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Best Practices

Efficient multifamily residential property management

Explore how you can overcome persistent challenges and reach new levels of success.

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Top challenges in multifamily property management

Between a surge in demand for units nationwide, an economic recession, shifting employee expectations, and a flood of new units coming online, multifamily property management businesses face various challenges — all of which are forcing executives to look closely at their operations.

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62% of property managers ranked operational efficiency as one of their most pressing challenges.*

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Property managers report that 14+ hours a week are spent on tasks that could be streamlined or automated.** 

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54% of property managers cited maximizing revenue and profits as one of their top challenges.*

Source:  *2022 AppFolio Property Management Industry Pulse  **2022 AppFolio Property Manager Hiring and Retention Report


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Why multifamily property management companies need to adapt their strategies

A lack of standardization and poorly integrated or disparate systems can lead to operational inefficiencies, which can negatively impact the employee experience and make it difficult to retain top performers, scale, and maintain margins.

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“Our previous solution felt very segmented, to the point where we had to exit completely out of the system if we wanted to look at multiple properties. Now all of our data is together in one place. Searching for data is now task-oriented rather than property-oriented.”

Anne Peterson
Rainier Properties, 2,000+ units
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How having streamlined operations elevates your property management business

Happier employees and less churn

When workflows are consistent, flexible, and efficient across properties, teams have more time to devote to meaningful work.

Better data, faster decision-making

A single source of truth can help you get the insights you need to take advantage of market shifts and act quickly to resolve complex challenges.

Competitive advantage

The benefits of frictionless workflows and simplified processes extend to your renters, owners, and investors through great customer experiences.

Ready to take your multifamily property management business to the next level?

Download this free guide for ways to streamline your processes and create space to scale.

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Ways multifamily businesses can overcome operational efficiency and staffing challenges

Follow these strategies to maximize your people and processes.

Centralize teams for greater efficiency

Instead of having team members wear different hats throughout the day, centralize your teams into specialized roles so they can focus on what they enjoy and do best. This way they can get work done faster and more efficiently — and help your business grow sustainably.

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Leverage AI to automate manual processes

By putting AI and automation to work, you can free teams from tedious, repetitive tasks like responding to commonly asked questions so they can have more time to focus on higher-value work and customer service. 

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Differentiate through personalization

When you offer personalized service and differentiated experiences to renters, owners, and investors, you can attract and retain more customers and stand out from your competitors. On-demand tools and AI can help you curate customized experiences at scale all while driving efficiency.

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Consolidate your tech stack

Having a single system to manage all of your workflows, integrations, and property data can eliminate inefficiencies and allow you to get the insights you need to make smart business decisions and boost NOI.

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How technology can streamline critical multifamily workflows

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Marketing

Attract more prospects with a fully integrated, modern website, flexible virtual showings, and seamless self-guided tours. Additionally, use AI to help you make sense of data on your current and future customers to maximize your marketing efforts.

Leasing

Let AI work as an extension of your team to respond to prospects 24/7 and automate key leasing processes like renewing leases and finalizing lease agreements. Additionally, use a customer relationship management (CRM) system to strengthen relationship-building with prospects by securely managing personal details. 

Maintenance

Simplify work order management, speed up unit turns, and provide a better customer experience with a fully automated maintenance flow and online self-service resident portals.

Accounting and reporting

Save time, increase visibility, and minimize errors and inconsistencies by automating your accounts payable, late fees, and monthly owner statements.

Unlock operational excellence with AppFolio Property Manager

See how one powerful platform can help you build upon your strengths and maximize efficiency.

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“AppFolio represents a fully integrated solution for us. You can go from listing to lead to lease to move out to post-move-out accounting. Having everything under one roof, everything accessible to everyone, has been a game-changer.”

Gozen Hartman
Fairlawn Real Estate, 5,000+ units

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Frequently asked questions

What is multifamily property management?

Multifamily property management involves the management and oversight of multifamily housing. This includes tasks such as rental management, maintenance, customer service, security, budgeting, and more. The goal of multifamily property management is to ensure that the property is well-maintained, safe, and profitable.

Is multifamily housing considered residential or commercial?

Multifamily housing is considered both residential and commercial because it is living space and can also be a type of commercial property investment, especially for very large or mixed-use properties.

How do you invest in multifamily real estate?

Investing in multifamily real estate involves researching markets and properties, understanding financing options, and forming relationships with brokers, lenders, and other investors. You can also consider investing in real estate investment trusts (REITs) or syndications, which allow investors to pool their money to purchase larger properties. It's important to do your due diligence before committing to any investment.

How do you calculate ROI on a residential rental property?

Calculating ROI on a residential rental property typically involves subtracting all expenses associated with the property from the revenue generated by the property and dividing the result by the total amount invested. This will give you the return on investment as a percentage.

Where do you find multifamily properties?

You can find multifamily properties in a variety of places, including online real estate marketplaces, local real estate listings, and through network connections. Additionally, you may want to consider contacting local real estate agents and brokers who specialize in multifamily properties. You can also use online resources such as real estate investment clubs, forums, blogs, and websites to help you find the right multifamily property.

How do you value multifamily property?

Multifamily property is typically valued based on several factors, including the location, current market conditions, the size and number of units, and the property's condition. The most common method of valuing multifamily property is to estimate its current market value by comparing it to similar properties that have recently sold in the area.

How does workflow automation work?

Accounting for rental property requires tracking all of the income and expenses associated with the property. This includes rental income and the costs of utilities, repairs, taxes, and insurance. You'll also need to track the depreciation of any furnishings or equipment you use for the property. To do this, you’ll need to create a dedicated set of accounts in your accounting software, such as tracking income and expenses by property and resident. You’ll also need to track any loan payments related to the property.

How do you improve the reporting process?

The key to improving the reporting process is to streamline the data collection and analysis process. Automating data entry, using data visualization tools, and having a clear reporting structure are all ways to improve the reporting process. Additionally, setting up regular meetings with stakeholders to discuss the data being collected and how it can be used to inform decisions can also help improve the process.

What is a residential lease?

A residential lease is a legal agreement between a property management company or landlord and a renter which outlines the terms and conditions of renting a residential property. Generally, it outlines the duration of the lease, the rental amount, rules for the renter and property management company or landlord, and any other information relevant to the rental agreement.

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