Emerging Trends in Multifamily Development and Investment to Keep on Your Watchlist

As we move into the latter half of the year, the multifamily industry is experiencing a range of trends that are set to influence the market. While challenges such as rising construction costs, higher interest rates, and an influx of new supply are present, there are also unique opportunities for multifamily investors, developers, and property managers to navigate this evolving landscape. 

Here’s a look at the top 10 trends shaping the multifamily market in the second half of 2024.

1. A Defensive Approach to Market Conditions

With the expectation of interest rate cuts bolstering the market later on, much of the current activity is centered around managing distressed properties and loans coming due. The near-term focus is on defensive strategies, such as securing short-term bridge financing to navigate the current economic environment.

Multifamily transaction activity will remain subdued through the end of 2024 and into early 2025. Multifamily investors are advised to prepare for a gradual increase in market velocity, particularly as rate cuts begin to take effect.

2. Smaller Amenity Spaces, Bigger Impact

As developers focus on maximizing unit counts, there’s a noticeable trend towards reducing the footprint of common amenity spaces. But smaller doesn’t mean less significant. Developers are getting creative with their space, integrating indoor and outdoor areas to create versatile “three-season spaces” that can be used year-round. These spaces might include covered porches, trellised zones, or areas seamlessly blending with adjacent indoor amenities.

Moreover, the growing emphasis on wellness has led to the incorporation of high-end amenities such as spa services, saunas, cold plunge pools, and unique fitness options. For example, yoga studios, indoor cycling rooms, and virtual fitness options. Despite the reduced square footage, the focus is on delivering quality over quantity, ensuring that these spaces offer meaningful experiences for residents. 

Multifamily professionals know that the real value in a property lies in offering amenities that not only appeal to potential renters but also align with their evolving expectations and lifestyle needs. Surprisingly, only 15% of multifamily professionals track the usage of their apartment amenities, according to Multifamily Insiders. This gap represents a missed opportunity to tailor offerings that resonate with residents and maximize property value.

Today’s renters are increasingly looking for more than just a place to live — they want a lifestyle that suits their needs and preferences. For example, residents may be willing to commute a bit farther if it means having access to unique amenities like a rooftop lounge, a pet spa, or additional green space. Multifamily professionals have noted that residents are particularly “wowed” by more unconventional offerings such as blow-out hair bars, package lockers, beverage stations, and even crystal lagoons.

3. Location and Amenities as Key Investment Drivers

Suburban and garden-style apartment communities, particularly those in top-rated school districts, remain highly attractive to investors. These areas offer strong barriers to new supply, supporting resident retention and allowing for above-market rent growth. Investors are increasingly drawn to properties that combine desirable locations with robust local amenities, as these factors create a competitive edge and long-term value.

This trend is reflected in investment strategies focusing on mature, infill locations where higher resident retention and limited competition from new developments are key benefits.

4. Anticipated Uptick in Transaction Volume

While the multifamily market has seen some volatility, there’s cautious optimism that transaction volumes will pick up in the latter half of the year. Factors such as price normalization and potential interest rate cuts by the Federal Reserve could drive this increase. Additionally, a decrease in labor costs might spur an uptick in construction projects.

However, investors need to remain vigilant. Debt funds still heavily influence the market, especially for non-stabilized assets. While capital is waiting on the sidelines for potential distress situations, the extent of market distress remains uncertain. Investors should watch cap rate stabilization and transaction yields, which could signal a more favorable buying environment.

5. A Less Crowded Investment Landscape

The current market conditions have led to a pullback from traditional investors, creating a less crowded space for those willing to take calculated risks. This environment presents a unique opportunity for well-capitalized buyers who can access debt and have cash reserves to acquire institutional-quality assets at prices well below replacement costs.

For investors with the resources to navigate these challenges, the second half of 2024 could offer some of the best buying opportunities since the post-Great Financial Crisis era.

6. Oversupply Concerns in Boom Markets

In markets where development has been particularly active, there’s a growing concern about an oversupply of new units. As peak deliveries approach in several markets, competition among properties in lease-up phases is expected to intensify, especially during the slower fall and winter months.

While the long-term outlook remains positive, with supply expected to stabilize, the near-term could present challenges for multifamily investors and developers as they navigate this period of heightened competition.

7. Aging Demographics Driving Senior Housing Consolidations

With an increasing number of seniors entering the 80+ age bracket, a significant shift is occurring in the senior housing market. New construction in this sector has slowed, but the demand driven by aging demographics leads to more robust operating fundamentals and higher occupancy rates.

This trend is attracting heightened investor interest in senior housing at the property and platform levels. As the sector continues to consolidate, we’re likely to see the emergence of new, super-regional platforms that can capitalize on these demographic shifts.

