Are you a real estate investor who currently owns or wants to operate a multifamily dwelling? There are five things that can create opportunities for owner/operators for years to come in a post pandemic world. Those multifamily owners and operators who are best positioned and understand the need to address the change in behaviors will not only be good for society overall, but will also perform the best in the new normal. In the post pandemic age, a customer-centric sensibility will help to create the best value position for multifamily assets in what will become a more competitive landscape.
Enhanced Adoption of Delivery Services
Owner operators that adjust operations to receive and distribute a variety of packages to their residents will have an advantage. It will be very valuable to ensure safety and cleanliness particularly for perishable items.
Remote Work and Telecommuting is the New Normal
Remote working will become more widely accepted. For owner operators this means ensuring adequate electronic access to high-speed broadband Internet services and 5 G wireless access. Tools for remote work have to be reliable.
Automated Public Spaces
The shift in social norms means that there will be an implementation of all types of touch less technology from automatic doors to voice activated elevators to hands free light switches.
The Increased Importance of Property Management
By building a strong customer-facing brand based on operational availability, with services provided in-house or through an affiliated third party, you’ll set your self apart from the competition and will earn the loyalty of the customer.
Human Connections Become Increasingly Valuable
An effective use of public space for use before, during and after work will attract residents. A first floor amenity space, or the current lobby is ideal to foster a sense of community. Post pandemic, people will be hungry for human interaction.
Contact one of our loan consultants to learn more.