This year has certainly held it’s challenges but the question now presents itself, ‘ what will 2021 look like? At this point we can clearly see that 2020 will transition into the coming year but how it will transition into the new year for the multifamily industry holds its predictions. Let’s look at some highlights that may give us insight into the 2021 forecast for multifamily properties.
With Covid-19 in effect, many of those in the work field have had to work from home and as much as we may think this is a byproduct of the virus, the truth is that the virus has only accelerated a trend that many were already practicing. Yet, it’s new enough that some are still adjusting. With multi-family communities in mind, rental agents have had to try and find new ways to stay engaged with their tenants, all the while continuing to keep safety in mind. As much as we would like to think that everything will go back to what we knew before, multi-family properties may need to anticipate this ‘new’ way of engaging with their tenants in the future. No matter what lies ahead, the focus should be on maintaining a thriving community where tenants feel their overall needs are met.
There is more to an ORA Power Ranking Score than one may think. With the digital world making its leaps and bounds in every facet of the world as we know it, society functions every day via the internet and that is the first place they will go when researching multi-family residences for tenancy. Here we will briefly discuss what property managers can learn from the elite 1% ORA power ranking.
What Is An ORA Score?
An ORA score is an online reputation assessment. This assessment is compiled from ratings of over 21 different review sites with the score itself being determined on a scale of 0-100 per property. The determined score is a widely acknowledged ranking that serves as a benchmark to compare and contrast individual properties as it relates to resident satisfaction, community performance and positive online reviews and rankings. The ORA Power Rankings are based on monthly assessments of independently ranked multi-family properties and management companies ORA scores. J Turner Research developed this multi-family industry standard to measure online reputation, however, property or management companies are not required to be a J Turner Research client to qualify for this ranking.
Its essential as a business to always stay ahead of the game. There’s a lot of competition in the property management business so keeping tabs on the latest trends is key. Here are 5 insights into upcoming trends for the year 2020 that every rental property management company should know.
For decades, property investment has been driven by speculation, educated guesses, and simple intuition. As a result, many investors kept making mistakes that were continuously repeated. While the element of risk cannot be completely eliminated, using data analytics allows investors to make well informed decisions, significantly reducing the risks. More and more property investors are turning to data-driven analysis methods when looking to improve their competitive advantage and make profitable investments. Here is how data analysis can help increase profitability in property investments.
If a former tenant is overstaying their rental period or your property is being lived in by unwanted guests, it can be difficult to deal. Here is a guide on how to handle the situation and how to protect yourself. First, it’s important to understand that there are different types of squatters. Most people assume squatters are homeless people looking for shelter but that is not always the case. By definition, squatters are people who move into abandoned, foreclosed or unoccupied homes or premises. They can be anything from previous tenants who are no longer under a lease and have stopped paying rent but continue to live on the property, families or those whose mortgage was foreclosed but have not moved out after a determined amount of time, those who move in after a tenant moves out and are not bound by a lease or paying rent or, in extreme cases, those who have been paying rent to a fake landlord and are living on another’s property unknowingly. Squatters who manipulate the system will typically place utilities in their name, get mail at the property’s address and openly take possession of the unit or property.