The Top Floor: Recent Episodes
AppFolio
Get inside access to change-makers at the height of real estate industry disruption. Brought to you by AppFolio, The Top Floor features stories from leaders in property management, community association management, and real estate investment as they reflect on the industry’s future.
Affordable housing is in short supply across America, with prices and rents rising in all areas. The good news is, when it comes to increasing affordable housing supply, property management businesses are in a unique position to help.
However, while managing affordable units comes with many rewards and long-lasting benefits, it’s also not without its challenges, especially when compared to market-rate portfolios.
In this episode of The Top Floor podcast, you’ll hear from Jayme Deal, the Regional Property Manager and Compliance Director for Artisan Management Group, Josefin Graebe, AppFolio’s Senior Director of Affordable Housing, and Colleen Winship, the Program Manager for AppFolio’s Affordable Housing team. Tune in to hear them discuss all things affordable housing management, including solutions for overcoming its unique challenges.
Key Moments:
- Defining affordable housing
- How some of the most common affordable housing programs work
- The affordable housing supply problem
- Who qualifies for affordable housing
- How affordable housing benefits the wider community
- The top challenges of managing affordable housing
- How to get compliance right
- Hiring and training team members to work in affordable housing
- How technology can streamline affordable housing operations
Key Links
- More Affordable Housing resources from AppFolio: https://www.appfolio.com/affordable-housing-property-management
- A Closer Look at Affordable Housing: https://www.appfolio.com/blog/closer-look-affordable-housing/
- National Low Income Housing Coalition’s report on the affordable rental shortage: https://nlihc.org/gap
The foundation of the property management business is, of course, rooted in people. It takes a village of employees to accommodate clients and residents in a 24/7, always-on industry in which property managers must be available at any moment.
At a time when real estate is in increasingly high demand as residents search for bigger spaces and new homes, property managers are in need of a full staff to keep operations running smoothly. However, staffing in the world of property management has been an ongoing pain point exacerbated by thousands of employees quitting amid the “The Great Resignation,” coupled with the new normal of hybrid work during the pandemic.
To combat this cycle, we discover how property managers are making do with smaller staffs, as well as the tech solutions being used to fill in the gaps. To discover how workers on the frontlines get the support they need to increase their bandwidth and how their employers measure up in terms of worker satisfaction, we turn to recent research produced by AppFolio in partnership with IREM. In this episode of The Top Floor, we speak with Steve Cadigan, author of Workquake, as well as Barry Blanton of AMO management firm Blanton Turner, to discover the perfect combination of employees and tech solutions to resolve today’s challenges in property management.
Board members are responsible for finding and partnering with an association management company that will best serve their needs and the needs of the community. When board members are satisfied and find value in their management company, they are more likely to stay with them, and also recommend them to other community associations.
However, now more than ever, board members' expectations of their management companies are high. Boards expect to be able to communicate instantly and carry out their tasks and duties anywhere and on any device. And many association management companies aren’t measuring up.
According to AppFolio and HOA-USA’s latest survey, which polled current and past board members, only 23% of respondents said they’d recommend their current or most recent management company – that’s a big gap for association management businesses to improve. More than half of board members surveyed, 66%, said lack of responsiveness was their number-one reason why they switched – or are considering switching – management companies, followed by failure to quickly and accurately follow through on projects (65%) and overall poor customer service (61%). These are major issues, because when a management company doesn’t communicate clearly with board members, misinformation can spread, leading to errors and frustration on all sides.
On this episode of The Top Floor, we sit down with an AppFolio expert to go deeper into the survey data to see exactly how board members' expectations are changing. We also hear how one association management company has been able to overcome challenges and better serve their boards by implementing mobile tools and on-demand experiences. Lastly, we get a firsthand account from an actual board member, who shares insight into how association management companies can pivot their customer service strategy to meet their boards’ and homeowners’ needs.
Welcome to the second half of our two-part series exploring US cities and how renter migration patterns have changed. In just under two years, a handful of lifestyle and economic shifts created a new-found sense of urgency among renters. But even before the pandemic, certain metros saw a rise in populations, leading to a surge in rent costs that pushed many renters out to less expensive cities where the cost of living was lower. On top of that, when remote work became the new normal for some types of jobs during the pandemic, an influx of renters in expensive cities like New York, Los Angeles and San Francisco started seeking out more affordable areas, such as the Sun Belt states. Today on The Top Floor we discuss some of those Sun Belt cities, including Dallas-Fort Worth, Miami and Atlanta, to discover trends influencing renter’s new living situations, and what property managers can do to respond to evolving renter preferences and become more competitive.
