Knowing Your Portfolio Can Guide Centralization Efforts

With so many changes occurring in multifamily leasing and management, owner/operators are seeking ways to meet the challenges of shifting consumer tastes, ongoing hiring and retention issues and maximizing revenues.  Centralization is the next natural step in the industry’s continued modernization, offering a path to effectively manage prospects, teams and assets while optimizing their use to most benefit your organization’s operational and financial goals. With all its pluses, centralization requires asking questions about your company, portfolio, personnel and tech. A helpful jumping-off point is a balanced scorecard, which gives an idea of where a property stands on centralization, the ease of adoption and potential challenges. There are questions your organization needs to ask before moving toward centralization. You can also take a moment to fill out the Anyone Home scorecard to give an idea of where you currently stand in each category. Geography What is the density of our properties in sub-markets?Are employees willing and capable of traveling between properties during the workday? The greater the density in a sub-market, the more you can take full advantage of geographical centralization. Cross-property staffing enables the deployment of onsite associates where they’re most needed for leasing or other essential matters. With the continuing challenge of hiring and retention, maximizing your teams helps maximize revenue. Owner/operators with lower density can still benefit from centralization but need to focus their efforts on other sections. Operating Control Does our company have the ability to execute a strategy across the entire portfolio?Do we have the accounting ability…