Now, more than ever, multifamily teams need to develop flexible budgets and contingency plans to adjust to the new external market forces. Owners and managers should consider their 2021 marketing plans, leasing methods, and safety protocols upon budgeting.
Specifically, marketing forecasts should include upgrades to companywide and property specific digital presences. This may be in the form up updates to websites, social media pages, and property specific marketing collateral (virtual tours, photos, and videos).
Owners and managers must also budget for additional property and leasing manager sanitation to ensure prospective rents feel safe upon visiting. Safety considerations must include virtual communication methods with vendors and residents.
At EM Capital, employee and resident safety and improved virtual capabilities remain our foremost priorities at EM Capital. Our budgets remain intact, though we have become more conservative in our understanding standards.