In Today’s World of Multifamily Management, Why Use a Consultant?
Let's get real for a moment...we are still living in a COVID-19 world for the foreseeable future. Our delinquencies are growing, evictions of non-paying residents remain on hold until the end of this year, person-person contact only happens with masks and social distancing, virtual leasing is still a new concept that needs enhanced training and should now be part of your marketing plan. Your site teams are on the front line everyday and coming to work with apprehension and daily concerns about their health as well as their families. Available cash on many properties has been diminished due to all the external variables we are all dealing with and the short and long term prognosis still remains unclear. The unforeseen circumstances that we are dealing with puts an additional heavy burden on your management teams to not only handle the day to day operations of your property, but the everchanging COVID climate as well as continuing governmental rulings and regulations in regards to safety, as well as collection of past rent. Additional reporting has been the norm since the middle of March. Let's also keep in mind that we all have a business to run, teams to motivate and results to achieve. The workload and pressure on your site and corporate management teams to achieve positive financial results and meet or exceed owners expectations are enormous. Most importantly, does your management team have the bandwidth to not only address the day to day operations of a property, but focus proactively on strategic thinking that is needed for the coming year?.
Without COVID-19 in our world, the balancing act of managing properties both on a short term basis and adherence to a long term plan is difficult enough. Add in our current reality of COVID-19 and the task is quite challenging. Specifically, what does a consultant bring to the table to add financial value to the property, your asset or organization?
A holistic approach to the management of your property, Simply put, thinking about the big picture, (short and long-term goals). Every change or strategy that is undertaken, does affect the other areas of operation at a property. This Consultant will take this into account to ensure that there is a balanced approach for the asset, while prioritizing the main action steps to be taken.
A laser focus on the priority action steps needed that must be addressed and acted upon quickly. There are now more competing issues for the management team to address. It is tough to stay solely focused with all that must be dealt with: Immediate operational and collection issues, positive motivational Issues,COVID issues, marketing and pricing issues. The consultant will provide specific focus towards the bottom line, rentals. occupancy and collections, along with continuous follow up to ensure timely action is taken.
An outsider perspective that provides a broader approach and experience base to help solve for the problem and approach at hand. This Consultant is focusing on targeted results and how to best achieve your financial expectations..
SWOT analysis (Strengths, Opportunities, Weaknesses and Threats) to recognize the nuances and opportunities to position property for success. This approach also includes a fresh perspective on team enthusiasm, positive energy, and knowledge of the property and marketplace.
Provide additional bandwidth to focus and tackle major issues, or programs that need to get off the ground quickly and need senior attention.
Provide high level reporting of intelligent data management and analytics to deliver insights that are actionable.
Let's navigate this new reality together.
- Jeff
