2024 Multifamily Property Management Trends: 4 Key Insights to Know by Buildinglink
In this post, we share our trends and predictions for multifamily in the upcoming year, offering you a detailed view on the challenges and opportunities that lie ahead.
1. An Amplified Need For Resident-Centric Solutions
In recent years, especially during the pandemic, the multifamily space has been increasingly prioritizing the resident experience. This upcoming year, property management companies will face an increased demand for resident-centric solutions that align with their growing needs and expectations. Today’s residents are seeking amenities that support remote working and their health and wellness goals. Moreover, there’s a heightened focus on building a positive resident culture that fosters community and social engagement. When residents feel connected to their neighbors and surroundings, they’re less likely to move, helping improve retention.
Property onsite teams are significantly enhancing the resident experience by improving their communication methods. This makes it easier for residents to report issues, request maintenance services, and receive timely updates. Consider using BuildingLink’s Communication Tools to effectively deploy important messages, ensuring your residents are always up-to-date and informed.
Amenities and services are also poised for significant improvements, reflecting residents’ expectations for greater value from their living spaces, especially with the rise in rents. From remote work spaces and podcast rooms to wider coffee options and fitness centers that host spin or yoga classes, residents are looking for conveniences that cater to their daily lives. Use BuildingLink’s Analytics & Reports to gauge the usage of your amenities, guiding you in making informed decisions to improve specific areas and optimize your investments. From there, remember to offer your residents an easy way to reserve spaces using the Amenity Reservations tool.
2. Continued Staffing Challenges
Like many industries, property management faced considerable staffing challenges last year, impacting overall operations. High employee turnover can be just as costly as high resident turnover, leading to a shortage of skilled staff and overburdening existing employees. This can then affect the ability to provide high levels of service quality and efficiency.
In response, some property managers are working to improve employee retention by creating development programs. The goal is to provide employees with additional training and learning opportunities that lead to career advancement and promotions. However, leveraging technology can also enable your current employees to achieve more with less. For example, equip your front desk team with BuildingLink’s Front Desk Instructions , which even allow them to view visitor photos, ensuring smoother check-ins regardless of the volume. Similarly, BuildingLink’s dedicated Staff App will help them process packages 80% faster than other package tracking solutions, reducing their workload while keeping your mailrooms organized.
3. Embracing Technology For Smarter Maintenance
One of the biggest predicted trends for property management in 2024 is the increased use of technology for improved maintenance, which is key for resident satisfaction and lease renewals. Properties are expected to adopt more smart home devices, such as smart thermostats and locks, as part of eco-friendly initiatives. On top of that, as part of their focus on the resident experience, property and maintenance managers will make it easier for employees and residents to submit and track maintenance requests. BuildingLink’s Preventative Maintenance is a valuable tool here, allowing you to reschedule recurring tasks, assign them to team members or vendors, and, ultimately, keep up with your maintenance needs.
4. Increased Emphasis On Automation And Proptech Consolidation
For property management companies, digital tools that incorporate automation are becoming increasingly essential for enhancing operational efficiency. Automation significantly saves time, reduces costs, and improves accuracy. However, using multiple, disparate platforms can lead to major losses in efficiency. Each tool, with its unique interface and features, creates a learning curve, leading to inefficiencies as users jump between platforms and struggle to remember multiple logins.
In contrast, consolidating your proptech solutions will create a more efficient and cost-effective approach to managing your various processes, responsibilities, and tasks. Property managers want a user-friendly platform that automates workflows and provides reliable analytics and reporting. Be sure to take a unified approach when adding new tools to maximize your return on investment.
That’s why many property managers today are using BuildingLink to streamline their Front Desk & Staff Operations, Communications, Record-Keeping, Maintenance, and more. With more than dozens of integration partners, our platform seamlessly connects with various tools in access control, accounting, payments, and package management. Even better, we offer a mobile option for property teams on the go, allowing them to seamlessly access our powerful features no matter where or when the need arises. Let’s make 2024 a year of unparalleled success and growth, with BuildingLink by your side every step of the way.
Partner With BuildingLink
Trusted by HOAs, co-ops, condominiums, and multifamily properties around the globe, BuildingLink helps property managers deliver superior resident experiences while streamlining maintenance and operations. We offer tools that will simplify your record-keeping and administration, communications, maintenance, and front desk staff operations.
When you’re ready to run your community better, smarter, and faster, book your BuildingLink demo today.
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