8. Tech-Driven Risk Mitigation in Insurance

Rising insurance costs and limited coverage are becoming major concerns for multifamily property owners. In response, insurers are increasingly looking to properties that implement smart home technology for apartments to mitigate risks such as water damage and fires. Properties that adopt these technologies may benefit from lower premiums and more favorable coverage terms.

Additionally, data analytics is becoming more prevalent in the insurance industry, allowing insurers to assess specific risks and offer customized premiums based on an asset’s unique risk profile.

9. Targeted Marketing Campaigns for Engagement

Property managers increasingly seek to connect with local communities through targeted marketing partnerships. These campaigns help properties stand out in a competitive market and foster stronger relationships with residents and the broader community.

For example, partnerships with local sports teams or cultural organizations can enhance a property’s visibility and community presence. This approach is particularly effective in markets where traditional marketing efforts may be less impactful.

Discover 10 more ways to market your business in the multifamily market through partnerships, events, sponsorships, and syndications in our blog.

10. Renovations Focused on Flexibility and Remote Work

As the demand for flexible, remote workspaces continues to grow, developers are placing a greater emphasis on renovating common areas to accommodate this trend. Multifunctional spaces that blend work, leisure, and social interaction are becoming increasingly popular.

These renovated areas often include open kitchens, lounge seating, and work-from-home accommodations designed to create a vibrant and flexible environment for residents. By focusing on these renovations, developers can enhance the appeal of their properties and meet the evolving needs of today’s renters.

Adapting to the Future: Strategies for Multifamily Success

The multifamily market is navigating a complex landscape this year, with a mix of challenges and opportunities on the horizon. Staying informed about these trends is key to positioning your organization for success. Whether it’s through targeted marketing, strategic investments, or innovative property renovations, the key to thriving in this environment lies in staying agile and proactive.
At Criterion.B, we’re here to help you navigate these changes and maximize the opportunities. If you want to refine your marketing strategy or explore new avenues for growth, contact our team today.

Beyond the Booth: Creative Ways to Network at Multifamily Events

We’ve had clients ask us more times than not, “How do I get in front of multifamily?” “How do I market my business beyond my website and digital ads?”

The multifamily landscape is booming with new residents flooding the market and competition fiercer than ever. Whether you’re a seasoned property management firm or a disruptive proptech startup, standing out in this crowded space requires a strategic approach. 

To grab the attention of multifamily decision-makers, you need to be where they are and speak their language.

Here are 10 proven ways to put your brand in front of the right people in the multifamily industry:

1. Partnering With Local Syndicators

Syndicators serve as the bridge between real estate investors and multifamily properties. By forging partnerships with these key players in your local market, you can gain valuable access to their network of potential clients. Offer resources, co-host educational events, or sponsor their newsletters to build brand awareness and trust within their investor pool.

2. Leverage Apartment Association Events

Local apartment associations host regular events and conferences that attract property managers, owners, and industry professionals. Participating in these events, like the Apartment Association of Greater Dallas, presents a fantastic opportunity to network, showcase your solutions, and connect with decision-makers directly. Attend workshops, volunteer for committees, or even sponsor the event to maximize your visibility.

3. Don’t Miss National Trade Shows

Major industry events like the National Apartment Association’s Apartmentalize offer unparalleled networking opportunities. Having a well-designed booth with engaging presentations is crucial. But don’t underestimate the power of pre-show outreach and post-event follow-up to nurture those initial connections.

4. Become a Thought Leader Through Content Creation

Multifamily professionals are busy, but they’re hungry for valuable insights. Establish your brand as a trusted resource by contributing informative articles to local and national publications relevant to the industry. Reach out to the Apartment Associations you’re connected with or publications like Multifamily Insiders and Forbes. Offer fresh perspectives, share data-driven insights, and showcase your expertise through compelling content.

5. Network Beyond Events

Networking doesn’t stop at conferences. Join online forums and social media groups frequented by multifamily professionals. Participate in discussions, answer questions thoughtfully, and be a helpful resource. 

Attend industry meetups, join local business associations, and don’t hesitate to talk wherever you encounter potential clients. For example, many cities have a monthly “Business Exchange” or “Women in Commercial Real Estate” group you can join, or you can join hundreds of Facebook and LinkedIn groups relevant to your industry. 

Here are a few of our favorite multifamily LinkedIn groups:

• Apartment Innovation and Marketing
• Commercial Real Estate Pros
• Commercial Real Estate Referral Network
• Multifamily Executive
• Residential Property Management Professionals
• Multifamily Insiders Community

6. Partner With Property Management Software Providers

Property management software companies have a vast network of users within the multifamily industry. Explore co-marketing opportunities with these software providers. Develop integrations with their platforms, co-host webinars, or offer joint content resources that address common pain points for property managers.

