AIMx Supplier Partner Discovery Event
This Thursday was the AIMx event, the Vendor Partner Discovery of the Apartment Marketing and Innovation Conference. Experts in the sector of companies included RentCafe, ICONIQ Capital, Real Estate Business Analytics i Airbnb they discussed trends around multi-family housing, real estate management of the future and new technological solutions.
The management society of the future – Progress report
Heather Wallace, CEO of stupidalong with Carol Enoch, CEO of Enoch & Coand Jaja Jackson, Senior Vice President of ICONIQ Capital, discussed how management firms can better position themselves to better serve their clients.
Advice for real estate companies, or PropCo, provided at the virtual event included being flexible, listening to consumers, building partnerships with aligned incentive structures and getting into the weeds.
Jackson spoke about the property management company that ICONIQ uses and partially owns, central. After realizing that innovations could be made in the multi-family market, and that there was not yet a property management company that could offer all of what ICONIQ needed in one place, Sentral was started. Jackson noted that a deep partnership stems from a collaborative relationship, as well as access to centralized key information.
“Having more access to better information faster produces a greater bond of respect between owner and operator. That change is what creates the invention for a deeper partnership,” Jackson said.
Other trends discussed in this part of the conference include virtual tours.
“Virtual tours are here to stay,” said Wallace. Enoch and Jackson agreed, adding that a high percentage of visits are now virtual and will continue to be. Elements such as virtual tours are one way service providers can get closer to the homeowner’s mindset regarding their offerings.
Budget season: How to determine and justify your SEO budget
Esther Bonardi, vice president of corporate marketing and responsible for ARRIVE by RentCafegave a presentation on how to understand the impact of search engine optimization and how to make the case for including it in future business decisions.
Bonardi noted that to make the case for why SEO is so important, one should look at the financials. He said that the return on investment for professional SEO marketing is much higher than other forms of paid advertising. Case studies show that organic leads from optimized and non-optimized websites are much higher. Return on ad spend is often in the triple digits for SEO, while other advertising sources often only have a return on ad spend in the single digits.
Good SEO providers will have automated ways to track and analyze volume and data from click-through rates, query data, bounce rates, etc. SEO providers are constantly working.
“SEO is not set and forget. It’s ongoing,” said Bondardi. He went on to say that SEO is the lowest cost, highest output paid marketing source available.
READ ALSO: Direct your SEO strategy to outperform the competition
Data Pain to Data Gain: RECEIVE
Owners, operators and asset managers need to make smart decisions quickly. Meaningful insights come from rich data analysis. In rental housing, property technology capabilities have increased, creating more data that can take time to sort through. Donald Davidoff, co-founder and CEO of REBA, said a single source of data and truth is possible through REBA.
Davidoff showed how REBA creates 3D building models instead of charts and graphs so business owners can search in one place for occupancy, financing, maintenance and management data.
Furnished rentals, short-term rentals and the future of life
Lisa Tully-Lavian, Vice President of Marketing at centraland Curtis Palmer, vice president of acquisitions and capital markets at Dreamscape Enterprisesdiscussed post-COVID initiatives around flexible short-term rentals and the future of what consumers want.
“We want to disrupt what’s happening in the industry. We understand that today’s renters are looking for something new,” said Tully-Lavian. She said Sentral offers any stay to residents. Sentral is supported by ICONIQ and Bozzuto .
“Lisa said the future in short-term rentals. I think it’s the present,” Palmer said.
There is a misconception that residents are against short-term rentals in their residential buildings, Tully-Lavian noted. Home sharing, as a convenience, is a way to have flexibility and monetize the lifestyle. There is value added in long-term rentals, as well as short-term rentals and shared housing, depending on what residents are looking for. This is just one of many ways to attract and retain tenants.
“There is no cost to share the house,” Palmer said. Dreamscape Companies and Sentral are embracing the changing times and incorporating home sharing and short-term rentals as an additive to their management structures in multi-family buildings. Layering these types of options on traditional rentals is their business model.
“Flexible living is the future, and the people who move to it first will do best,” Palmer said.
Maximizing the value of real estate assets
Jesse Stein, Global Head of Real Estate at Airbnband Steve Lefkovits, executive producer of Joshua Tree Conference Group, discussed how multifamily is benefiting from new innovations and changing trends. Airbnb is working with apartment community owner partners to create tools and initiatives that benefit residents to earn extra income when they travel.
“I think the best example is a property we launched in San Diego earlier this year,” Stein said. He went on to describe a property where residents can rent out their homes while landlords have controls and transparency, as well as a dashboard. He noted that hosts at this property earn enough through Airbnb in incremental revenue to pay 61 percent of their rent. This benefits both residents and property owners. Residents who live in the asset full time open their homes and earn money. In addition, property managers collect a small commission on this income. There is additional flexibility and income potential for both parties.
“At the end of the day, where the puck is going people are looking for flexibility. Also, costs are going up and people need a place to live, but people also want to travel,” Stein said. He argues that this is a way to create a unique real estate experience as well as a unique residential experience.
“We’re always iterating and introducing new concepts, and we’re scaling those concepts,” Stein said. “We are growing”.
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