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

6 Tips to Increase Traffic to Your Apartment Community

In a competitive multifamily housing market, every advantage counts when it comes to driving traffic to your apartment community. These six suggestions can entice prospective tenants into calling your community and scheduling a tour.

August 16, 2018
Marketing

Closing Techniques for Your Apartment Leasing Team

How you interact with prospects can be the determining factor on whether you close a lease or not. Particularly in the multifamily industry, future residents desire a sense of community and involvement from their leasing professionals. Improve your selling strategy with these key industry tips.

August 16, 2018
Marketing

Apartment Marketing Ideas for Spring

Spring is a time for new beginnings and also one of the busiest leasing times! That makes it the perfect time to show off your beautiful community. Take advantage of these Spring apartment marketing tips to help you drive traffic to your community.

August 16, 2018
People

What’s a Good Closing Ratio for Leasing Agents?

Leasing is an art and a science. Ready to make it your goal to consistently outperform the industry average? Find out how the average leasing agent performed in 2021 and follow these tips on how to improve your own performance!

April 13, 2022
Tech

The Best Multifamily Digital Leasing Agent, from the Experts at LeaseHawk

What does it take to be multifamily’s best digital leasing agent? With more AI leasing tools available than ever before, it can be hard to know which is best for your properties. Read on to see why LeaseHawk’s digital leasing assistant, ACE, tops the competition.

March 31, 2022
News

ZRS Teams Rest Easy While ACE Handles Their Weekend Work

ZRS Management is improving their lease conversions, saving their onsite staff precious work hours, and effectively communicating with prospective residents 24/7 – yes, including weekends. Learn how ACE™ Virtual Leasing Assistant is helping to make it all possible.

March 10, 2022

Join Our Newsletter

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