7. Utilize Online Marketing Strategies

Today, a robust online presence is critical. Invest in search engine optimization (SEO) to ensure your website ranks high when multifamily professionals search for relevant solutions. Run targeted social media campaigns on LinkedIn and Facebook to connect with decision-makers. To build a nurturing campaign, offer valuable content like e-books, whitepapers, and webinars in exchange for email addresses.

8. Leverage Customer Success Stories

Don’t underestimate the power of showcasing your success. Highlight positive client testimonials on your website and social media profiles. Consider creating case studies that showcase the quantifiable results you’ve achieved for clients within the multifamily industry.

Want to see some examples? Check out our most recent case studies on our Resource page here.

9. Participate in Industry Awards

Winning industry awards adds credibility and prestige to your brand. Research relevant awards offered by apartment associations, industry publications, or even proptech communities. Compiling a strong case study and submitting your work demonstrates your commitment to excellence and innovation, gaining the attention of potential clients. Even if you don’t win, being involved in these communities might offer you a future opportunity to participate as a judge in these competitions.

10. Build Relationships, Not Just Transactions

It’s important to remember that the multifamily industry is built on relationships. Focus on fostering genuine connections with potential clients. Listen to their challenges, understand their pain points, and tailor your solutions to their needs. By demonstrating genuine care and expertise, you’ll build trust and long-lasting partnerships that fuel your success in the competitive multifamily market.

Implementing these strategies will create a multi-pronged approach to getting in front of multifamily decision-makers. Consistency is key. Continuously put yourself out there, provide value, and cultivate relationships within the multifamily industry. Establishing yourself as a trusted resource and thought leader will attract the right clients and pave the way for your long-term growth and success.

Expert Tips to Avoid Property Management Nightmares

The life of a property manager is a juggling act. You’re responsible for everything from resident relations and maintenance to budgeting and legal compliance. It’s no wonder that mistakes can happen, especially for new property managers or those managing a growing portfolio.

The good news is that by identifying common pitfalls, you can take proactive steps to avoid them.

Here’s a look at some of the biggest mistakes property managers make, along with actionable tips to keep your properties running smoothly:

1. Failing to Properly Screen Residents

A bad resident can be a nightmare for any property manager. They can damage the property, disrupt other residents, and drain your time and resources. 

The fix? Implement a thorough screening process that includes credit checks, rental history verification, employment verification, and reference checks. Don’t skip this crucial step — a bad resident can cost you far more in the long run than a thorough screening process ever will.

2. Not Having Clear Lease Agreements

A well-written lease agreement protects both you and your residents. It should clearly outline the rights and responsibilities of both parties, including rent amount, due dates, late fees, pet policies, maintenance procedures, and termination clauses. 

The fix? Use a standardized lease agreement that has been reviewed by a lawyer. Keep it updated with any local or state regulations that may change.

3. Letting Maintenance Requests Pile Up

Prompt and thorough maintenance is a cornerstone of successful property management. Like addressing resident complaints quickly, addressing maintenance requests swiftly is essential to avoid a cascade of negative consequences. 

Here’s why prioritizing maintenance is crucial:

• Protecting Your Investment: Regular maintenance plays a vital role in preserving the condition of your properties. Neglecting repairs can lead to further deterioration, decreased property value, and higher operating costs. Think leaky faucets that escalate to water damage or clogged gutters that lead to foundation issues. Addressing minor issues promptly saves you money in the long run.
• Resident Satisfaction & Safety: Living in a well-maintained property contributes significantly to resident satisfaction. Ignoring maintenance requests creates frustration and a sense of neglect. Prioritizing repairs ensures a safe and comfortable living environment for your residents.
• Reduced Liability: Letting maintenance issues linger can expose you to legal trouble. For instance, a slip and fall because of an unaddressed ice patch on the sidewalk could result in a lawsuit. By promptly addressing maintenance requests, you’re mitigating potential liability risks.

Here’s how to ensure your properties are well-maintained:

• Routine Inspections: Schedule regular inspections of your properties to identify potential problems before they become major issues. This could involve monthly walkthroughs or annual comprehensive inspections.
• Qualified Contractors: Develop relationships with qualified and reliable contractors who can handle various maintenance tasks. Verify references to confirm licensure and insurance. Oversee the quality and timeliness of their work to ensure efficient repairs.
• Budgeting for Maintenance: Don’t underestimate the importance of budgeting for maintenance and repairs. Factor in routine maintenance costs and a reserve fund for unexpected emergencies and major repairs. This ensures you have the resources readily available when needed.
• Communication Is Key: Like with resident complaints, keep residents informed throughout the maintenance process. Acknowledge their request promptly, explain the repair timeline, and provide updates if any delays occur. Open communication fosters trust and reduces frustration.

