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Seattle-based Avenue5 Residential, a Yardi client, has recently had several reasons to celebrate. The company was named the second fastest growing firm in the state of Washington and it currently occupies the 30th spot in NMHC’s top 50 largest apartment managers—up 16 spots from last year’s position. The secret to its success seems to be its flexibility and willingness to adapt to a fast-changing environment. CEO Walt Smith shares the strategy that is designed to help the company thrive even more.
What are the main trends in apartment operations today?
Smith: One key multifamily industry trend is related to pricing. We used to be able to track pricing on a less-frequent basis. Because today’s market is increasingly dynamic, however, there is greater pressure to monitor indicators for rental rates every single day and to price apartments in real time according to the data.
Another critical trend is monitoring customer sentiment on an ongoing basis and empowering teams to make changes based on customer feedback. Providing exemplary customer service has always been essential, but today it holds particular importance due to the popularity of online ratings and review sites. Even a relatively small number of negative online comments can significantly impact a property’s bottom-line performance, so being able to proactively assess challenges at the property level and address those challenges quickly can give a property a competitive edge.
A third important trend is harnessing the power of the numerous metrics that are currently available to multifamily management firms. Managers who can select a data platform that aligns with their needs and the needs of their clients, who can aggregate massive amounts of data into easily consumable insights and translate those insights into actions that will improve performance will be in the best position to meet the demands of multifamily owners, especially in rapidly fluctuating market conditions.
This interview originally appeared in Multi-Housing News, a Yardi publication. Find the full interview on data-driven strategy here.
