5 Trends We See in the Multifamily Industry

Published Tuesday, February 24, 2015
by Ryan Lucia

Here are just a few digital trends we've been seeing that you should keep in mind throughout 2015:

1. On-Demand Everything
We’re not just talking about more people choosing to cut the cord and go with Netflix, Chromecast, Amazon Instant Video, Hulu, etc. In almost every industry, businesses are meeting consumers’ demands for hyper-efficiency and convenience: Box companies come to your house and box/ship anything and everything; food delivery companies deliver fantastic meals for cheap; dry cleaning companies pick up and drop off your dry cleaning. TaskRabbit even connects you with people who will help with almost any errand, from moving to gift wrapping.

How easy do you make it for your residents (and prospects) to get things done? Is someone always there to help them at the touch of a button?

2. Mobile Matters
Mobile traffic has been reported by our clients to be as high as 40% of their total website traffic, and 25% of the chats we tracked in a month were generated from a mobile device. If the growth continues at this pace, we could see 50%+ mobile traffic to property sites in the next 2 years. (Realtor.com already says nearly 60% of its viewed listings were accessed through a mobile device.)

So if you aren’t already focusing your SEO and marketing efforts for mobile search and supplying your residents with mobile-friendly conveniences, today’s the day to get started.

3. Consumer-to-Business Texting
Perhaps to meet the demands for on-demand and mobile convenience, texting is a growing business practice. For example, when we introduced our texting product, our customers and their consumers adopted it at an even faster pace than our chat product over the same amount of time. In fact, there were about 3,000 more text sessions vs. the number of chat sessions at the end of the two-year adoption comparison.

Do you allow prospects and residents to connect with your property management team the way that’s most convenient for them?

4. “Real People” Matter More than Ever
Despite our digital dependence (or maybe because of it), consumers still crave human interaction ... especially when they need help. Even though you may have the answer on your website, our chat and text transcripts show that prospects are looking for validation. They want to confirm the information on your site is true. They want to test out how you interact with them, see what their experience might be if they had a question as a resident.

How do you provide that meaningful connection today?

5. Consumers Don’t Keep “Business Hours”
Remember the point I made about on-demand products and services? Our data shows that a great amount of traffic to apartment websites is after regular office hours. How are you handling such after-hours traffic and inquiries?

Imagine the impression you could leave if your community was instantly available at night ... right when that prospect was perusing your available listings.

What these five trends mean to me is that we have more chances than ever to provide consumers with a brand experience they’ll never forget. Google wrote a great article on the subject, noting that with the right technology, every company now has the opportunity to be “unexpectedly helpful in all the moments that matter.” I hope you seize that opportunity this year!

 

 

 

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Latest News

Published Friday, January 6, 2017
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Published Tuesday, September 1, 2015

Exciting Times for NVSAA! 
Introducing Our New Billing Structure

Greetings,

This is a very exciting time for us! We are offering more opportunities for our members than ever in key areas: Education, Legislative, Networking.

We are also creating ways to do business better. This allows us to build upon our foundation, and facilitate future growth.

The Nevada State Apartment Association is pleased to announce a streamlined billing structure for our membership. We are moving to a calendar year membership cycle where all members will pay their dues in January and enjoy membership benefits through December of that year.

The goal is to shift our entire membership to this more efficient billing cycle by January 1, 2017.

As such, it’s important to begin the process now. Handling membership in this manner is in line with many other Associations across the country and is design designed to minimize confusion on expiration dates and make the budgeting process easier.

Our goal is to make the transition as easy as possible:

If your membership renewal falls due between September 1, 2015 and December 31, 2015. You will receive an invoice that includes the remaining months of 2015 and all of 2016. Conveniently, your membership will be paid through the end of 2016. The remaining association members expiring in 2016 will receive prorated invoices to finish out next year’s membership. This process puts us on track to begin annual billing for the association, as a whole, in 2017.

Thank you for your cooperation as we make these changes! YOU are what makes the NVSAA the premier multi-family housing association in the region. Let’s keep going and growing!

If you have questions, you can reach me at 702.862.0165

My best to you,

Shelly A. Cochran

Executive Director

 

Published Friday, April 17, 2015

Record-setting tourism and the strongest convention attendance in several years are driving employment growth and creating apartment demand Las Vegas. Job growth is well above the national average, spurring developers to complete projects that were mothballed since the recession. In addition, multifamily permitting is trending more than 60 percent higher as builders rush to keep up with demand for rental space. While more than 1,400 apartments have been completed during the past year, vacancy fell sharply and concession activity nearly halted on well-located properties near employment hubs. The leisure and hospitality sector is providing the biggest job gains in the economy, although more corporations are relocating to the metro due to its position as a travel destination and the lack of a state income tax. The new workers hired by these companies are choosing to rent in prime areas to the southwest of the city, close to shopping centers, freeways and the Strip. Single-family housing costs in these areas are above the metro average, spurring strong rental growth and pushing vacancy down. Tightening operations will lift rents up 3.4 percent this year, more than 100 basis points above inflation.

Published Wednesday, February 25, 2015

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