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we believe NOI growth, pent-up pools of capital competing for investment, and the attractiveness of commercial real estate during a flight to quality and safety will keep values high and responsively leveraged.”
TECHNOLOGY CAN HELP COUNTER THE MARGIN SQUEEZE
Leaning into technology that optimizes a property’s income statement can be a powerful way to boost NOI. For example, technology that expedites unit turn translates into less time that units don’t produce, or technology that tracks leasing metrics and insights can help eliminate non-performing marketing channels.
In the labor environment of today, where staffing and retaining property management talent is
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a top challenge, tools that help existing property management teams be more productive can help counter cap rate compression. According to Tommy Lawing Jr., President, T.R. Lawing Realty:
“I no longer need the rookie. I don’t need somebody to fold the letters and stick it in the envelope. I can focus on higher quality staff because they’re leasing, processing applications, doing the stuff that makes us money versus just picking up phone calls and spending time with a hundred prospects that may result in two applications.”
For more insights that can help you turn staffing challenges into opportunities, be sure to save your space for AppFolio Wave Summit 2022. It’s 100% free and 100% virtual, so you can bring your entire team. We hope to see you there!
Founded in 2006, AppFolio is a company that offers powerful cloud-based property management software that property managers use to get their work done from anywhere, maintaining business continuity and keeping connected to their teams and customers. AppFolio is a different kind of property management software, and the company is laser-focused on its customers and their success. AppFolio works tirelessly to develop intuitive technology that really works. Explore why AppFolio is the last property management software you’ll ever need. For more information, go to: https://www.appfolio.com/.
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88 MAY 2022 - APARTMENT MANAGEMENT MAGAZINE AMM4