Resources:
High renter satisfaction, low Net Promoter Score: How U.S. renters perceive their property managers
Sun Belt real estate: Stats and trends for 2022
Census 2020: First results show near historically low population growth and a first-ever congressional seat loss for California
Change is often slow and subtle. But every so often an event takes place that accelerates existing trends, causing more dramatic and widespread change. In recent years, soaring rents have been driving many urban renters toward nearby suburbs or more-affordable cities. But then, several factors, including COVID-19 and the related economic changes, created a new-found sense of urgency among renters, and sped up this movement in some areas. While what we’ve summarized here is the most visible, recent shift within real estate, it’s just one detail of a larger, more diverse story. And over the next two episodes, we’re aiming to create a more complete narrative. Today on The Top Floor, we kick off our two-part series, “A Tale of Two Types of Cities,” which explores population exchanges between US metropolitan areas. Our series begins on the West Coast.
Resources:
- AppFolio Survey: High renter satisfaction, low Net Promoter Score: How U.S. renters perceive their property managers
- "Has the Golden State lost its luster? California population shrinks for the first time ever" (Los Angeles Times)
- Atlas Van Lines annual Migrations Patterns Study
Today on The Top Floor, we’re diving into what appears to be the most pressing issue facing property managers: HR, Staffing, and Recruitment. A recent National Apartment Association (NAA) report, sponsored by AppFolio, surveyed property managers about the most significant challenges they face. The report provided new insights into the extent to which staffing and turnover concerns have affected the rental housing industry. Of all survey respondents, 74% said human resources, staffing and recruitment were among their top-three challenges, with 50% of those respondents identifying those issues as their primary challenges. Focusing on the NAA research, we dive into the rental housing industry’s pain points and how the industry is tackling these challenges on the ground.
Communication has always been key in the association management industry. However, in today’s digital world, instant communication is no longer a ‘nice to have,’ but an absolute necessity. We all are accustomed to having immediate answers and information at our fingertips — and homeowners and board members expect the same experience from their community association. Due to these changing expectations, association management businesses have had to pivot their communication strategies in order to keep their homeowners and board members informed and satisfied. From community updates to board financials — everything has had to transition from traditional to mobile modes of communication. While it may have been challenging initially, today these strategies have paved the way for stronger, more connected communities.
In this episode on The Top Floor, we explore the role communication plays in association management and customer relationships, and how businesses are working to streamline their processes to increase transparency, satisfaction, and efficiency. Throughout the episode you’ll hear from various association management companies, who will share how they have successfully boosted communication within their associations, along with an AppFolio product expert, who will talk about the emerging technologies your business can take advantage of today to strengthen your communications.
When’s the last time you audited the maintenance processes at your property management company? Outside of a list of preferred contractors, there may not even be a process, which can have real consequences on a company’s net operating income, as maintenance costs can be some of the most difficult to control.
To serve resident’s needs and protect property assets, proper maintenance means regularly incurring hard costs, including people, time and materials. But it can be difficult for growing teams to accurately anticipate these costs and take the steps needed to streamline where possible. Without a process or thoughtful planning, how would your team know if they’re overpaying on parts and labor to replace a leaky faucet? Or how well they’re satisfying service requests? Today on The Top Floor, we’re investigating the relationship between maintenance costs and NOI.
Single-family rentals, also known as SFRs, are a hot market right now. And while SFRs aren’t a new commodity, seizing upon this market requires property management companies to respond to very recent trends and technology, as scaling up a portfolio with more and more SFRs can challenge even the most seasoned property managers.
Chief among these aforementioned trends are those set in motion by the recent pandemic, which spurred an exodus of renters from urban centers into the outlying suburbs, where affordable, spacious SFRs are more common.
Responding to demand, we’re seeing a greater number of property managers add SFRs to their portfolios. However this opportunity doesn’t come without challenges. Compared to multifamily properties, for example, SFRs tend to be geographically dispersed and managed by a single owner and manager. Additionally, maintenance can be more difficult since every home comes with different appliances and needs.
These factors and more create conditions that require an exponential investment of resources: time, energy, and people. But this doesn’t have to be the case. Developing alongside the rapid growth of the SFR market are new advancements in property management technology , which close geographical gaps and greatly reduce time spent on repetitive tasks.