4. Poor Communication With Residents

Communication is the cornerstone of any successful business, but it takes on an even greater significance in property management. You’re constantly juggling interactions with a diverse group — your team members, property owners, residents, and vendors. When communication breaks down, it can lead to misunderstandings, conflicts, delays, errors, and ultimately, dissatisfied customers.

Here’s how to ensure smooth communication:

• Establish Clear Channels: Don’t leave your team and renters guessing how to reach you. Set up designated communication channels — email, phone calls, text messages, or online platforms like resident portals. Consistency is key — don’t make them chase you down across multiple platforms.
• Frequency & Transparency: Aim for frequent, transparent communication. Regular updates keep everyone informed and in the loop. Don’t be afraid to share both good and bad news promptly and honestly.
• Tailored Communication: A one-size-fits-all approach won’t work. Tailor your communication style to your audience. Use clear and concise language with residents, provide detailed reports to property owners, and foster open collaboration with your team.
• Feedback & Listening: Communication is a two-way street. Listen to your team and renters’ concerns, questions, and suggestions. Provide positive and constructive feedback to keep everyone motivated and on track. Respond promptly and professionally, demonstrating that their input is valued.
• Technology Advantage: Fortunately, technology is on your side. Utilizing property management software streamlines communication by centralizing information, automating tasks, and facilitating easy access for all parties involved. This reduces the risk of errors and keeps everyone on the same page, boosting overall efficiency.
• Building Relationships: Effective communication goes beyond simply sharing information. It’s about fostering trust and building strong relationships. Schedule regular team meetings to discuss projects, address concerns, and celebrate successes. Open communication fosters a collaborative environment where everyone feels comfortable contributing their best work.

5. Not Keeping Records and Documents

Failing to organize and store important documents properly can lead to a domino effect of problems, including missing records. Missing or disorganized records can make tracking important information (i.e., lease agreements, maintenance requests, and financial transactions) difficult. This can lead to confusion, errors, and wasted time.

Without clear documentation, disputes with residents over rent payments, security deposits, or repairs can become tangled. Without proper records, you may be unable to defend your position in a legal dispute, potentially resulting in hefty fines or even lawsuits.

Here’s how to ensure your records are organized, secure, and accessible:

• Secure Storage: Utilize a secure and accessible system for storing your records. Cloud-based storage solutions offer convenience and accessibility, while traditional filing cabinets can work for paper documents.
• Regular Review and Updates: Don’t let your records become an archive of forgotten paperwork. Schedule regular reviews to ensure all documents are accurate and up-to-date.
• Compliance With Regulations: Retention laws vary depending on your location. Familiarize yourself with the relevant regulations regarding record keeping and disposal. Understanding these requirements ensures you’re adhering to legal mandates.

Effective record-keeping is a fundamental skill in property management. Most real estate transactions involve a mountain of paperwork — lease agreements, maintenance records, financial statements, and more. 

Maintaining electronic copies alongside physical documents is essential in today’s digital age. This allows you to access crucial information even when you’re away from the office, ensuring you can always stay on top of your business.

6. Not Taking Advantage of Technology

Many property management software solutions can streamline your workflow and save you time. These tools can help you with tasks like screening residents, collecting rent online, managing maintenance requests, and generating reports. The fix? Research property management software options and find one that fits your needs and budget. Many offer free trials, so you can test them before committing.

7. Not Marketing Your Properties Effectively

Vacancies cost money. There’s no sugarcoating it. A well-defined multifamily marketing strategy is essential to attract qualified residents and keep your properties occupied. 

Don’t put all your eggs in one basket. Utilize a diverse range of multifamily marketing channels to reach your target audience. This could include:

• Online Listings: High-quality listings on popular rental platforms are a must-have. If possible, showcase your properties with professional photos, detailed descriptions, and virtual tours.
• Social Media Marketing: Use social media to connect with potential residents. Share engaging social media posts, run targeted ads, and create a community around your properties.
• Website Presence: A professional website is a valuable asset. It lets you showcase your properties, provide leasing information, and establish your brand identity.
• Offline Strategies: Don’t underestimate the power of traditional methods. Yard signs, local print ads, and partnerships with businesses in your area can still be effective ways to reach potential renters.

While a do-it-yourself approach is possible, managing a comprehensive marketing strategy can be time-consuming, especially as your portfolio grows. This is where partnering with a marketing agency can be a game-changer.

Think of a marketing agency as an extension of your multifamily property team. They can provide a wealth of expertise and resources to help you achieve your marketing goals and increase your bottom line. 

