It’s no shock that the market isn’t as strong as last year. Rising rates, slowing rental growth, world events, and logistics hurdles have made the future less concrete. Things just feel a little… different.
In turn, many in our industry are transitioning from an acquisition mindset to an asset management mindset. So what does that mean?
An acquisition mindset is centered around buying as many good deals as possible. See something you like that could work? Swipe the plastic. (We know firsthand that buying communities is a bit more complicated than that, but you know what we mean).
When rental markets trend upwards, you can focus less on customer service because the market helps ensure future revenue increases, even if your customer service doesn’t. An upward rental market can hide poor management – but not forever.
When the economic future is a little foggier, you must transition into the asset management mindset.
The asset management mindset centers around the idea that you may need to hold onto an asset for longer to let it mature. Place more emphasis on customer service and operational excellence. You have to work smarter to earn a rental increase.
During uncertain times every resident in your community is an asset, an opportunity to ensure your communities meet targets. Two things get you there: Customer service and operational excellence.
Here’s how ResiDesk can help.
When it comes to customer service:
ResiDesk uses SMS conversations to take on the brunt of the front-line customer service deluge. We help solve the most simple conversations, like answering when residents submit work orders. We can take considerable work off your site team’s plate, helping them focus on the more significant issues on site.
When it comes to operational excellence:
ResiDesk can help better understand what’s happening on the ground. Sometimes it can be challenging to understand what’s happening in a community if you only hear it from one person. How can you be sure the reported situation is accurate without going door-to-door to each resident? Because ResiDesk has real and honest conversations with residents, we can show you exactly what’s happening onsite directly from your residents.
Is this interesting to you? We can set up a free demo to show you how ResiDesk can work for you.