The multifamily apartment industry, although slower than others at adopting new technology, has more recently been making strides towards integrating it into property management. In a recent Q&A with Multi-Housing News, Stacey Darden, the Senior Director of Innovation & Compliance at New Standard Equities Inc., spoke about technology’s growing role in successful operations at multifamily properties.
When asked about recent technological advancements in property management, Darden explained that pandemic restrictions revealed not all customers need to be toured around a community. “They can do their research at home and will only visit up to three communities they are seriously considering. This requires a robust community website showcasing the community in the best light, self-guided tours, a paperless and seamless application process through the lease signing and move-in,” says Darden.
Darden detailed the success New Standard Equities has in using a range of technology in day-to-day operations, including an analytics platform to review property performance in real-time, a CRM platform to centralize the flow of communication with prospective and current residents, email and texting capabilities, and Property Management Specialists (PMS), which is a repository for NSE’s financial and resident data.
In the face of the Great Resignation, technology can help with labor shortages by offering some self-service capabilities to customers. However, customers still want to know there is a human there for concerns, who will hear and address them.
Read the Q&A here.
The technology used to manage multifamily systems is essential to both streamlining operations and fostering the relationships that are key within the multifamily real estate space. COO Julie Blank joined the Commercial Real Estate Pro Network podcast to discuss the role technology plays in bringing teams together in a geographically dispersed industry.
“The intrinsic nature of our industry creates natural barriers because of being geographically dispersed, so we do really rely on technology in order to bridge that gap,” said Blank. “We have a lot of the portals: we’ve got investor portals that help us communicate with our investors, resident portals to help communicate with residents, employee portals to communicate with our employees, training portals, and reporting portals. But we still really focus on the face-to-face engagement because real estate is still a lot about relationship building.”
Listen to the episode here.
The multifamily industry relies on technology to increase productivity and to help make strategic decisions across properties. In an article for REBusiness Online, Stacey Darden, Senior Director of Innovation and Compliance, discusses why selecting the right technology partner is critical in today’s tight labor market.
“Selecting a technology provider who will partner with clients and help customize reporting based on the client’s needs will not only decrease time spent reviewing multiple reports, it also will create a more consistent method for processing information,” writes Darden.
Read the full article here.
Technology in the multifamily industry has myriad benefits and can create efficiencies, including helping professionals make more informed decisions, improving property managers’ jobs and even playing a role in the labor shortage and leasing experience for property teams. In her article for The Multifamily Journal, Stacey Darden, Senior Director of Innovation & Compliance, examines how technology can contribute to successful operations while balancing this with face-to-face engagement to ensure everything functions seamlessly.
Read the article “Balancing Technology with Human Interaction in Multifamily” here.
San Diego’s downtown skyline endlessly evolves as multifamily developers remain full speed ahead despite a changing economic landscape. Even with this growth, COO Julie Blank told Western Real Estate Business optimism from multifamily developers is fine, but caution should be exercised as well.
“Operators must take a strategic look at the demographics they are targeting and set their business plans to real-life scenarios,” Blank said. “What can residents actually afford? Business owners can’t be swayed into thinking that everybody can afford something a little bit better.”
In the current economic climate, New Standard Equities is looking even closer at expense reductions, centralized business functions, increasing in-place technology automation and cutting dividend payments, among other strategies, as it combats rising interest rates and property management costs.
However, Blank acknowledged that demand for multifamily is still there, particularly in expensive markets like San Diego.
“With the increase in interest rates and the price of homes, multifamily is projected to continue to see high occupancy and rent growth,” Blank commented. “As rents continue to rise, so do home prices.”
Read the full Western Real Estate Business article here.
Ballooning home prices and rising interest rates in the for-sale housing market have served as an adrenaline shot for apartment demand, driving valuations up, but as inflation pummels the construction industry, the development pipeline still can’t keep up. In an interview with Bisnow, CEO Edward Ring and COO Julie Blank discuss why this is good news for existing multifamily owners but explain why they still need to be cautious.
