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Five SMART Goals for Your Multifamily Property in 2024: Navigating Market Trends and the Potential Recession

Setting goals is a fundamental aspect of success in any endeavor, and the same holds true for multifamily property owners. However, simply having goals is not enough. It’s important to set goals that are well-defined, realistic, and have clear metrics for tracking progress. Setting SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) goals can set you on the track to success.

SMART Goals at a Glance:

  • Specific: A goal should be clear and specific, avoiding vague or broad statements.
  • Measurable: Goals should have measurable criteria to track progress and determine if they have been achieved. This could include numbers, percentages, timeframes, or other relevant indicators.
  • Achievable: Goals should be realistic and attainable. They should consider the available resources, skills, and time frame.
  • Relevant: Goals should directly contribute to the success of the business and address current challenges or opportunities.
  • Time-bound: Goals should have a specific timeframe or deadline for completion. Breaking down goals into smaller, manageable tasks with deadlines can also aid in tracking progress.

 

By understanding and implementing SMART goals, multifamily property owners can navigate market challenges, optimize operations, and maximize success in the coming year. With these five examples of SMART goals for multifamily properties, you can begin to create relevant goals for your property in 2024.

 

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1. Increase Rental Income

 

Example: Increase rental income by 10% by the end of 2024.

 

The first SMART goal revolves around increasing rental income. There are several ways to do this, therefore, proper planning is crucial. Conducting a thorough market analysis will provide valuable insights into rental rates in the local area, allowing for informed decisions on adjusting prices. By adjusting rental rates in line with market trends, property owners can strike a balance between maximizing revenue and attracting quality tenants.

It’s not always simple enough to justify raising rent without providing something residents want or need in return. Upgrading amenities, hardware and fixtures, or implementing new technology can help make it more desirable for existing and potential residents. By investing in these upgrades and creating a welcoming living environment, property owners can retain existing residents and attract new ones, ultimately contributing to the goal of increasing rental income.

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2.      Improve Resident Satisfaction

 

Example: Increase resident satisfaction ratings from an average of 3.5 out of 5 to 4.5 out of 5 by the end of 2024.

 

Keeping residents satisfied can be a challenge since everyone has different wants and needs in their dwelling. However, there are a few key strategies to get you started. First, addressing maintenance issues is crucial. By establishing a proactive maintenance management system and conducting regular inspections, property owners can ensure that any maintenance concerns are resolved promptly, enhancing the overall living experience for tenants.

 

Improving security measures and implementing smart technology can greatly contribute to resident satisfaction. By installing solutions like open architecture smart locks, adequate property lighting, and security cameras, residents will feel safer and more secure in their homes.

 

Woman on computer with headphones and pull quote overlayed from article.

 

3.      Enhance Security Measures:

 

Example: Upgrade your property’s security to include smart access control technology in all common areas of the property by the end of 2024.

 

This proactive measure will provide peace of mind for residents and help deter potential security threats. By implementing smart access control solutions, such as keyless entry systems and smart locks, property owners can enhance access management and simplify operations. Integrating other solutions like security cameras further strengthens surveillance capabilities, allowing for effective monitoring and ensuring a safe environment. A 2023 study on what  renters desire found that over a third of respondents would be willing to pay more for smart doorbells with video, outdoor cameras, and mobile access control. By prioritizing the installation of a comprehensive security system, property owners can create a secure and desirable living environment for residents, fostering trust and satisfaction.

 

 

4.      Simplify Access Control with Smart Solutions:

 

Example: Upgrade your existing mechanical solutions to integrated smart locks, keyless entry systems, and centralized access control management in common areas of the property by the end of 2024.

 

There are many ways to upgrade an existing property’s security from mechanical to electronic.  By adopting smart locks and keyless entry solutions, residents can access their units and common areas using a smartphone or other credential, eliminating the need for physical keys and simplifying key management. This upgrade not only provides renters with a more convenient lifestyle but also enhances security by reducing the risk of key duplication or loss.

 

Additionally, implementing an integrated access control solution streamlines operations and further enhances security measures. These solutions can be integrated with cloud-based platforms, allowing for centralized access control management across multiple properties. With cloud-based access control software like Zentra, property owners and managers can run properties efficiently and provide their residents with seamless and trusted security with one system. The scalability of cloud-based platforms helps ensure efficient and effective access control management as property portfolios expand.

SMART Checklist Article Images

 

 

5.      Streamline Property Management Processes:

 

Example: Implement a property management software solution by Q2 of 2024.

 

Comprehensive property management software can help streamline essential tasks like rent collection, maintenance requests, and lease renewals, effectively reducing the administrative workload and improving operational efficiency. Property managers may look to implementing Proptech to help optimize these day-to-day tasks and increase NOI.

By automating these processes, property managers can significantly reduce their administrative workload, allowing them to focus more on revenue-building initiatives and tenant satisfaction. With the right property management software in place, property owners can unlock new levels of productivity and effectiveness in their operations.

 

Setting SMART goals is crucial for multifamily property owners to navigate changing multifamily market trends and maximize success in 2024. By following the SMART framework, property owners can ensure that their goals are specific, measurable, achievable, relevant, and time-bound.

The five SMART goal examples presented in this article highlight key areas for consideration for improvement, including increasing rental income, improving tenant satisfaction, enhancing security measures, simplifying access control with smart solutions, and streamlining property management processes. By setting and working towards SMART goals, multifamily property owners and managers can optimize their operations, enhance tenant satisfaction, and work toward success in the ever-changing market landscape of 2024.

Ready to start SMART in 2024? Download our SMART Goals Checklist to get started on creating your own.

Contact us and an Allegion consultant can help you understand your unique needs, walk you through the process, and be with you every step of the way.

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