Here are just a few of the ways a marketing agency can streamline your marketing efforts:

• Streamlined Marketing Collateral: Ordering eye-catching flyers, brochures, and other marketing materials can be a hassle. Criterion.B offers a one-stop shop for designing and ordering all your promotional needs to save time and ensure brand consistency.
• Actionable Analytics & Reporting: A good marketing agency will leverage analytics tools to track the performance of your marketing campaigns. This data can reveal valuable insights into what’s working and what’s not. They can help you set up and track key metrics like website traffic, lead generation, and conversion rates. 
• Search Engine Optimization (SEO): Improving your website’s ranking in search results so potential residents can easily find your listings.
• Email Marketing: Creating targeted email campaigns to nurture leads and connect with potential renters.
• Blogging and Content Creation: Developing engaging content that showcases your properties and attracts qualified leads via a blog post.
• Social Media Management: Creating engaging content and managing interactions with potential residents across all social media channels.
• Branding and Design: Developing a strong brand identity for your property management company, including logo design and website creation.
• Website Development and Management: Building a user-friendly website that showcases your properties and provides a seamless leasing experience.

8. Not Staying Up-to-Date on Industry Trends

The property management industry constantly evolves, with new technologies and regulations emerging. Staying informed is important to ensure your business runs as efficiently and effectively as possible. 

The fix? Attend industry conferences, webinars, and workshops. Read industry publications and blogs to stay up-to-date on the latest trends.

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9. Ignoring Complaints & Not Focusing on Resident Retention

High resident turnover can be a major drain on your resources. It involves advertising costs of vacant units, showing apartments, screening new renters, and processing paperwork. It can also result in a loss of rental income during vacancy periods. But the hidden costs are even greater — negative reviews, a damaged reputation, and a revolving door of unhappy residents.

Here’s how to cultivate a thriving community that keeps renters happy:

• Treat Renters with Respect: Building positive relationships starts with respect, courtesy, and professionalism. Respond to their needs and concerns promptly and effectively.
• Responsive Complaint Resolution: A well-defined system for handling complaints is essential. This includes a clear process for receiving, recording, and resolving issues. Respond quickly to complaints to explain how you’ll address the problem. Keep residents updated throughout the process, and follow up after the repair.
• Value Feedback and Communication: Open and transparent communication is key. Encourage feedback. Regularly solicit their input through surveys, resident meetings, or suggestion boxes. Actively listen to their concerns and suggestions, demonstrating their input is valued.
• Offer Incentives for Renewals: Show your existing renters how much you appreciate them by offering incentives for lease renewals. This could include discounts on rent, free parking, or waived application fees.
• Create a Sense of Community: Help your residents feel like they belong! Organize fun events, create social media groups for them to connect, or offer amenities that encourage interaction. When residents feel like part of a community, not just renters in a building, they’re more likely to want to renew their leases.

10. Micromanaging Your Team & Not Delegating Tasks

Learning the art of delegation becomes increasingly important as your property management portfolio expands. While you may be tempted to hold onto the reins and meticulously manage every detail yourself, this approach is ultimately unsustainable and can hinder your long-term success.

Micromanaging your team can have several negative consequences. It can stifle their motivation, creativity, and sense of autonomy. Constantly hovering over their shoulders can make them feel like they’re not trusted to do their jobs effectively, decreasing morale and productivity.

The solution lies in empowering your team through effective delegation.

• Delegate Based on Strengths: Analyze your team members’ skills, experience, and interests. Assign tasks that align with their strengths and allow them to develop new skills.
• Trust and Autonomy: Once you’ve delegated a task, trust your team to complete it without your constant oversight. Micromanaging every step is a recipe for frustration and resentment.
• Support and Resources: Provide your team with the necessary resources for success, such as training materials, software tools, and clear guidelines.
• Coaching for Growth: Don’t hesitate to offer guidance and support as needed. Regular check-ins and constructive feedback can help your team members grow in their roles.

Often, managers who micromanage their teams worry their employees aren’t doing a good job. If you don’t communicate well with your team or can’t motivate them, they might not feel like doing their best work. Instead of hovering over them, invest in becoming a better leader. Learn how to communicate clearly and build a team environment where everyone feels trusted and responsible for their work.

Remember, you hired your team for a reason — you believe in their skills and potential. Start by delegating smaller projects that allow them to demonstrate their capabilities. As they gain confidence and experience, gradually increase their scope of responsibility. If they hit a roadblock, provide coaching and support to help them develop the skills they need to reach the next level.

Achieve Smart Marketing With a Commercial Real Estate Agency

Imagine this: your meticulously designed office space sits vacant, a pristine canvas gathering dust. Or maybe your trendy apartment community struggles to attract qualified residents despite boasting top-notch amenities. 

Simply having a fantastic commercial property isn’t enough. You need a strategic multifamily marketing plan that cuts through the noise and positions your offering as the ideal solution for your target audience.

This is where a commercial real estate marketing agency steps in, acting as your compass and confidant.

We’re talking about more than just slapping a “for lease” sign on the door. A good agency, like Criterion.B, can become your one-stop shop for commercial real estate marketing, encompassing both multifamily and non-residential properties.