“People are working, they’re paying their rent, they’ve gotten through Covid, and maybe they’ve been saving for years to buy a house — but suddenly the cost of everything about buying a house is way up, so they’re going to be renters still,” Ring commented.
A deep recession might bring the cost of housing down in a hurry, as it did in 2008, but in that case job losses would keep people in their apartments, Ring pointed out, though he’s skeptical that a recession in 2022 or 2023 would be the kind of implosion that happened during the Great Financial Crisis.
“A lot of institutional money seems to be mistaking today’s outlook with that of 2008,” Ring said. “They’re bracing for another massive recession. There are some similarities, such as in rising home prices, but otherwise dynamics aren’t the same.”
In short, Ring expects home prices to remain relatively high, along with the cost of mortgages, as long as the Federal Reserve tries to tamp down inflation via interest-rate increases. Rising interest rates are expected to have a clear impact on housing sales and the current climate might make things tough for renters who want to own, but multifamily owners stand to benefit as renters remain in place.
Despite an overall positive market outlook, multifamily owners should still be cautious, Blank told Bisnow.
“Operators must take a strategic look at the demographics they are targeting and set their business plans according to real-life scenarios,” she said. “What can residents actually afford? Business owners can’t be swayed into thinking that everybody can afford something a little bit better.”
Read the full article here.
New Standard Equities Founder & CEO Edward Ring is bringing his expertise as a member of the board to two organizations.
Recently appointed to serve on the Center Theatre Group’s Board of Directors, one of the nation’s leading nonprofit theatre companies, Edward is dedicated to raising the profile of Los Angeles theatre, supporting the development of new work, and igniting interest in the theatre among the community’s youth.
Edward is also a newly elected member of the Board of Trustees for the Children’s Bureau, an organization which supports families through child abuse prevention and treatment. In joining the Board, Edward will continue to support the organization’s mission and fundraising activities such as the President’s Invitational golf tournament, its annual dinner, and various other initiatives.
Chief Operating Officer Julie Blank was selected as a 2022 Woman of Influence by GlobeSt.com for her distinguished work and leadership in the multifamily industry. The award recognizes commercial real estate female professionals for their remarkable achievements.
Julie has nearly 20 years of multifamily management and investment consulting experience. She leads the Firm’s corporate operations as well as multifamily operations including capital projects and asset management.
GlobeSt.com’s 2022 Women of Influence Awards list was selected based on candidates’ impacts to the market and industry, as well as a record of outstanding success.
Find the full list here.
New Standard Equities CEO Edward Ring spoke at the Marcus & Millichap / IPA Multifamily Forum: California on the panel, “Emerging Submarkets & Value Add Opportunities,” where he discussed the direction that the multifamily market in California is heading and NSE’s competitive advantage.
“NSE is vertically integrated, but we’re a tenth of the size of some of our competition, which I think gives us an advantage. We’re small, and that gives us near-perfect information at all times,” commented Ring. “I have a team in the field that can operate from 5 to 8,000 units. We can move quickly and we can move things fast. We can react in real time and control our expenses.”
The panel’s moderator pointed out the hesitancy some investors may hold about investing in California real estate, a topic that permeated the conference. When addressing the future of California’s multifamily market, Ring added, “The fundamentals remain strong in California. Real wages, real wage growth, full employment. Really, there is nothing to stop this economy barring another black swan event. So, I think values will still be up.”
Held on Tuesday, June 7, 2022 at the Hilton Los Angeles Airport Hotel, the forum brought together hundreds of stakeholders in the multifamily industry for in-person learning, idea sharing, and deal making.
Learn more about the conference here.
View the recording here.
We are pleased to announce that New Standard Equities Chief Executive Officer and Founder Edward Ring has been selected for Los Angeles Business Journal’s 2022 Leaders of Influence Private Equity Investors and Advisors.
As CEO, Edward leads New Standard Equities’ investment strategy, operations, risk management, and investor relationships. He has over 25 years of real estate and financial consulting experience.
Los Angeles Business Journal’s Leaders of Influence Lists recognizes Los Angeles trailblazers in the Private Equity sector. Edward was named among dozens of other professionals for his notable work in the field.
Read more here.