The multifamily industry is constantly evolving, and keeping up with the latest trends can be difficult. That’s why we’ve put together this guide, which provides insights and predictions from industry experts on what to expect in 2023.
If you’re looking for valuable viewpoints on the latest multifamily trends, Dom Beveridge, Principal of 20for20, is the trusted expert you need. With his extensive knowledge and experience in business consulting within the multifamily industry, Dom offers informed predictions and key insights showcased in this guide.
Discover Dom’s Crucial Insights for 2023:
Economic Conditions Will Force Companies to Refocus on Profitability
The economic landscape in 2023 continues to be challenging, with rising interest rates and inflation. This will put pressure on multifamily companies to focus on profitability. This means finding ways to reduce costs and increase revenue.
One way to reduce costs is to centralize property management tasks. This can be done by outsourcing certain tasks to third-party vendors or by creating a central team that manages all properties.
Another way to reduce costs is to automate as many tasks as possible. This can be done using software to manage leasing, maintenance, and other operations.
Increasing revenue can be done by raising rent, increasing occupancy, and developing new properties. However, it’s important to be mindful of the economic climate and ensure that any increases are sustainable.
More Property Management Tasks Will Be Moved to Where They Can Be Done More Efficiently
As the economic landscape becomes more challenging, multifamily companies will need to find ways to operate more efficiently. One way to do this is to move certain property management tasks to where they can be done more efficiently.
For example, leasing tasks can be moved to a call center or a centralized team. Maintenance tasks can be outsourced to a third-party vendor. And accounting tasks can be automated.
Moving these tasks to a more efficient location can save companies money and improve efficiency.
AI Will Do More and More Stuff
Artificial intelligence (AI) is already having a major impact on the multifamily industry, and its role is only going to grow in 2023. AI can automate tasks, improve efficiency, and provide better customer service.
For example, AI can automate leasing tasks, such as scheduling showings and answering questions from prospective residents. AI can also improve maintenance efficiency by identifying and prioritizing repairs. And AI can be used to provide better customer service by responding to resident inquiries quickly and accurately.
As AI continues to develop, it will play an even greater role in the multifamily industry. Companies that embrace AI will be at a competitive advantage.
The multifamily industry is facing a number of challenges in 2023. However, companies can position themselves for success by focusing on profitability, efficiency, and AI.
To learn more about these trends and how they can impact your business, download the free 2023 Multifamily Trends Guide. This guide provides insights and predictions from industry experts on major trends such as property management and specialization.