Whether you’re a seasoned property owner or a newcomer to the market, navigating the complexities of digital multifamily marketing, crafting a compelling campaign, or establishing a distinct multifamily brand can feel overwhelming. This is where a multifamily marketing agency, like our team at Criterion.B, can be your secret weapon. We specialize in crafting unique brand narratives and developing data-driven strategies that resonate with your target audience.

The Evolving Landscape of Commercial Real Estate Marketing

You can no longer rely solely on traditional methods like print ads and cold calls. Today’s residents and tenants are digitally savvy, demanding a seamless online experience that showcases your property’s unique value proposition. This shift necessitates a comprehensive strategy that integrates various channels, including:

• Digital Marketing: This encompasses website optimization, search engine marketing (SEM), social media marketing (SMM), and targeted online advertising to ensure your property reaches the right audience at the right time.
• Content Marketing: Creating valuable content like blog posts, case studies, and whitepapers establishes you as a thought leader and attracts potential residents actively researching their options.
• Email Marketing: Fostering strong relationships with potential and existing tenants through targeted email campaigns nurtures leads and keeps your property top-of-mind.
• Public Relations (PR): Leveraging media relations and strategic partnerships can enhance your brand reputation and generate positive publicity for your property.
• Data Analytics: Measuring and analyzing marketing campaign performance is crucial for optimizing your strategy and maximizing return on investment (ROI).

Why Partner with a Commercial Real Estate Marketing Agency?

Managing all these diverse marketing elements in-house can be daunting, especially for busy property owners and managers. Here’s where a commercial real estate marketing agency like Criterion.B can be a game-changer:

Expertise and Experience

Our team comprises seasoned professionals who deeply understand the commercial real estate industry and the current marketing landscape. We stay ahead of emerging trends and best practices to ensure your marketing strategy is always optimized.

Strategic Planning and Execution

We work closely with you to understand your specific property goals and target audience. Then, we develop a customized multifamily marketing plan that aligns with your budget and objectives. Our team handles the entire execution process, from content creation and graphic design to campaign management and reporting.

Data-Driven Approach

We leverage data analytics to track the performance of your marketing campaigns and make data-driven decisions that maximize results. We provide you with regular reports and insights to ensure transparency and keep you informed of the impact of your marketing efforts.

Enhanced Brand Storytelling

We help you craft a compelling brand narrative that resonates with your target audience and differentiates your property from competitors. Our team also creates high-quality marketing materials and branded promo items that showcase your property.

Criterion.B: Your Trusted Partner for Commercial Real Estate Marketing Success

At Criterion.B, we believe in the power of strategic marketing to unlock the full potential of your commercial real estate assets. We are passionate about helping our clients achieve their business goals by developing and implementing marketing strategies that generate engagement, improve your brand presence, and set your properties up for success.

Here’s what sets Criterion.B apart:

• Proven track record: We have a proven history of success in helping commercial real estate owners and managers achieve their marketing goals.
• Client-centric approach: We tailor our services to your needs and budget, ensuring you maximize your multifamily marketing investment.
• Data-driven insights: We base our recommendations on data and analytics to ensure your marketing strategy is always optimized for results.
• Creative and innovative solutions: We think outside the box to develop unique and effective marketing campaigns that capture attention and drive results.
• Transparent communication: We keep you informed every step of the way and provide you with regular reports on the performance of your marketing campaigns.

Ready to Take Your Multifamily Property to the Next Level?

If you’re a property manager looking to navigate the complexities of commercial real estate marketing and achieve your goals for your multifamily property, partnering with a qualified agency like Criterion.B is a strategic decision.

Contact us today for a free consultation and discover how we can help you unlock the full potential of your multifamily community. Together, we can create a winning marketing strategy that positions your property at the top of search results for prospective residents.

Imagine this: a seamless online presence showcasing high-quality photos and virtual tours of your stunning floor plans. Our data-driven approach will ensure your multifamily property appears in all the right marketing channels, increasing engagement and bringing more prospects to your leasing agents. Our multifamily branding agency expertise allows us to craft a unique and memorable brand identity to make your property stand out.

Let Criterion.B be your partner in success. We’ll help you develop a comprehensive marketing strategy that leverages the power of various marketing channels, virtual tours, and a strong online presence to showcase your multifamily community and turn interest into satisfied residents.

Top Predictions & Multifamily Statistics to “Survive Until ’25”

In the multifamily sector, some phrases have been going around: “Survive until ’25” or “Thrive in ’25.”

But are these mantras a mere call for endurance, or could they unveil a silver lining? Opinions vary widely. 

For some, the coming years spell unprecedented opportunity, while for others, the future looks daunting, shadowed by past decisions. 

