Get inside access to change-makers at the height of real estate industry disruption. Brought to you by AppFolio, The Top Floor features stories from leaders in property management, community association management, and real estate investment as they reflect on the industry’s future.
How Optimizing Maintenance Boosts NOI
When’s the last time you audited the maintenance processes at your property management company? Outside of a list of preferred contractors, there may not even be a process, which can have real consequences on a company’s net operating income, as maintenance costs can be some of the most difficult to control. To serve resident’s needs and protect property assets, proper maintenance means regularly incurring hard costs, including people, time and materials. But it can be difficult for growing teams to accurately anticipate these costs and take the steps needed to streamline where possible. Without a process or thoughtful planning, how would your team know if they’re overpaying on parts and labor to replace a leaky faucet? Or how well they’re satisfying service requests? Today on The Top Floor, we’re investigating the relationship between maintenance costs and NOI.
How Savvy SFR Property Managers are Capitalizing on Growing Demand
Single-family rentals, also known as SFRs, are a hot market right now. And while SFRs aren’t a new commodity, seizing upon this market requires property management companies to respond to very recent trends and technology, as scaling up a portfolio with more and more SFRs can challenge even the most seasoned property managers.
Chief among these aforementioned trends are those set in motion by the recent pandemic, which spurred an exodus of renters from urban centers into the outlying suburbs, where affordable, spacious SFRs are more common.
Responding to demand, we’re seeing a greater number of property managers add SFRs to their portfolios. However this opportunity doesn’t come without challenges. Compared to multifamily properties, for example, SFRs tend to be geographically dispersed and managed by a single owner and manager. Additionally, maintenance can be more difficult since every home comes with different appliances and needs.
These factors and more create conditions that require an exponential investment of resources: time, energy, and people. But this doesn’t have to be the case. Developing alongside the rapid growth of the SFR market are new advancements in property management technology , which close geographical gaps and greatly reduce time spent on repetitive tasks.
In this episode of The Top Floor, we discuss everything you need to know about SFRs: what’s heating up the market and how you can successfully join without getting burned.
Scott Abernathy is the President at Property Management Inc. and PMI Professionals. He received his real estate license in 1994. In 2006, he joined NARPM, where he served as the vendor chairman of the Nashville chapter before becoming the chapter president in 2010. Scott is also a member of the National Government Affairs Committee, where he served as the chairman for two years. He was later elected the Atlantic Regional Vice President, before becoming Treasurer and finally National President.
Brad Larsen is the owner of RentWerx Property Management, which is based in San Antonio, Texas, and manages roughly 900 single-family homes with over 750 owners. Brad is also the host of the podcast, Property Management Mastermind Show, which contributed to the creation of the Property Management Mastermind Conference.
Bob Preston is the president and CEO at North County Property Group, which was founded roughly two decades ago and has offices in San Diego County, California. NCPG primarily focuses on high-end properties. Bob is also actively involved in NARPM, where he is a Master Property Manager. He has served as the president of the California chapter and remains involved as a mentor and advisor for the chapter, as well as a board member of California NARPM.
Smarter Homes: Happier Residents & Smoother Operations
Recent factors have sped up the adoption of smart home systems across many different types of real estate portfolios. Aiming to appeal to tech-savvy residents, developers deploy these systems to deliver greater value to prospects. Join us on The Top Floor to learn how smart devices are facilitating human-centered change.
The Future of Leadership is Human-Centered
We’ve recently witnessed industry wide changes that point towards a new way of working that demands a more human-centered approach to leadership. Among other shifts, leaders are expected to:
* Recognize and understand differences of how peers, coworkers, investor and property owners communicate
* Priorities that motivate them
* How they get their work done
* And building a company culture that creates space and freedom for this
Today, leadership isn’t simply a top-down process that serves managers, executives and is narrowly focused on business numbers and outcomes. Today’s leaders are also focused on building a strong and resilient company culture, creating space for their team members to learn and grow, and architecting the flow of information and work processes to create time and space for what matters most.
Recent upheavals within real estate markets across the nation have also shifted resident, owner and investor expectations of property management companies. Leaders, for their part, must adapt to these changes and listen to those they serve — including clients and their teams — more closely and carefully than ever before.
On the Season 2 premier of The Top Floor podcast, we explore how to develop these leadership skills and discuss where technology fits in. When done right, technology gives people their time back, so they can focus on what matters most — ultimately empowering them to work more efficiently and develop new skills and talents.
Season II Trailer
Here on The Top Floor, we’re witnessing rapid change within property management, community association and real estate investment spaces. Despite these changes, leaders in real estate remain focused on what's most important: empowering their teams to do their best work, better serving their customers and communities, and exploring new technology.
Welcome to The Top Floor, Season 2. With help from thought leaders and change-makers in real estate, we continue our narrative journey to bring you insider knowledge at the height of industry disruption.
Data-driven Property Management: Using insights to boost productivity
Even at a time when companies generate more data than ever, many property management companies struggle to access the data and insights they need to make better-informed decisions. In this episode of The Top Floor, we’re exploring data-driven decision making within the multifamily property management segment: including why these decisions matter, tips to get good data, and common pitfalls to avoid.
We delve into how technology solutions can create a single source of truth, allowing teams to act quickly and confidently. We speak with AppFolio’s Sr. Product Manager Jake Schlingman, and the Principal of D2 Demand Solutions, Dom Beveridge, to uncover:
* Why timely access to insights is so important
* What KPIs multi-family operators should focus on
* Downsides of analyzing the wrong KPIs
* And so much more.