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

How to Get More Tours with Less Work

Let’s face it, leasing teams have their plates full. They are tasked with helping residents, conducting tours, responding to inquiries, and much more. So, we are left with the age-old question—how to get more with less. Fortunately, when it comes to apartment tours, there is a solution.

August 16, 2018
Marketing

Apartment Marketing Ideas for Winter

Get tips for keeping your leasing spirits high when the season gets slow. Learn how to attract prospects and fill vacancies with these marketing ideas for winter.

August 16, 2018
Marketing

Move Over Call Centers, Virtual Leasing is Here

From cost to limited flexibility, call center challenges have been hard to overcome in the past. Now, with new virtual leasing tools, you can capture calls, texts, and chats from prospects 24-hours a day. Learn how you can overcome call center challenges by utilizing virtual leasing.

August 16, 2018
People

8 Tips to Improve Leasing Agent Skills

Is your leasing team bringing their "A game" on every prospect call? Learn how PLK Communities' call performance is soaring above the industry, plus 8 tips on how to refine and improve your own leasing team’s skills.

January 13, 2021
Tech

5 Must-Have Apartment Technology Solutions for 2021

Technology adoption is skyrocketing. However, your properties may still have large hurdles to jump, as digitized and touchless processes continue their importance. These five must-have tech solutions are a sure way to positively impact the customer experience of your properties in 2021.

January 7, 2021
News

2020 Wasn’t All Bad: 5 Amazing Multifamily Stories from This Year

We can all agree that the year 2020 has not been the greatest year ever. But it’s not all bad! There was a soaring momentum of technology and despite market stress, our industry remained resilient. Read these 5 amazing multifamily stories to help get your wheels turning and your spirits lifting.

December 14, 2020

Join Our Newsletter

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