency started quite a while back, but that trend has evolved into more of a wellness/health kind of relaxation piece,” says architect, Paul Alessandro in an interview with the Chicago Tribune. “The inclusion of these green interior spaces is an outgrowth of that continuum of design bringing health and wellness into a building.”
The developers of Essex on the Park pursued WELL certification rather than LEED Certification. WELL certification focuses more directly on health and wellbeing for residents, taking in to consideration categories such as air, water, nourishment, light, fitness, comfort and mind.
Multifamily developers have begun to implement green features and amenities as younger renters are increasingly focused on wellness, self-care, and reducing stress.
Popular examples include The Roof Crop, a company implements green roof systems to responsibly grow produce used for resident events, and PrintWithMe, a self service cloud printer that makes printing convenient for residents and reduces 550 pounds of individual electronic waste annually at each community.
The #GreenMovement won't be going away anytime soon, so many multifamily developers have begun to invest considerable resources into making their buildings more environmentally conscious and wellness focused.
That summarizes top 3 reasons that multifamily developers should invest in green building features and LEED Certification! Head to the U.S. Green Building Council's website to learn more.
Here are the top 3 takeaways for property managers from ZED 2019, which highlighted the latest apartment amenities and strategies.
Jeremy Brown, Vice President of Marketing at ZRS Management and keynote speaker, Veronica Romney.
Every year, ZRS Management holds their ZRS Education & Discovery Conference (ZED 2019) that features the newest and most innovative technology-driven amenities and marketing strategies in the multifamily apartment industry. Last week's conference in Miami saw dozens of apartment vendors showcasing the latest multifamily apartment amenities, technologies and strategies to grow business in 2019 and beyond.
Here are the top 3 takeaways for property managers in 2019...
Joe Summers, CRO and Kimberly Cameron, VP of Sales at tech vendor, PrintWithMe.
The apartment industry contributes $3.5 billion daily and $1.3 trillion yearly to annual GDP, according to a study published in 2013 the NMHC and NAA.
The industry has continued to grow rapidly in recent years, so there’s plenty of opportunity for property management companies to capitalize on the market – but there’s also lots of competition.
According to a 2019 NMHC report, the top 50 property management companies, such as Greystar, Bozzuto, and ZRS Management control 15.9% of the multifamily market.
What do these big players do differently? They continue to invest in technology.
“We invest a lot in technology," says Jeremy Brown, Vice President of ZRS Management in an interview with Business View Magazine. "We educate all of our folks on the latest and greatest mobile applications, industry trends, etc. It’s an opportunity to reinforce our stance on technology and educate our folks that this is in the forefront of everything.”
The ZRS Technology Conference was founded to educate company managers, leasing people, and the entire corporate team on the importance of technology in areas such as online leasing, smart amenities, and marketing strategies. The company flew approximately 500 people to Miami to expose employees to top multifamily tech vendors including, Respage, Iotas , PrintWithMe, and Modern Message.
Property managers looking to stay ahead of the competition should continually stay up-to-date on the latest technologies that improve property management and resident experiences, including smart home technologies, new property management mobile apps, tech-based lifestyle amenities (like Peloton), and more.
Members of Generation Z make up the largest generation at 27% of U.S. population, and they have grown up with technology at their finger tips. The oldest members of Generation Z are turning 22 this year and have graduated college or skipped it entirely and they are looking to rent their first modern and convenient apartments.
Gen Z relies much more heavily on social media and online searches for their apartment search than previous generations. The average attention span of a Gen Zer is 8 seconds, so property management companies must market to Gen Z with interactive online leasing tools and custom virtual tours in order to stand out among the sea of apartment listings.
With access to more online resources and information about the rental scene, Generation Z will refuse to pay more for apartments without up-to-date amenities including smart home systems and time saving services such as cloud printing and quick drop-off dry cleaning lockers.
Property management companies will have to appeal to the needs of Gen Z'ers if they plan to grow within the next 5-10 years.
Are you a property manager based out of Florida? If yes, then you should definitely be aware of the "Florida Man". If you aren't familiar with the Florida Man, you can read up on it here. Essentially, make sure your new tenants don't meet the 'craziness'-levels that can often be spotted in news headlines about Florida.
One of the biggest highlights at this year's ZRS Education & Discovery conference was the #FloridaManChallenge.
Check out some #FloridaManChallenge pictures from the event here. Photos courtesy are courtesy of Downtown Photo.
That wraps up the top three takeaways from this year's ZED conference. We hope these notes can help to plan for future property management and resident acquisition strategies, and we hope to see you at ZED 2020!