AIMx, the Apartment Innovation and Marketing Association Marketing Conference, took place on Thursday. Industry experts from companies including RentCafe, ICONIQ Capital, Real Estate Business Analytics and Airbnb discussed trends surrounding multifamily housing, future property management and new technology solutions.
Contents
- 1 The Property Management Company of the Future – Progress Report
- 2 Budget Season: How to Determine and Justify your SEO Budget
- 3 Data Pain to Data Gain: REBA
- 4 Furnished Rentals, Short-Term Rentals and the Future of Living
- 5 Maximizing Real Estate Asset Value
- 6 How stressful is being a property manager?
- 7 What is the most challenging part of property management?
- 8 Is property management a good side hustle?
- 9 Is a property management business profitable?
- 10 How can I make my property management more profitable?
The Property Management Company of the Future – Progress Report
Heather Wallace, managing director of Bozzuto, along with Carol Enoch, CEO Enoch & Co, and Jaja Jackson, senior vice president of ICONIQ Capital, discussed how management companies can better position themselves to help their clients.
Recommendations for property companies, or PropCo, given at the virtual event include flexibility, listening to customers, building partnerships with a vertical incentive structure and getting into the weeds.
Jackson spoke about the asset management company that ICONIQ uses and also partly owns, Sentral. After realizing that innovation could be done in the multifamily market, and that there was still no asset management company that could fully provide what ICONIQ needed in one location, Sentral was launched. Jackson noted that deep collaboration comes from a collaborative relationship as well as access to key information from the center.
“Getting more and better information faster produces greater respect between the owner and the operator. It’s that change that creates a deeper partnership initiative,” said Jackson.
Other trends discussed in this part of the conference included modern tourism.
“Real tours are here to stay,” said Wallace. Enoch and Jackson agree, adding that a high percentage of travel is now direct and will remain so. Things like virtual tours are one way that service providers can get closer to the owner’s mind when it comes to their offerings.
Budget Season: How to Determine and Justify your SEO Budget
Esther Bonardi, vice president of corporate marketing and head of REACH at RentCafe, gave a presentation on understanding the impact of search engine optimization and how to make the case to include it in future business decisions.
Bonardi notes that to make the case for why SEO is important, one must look at the economics. She says that the return on investment in professional SEO marketing is much greater than other types of paid advertising. Case studies show that natural paths from fixed and non-fixed are much higher. The return on advertising spend is usually in the triple digits for SEO, while other advertising sources often have a return on advertising expenditure in the single digits.
Good SEO providers will have automated systems to track and analyze volume and data from click through rates, query data, bounce rates, etc. SEO providers are constantly working.
“You don’t set SEO and forget it. It works,” said Bondardi. She went on to say that SEO is the lowest cost and most productive marketing resource available.
ALSO READ: Leading Your SEO Strategy to Outrank the Competition
Data Pain to Data Gain: REBA
Owners, operators, and property managers need to make smart decisions quickly. Meaningful insights come from rich data analysis. In rental properties, property technology capabilities have increased, creating more data that can take time to sort through. Donald Davidoff, founder and CEO of REBA, said that a single source of information and truth is possible through REBA.
Davidoff demonstrated how REBA creates 3D building models against charts and graphs so that business owners can view occupant, financing, maintenance and management information in one place.
Furnished Rentals, Short-Term Rentals and the Future of Living
Lisa Tully-Lavian, SVP of marketing at Sentral, and Curtis Palmer, EVP of acquisitions and capital markets at Dreamscape Companies, discussed post-COVID efforts around flexible short-term rentals and the future of what consumers want.
“We want to disrupt what’s happening in the industry. We understand that today’s tenants are looking for something new,” said Tully-Lavian. She said Sentral pays residents for each period of stay. Sentral is backed by ICONIQ as well as Bozzuto.
“Lisa said the future is short-term rentals. I think it’s now,” Palmer said.
There’s a misconception that residents are against short-term rentals in their buildings, Tully-Lavian said. Home sharing, like a safe, is a way to have a flexible and monetized lifestyle. There is a great selection of long-term rentals as well as short-term rentals and home sharing, depending on what residents are looking for. This is just one of the many ways to attract and retain tenants.
