The information is consistent with the picture that came through in various first quarter earnings calls. The poor economic conditions have increased vacancies and have driven consumers to look for more concessions in rent.
What does it mean for companies in the multi-family industry? More accountability and more innovation. Marketing, operations, sales, property development, management…each area of the business will need to demonstrate how they can increase productivity with fewer resources.
In a people-driven industry like ours, that’s a challenge and it can leave people feeling unsteady.
The reality is that many tools are available to help drive performance. It’s a matter of getting used to new ways of doing things, of feeling comfortable with shifting from trusted resources and with facing the brutal facts of the current conditions straight up.
Stick to these clear goals and you’ll find you have an organization that can excel, even in these tough times.