Insight #6: Shift Operational Levers Together—Not Independently

By: Jay Parsons, Andrew Bowen and David Polewchak Many of today’s apartment community managers and regional managers were not in the business during the last recession back in 2008-2009. That means they experienced nothing but good times until the pandemic hit. In the best of times, “good enough” is usually good enough to meet targets. Now, most property managers are looking for opportunities to re-accelerate revenue growth in 2021. What’s the best route to do that? This is the type of environment where the best managers will stand out. Top property managers and asset managers will likely share one common trait: They will have learned from a big mistake in the last downturn and recovery. In that time period, too many operators lacked a cohesive strategy across marketing, leasing, screening and pricing. Goals of one group could be undercut by the goals of another – often putting department heads at odds and holding back performance. How can operators best move these levers together in a cohesive, connected way to drive the bottom line? Listen or watch to learn more on this topic. Here are 5 tips to help you achieve success in 2021. Be Interconnected, Not Just Integrated. A decade ago, apartment operators were thrilled just to have integrated solutions – meaning the same data moved between different software tools. That was only Step 1. But a cohesive strategy between different toolsets requires more than just integration. It’s about being interconnected. Interconnection weighs the impact and learnings of one technology to improve the performance of another. Holistic decision making is key to driving results and it’s much more possible now. Align to Common Goals – and Distinct Parts. We often say we want “everyone singing from the same sheet of music.” Today’s top operators and investors have come to realize what they really want is everyone reading from the same musical score. Each team...