“There is no cost to share the house,” Palmer said. Dreamscape and Sentral are embracing the changing times and bringing home sharing and short-term rentals as an addition to the management structure of multi-family buildings. The difference between these different types of traditional rentals is their business model.
“Flexible living is the future, and the people who move to it first will do the best,” Palmer said.
Maximizing Real Estate Asset Value
Jesse Stein, head of global real estate at Airbnb, and Steve Lefkovits, executive producer of the Joshua Tree Conference Group, discussed how multifamily is benefiting from new innovations and changing trends. Airbnb is working with apartment owner partners to create tools and initiatives that leverage residents to earn extra income while traveling.
“I think the best example is a house we started in San Diego earlier this year,” Stein said. He went on to describe a home where residents have the ability to rent out their homes while homeowners have control and transparency as well as a dashboard. He noted that the hosts of these homes earn enough Airbnb extra income to cover 61 percent of their rent. This is beneficial for both the residents as well as the owners. Residents who live on the property full time open their homes and earn money. In addition, asset managers collect a small commission on that income. There is more flexibility and earning potential on both sides.
“At the end of the day where the puck is going is people are looking for flexibility. Plus, prices are going up and people need a place to live, but people also want to travel,” Stein said. He argues that this is a way to create a unique home experience as well as a unique environmental experience.
“We’re always iterating and coming up with new ideas, and we’re measuring those ideas,” Stein said. “We will grow”.
How stressful is being a property manager?
Whether it’s demanding residents or unreasonable board members, maintenance headaches or an uncontrollable work schedule, the property manager is in a special place—and a special place to be. No one knows that better than the real estate managers themselves.
What are the disadvantages of being a house manager? Con: Rental Property Management Requires Constant Vigilance Every property is different. Tenant issues vary depending on the tenant. Whether you are self-employed or work for a wealth management company, there is a long list of tasks. Be prepared for off-duty tasks or dealing with emergencies as well.
How much do most property managers make?
The average salary for a Property Manager in California is $117,930 as of September 26, 2022, but the range is typically between $97,700 and $135,282.
Is it stressful to be a property manager?
Whether it is demanding residents or unreasonable board members, maintenance headaches or work schedules that are difficult to control, the house manager is in a special situationâ and a special concernâ. No one knows that better than the real estate managers themselves.
How can a property manager make a lot of money?
How to Make More Money as a Realtor
- Raise the rent. …
- Manage multiple rental properties. …
- Take advantage of technology. …
- Provide additional services. …
- Cut costs. …
- Get your real estate agent license…
- Include the cost of rental properties. …
- Market effectively – both to tenants and customers.
What is being a property manager like?
A property manager’s responsibilities include setting and collecting rent, handling maintenance requests, filling vacancies and setting the property budget. Property managers often take care of properties that real estate investors don’t live near or don’t want to manage personally.
What is the hardest part about being a property manager?
The most difficult issue for any property manager is finding new tenants and keeping them in the property for a long time. They should learn marketing strategies and become good at them.
How stressful is being a property manager?
Whether it is demanding residents or unreasonable board members, maintenance headaches or work schedules that are difficult to control, the house manager is in a special situationâ and a special concernâ. No one knows that better than the real estate managers themselves.
What would be the most difficult part of working in property management and why?
Attracting and retaining quality tenants is the hardest part of a property manager’s job. They should come up with targeted marketing strategies to ensure they reach the type of tenants they are looking for. Here, their judgment plays an important role, especially during the tenant investigation.
What is the most challenging part of property management?
Hierarchy of Asset Management Challenges
- Recruitment and retention of qualified personnel – 27.
- Growing income – 15.
- Damage and unexpected repair costs – 14.
- time management – 9.
- cost control – 8.
- Finding and retaining tenants – 6.
- handling tenant complaints – 6.
- Accounting activities – 3.
What are the weaknesses of asset management? Capabilities include resources such as finance, or human resources (your employees), and technology such as asset management software. Weaknesses include internal factors such as debt, areas of your workflow or training that need improvement, and other pain points in your day-to-day operations.
Why is property management so stressful?