In this episode of The Top Floor, we discuss everything you need to know about SFRs: what’s heating up the market and how you can successfully join without getting burned.
Scott Abernathy is the President at Property Management Inc. and PMI Professionals. He received his real estate license in 1994. In 2006, he joined NARPM, where he served as the vendor chairman of the Nashville chapter before becoming the chapter president in 2010. Scott is also a member of the National Government Affairs Committee, where he served as the chairman for two years. He was later elected the Atlantic Regional Vice President, before becoming Treasurer and finally National President.
Brad Larsen is the owner of RentWerx Property Management, which is based in San Antonio, Texas, and manages roughly 900 single-family homes with over 750 owners. Brad is also the host of the podcast, Property Management Mastermind Show, which contributed to the creation of the Property Management Mastermind Conference.
Bob Preston is the president and CEO at North County Property Group, which was founded roughly two decades ago and has offices in San Diego County, California. NCPG primarily focuses on high-end properties. Bob is also actively involved in NARPM, where he is a Master Property Manager. He has served as the president of the California chapter and remains involved as a mentor and advisor for the chapter, as well as a board member of California NARPM.
Recent factors have sped up the adoption of smart home systems across many different types of real estate portfolios. Aiming to appeal to tech-savvy residents, developers deploy these systems to deliver greater value to prospects. Join us on The Top Floor to learn how smart devices are facilitating human-centered change.
We’ve recently witnessed industry wide changes that point towards a new way of working that demands a more human-centered approach to leadership. Among other shifts, leaders are expected to:
- Recognize and understand differences of how peers, coworkers, investor and property owners communicate
- Priorities that motivate them
- How they get their work done
- And building a company culture that creates space and freedom for this
Today, leadership isn’t simply a top-down process that serves managers, executives and is narrowly focused on business numbers and outcomes. Today’s leaders are also focused on building a strong and resilient company culture, creating space for their team members to learn and grow, and architecting the flow of information and work processes to create time and space for what matters most.
Recent upheavals within real estate markets across the nation have also shifted resident, owner and investor expectations of property management companies. Leaders, for their part, must adapt to these changes and listen to those they serve — including clients and their teams — more closely and carefully than ever before.
On the Season 2 premier of The Top Floor podcast, we explore how to develop these leadership skills and discuss where technology fits in. When done right, technology gives people their time back, so they can focus on what matters most — ultimately empowering them to work more efficiently and develop new skills and talents.
Here on The Top Floor, we’re witnessing rapid change within property management, community association and real estate investment spaces. Despite these changes, leaders in real estate remain focused on what's most important: empowering their teams to do their best work, better serving their customers and communities, and exploring new technology.
Welcome to The Top Floor, Season 2. With help from thought leaders and change-makers in real estate, we continue our narrative journey to bring you insider knowledge at the height of industry disruption.
Even at a time when companies generate more data than ever, many property management companies struggle to access the data and insights they need to make better-informed decisions. In this episode of The Top Floor, we’re exploring data-driven decision making within the multifamily property management segment: including why these decisions matter, tips to get good data, and common pitfalls to avoid.
We delve into how technology solutions can create a single source of truth, allowing teams to act quickly and confidently. We speak with AppFolio’s Sr. Product Manager Jake Schlingman, and the Principal of D2 Demand Solutions, Dom Beveridge, to uncover:
- Why timely access to insights is so important
- What KPIs multi-family operators should focus on
- Downsides of analyzing the wrong KPIs
- And so much more.
So, what’s the best way to excel at virtual leasing? On this episode of The Top Floor, Lisa Trosien (The Apartment Expert) joins us to discuss this topic, as well as specific strategies property managers can use to get more leases signed during this 2021 leasing season and beyond.
We’ve seen an acceleration towards digital-first workflows for many property management teams, and a majority of managers believe virtual showings are here to stay. With that in mind, we attempt to uncover:
- What leasing looks like in 2021
- How to streamline the leasing process to attract more renters
- And more
Listen to The Top Floor to discover lessons learned on managing the transition to virtual leasing as well as real-world strategies that create the best experiences for renters and leasing staff
On this International Women’s Day, we’re exploring and celebrating the unique experiences of women in real estate.
The latest episode of The Top Floor podcast spotlights three executives who have built, grown, and led successful property management companies. Our conversations touch upon their careers, successes, and challenges – such as guiding a team through a pandemic – and how perceptions and representation of women in leadership have evolved in the real estate industry.
