The AIMx Supplier Discovery Partner Discovery event took place at the Apartment Marketing and Innovation Conference Thursday. Industry experts from companies such as RentCafe, IconIQ Capital, Real Estate Business Analytics and Airbnb discussed trends related to multifamily housing, the future of property management and new technology solutions.
Future Property Management Association - Progress Report
Heather Wallace, CEO of Bozzuto , along with Carol Enoch, CEO of Enoch & Co , and Jaja Jackson, SVP of ICONIQ Capital, discussed how asset managers can better position themselves to better serve their clients.
Recommendations for real estate companies, or PropCo, presented at the virtual event included flexibility, listening to consumers, building partnerships with agreed incentive structures, and finding ways.
Jackson discussed the management company Sentral , which is used by and partially owned by IconIQ. Realizing that innovation could be applied to the multi-family housing market and that there was still no management company that could meet all the needs of ICONIQ in one place, Sentral was launched. Jackson noted that a deep partnership stems from a collaborative relationship as well as access to central core information.
"Better access to better quality information in a shorter period of time leads to a more respectful relationship between owner and operator. It is this change that creates ingenuity for a deeper partnership," Jackson said.
Among other trends discussed in this part of the conference were virtual tours.
“Virtual tours are here to stay,” Wallace said. Enoch and Jackson agreed, adding that a large percentage of tournaments are now and will remain virtual. Items such as virtual tours are one way that service providers can get closer to the owner's mindset in terms of their offerings.
Budget Season: How to Determine and Justify Your SEO Budget
Esther Bonardi, Vice President of Corporate Marketing and Director of REACH at RentCafe , gave a talk on the impact of search engine optimization and how to make the case for incorporating it into future business decisions.
Bonardi noted that in order to make the case for why SEO is so important, one needs to look at finances. She said professional SEO marketing has a much higher ROI than other forms of paid advertising. Case studies show that organic leads from optimized websites are much higher than from non-optimized websites. The ROI on ad spend for SEO is typically three figures, while the ROI on ad spend from other sources is usually in the single digits.
Good SEO providers will have automated ways to track and analyze volume and data such as click through rates, query data, bounce rates, etc. Search engine optimization (SEO) providers are on the job all the time.
"SEO is not set or forgotten. Go ahead," Bondardi said, adding that SEO is the cheapest and most productive source of paid marketing available.
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Pain data for data collection: REBA
Owners, operators and asset managers need to make smart decisions quickly. Meaningful insights come from rich data analysis. In rental housing, the power of real estate technology has expanded, generating more data that can take a long time to process. A single source of data and truth is possible through REBA, said Donald Davidoff, co-founder and CEO of REBA.
Davidoff showed how REBA creates 3D building models, rather than charts and graphs, so business owners can look up occupant, finance, maintenance, and management data in one place.
Furnished rentals, short-term rentals and future life
Lisa Tully-Lavian, Senior Vice President of Marketing, Sentral , and Curtis Palmer, Executive Vice President of Acquisitions and Capital Markets at Dreamscape Companies , discussed post-COVID short-term flexible leasing initiatives and the future of what they want.
"We want to change what's happening in the industry. We understand that today's tenants are looking for something new," said Tolly Lavian. She said Central offers tenants any length of stay. Sentral is supported by IconIQ and Bozzuto.
Lisa said that short-term rentals are the future. "I think that's true," Palmer said.
Tolly Lavian noted that there is a misconception that residents are against short-term rentals of their apartments. Homesharing, as a convenience, is a way to make your lifestyle more flexible and profitable. There is value in both long term rentals and short term rentals and condominiums, depending on what residents are looking for. This is just one of many ways to attract and retain tenants.
"They don't have to pay to live together," Palmer said. Dreamscape and Sentral are responding to changing times and are introducing condominiums and short-term rentals in addition to multi-family management structures. Its business model is to combine this type of option with traditional rentals.
“Sustainable living is the future, and the people who get to it first will go the extra mile,” Palmer said.
Real estate value maximization
Jesse Stein, Global Head of Real Estate at Airbnb , and Steve Lefkowitz, Executive Producer at Joshua Trade Conference Group , discussed how apartment buildings are taking advantage of new innovations and changing trends. Airbnb is working with building partners to create tools and initiatives that help tenants earn extra income while they travel.
“I think the best example of this is the property we opened in San Diego earlier this year,” Stein said. He went on to describe real estate where residents can rent out their homes and where landlords are in control, transparency and a scoreboard. He noted that the owners of this house receive additional income through Airbnb, which is enough to pay 61% of the rent. This will benefit both residents and owners. Residents living in this asset permanently open their homes and earn money. In addition, asset managers receive a small commission from this income. There is additional flexibility and profitability for both parties.
“At the end of the day, when the earth is collapsing, people are looking for flexibility. Costs are also rising and people need housing, but people also want to travel,” Stein said, “and he claims this is a way to create a unique property experience as well as a unique life experience.” ".
“We are always iterating and creating new concepts and working on expanding them,” Stein said. "We will grow."