Survey Examined Current Industry Pain Points and Technology Opportunities To Drive NOI
LeaseLock, the world’s leading insurtech platform for real estate, announced today the release of its first annual rental housing market study, Maximizing Asset Performance with Technology-Driven Leasing: The Apartment Visionaries Edition.
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The study, conducted by LeaseLock in partnership with Grace Hill, featured 269 multifamily participants and sought to uncover the primary asset performance challenges currently facing the industry, as well as opportunities to boost NOI. The survey analysis provides insights to help owners and operators optimize the leasing process and customer experience throughout the resident life cycle.
“Operators across the country are continually adapting to address new renter preferences and emerging operational obstacles. Our survey serves as a resource to guide the collective response and move us forward as an industry,” said LeaseLock Chief Revenue Officer Ed Wolff. “The study identified some shared pain points, which should serve to steer technology adoption and innovation in the months and years to come.”
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Three distinct challenges topped the list of most-cited operator issues:
- Hiring/retaining talent – 53%
- Delinquent rent/bad debt – 41%
- New/changing legislation – 30%
Operators also identified ancillary income, technology/automation, and talent retention as the opportunities with the most potential to maximize NOI. The study explored survey results across five stages of the leasing process: leads and traffic; consideration phase and lead follow-up; leases and applications; move-ins, occupancy, and affordability; and move-out, renewals, and evictions.
“When we examine survey data in multifamily, it’s important to view it through a different lens for each step of the leasing process, resident life cycle, as well as employee engagement,” said Kendall Pretzer, CEO of Grace Hill. “The challenges shift for our teams and residents as customers progress through their residency, and it’s important to assess those issues and potential solutions comprehensively and chronologically. This asset performance survey reveals trends throughout each phase of the leasing journey and examines opportunities to strengthen operations.”
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