Multifamily community managers are responsible for overseeing the day-to-day operations of apartment complexes and other multifamily dwellings. They face a variety of challenges, from maintaining property values to dealing with difficult residents. In this blog post, we’ll take a closer look at the most common problems and pain points faced by multifamily community managers.
Poor Security
In a multifamily community, it is important to have security to protect the residents and their belongings from break-ins that can be caused by the unauthorized entry. Improving your community’s security can reduce that pain point of having poor security. Improved security measures can include security cameras, security guards, and/or a security system. Having security can help to deter crime and keep residents safe.
One of the more recent and successful methods of creating a high-security measure for multifamily communities is the touch access control and video intercom system as created by Swiftlane. Swiftlane reviews cite that Swiftlane’s touchless access control system is a revolutionary security solution for apartment buildings and multifamily community buildings. It utilizes biometrics like face recognition to ensure that people who have access to the community are the only ones able to enter. Property owners can manage the touchless access control system through their mobile phone, apple watch, or other mobile devices with the Swiftlane mobile app.
Managing resident access to your residential building can protect your residents from health dangers like unauthorized people who won’t wear a mask during our ever-lasting global pandemic, COVID-19. If you boost your building security, you may be able to reduce the pain point that people.
High Turnover
The multifamily community industry is constantly searching for new residents, and this process can be quite difficult. Screening and leasing prospects when seeking out new residents are one of the major pain points for the multifamily community industry because it takes a lot of time and effort to find qualified tenants who will be a good fit for the community. There are many steps involved in screening and leasing prospects, including reviewing applications, conducting interviews, and verifying references. It can be difficult to find applicants who meet all the qualifications, and even more difficult to find newcomer tenants who will stick around for the long term.
Rent prices are often one of the biggest factors that influence people’s decision to move into or out of multifamily buildings. If rent is too high, potential residents may look elsewhere, even if the complex meets their every amenity or is in a better location. Additionally, many competing complexes offer incentives like free rent or gift cards to attract new tenants, which can make it difficult for existing complexes to stand out.
In general, the lack of affordable housing is a major issue facing communities today and resident turnover is more inevitable than ever. In many areas, the cost of living is rising faster than wages, making it increasingly difficult for people to afford quality housing. This has led to an increase in demand for apartment buildings, which in turn has caused rent to rise even further. As a result, many people are now struggling to find anywhere they can afford to live. To get a competitive advantage and to soothe these pain points, property owners must put in the work and research to make sure their multifamily buildings are worth the shot.
This list is not exhaustive, but these pain points and challenges of managing a multifamily community are the most often cited by property owners. There are solutions out there to make these pain points less potent; however, integrations of those solutions can benefit your multifamily community and yourself in the long run.
