Colorado-Real-Estate-Journal_384814

Page 16 — Multifamily Properties Quarterly — February 2024 www.crej.com MULTIFAMILY: PROPERT Y MANAGEMENT T he dynamic rental market in Colorado is undergoing significant changes. As one of the largest third-party property management firms in the nation, we keep a pulse on the many factors that play a role in the changes we’re seeing across the rental landscape. I lead our mountain region’s operations team from our corporate office in Den- ver, and one of the key aspects our team constantly analyzes is rental rates. Over the past few years, we’ve observed a steady increase in rental rates across the state. This surge can be attributed to the growing demand for housing, coupled with limited housing inventory. Additionally, vacancy rates play a crucial role in understanding the dynamics of the rental market. We know high vacancy rates may indi- cate an oversupply of rental units, leading to potential challenges in filling properties. On the other hand, low vacancy rates may signal a competitive market where prop- erty managers need to adopt strate- gic marketing approaches to attract tenants such as referral programs, tenant testimonials, advertising, open house events, etc. New devel- opments also play a pivotal role in shaping Colorado’s rental market. As the state experiences growth, new properties are being developed to meet the increasing demand. Property managers need to stay abreast of these developments to adjust their management strategies accordingly. n Community engagement in prop- erty management. Effective prop- erty management extends beyond the physical aspects of buildings; it involves building strong community relationships. Com- munity engage- ment is becom- ing increasingly important for pro perty manager s in Colorado. In my 28 years of experi- ence in the multifamily industry, I’ve focused mainly on Class A lease ups, value-add rehab and stabi- lized communities ranging all asset classes. Throughout my career, I’ve learned it’s important to remain involved in maintaining strong cli- ent and community relationships. Establishing connections with resi- dents and creating a sense of com- munity contributes to tenant satis- faction and long-term residency. A tactic we’ve found beneficial in Colorado has been organizing neighborhood events, which help to foster a sense of belonging among residents. These events can range from social gatherings to work- shops, creating opportunities for residents to interact and form con- nections. Proactive communication is another key aspect of community engagement. We prioritize active communication with our residents, addressing concerns promptly and providing regular updates on prop- erty-related matters. This not only enhances transparency but also builds trust between property man- agers and residents. n Property maintenance best prac- tices. Maintaining properties in optimal condition is a fundamental responsibility for property managers in Colorado. For example, we know preventive maintenance is a crucial strategy to avoid costly repairs in the long run. Regular inspections of both interior and exterior areas help identify potential issues before they escalate, ensuring the longevity of the property. Timely handling of repairs is also essential for tenant satisfaction. Property managers should have effi- cient systems in place to address maintenance requests promptly. This not only enhances the living experience for tenants but also con- tributes to the overall well-being of the property. Lastly, incorporating sustainable and energy-efficient practices into property maintenance can also be beneficial. Colorado’s commitment to environmental sustainability Be proactive, build strong community relationships Carol Nelson Division president, Asset Living The St. Paul Collection is a luxury community managed by Asset Living, which includes 165 apartment homes for rent between the towers of 210 St. Paul and 255 St. Paul. Please see Nelson, Page 23