Old but Good - Vital Role of Service in Asset Performance

I found the attached article in one of my ‘Save’ folders. It’s from September-2022. In re-reading it the stark reality as to how much things have changed in the last 11 months is staggering. The article rent growth reaching historic levels, capital pouring into the multi sector, and transaction volume going off the charts. Oh my how things have changed. But the point of the article is for owners, operators, managers and all others to be property and resident focused. If that was true back in September-2022, it couldn’t be truer today. As I tell anyone who will listen, it’s easy to manage in an up market. Rents are increasing, occupancy is strong and residents tend not to complain as much for fear of losing their unit. Now? Rents have plateaued, occupancy is peaking (let’s see what happens when all the new units come online), and residents are bit more demanding in asking for a higher level of service. Asset managers must work with owners and property managers in striving for resident retention. Turns are expensive. Vacancy hits the bottom line immediately. A high-quality service directive focused on resident satisfaction coming from owners to on-site managers and on down the line is critical in the new multifamily environment.   

Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management and all aspects of a multifamily investment. Specific diligence is on property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets (10-to-60-unit properties) and provides a full range of brokerage services for property listing and sale.

Please find us at svikhart.com or contact us at 801-550-5684 to learn about the real estate services the firm provides. To subscribe to the firm’s newsletter addressing events of the day please follow this link Newsletters.

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