Chris Finlay

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MIAMI—A robust demand for multifamily units in the US is pushingthe national vacancy rate down to 4.4%. These strong marketfundamentals continue to encourage new development thus increasingthe new construction pipeline. High supply paired with slowingdemand, as the economy cools, should cause the market to moderatebut remain strong as the rest of 2019 unfolds. With such a positiveclimate for multifamily properties, investors turn their attentionto how well these assets are managed and maintained.

NOI Matters

"Net operating income (NOI), of course, reflects the income ofthe property and is the key to creating value," says Chris Finlay,chairman and CEO of Lloyd Jones, a real estate development,investment, and management firm that specializes in multifamily andsenior housing. "In order to run a successful complex, the propertyfinancials need to be accurate and current."

Finlay added that the on-site property team is important and"needs to know they are running a business as well as aproperty."

Property managers must keep expenses in line and maximizerevenues in order to produce the greatest NOI, Finlay tellsGlobeSt.com.

Strong Marketing

A strong marketing campaign is another important aspect ofsuccessful property management.