Being a property manager is a hustle. There’s rarely any downtime: when one task concludes, another one appears. And mixed into this busy schedule is a search for new revenue streams. Driving profits and creating value is more art than science - one that’s cultivated over years of experience. And if you’ve only got a few minutes to spare: tune into The Top Floor.
On this episode of The Top Floor, we explore Driving Profits and Creating Value. We speak with experts about where in a property manager’s operation they can find quick, easy-to-apply improvements that boost profits. We also discuss strategies of successful property managers who are continuously finding ways to create additional value and monetize new revenue streams.
Resources:
- Apartment Investor Show
- Operate For Profit Real Estate Podcast
When you’re in real estate management, customer service is the job. So much of your success hinges on whether or not your customers have positive interactions with your team. But meeting renters’ and homeowners’ expectations can be challenging.
This episode of The Top Floor is all about exceeding your customers’ expectations. With the knowledge of our experts, we want to help our audience understand:
- How digital experiences impact your leasing success
- How property managers and community association managers can assess customer satisfaction
- Recent shifts that have occurred in customer expectations
- Why effective communication is central to customer satisfaction
Link to webinar "Meeting Renters’ Expectations with Virtual Leasing"
Send us your feedback at: podcasts@appfolio.com
What will 2021 bring? To better understand where the real estate industry is headed, we reached out to top thought leaders from residential property management, community associations management, and investment management to learn more about their experiences in 2020 and what they are doing to prepare for the year ahead.
In addition to these thought leaders, we also sat down with experts from AppFolio’s team. Here are some of the topics you’ll learn about in this episode::
- How the pandemic has affected each segment of the real estate market
- Ways day-to-day tasks and workflows have adapted
- Emerging industry trends and technologies
- What to expect in 2021 and beyond
Housing is key to our lives and communities, granting each of us access to new opportunities and experiences. In that way, property managers broker our connection to a better future. On this episode of The Top Floor, we explore how real estate management companies are primed to have an extraordinary impact on their residents, teams and communities at large.
Join us as we trace the lifecycle of these community stories. You’ll hear from exceptional property managers who have made giving back a part of their business culture, as they share how they took action on their ideas and transformed people’s lives. Listen until the end of the podcast to get insights and actionable steps on how you can embark on our own giving back journey.
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People are a driving force in property management, and hiring, onboarding and staffing are some of the most important tasks for a property manager. Of course, finding talented associates and getting them up to speed quickly has never been easy. But now as many property management businesses have gone remote, the hiring and onboarding process is happening at home — challenging leaders to adapt their management styles to a remote environment.
On this episode of The Top Floor, we delve into everything related to hiring, onboarding, and staffing. Along the way, you’ll hear from some of the real estate industry’s best minds, as they share their struggles and successes, and provide proven tactics for better managing new hires.
The events of 2020 have energized leaders across the entire real estate industry to make a strong push for diversity and inclusion in their organizations.
In the latest episode of The Top Floor, we call on a panel of experts to better understand the current status of diversity in property management and real estate.
The team at AppFolio reached out to Melissa White, Jasmyn Sylvester, and Josh Childress to help answer one key question: How can leaders in the real estate industry make their organizations more diverse, inclusive, and equitable? Along the way, they also discuss:
- The characteristics of diverse leadership teams in real estate2. The value of inclusivity within leadership roles and real estate organizations3. The best practices for championing diversity in the real estate industry
Listen now
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In this episode, we will first discuss the role technology has played in property management over the last decade. We will then cover the benefits of AI and why now is the best time for the real estate and property management industries to apply automation to their workflows.
We will talk with thought leaders on the topic of technology and artificial intelligence. These will not only be people who work in property management, but also general thought leaders in AI. The conversation will center around the inefficiencies leaders in property management deal with on a daily basis, and how technology is working to alleviate these inefficiencies, from streamlining leasing communications to mitigating building maintenance issues.
In this episode, we will identify the qualities of successful executive leaders in property management, discuss the blind spots in leadership, how technology is working to improve these inefficiencies, and how your organizational teams can succeed in their roles, today and in the future.
We are excited to introduce The Top Floor, a new podcast brought to you by AppFolio. The Top Floor explores change, innovation, and future opportunities in the property management, community association, and real estate investment space. With help from thought leaders and change-makers, we embark on a narrative journey to provide inside access at the height of industry disruption. Together, we’ll engage in critical conversations about the current state of the industry and opportunities for growth moving forward.