MFE Executive Summit

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By Yardi Blog Staff on Mar 14, 2012 in News | 1 Comment

Taking a progressive approach to customer service was a paramount topic at this year’s MFE Executive Leadership Summit.

In a panel session lead by representatives of Riverstone, AIMCO, Simpson, Cirrus, and CompassRock, the conversation always seemed to come back to creating a positive resident experience from the first time prospects visit a property site to the moment they renew their lease. Though a strong apartment-renting economy continues to pick up steam, managing potential tenant impressions is still an extremely valuable business practice.

An overriding theme of the conference was the dramatic effect of social technology and communication on multifamily communities.  Customer service opportunities are everywhere on the Internet, from ApartmentRatings.com to Facebook and Yelp, and how property professionals manage that interaction, be it with future, current, or former residents, is now a defining factor in apartment community success.

Other conference highlights included:

-A significant amount of private equity has been sitting on the sidelines during the economic downturn, and as investors realize that the multifamily assets are safe investments, that equity is once again flowing into the market.  Investors are digging deeper and and looking for reputable companies in which to invest their capital.

-New construction is strong, especially  in the core coastal markets.  Structure style selection based on the demographic and geographic profiles of the area is important, many panelists agreeing that there is a new emphasis on urban style buildings and settings with more common/social space.  Developers must create creative living spaces with  integrated technology features, something that new generations of residents expect.

-Comparisons were made to the travel industry and the importance of providing self-serve technology such as online leasing, lease renewal, and utility billing to residents. Panel members were quick to point out that one of the most productive forms of lead generation is resident referrals, and by providing residents with the ability to do more for themselves, you free up your onsite staff to provide better customer service.

The full summary of the summit is available on the Multifamily Executive website.