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Multifamily operators are always on the lookout for a way to boost the net operating incomes of their communities. The latest trend of centralizing operations has caught the attention of some firms looking to get the most out of their residential portfolios, while others are more hesitant about the potential benefits.
Centralizing operations may not be a novel concept, but is relatively new when applied to multifamily real estate management. Centralized operations allow companies to serve residents and prospective residents quicker, while also improving workflow and efficiency across the portfolio. Some companies have created centralized corporate teams with specialists and others are using artificial intelligence. Companies such as Yardi Systems, Travtus and Knock also offer software that simplifies centralizing operations.
While the idea of centralizing operations has been gaining momentum, recent events may have sped up adoption. Michael Tuer, vice president & general manager of the western region for Yardi Systems, told Multi-Housing News that the labor shortages and the COVID-19 pandemic have accelerated the trend at which multifamily operators are converting to centralized operation