Budget season can be nerve racking for marketing and onsite teams. It’s the time where they found out what tools they will continue to use, what tools get cut, and what tools will be added to their daily work routine. There can be a multifamily budget template that your property follows to get the discussion started, presentations from vendors about their products, and more can happen during this season. However, following a template won’t give you a more detailed view of what is going on with your property. To get the best out of your investments, we’ve got 3 ways that can help prepare your property for multifamily budget season.
Budgeting affects a lot of people at your property. It affects how they can do their work responsibilities and depending on what tools they use it could make their lives easier or it could make it harder. Gathering everyone that is involved or has touch points with what is being discussed during budgeting is a simple, yet effective way of getting different perspectives across departments.
Assigning roles to different people, like the property manager and regional manager, for specific parts of the budget to analyze and look at not only spreads the responsibility around but it gives them ownership of specific areas of the multifamily operations. There are a lot of multifamily controllable expenses that can be overlooked during this time but assigning a person will help make sure you have all your bases covered.
Gather all of your KPI’s and other notable metrics and compare them to your region’s market data. How well are you performing when compared to your competition? Gather all the data from each individual tool as well. Compile it all together so you can analyze which multifamily expenses are helping you and what is a waste of money.
If you aren’t measuring up to the competition, multifamily budget season is the time to figure out a game plan to make sure you increase your occupancy or renewals in the upcoming year. Data doesn’t lie and will show you the truth about the different tools in your tech stack.
Also looking at the data of multiple years and not just the last two years will help give you a broader view of what is going on in your region and with your property. 2020 was an abnormal year, comparing the last five years will show you how you’ve been trending and what multifamily expenses you typically have but may not have had because of the pandemic. This is how some important things/tools can get cut when in reality they shouldn’t. Looking at multiple years will give you a better idea of how to go forward.
There has been a lot of innovation in the multifamily tech side of the industry. Virtual leasing really took off and has shown how important virtual options are to the new generation of prospects. Virtual leasing platforms are a great investment and this season is a great time to seriously consider adding virtual touring software as a long-term need and not just something you have to have to combat market challenges of 2020.
On top of virtual leasing, leasing AI has really started to make its mark in multifamily. AI Leasing Assistant’s help save onsite teams time by only handing off the qualified leads that are ready to talk, tour or lease and handling the rest. Budget season lines up with a busy leasing season, talking to onsite team members about AI Leasing Assistants is a must this year.
AI Assistants, like the one at PERQ, gather better data from online prospects, make the online experience more engaging, and provide branded follow-up in your brand’s voice in the preferred method of communication — email, SMS. Virtual leasing and AI Leasing Assistants need to be heavily considered in your multifamily budget for the upcoming years. Both of these kinds of software meet today’s consumer’s needs. How? Consumer buying habits have changed. With places like Carvana, major life purchases and financial investments are happening online and with the help of AI.
Collaborating, using market data, and looking at the new tools in multifamily that are making a huge impact with their performance and the prospect experience are all ways to help prepare your property for this budget season. A big point that we’ve hit on a few times is getting a detailed and big picture of how your property is doing by looking at a lot of data and including a lot of different people in your budget discussions.