Recession-Proof Your Multi-Family Rentals

Throughout the last couple of years, the Federal Reserve has increased interest rates almost ten times to combat rising inflation rates - with more increases to be expected.  The economy constantly changes, and preparing for a potential recession is essential. If you own a multi-family rental property, you can do a few things to recession-proof your investment.

While staying on top of your finances and maintaining and even improving your properties are a definite must, there is often one key point left out of the discussion - resident relations.

One of the best ways to recession-proof your property is to focus on your residents. This means providing excellent customer service and making sure that your residents are happy with their living situation. When residents are happy, they are more likely to stay on your property, even during a recession.

There are several things you can do to improve resident service. Here are a few ideas:

• Be responsive to resident requests. When residents have a problem, they need to know that you will take care of it promptly. Make sure you have a system in place for tracking and resolving resident requests.
  
  
• Be proactive in communicating with residents. Don't wait for residents to come to you with problems. Let them know about upcoming maintenance or repairs, and keep them updated on the status of their requests.
  
  
• Be friendly and approachable. Residents should feel comfortable talking to you about their concerns. Ensure you are always available to answer their questions and help them with their problems.

When you focus on serving residents, you build relationships with them. These relationships will be invaluable during a recession when residents are looking for a property they can trust.

In addition to focusing on resident service, you can recession-proof your property by having your staff focus on high-value tasks that keep the property fully occupied and ensure profits are being maximized. 

But with staffing challenges, how can you expect your team to do it all? This is where technology can help! The Buzz Smart Assistant takes much of the heavy lifting of rent collection off your property manager and leasing team. 

Buzz Smart Assistant is your delinquency management specialist. More than a drip email series, Buzz handles inbound and outbound tasks related to rent collection, taking away much of this busy work from your onsite team. By not expecting your property managers to be collection agents, you pave the way for maintaining positive relationships between your staff and residents. This means creating a culture of respect and cooperation between your staff and residents. When staff and residents get along, it creates a more positive living environment - and residents stay longer.

By creating a positive culture in your property, you can make it a more enjoyable place to live for everyone. This will make residents more likely to stay on your property, even during a recession.