Multifamily Budget Season: Tips for Adapting in 2021

How to plan your budget during uncertain times.
July 31, 2020
Marketing

Right now, it may feel like your visibility on revenues and forecasts for 2021 are fuzzy at best. With the COVID-19 pandemic still very much affecting how the multifamily industry does business, planning a solid budget for next year may seem like a daunting task. In the past, it was easy to take last year’s budget and adjust it for the planned curveballs that may be ahead—but unfortunately, a pandemic was one curveball that most of us could have never seen coming.

So, how do you budget during these uncertain times? You learn to adapt.

Budgets should reflect your priorities and financial goals. Some of which, probably need to be reconsidered for the next year. Here are a few tips and suggestions for how you can adapt your budget for the rocky road ahead.

Continue Good Cleaning Habits

Multifamily-Cleaning-Buget Tips

Compared to last year, your maintenance budget may need a boost to ensure the wellness of your on-site team and residents. Cleanliness plans that may have been introduced this year will most likely need to continue into 2021. That means budgeting for things such as disinfection and disposal services, cleaners and sanitizers, masks, and non-contact thermometers are all things you may want to provide for your properties.

Increase Your Digital Advertising

Multifamily-Digital Advertising-Budget Tips

As major companies, such as Twitter, have announced permanent work-from-home options as a result of the pandemic, many of your prospective renters may not see your lease-up or beautiful property during their commute. That means less walk-in and drive-by traffic. That could also mean a shift in what prospects value the most. Instead of focusing advertising campaigns on location vicinity and property amenities, showcase your properties’ private balconies and office space.

Redefining your marketing goals to target more online audiences rather than offline, such as outdoor signage and radio, can affect your budget. According to media resource, MAGNA, digital advertising sales are expected to increase up to 7% in 2021. Their research also suggests that brands who are able to maintain advertising activity through a crisis outperformed those that “went dark”.

Invest in Artificial Intelligence

Multifamily-Artificial Intelligence-Budget Tips

Many properties are experiencing changes in hours, availability of amenities and even changes in staffing in response to COVID-19. A constant rotation of policies—one day you’re open and the next you’re closed—can cause a lot of confusion.

Virtual leasing assistants can offer properties some peace of mind with their consistent and reliable communication. ACE, LeaseHawk’s virtual leasing assistant, uses artificial intelligence to conversationally answer your property’s phone calls, chats and texts. It can even schedule virtual tours, collect guest cards and provide your property’s latest information regarding changes in hours and amenities. It saves your leasing team countless hours from having to answer repetitive questions, so instead, they can focus on bigger tasks at hand. At nearly half the price of a call center, having a virtual leasing assistant can be a huge asset to your 2021 budget.

Prepare to Improvise

Rent delinquency, forgiveness, and eviction are all heavy terms that have many multifamily businesses unsure of what is ahead. The long-term financial impacts of our current environment are still unknown, but through all of this, there’s one great tip to follow in 2021—prepare to improvise and have compassion.

Learn More

Ready to see LeaseHawk in action?

Fill out this form to learn more.

Related Posts

Marketing

Are You Ready for Some Football? Increase Your Leasing Game Like a Pro

Learn how to win at the leasing game! As Bear Bryant once said, “It’s not the will to win that matters—everyone has that. It’s the will to prepare to win that matters.” Replicate these winning football strategies to turn your team into leasing champions.

August 16, 2018
Marketing

7 Stats That Show Why You Need to Track Calls

Call tracking helps properties shape the bigger picture on their ROI. Whether it be by helping to fill in the gaps of where leads are coming from, streamlining an advertising budget, or how to staff and train your leasing agents.

August 16, 2018
Marketing

How Can I Reduce Call Center Costs?

We’re in an unprecedented time where ‘work from home’ is the new normal. If you’re looking to call centers to help with your leasing office's calls, then you know it can be a pricey hit to your budget. Use these 5 tips to nurture every lead and reduce your call center costs at the same time.

August 16, 2018
Events

Happy #APTTeamsDay from LeaseHawk

Apartment Onsite Teams Day is August 12, 2020. We want to show our appreciation to all of the onsite staff in the multifamily industry who haven’t missed a beat during these crazy times. Here are some of our favorite moments captured by leasing teams around the world. Happy #APTTeamsDay!

August 11, 2020
News

LeaseHawk Releases Next-Generation Virtual Leasing Assistant for the Multifamily Industry

LeaseHawk officially announces the availability of ACE, the industry’s first AI-powered, virtual leasing assistant that delivers a consistent, human-like experience through voice, chat, and text.

August 5, 2020
Marketing

3 Ways ACE™ Virtual Leasing Assistant Helps Properties Thrive

With COVID-19, properties are having to rethink their leasing process and adopt new technology to virtually connect with prospective renters. To do this, you need to make sure you have a system in place to respond to every prospective renter that reaches out to your property. ACE is here to help.

July 31, 2020

Join Our Newsletter

Get the latest multifamily news, how-to's, infographics and more delivered right to your inbox.