In the unpredictable landscape of real estate, a company’s adaptability is the competitive edge that can ensure its success. A 2023 Accenture study found that companies that adopted the latest technological solutions and trends reported that their revenue grew up to six times faster compared to competitors who opted to stick with their current practices.
Multifamily property owners now face the challenge of finding ways to modernize and improve their businesses to follow suit. Keeping fundamental practices while adopting more efficient ways of working is integral to boosting a property’s value.
As explored in a previous article, one example is enlisting the aid of the Spaceflow app, which can be used to manage amenities in order to enhance the tenant experience and increase satisfaction.
By investing in upgrades like this, property owners and managers can expect the property value and profit to rise. Listed below are some proven methods that can help increase property revenue.
Launch compelling marketing
Marketing is an essential part of growing any business. From raising awareness of your properties to finding clients, creating an effective marketing campaign can get your business noticed on another level. It pays to take your cue from campaigns led by respected chief marketing officers (CMOs). After all, CMOs are tasked with driving revenue through promotions, which is why their marketing approaches take a comprehensive and educated approach.
Take real estate website Zillow, for example. In 2021, they released a campaign called “To Move Is To Grow,” which included promotions with compelling storytelling and out-of-this-world imagery about moving houses. In the same year, their revenue increased by 144% from the previous year. In bringing it to life, Zillow’s VP of Creative Services, Jennifer Berger, highlights understanding the market to tap into consumer tastes.
Although property managers may not have access to the same resources as CMOs, it’s possible to adopt certain approaches such as targeting audiences with creative messaging, and apply them on a smaller scale to boost the growth of your properties.
...it’s possible to adopt certain approaches such as targeting audiences with creative messaging, and apply them on a smaller scale to boost the growth of your properties.
Invest in utilities
Market value is also affected by a property's features, and more residential spaces are implementing smart home technology to increase value. Smart technology can connect to a handheld gadget, such as a phone or a tablet, and allow homeowners to manage their appliances remotely via the internet, manage their parcels, or get access to their building. This is especially useful for property owners with multiple assets, as they can manage their businesses wherever they are.
Not only do they offer convenience, but they also help in cutting back on expenses. Data from Smart Energy International found that energy costs can be lowered by up to 30% with the help of a smart home system. This allows owners to reallocate funds to other property concerns, such as renovations or taxes.
Renting a smart home also indicates advocating for sustainability, something a lot of current home seekers look for. A survey observed that around 78% of potential residents are willing to pay more for a smart home. This gives property owners leverage when putting their properties on the market.
To make their spaces look even more attractive for residents, property managers can look into outsourcing amenities. Collaborating with third parties can provide an advantage by allowing owners to charge more for these expertly-provided benefits, while also removing the burden from their internal team.
Studies show that companies that outsource decrease costs by up to 15%. By also adding services to residential packages, such as dry-cleaning, fitness classes, and food services, property owners can pique certain interests and appear more competitive.
To further optimize these services, our analytics dashboard can provide insights into which amenities are in demand. It summarizes everything managers need to know about tenant-facing processes. It can determine which of the building spaces have a lot of foot traffic and which activities residents enjoy the most. These stats will enable owners to make data-based financial decisions for their properties.
In these changing times, multifamily property owners must be flexible in managing their businesses. Competing in today’s market requires lots of data analysis and informed strategies. Turning to the latest technological solutions provides businesses with an advantage that positively impacts revenue growth.
If you want to explore ways Spaceflow can help boost the revenue of your building or space today, please contact us at firstname.lastname@example.org.
Article written by Reese Jones.