However, what’s becoming increasingly clear is the emergence of a buyer’s market unlike any we’ve seen in recent memory, promising to breathe new life into the industry. The exact timing remains uncertain, but the anticipation is palpable.

So, how do we position ourselves in this period of uncertainty? Our focus shouldn’t just be on surviving and seizing the moment to thrive. This is where true innovation lies — leveraging even the most modest marketing budgets to make an impact and set the stage for significant growth. 

With this mindset, here are 10 pivotal multifamily statistics every executive should consider as we chart our course through 2024:

1. Vacancy Rates Anticipated to Climb to 6.25%

The national multifamily vacancy rate is anticipated to climb to 6.25%, marking a notable shift in the market. This adjustment comes in the wake of substantial new construction deliveries, which have altered the dynamics of the apartment rental market. As of December 2023, the national occupancy rate dipped to 94.1%, the lowest since January 2014. This represents a significant drop, positioning December 2023’s occupancy over 100 basis points behind the decade’s average of 95.4%.

2. Average Rent Growth Expected Between 1-1.5%

This year, modest rent growth is expected between 1.0% and 1.5%, with the potential for further deceleration should job growth falter significantly. This reflects a market stabilizing after the turbulent rent fluctuations experienced during the pandemic years. This growth rate balances affordability concerns and the need for investment returns.

3. Digital Engagement on the Rise

The digital frontier of apartment hunting continues to evolve, with over 80% of potential renters initiating their search online and 75% expecting virtual tours as a standard offering. 

Adding to the digital engagement narrative, a joint study by SurveyMonkey Audience and Binary Fountain reveals a compelling insight: 64% of renters are willing to pay a premium for properties that boast positive online reviews. This multifamily statistic underscores the importance of bolstering a property’s digital presence and actively managing and enhancing its online reputation to attract and retain tenants.

Here are a few more multifamily statistics from the report:

• 93% of U.S. apartment seekers have used online reviews in their rental property search.
• 74% of renters read between one and 10 reviews before deciding on their rental property.
• 85% reported looking at online reviews after a friend or family member’s recommendation.
• 64% said they would pay more for a highly ranked or reviewed property.
• 58% used Zillow to find apartment ratings and reviews, followed by Google (51%) and Apartments.com (48%). 
• Google was the leading choice for sharing experiences at 31%, followed by Facebook at 27% and Apartments.com at 24%.

4. 60% of Renters Seek Sustainability

An increasing number of renters prioritize sustainability in their housing choices, with a recent survey by Apartments.com highlighting this shift. The survey revealed that 60% of renters actively seek out environmentally friendly apartments, indicating a significant demand for green living options. 

Moreover, a quarter of these respondents are willing to pay a premium for such amenities, underscoring the value they place on sustainability. Notably, 17% stated they would not consider renting an apartment that doesn’t embrace green practices. 

Among the eco-friendly features in high demand, on-site recycling programs and energy-efficient windows emerged as the most coveted by renters, pointing to specific areas where multifamily properties can invest to attract eco-conscious residents.

5. 51% of Renters Consider Smart Home Tech Essential

The demand for smart home technology among renters, especially those with incomes exceeding $100,000, transforms it from a luxury to a necessity. A striking 51% of these renters now consider smart home technology essential, while 48% view property technology (Proptech) as indispensable. 

The willingness to invest in these amenities is notable, with over half of the respondents ready to pay an additional 1-10% for properties with advanced technology. Furthermore, nearly three in ten are open to paying at least 11% more, emphasizing the growing significance of proptech in the rental market.

6. 72% of Renters Own Pets

With 72% of renters owning pets, pet-friendly amenities and policies have become crucial. Offering pet parks, grooming stations, and flexible pet policies can significantly enhance property appeal.

7. 55% of Renters Seek Home Office Space

The work landscape has undergone significant transformations, increasingly influencing renter preferences within the multifamily sector. Currently, 55% of potential residents are looking for living spaces that cater to their remote work needs, with a demand for units featuring dedicated home office spaces or co-working amenities. This trend is not fleeting; it’s a solid shift towards accommodating the growing work-from-home culture.

As of 2023, 12.7% of full-time employees have embraced fully remote roles, while 28.2% are navigating a hybrid work model. However, 59% of the workforce still operates in traditional in-office settings. This multifamily statistic serves as a reminder that, despite the increasing prevalence of remote work, the conventional office-based work model remains predominant.

However, the trajectory for remote work points towards a future where it becomes even more commonplace. Upwork’s projections indicate that by 2025, the remote workforce is expected to swell to 32.6 million Americans, representing approximately 22% of the workforce. 

For multifamily property developers and managers, these multifamily statistics underscore the importance of adapting to the changing needs of the workforce. As remote work becomes more entrenched, the demand for multifamily units that support this lifestyle is expected to rise. Integrating dedicated workspaces and flexible co-working options into multifamily properties will not only meet the evolving preferences of residents but also position these properties as attractive choices for the growing workforce segment that values the ability to work from anywhere.