They cited issues such as time stress, distraction, inability to get things done, boredom, anger, low pay, and the usual challenges of managing tenants and contractors. What is stressed by asset managers is a change in perception of the situation and a way to reorganize the work.
What would be the most difficult part of working in property management and why?
Attracting and retaining quality tenants is the hardest part of a property manager’s job. They should come up with targeted marketing strategies to ensure they reach the type of tenants they are looking for. Here, their judgment plays an important role, especially during the tenant investigation.
Is it stressful being a property manager?
As an industry, asset management has one of the worst job satisfaction rates with high turnover, is responsible for long-term stress and has a high burnout rate.
What are some of the main challenges property managers must be concerned with?
Real Estate Management is a Challenge in Hiring and maintaining the quality of employees â 27. Revenue growth â
What would be the most difficult part of working in property management and why?
Attracting and retaining quality tenants is the hardest part of a property manager’s job. They should come up with targeted marketing strategies to ensure they reach the type of tenants they are looking for. Here, their judgment plays an important role, especially during the tenant investigation.
Why should a property manager be most concerned about ethics?
Adherence to the Code of Professional Conduct helps companies and individuals build relationships of trust with their customers, employees, suppliers, owners and the community in which they operate.
What is a property manager’s most important duty?
A property manager’s responsibilities include setting and collecting rent, handling maintenance requests, filling vacancies and setting the property budget. Property managers often take care of properties that real estate investors don’t live near or don’t want to manage personally.
What is a property manager’s most important duty quizlet?
Reason: This is the primary duty of the asset manager: to achieve the highest level of return consistent with the owner’s investment objectives.
What are the two main functions of a property manager?
Duties of the Property Manager The property manager has two responsibilities: the owner or client is interested in the highest return on the property; and tenants, who are interested in the best value for their money, including reasonable safety measures and compliance with fair housing laws.
Is property management a good side hustle?
Reliable Income Asset Management is a great way to do that. In addition, property management is a profession that is not in danger of disappearing, as millions of people rent out their homes every year. Plus, if you manage a lot of assets, you can double or triple your income without committing much time.
What is the hardest part about being a real estate manager? The most difficult issue for any property manager is finding new tenants and keeping them in the property for a long time. They should learn marketing strategies and become good at them.
Is it stressful to be a property manager?
Whether it is demanding residents or unreasonable board members, maintenance headaches or work schedules that are difficult to control, the house manager is in a special situationâ and a special concernâ. No one knows that better than the real estate managers themselves.
How much do most property managers make?
The average salary for a Property Manager in California is $117,930 as of September 26, 2022, but the range is typically between $97,700 and $135,282.
What is being a property manager like?
A property manager’s responsibilities include setting and collecting rent, handling maintenance requests, filling vacancies and setting the property budget. Property managers often take care of properties that real estate investors don’t live near or don’t want to manage personally.
Is rental property a side hustle?
Are you looking for ways to earn extra cash in your spare time? Consider the movement in real estate. Renting out your real estate is a great way to earn passive income and build your property without having to spend a lot of time investing.
Are rental properties a good way to make money?
Rental properties can be a great way to generate income, as long as your operating costs are not too high and the rental rates are competitive. Rent payments, security deposits, occupancy fees, and pet fees can also help you cover your monthly expenses and leave money left over to save for future expenses.
Can investment be a side hustle?
Investing gives you the ability to make your money work for you, something that no other party will pay for. It can also provide you with a great income, not just a few extra dollars a month.
Is a property management business profitable?
Property management can be a very profitable business; not because it is easy, far from it, but because there are many ways to make money from one property. Some management companies pay a flat fee, while most take a percentage of the rent collected – usually between 7-10% of the rental amount.
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How can I make my property management more profitable?
Grow and improve your services mix – adding services and improving them (eg, online rental payments, tenant spaces, marketing, and adding digital services) impresses landlords and lowers renters’ costs. market your business professionally – do more and bring your rental operations in-house.
What makes a successful house manager? The home manager needs to be able to listen and communicate, as well as be proactive and involved, current and knowledgeable. He should also be smooth and efficient, personable and articulate. All property managers strive to excel, the list of “and’s” goes on and on.