Navigating the Changing Real Estate Market: Torque's Insights from the Multifamily Conference
At the recent Multifamily conference, Torque's CEO, Jennifer Masi, and CXO, Eric Masi, attended panels, listened to well-informed speakers, spoke with owners and developers, and supported roundtable discussions. Here are their insights on the current state of the real estate market and how companies can navigate these challenging times. The conference and its attendees overall sparked valuable takeaways on how to succeed in today’s dynamic environment.
Torque Key Insights:
Effective Communication is Key
Effective communication is crucial in today's real estate market. Building strong relationships between owners, operators, and residents is key to success. Clear communication can help to set expectations, build trust, and create positive experiences for residents.
Retaining Current Residents is Easier Than Finding New Ones
Keeping current residents satisfied should be a priority. Retaining tenants who are already approved and pay rent on time is easier than finding new tenants, which can be a challenging and uncertain process. By focusing on retention, companies can reduce turnover and build strong, lasting relationships with their residents.
Showcase Other Properties in the Portfolio
Showcasing other residential buildings in the ownership portfolio can incentivize residents to stay. By offering residents a glimpse of what other properties in the portfolio have to offer, companies can create a sense of loyalty and connection to the company and its properties.
Each Building Should Have a Unique Essence and Story
Each building should have a unique essence and story that residents can align with and feel when they are in the building. Clear branding and communication can help to convey the building's essence and story to residents. By creating a unique identity for each property, developers can build a stronger affinity with their residents and differentiate themselves.
Building a Sense of Community is Key
Building a strong sense of community within the building and with the neighborhood can help to retain current residents and attract new ones, as well as connect the building to its surrounding community. Effective communication plays a crucial role in building a sense of community and belonging among residents. By fostering a sense of community, companies can build stronger relationships with their residents, reduce turnover, and attract new customers.
Keep Moving. Don’t Sit and Wait.
In today's turbulent market, companies must be willing to take risks, pivot quickly to changing market conditions, and adapt along the way. It's essential to be flexible and creative to succeed in today's dynamic environment.
Look Beyond Expected Markets
Despite the challenges facing the residential sector, there are still plenty of opportunities for those willing to think creatively and look beyond expected neighborhoods and markets. Companies that are willing to explore new markets and take risks will be better positioned to succeed in the long run. Have fun breaking new ground. Look at Fulton Market in Chicago 20 years ago.
Collaboration is Key
Small and large developers alike can learn from each other by collaborating, sharing, partnering, and problem-solving as a collective. Collaboration can lead to better outcomes, more successful projects, and greater industry innovation. Enjoy each other’s company… and ideas. there’s plenty to go around.
Be Cautious with Office Conversions
Converting office spaces into residential properties is a challenging and risky proposition. It's essential to be cautious and not succumb to hope and high expectations without carefully considering the risks and challenges involved. Companies that undertake these conversions should do so with careful planning and consideration.
Prioritize Community, People, and Values
Being community, people, and value-conscious in concept, development, messaging, and intent will pay off in the long run. Companies that prioritize these IDEALS are more likely to succeed in the current market. By putting people and values first, companies can build strong relationships with residents and create a sense of loyalty and connection to their brand. Besides, Gen Z, Millennials, and eventually Gen Alpha will make choices based more on altruism and values.