Franklin Street’s Clint Miller, VP of Operations with Franklin Street’s Property Management Division, recently served as a panelist for Information Management Network’s 5th Annual Middle-Market Multifamily Forum in Atlanta.
Clint joined fellow experts in multifamily for a discussion on lessons learned from Covid-19 and the lasting impact on the industry. Here are a few key takeaways from the panel:
- Technology is paramount. The pandemic emphasized the need for property managers and landlords to take processes online. Properties with technology in place to collect rent, receive work orders, process applications and regularly communicate with tenants through an online portal had a significant advantage over the last year.
- It pays off to be flexible. While illness and lay offs made paying rent a challenge for some during the pandemic, panelists agreed that rent collection did not fall as drastically as anticipated in their respective regions of the market. Property managers who were willing to work with tenants to give them some reprieve, collect partial rent or help connect them to government assistance typically maintained strong rent collection levels.
- Communication is key. The last year presented many challenges for both landlords and tenants. Properties with responsive, service-oriented property managers onsite tended to see fewer delinquencies and more renewals.