The key drivers of a successful multifamily community takeover require infusing your values into each interaction.
By Lino Frias
Starting off on the right foot is pivotal for a successful transition in community management. The takeover process must simultaneously maintain an organized approach, establish operational excellence, and create new relationships. By infusing your values into each interaction, you are on your way to becoming a trusted brand to your new residents.
Here are best practices for a multifamily community takeover at Mark-Taylor; follow these to execute the transition process to your highest standard.
Proactive organization and preparedness
Having a cohesive team is critical; be intentional about proactively preparing and aligning your team before day one of a takeover.
Equip your team by having the mindset of “They should know what I know.” Pour knowledge into the entire team that is going to be at the community. Use regular touchpoints to take the time to ensure every team member is well-connected and understands their responsibilities on day one.
Create a strong foundation with communication
Communication is imperative for resident and management success. The line of communication needs to be dialed in with your team, residents, and clients. Effective communication goes both ways. Create a solid foundation of communication with the following groups:
- Prior management team: It is important to have a professional partnership with the prior management team to collect operational/resident information and outstanding work orders. This information is vital to a seamless transition.
- Local competitors: Create a relationship with your neighboring communities and submarket.
- Residents: Do not just hear what your residents are saying. Take the time to listen, and understand where they are coming from.
- Community team members: Set clear goals and expectations for your team.
Do your due diligence
Doing your due diligence means understanding the ins and outs of the newly acquired community. A thorough comprehension of your residents’ expectations begins with observing their mindsets and behaviors. Doing so builds lasting relationships and instills a sense of trust in your community.
The key to accurately assessing a new acquisition is to diligently review all aspects of the client and resident experience. Get to know neighboring communities, learn about the submarket, and create connections with other companies in the area. Set yourself apart by prioritizing the importance of setting and building community standards early.
Set a positive tone with residents
Set the tone for a healthy relationship with a positive attitude in every interaction. When you interact authentically, connection is fostered, and trust can be built. First impressions matter; a successful business and resident experience will follow suit.
If previous issues from past management should arise, stay focused on positivity. Ensure you and your team avoid negative comments about past management, among each other and your residents. What is important is how you are committed to exceeding expectations moving forward.
Add a touch of TLC
From major management items such as amenity functionality to minor, thoughtful aspects like fresh coffee in the clubhouse, the daily care you put into your community speaks volumes. Identify opportunities to add value and highlight the community’s unique assets. Consider local factors that may affect the marketability of the community but also the safety and comfort of the residents.
Adding some tender loving care does not have to mean a complete overhaul. Small changes can make a big difference in how the community is preserved by residents and the community. Enriching the space after you acquire a new community ensures that the community is always presentation-ready for future investment opportunities.
Simple ways to add value to a multifamily community:
- Increase standard of service through continuous and transparent communication with residents
- Pay attention to detail – diligently picking up trash in community spaces, landscape upkeeping, cleanliness, etc.
- Prioritize any outstanding work orders
- Possess a positive attitude and willingness to go the extra mile
- Freshen up community spaces, models, and amenities
- Provide In-home tech upgrades
- Install upgraded appliance packages
- Incorporate finishing upgrades such as cabinetry handles and light fixtures
Many factors go into pulling off a successful multifamily community takeover, and preparing for it starts way before day one. Implementing these key aspects during your next takeover will set you, your residents, and your clients up for success.
About the author:
Lino Frias, transition manager at Mark-Taylor Residential, has been an integral part of our multifamily industry for 10 years. He started his career with the company in leasing, progressing to senior manager of community operations before his current position.