Multifamily budget season is here! The time of year where operations teams and owners nationally, bury their heads into excel and financial reporting in an effort to plan for expenses and capital improvements as they head into the next year.
Whether this is your first multifamily budget, or your twenty-second, we’ve identified a few key reasons why off-site package management should be included in your 2022 planning.
Off-site package management can help generate additional NOI
As you project your renewal rates and occupancy goals for the coming year, consider Fetch as an additional way to keep your budget flat while generating additional revenue to help reach your operational goals.
• Fetch gives your residents the immediate satisfaction of direct-to-door deliveries and provides you the option to generate additional revenue through a bright new amenity.
• On average, Fetch clients see that a 250 unit community can generate $15K+ average annual NOI on renewals/new leases by utilizing Fetch
Stay competitive by offering a new service amenity
“Services as an amenity” are on the rise in the industry, and so are residents’ expectations for their community’s amenity stack. Today’s renters are looking for a community that offers more than physical amenities like a pool or a gym. They want services that cater to their lifestyle.
Kingsley surveyed 25,000 renters and found that 38% of residents are planning to move within the next six months. Of those moving, 39% are doing so due to their experiences at their community during the pandemic.
Implementing direct-to-door delivery can help your community remain competitive and increase your bottom line.
Repurpose space to maximize ROI with off-site package management
We know that every square inch counts when it comes to maximizing revenue for your community. Improvements to existing community areas can not only increase occupancy levels but also help with investor returns and ROI.
We also know that packages can take up a significant amount of space whether it’s due to storing resident overflow deliveries in staged apartments or overcrowded package rooms or lockers.
By partnering with Fetch, the spaces that had been previously overrun by resident packages can be creatively repurposed to meet residents’ demand for convenience with improvements such as additional co-working spaces or a self-service micro market.
Give time back to on-site teams to focus on building NOI
With our industry now on track and rental rates stabilizing, on-site teams should be focusing less on managing resident packages and more on prepping move-in-ready units, lowering vacancy loss, and evaluating lease line items like storage units and parking to ensure maximum occupancy.
We’ve found that on average, teams are spending around 35 hours a week handling packages which leaves little room to focus on the tasks that help achieve higher NOI. An off-site package management service can offer time savings and productivity back to your on-site teams by taking the task of managing packages completely off of their plate.
So what have teams that partner with Fetch been able to accomplish?
“Audits, audits, audits! Not having packages in the office has freed up time for our team to audit the hundreds of storage units to make sure they are accurately recorded as occupied, billed, etc. and staying on top of our guest parking to ensure we have spaces open and residents not taking up our guest parking for free”
– Seattle Based Community Manager, Griffis Residential
There is a lot that goes into the budgeting process and as your team works diligently to finalize your annual budget for 2022, consider including off-site package management to help you maximize income, increase occupancy, and stay competitive in the multifamily space.