How Property Managers Drive Real Value

Multifamily product is in high demand, but with ample new construction, owners are looking at what can be done at the property level to curb competition and create value. To find out what property managers are doing at the property level, we sat down with Scott Wickman, regional VP at Western National Property Management, a firm with 160 properties under management, how property managers are creating real value. Here, he talks to us everything from the growing supply to new technologies and onsite amenities.

GlobeSt.com: With an influx of multifamily product nationwide, how can property owners and managers stay ahead of the competition?

Scott Wickman: Maintaining a quality multifamily community that stands out above the rest comes down to a combination of factors. With so much supply entering multifamily markets nationwide, it is more important than ever for property owners and managers to establish a strong online presence. Technology has changed the way renters make their decisions. Many tend to perceive the quality of a community based on online reviews and photos. While owners can’t necessarily ensure all reviews are positive, they can remain proactive by responding to anything negative that may come about, and by ensuring that property photos are high quality.