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The year has started with a lot of fresh insight into centralization. First, there was the recent release of the new white paper about how third-party managers are progressing toward a centralized operating model. This week, the focus switches to another big centralization topic: maintenance.
Readers of this blog will know that I frequently study and write about centralization. It has featured heavily in the last four editions of the 20for20 annual survey, and—SPOILER ALERT—it will get more coverage next month when the 2025 edition drops.
The City of Brotherly Love provided a backdrop for this year's NAA APARTMENTALIZE that was fresh in novelty, if not in weather. An energy-packed conference offered new insights into some of our industry's most rapidly changing areas. There's lots to talk about, and it is with some trepidation that I share a recap focused on two of the most buzzwordy topics: centralization and AI. However, these were the biggest stories that caught my eye at NAA this year.
There's been a lot of coverage of centralization on this website over the last few years. As this year's 20for20 white paper explained, maintenance differs profoundly from either admin or leasing centralization. Leasing and admin tasks can be automated away or, in the case of leasing, made self-serve. We can offer residents some self-serve maintenance options, but most of the time we need a team member to deliver the service.
It's that time of year again when NMHC publishes its lists of the top 50 owners, operators, and various other categories of multifamily companies. It's invaluable information: multifamily companies are notoriously difficult to track, so we should all appreciate the fine work the NMHC research team does to compile and publish the lists each year.
The inaugural Forum—the User Conference of Funnel Leasing—is in the books. I was privileged to take part in a hugely successful event that boasted an impressive attendee list last week at the stunningly beautiful Terranea Resort near Los Angeles.
2024 seems likely to be a year of rapid acceleration in the adoption of AI in multifamily. The question is how rapid and what kinds of tasks will it be doing for us? During this year's 20for20 interviews, the 20 leaders were asked to speculate a little on the direction AI is likely to take. What the conversations revealed is that most leaders view AI as something you buy from third-party vendors specializing in this area.
As companies seek to centralize property management functions, they find themselves coming up against rigidly property-based processes. Leasing—the highest profile of these functions—owes its design to the "coverage" model. Properties always needed at least one person on duty to answer phones, conduct tours, and support the leasing process. Companies centralizing leasing operations have to reimagine processes, tasks, and ultimately, jobs that have been the same way since time immemorial.
This week I had the pleasure of attending RealWorld 2023, RealPage's annual user conference in Las Vegas. It was an enjoyable couple of days that at once offered a glimpse of the future of an evolving industry giant and a trip or two down memory lane. I will share my thoughts on both in this article.
Centralization, as we all know, is a hot topic in the multifamily industry. This conversation began a few years ago when a few public REITs began to talk about changes to their property staffing models. I, among others, initially believed that once centralization started, everyone else would follow. If a few companies were achieving superior returns, the rest would naturally want to emulate them.
Posts about:
The year has started with a lot of fresh insight into centralization. First, there was the recent release of the new white paper about how third-party managers are progressing toward a centralized operating model. This week, the focus switches to another big centralization topic: maintenance.
Readers of this blog will know that I frequently study and write about centralization. It has featured heavily in the last four editions of the 20for20 annual survey, and—SPOILER ALERT—it will get more coverage next month when the 2025 edition drops.
The City of Brotherly Love provided a backdrop for this year's NAA APARTMENTALIZE that was fresh in novelty, if not in weather. An energy-packed conference offered new insights into some of our industry's most rapidly changing areas. There's lots to talk about, and it is with some trepidation that I share a recap focused on two of the most buzzwordy topics: centralization and AI. However, these were the biggest stories that caught my eye at NAA this year.
There's been a lot of coverage of centralization on this website over the last few years. As this year's 20for20 white paper explained, maintenance differs profoundly from either admin or leasing centralization. Leasing and admin tasks can be automated away or, in the case of leasing, made self-serve. We can offer residents some self-serve maintenance options, but most of the time we need a team member to deliver the service.
It's that time of year again when NMHC publishes its lists of the top 50 owners, operators, and various other categories of multifamily companies. It's invaluable information: multifamily companies are notoriously difficult to track, so we should all appreciate the fine work the NMHC research team does to compile and publish the lists each year.
The inaugural Forum—the User Conference of Funnel Leasing—is in the books. I was privileged to take part in a hugely successful event that boasted an impressive attendee list last week at the stunningly beautiful Terranea Resort near Los Angeles.
2024 seems likely to be a year of rapid acceleration in the adoption of AI in multifamily. The question is how rapid and what kinds of tasks will it be doing for us? During this year's 20for20 interviews, the 20 leaders were asked to speculate a little on the direction AI is likely to take. What the conversations revealed is that most leaders view AI as something you buy from third-party vendors specializing in this area.
As companies seek to centralize property management functions, they find themselves coming up against rigidly property-based processes. Leasing—the highest profile of these functions—owes its design to the "coverage" model. Properties always needed at least one person on duty to answer phones, conduct tours, and support the leasing process. Companies centralizing leasing operations have to reimagine processes, tasks, and ultimately, jobs that have been the same way since time immemorial.
This week I had the pleasure of attending RealWorld 2023, RealPage's annual user conference in Las Vegas. It was an enjoyable couple of days that at once offered a glimpse of the future of an evolving industry giant and a trip or two down memory lane. I will share my thoughts on both in this article.
Centralization, as we all know, is a hot topic in the multifamily industry. This conversation began a few years ago when a few public REITs began to talk about changes to their property staffing models. I, among others, initially believed that once centralization started, everyone else would follow. If a few companies were achieving superior returns, the rest would naturally want to emulate them.