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Successfully Managing Multifamily During A Global Pandemic

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Leaders in the multifamily industry are used to being thrown curve balls. I’d venture to say that most have become professionally adapt at hitting home runs despite the type of pitch, even a curve ball. Managing our portfolio during the global COVID-19 crisis has proven to be challenging, with the Great Recession of 2008 being a close 2nd. Given the challenges we have all faced, as an industry in this uncertain market, Granite Management Group has been able to maintain successes, despite the hardships this pandemic has created for everyone.

Closing out Q3 2020 Granite Management Group successfully grew new lease rents by 2.2%, decreased vacant days by 26% YOY, increased renewal rents by 6.4% and maintained an average of 96.8% occupancy portfolio wide. I’m proud to highlight the efforts and wins of our team and the strategy behind maintaining upward growth at our assets during such an uncertain time.

Be in the Know:

It was important for us to stay informed with changing policy, legislation and programs presented that aided residents or property owners. We made it a priority to have someone from our team join Apartment Association calls, government update calls and calls with our attorneys to stay informed. We collaborated and brainstormed with other management companies about the best options to protect residents, clients, and investors.

Communication, Communication, Communication:

Communication was paramount on every level. Our property managers had weekly calls to discuss resident concerns, rising delinquency, policy changes and to offer assistance where needed. We also communicated with our clients and asset managers weekly to discuss policy change, delinquency expectations and created strategic plans and programs to assist residents experiencing financial hardship.

Strategic Pricing and Renewal Management:

Our team created new expectations to new lease pricing, renewal pricing, occupancy and expiration management. We refocused our strategy and pushed occupancy growth, rather than a traditional strategy of rent growth. We offered residents lease extensions into 2021, offered much lower renewal rates and approved lower rent trade out YOY in some cases to increase occupancy trends. 

Though there is no secret formula to successful multifamily management during a global pandemic, Granite Management Group put in every effort necessary to protect our teams, the residents, our clients, and investors. I feel positive that in the upcoming months GMG will continue to maintain market strength and have many more successes.