As one of the hottest sectors in commercial real estate, multifamily's pretty competitive. So how can owners and property managers assure their buildings are playing among the best? We asked Pinnacle president and CEO Rick Graf, whose company manages over 700 Class-A and –B properties across the US, from luxury residential to suburban garden apartments.
1) Offer a Strong Amenities Package
Over the last few years, it’s been about trying to outdo the next guy down the street. “Over my 40-year career, I have never seen such packages, which cover everything from entertainment to the connectivity factor,” Rick says. This includes gathering places that go beyond the traditional clubhouse, including both outdoor and indoor spaces people can meet. “People who live in apartments generally don’t know a lot of people, so they need this personal connectivity,” he says. And have a killer fitness facility that rivals centers that charge $200 or $300 a month.
2) It's All About Customer Service
You can have a great property, but all of the above is moot if you’re not taking good care of the tenants, Rick says. Pinnacle has a whole department that manages the company’s social and reputation aspect, and if there’s an issue, they deal with it right away. “When you go to a restaurant, you go to Yelp to see if the food is good or bad. People are doing the same while shopping for an apartment. You have to earn that reputation and make sure you’re doing the right thing.” Above, tenants enjoy an event at Pinnacle's Astoria at Central Park West, a 240-unit, mid-rise community in Irvine, CA.
3) Price Competitively
Rents are moving aggressively in many markets. “Are you justifying the prices you’re asking for through the service and amenities you’re giving?” he asks. Above is a state-of-the-art fitness center at Pinnacle's Arthouse, a 139-unit midrise apartment building in Seattle.
4) Harness the Latest Technology
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Pinnacle has ramped up on technology and connectivity to manage the resident experience from soup to nuts. “Everything, including the leasing experience, service requests and rental payments, can be done online," he says. “We also have internal sites to build communities within specific buildings.” But what’s most important is having fast, reliable wi-fi connectivity throughout the property—not just in common areas, but each unit. “It has to work and work every time,” he says. “People don’t have time to fool around.”
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