Our approach in multifamily consulting and investment come down to 5 overarching concepts. Each of these 5 concepts are critical and fully outlined below.
While it has always been obvious to me and my partners, the apartment industry seems conditioned to overlook the potential of management and maintenance associates. We didn’t. Empowering these folks is both rewarding and profitable. They want to learn and contribute, and our greatest successes have been mined from their insights and passions to create great communities. I’m very proud that Thrive earned a “Best Workplaces” award in 2017, 2018 and 2019.
Whether repositioning through capital expenditures, or by simply applying an owners-perspective to property management, the improvements always focused on pricing. Having value is good. Seeing value is better. But optimizing value is key. Helping the leasing associates see and optimize value is a constant training opportunity. We enjoy the analysis, but what really charges us up is seeing the potential revenue realized over time through very close and constant attention to pricing.
Every community has a unique product to offer. Understanding micro-market comparisons and highlighting the advantages of our offering is really pretty easy. Doing this with discipline and the right amount strategic differentiation is key.
Advertising can be an expense, or it can be a fruitful investment. Thinking like a prospective resident and visualizing their experience from the website, to the monument sign, landscaping, amenities, and finally through a well-rehearsed apartment model presentation can powerfully inform expectations and should earn a premium rent.
Measuring and celebrating the financial results from a skillfully managed asset is both fun and informative. Seeing a “property” become a “community” is seeing an asset grow in value as well as favor. While we can’t ascribe numerical value to the soft skills of management, they do influence the numbers, and it’s rewarding for the team to compete in this way.