As multifamily developers, understanding the changing landscape of property management is no longer a “nice-to-have”—it’s a necessity. The National Apartment Association's recent 2024 Voice of the Property Manager report sheds light on some of the most critical challenges facing property managers today, offering developers a roadmap to design and operate successful, sustainable multifamily communities.
Let’s break it down.
The report highlights that 70% of property managers face mental health strains due to workload. Aggressive residents, inability to disconnect after hours, and maintaining adequate staffing levels are all stressors that directly impact performance.
Developers, take note: designing properties with features that reduce management strain isn’t just smart—it’s strategic for avoiding hiccups onsite.
By integrating smart building technologies, such as automated maintenance systems and resident self-service portals, developers can help alleviate a ton of the pressure on management teams. Remote monitoring, AI-assisted operations, and centralization of non-essential tasks all play a role in minimizing burnout and enhancing work-life balance for property managers.
Properties that make life easier for management teams are more likely to perform better in the long run, ensuring smoother operations and higher retention rates.
Despite the rapid influx of new technologies, property managers still struggle with implementation. While tools like online leasing platforms, resident portals, and digital marketing assists are becoming more common, the report shows that more complex technologies—like AI-driven processes, business intelligence tools, and fraud prevention software—are still pretty difficult for many site teams to adopt.
For developers, this is an opportunity. Properties that come pre-equipped with user-friendly, tech-stack will stand out in the market. Ensuring that management teams have access to easy-to-use systems from day one not only reduces friction but also boosts operational efficiency.
Streamlining tech adoption by integrating seamless, user-friendly systems will improve property performance, making it easier for management teams to handle daily tasks and enhancing the tenant experience.
Employee Retention & Training: Investing in Your On-Site Teams
Mid-career property managers (ages 35-44) reported the highest levels of dissatisfaction, primarily due to lack of career growth opportunities. Developers can take a proactive role by fostering environments where on-site teams can thrive.
Offering partnerships with management companies that emphasize career development, as well as providing access to training in key areas like AI and mental health support, will keep top talent engaged and motivated.
By partnering with companies that prioritize career development, developers can create environments where management teams feel empowered, ensuring higher retention and better property performance.
Centralization of property management functions is gaining traction, with 38% of respondents seeing it as a major opportunity. This trend is driving the shift toward fewer on-site managers, with many administrative tasks being handled remotely through centralized teams.
Developers who embrace this shift early can capitalize on cost savings and operational efficiency. By designing properties with fewer on-site staff in mind and incorporating self-service technologies, developers can maintain high levels of service without the need for constant on-site management.
Centralization, however, is not a cure-all for future. Having the right people in the right specialized functions is crucial to combatting burnout and keeping your frontline onsite happy. By designing properties with this in mind, developers can streamline operations and reduce costs while still delivering exceptional service.
The Voice of the Property Manager report makes one thing clear: the future of multifamily real estate depends on more than just great locations and amenities.
Developers can harness this report to make decisions in terms of strategic partnerships, property design, features and benefits, and more to prioritize mental health, embrace new technologies, invest in employee growth, and plan for the future of centralized management will be the ones who thrive in this evolving landscape.
Your Next Move?
As developers, it’s time to take an active role in shaping not just the physical structure of your properties, but thinking critically about how they are managed, and the support provided to ensure that the people who are dealing with your clients the most, are well looked after. When you make life easier for property managers, you’re setting up your developments for long-term success.
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