8. Less Than 1% of U.S. Homeowners Are Gen Z

Generation Z isn’t just entering the rental market; they’re rapidly transforming it. Over the last five years, this group has added 4.5 million renters, outpacing growth from any other age group. Most Gen Zs who have moved out of their family homes are renters — 84% rent, while only 16% have transitioned into homeownership. Currently, less than 1% of U.S. homeowners belong to Gen Z, but they make up 9% of the nation’s rental population. According to Rent Cafe, only 3.9% of these Gen Z renters live independently without roommates.

This surge of young renters comes when homeownership reflects a significant age divide. While 79.3% of those aged 65 and older own their homes, a stark contrast is evident in the under-35 demographic, where 65% of American households rent. This divide is further highlighted by Wood Group Mortgage’s multifamily statistics, illustrating the housing market’s shifting dynamics.

Additionally, the median age of homebuyers has climbed to 47, while the median age of renters is 38, pointing to a broader trend of delayed homeownership. This delay is likely influenced by a common sentiment among millennials — 64% express regret over purchasing their homes, compared to only 33% of baby boomers.

Gen Z’s preferences are reshaping the rental landscape, prioritizing high-speed internet, online community engagement, and flexible lease terms. Understanding these trends is critical for multifamily professionals looking to attract Gen Z renters. Catering to their tech-savvy and value-driven needs will be key to securing them as tenants and adapting to the broader shifts in both the rental and homeownership landscape.

9. Investment Volumes Decreased 60%

As we embrace the mantra of “survive until ’25,” the multifamily investment sector in 2024 is navigating through a period of cautious optimism marred by a significant downturn from the previous year. Investment volumes dropped by 60% in 2023 to a low not seen since 2014, and the start of 2024 hasn’t shown the rebound many hoped for. 

This cautious approach stems from a complex interplay of declining interest rates failing to stimulate investment and concerns over NOI growth amidst rising vacancies, despite a robust absorption rate offset by new market entries.

The latter half of 2024, however, may offer a silver lining. With anticipated Federal Reserve rate cuts and an expected boost from loan maturities, there’s potential for a revitalized transaction pace reminiscent of the pre-COVID era. 

Drawing from past downturns, where multifamily led the recovery after a two-year lull, there’s cautious optimism that the sector can navigate current uncertainties, aligning with the broader goal of thriving beyond survival in the multifamily landscape.

10. 30% of Renters Spend More Than 30% of Income on Rent

Despite an overall robust market, the multifamily sector faces significant affordability challenges. A concerning multifamily statistic reveals that over 30% of renters are spending more than 30% of their income on rent, underscoring the pressing issue of balancing rent growth with affordability. A notable shift in homeownership trends further compounds this dilemma. 

According to iPropertyManagement, homeownership has declined, with 36% of American households now opting to rent rather than own. This shift is significant, reflecting broader economic and societal changes.

Complicating the picture, Flex reports that only 45% of renters feel financially positioned to purchase a property in their city, considering the average home prices. This multifamily statistic is particularly striking when compared to the median household income of homeowners in the U.S., which stands at $72,615. These figures highlight the widening gap between the cost of owning a home and the financial realities facing many renters today. 

As we navigate these complex dynamics, the multifamily sector must grapple with the challenge of making housing both accessible and affordable, all while adapting to the evolving preferences and needs of a diverse renter population.

What Do Renters Really Want?

Navigating the multifamily market requires a deep understanding of renter preferences and expectations. A recent survey sheds light on the disconnect and alignment between renters and landlords, offering valuable insights for multifamily executives aiming to refine their offerings. 

Here are the key findings:

• 76% of renters believe landlords have a “pretty” or “very” good understanding of what they desire in a rental property.
• 86% of property managers are confident they understand renter preferences at least well.
• Renters were willing to pay more than property managers expected for three amenities: convenient payment options, guest parking, and flexible lease terms.
• Property managers overestimated renters’ willingness to pay extra for pet-friendliness and proximity to high-quality schools.
• A significant 48% of renters prioritize specific features over affordability. 
• In contrast, only 18% of landlords believed that features were more important to renters than affordable rental rates.

These insights underscore the importance of multifamily executives and property managers aligning their offerings with renter preferences, mainly when misconceptions about value and priorities exist. By focusing on the amenities and terms that renters truly value, multifamily properties can better meet the needs of their target audience, ensuring satisfaction and fostering loyalty.

Understanding these multifamily statistics provides multifamily executives with a comprehensive view of the current market trends, renter preferences, and investment dynamics. With this knowledge, industry leaders can devise strategies to address today’s challenges and capitalize on emerging opportunities to ensure sustained growth and success in 2024.

How to Utilize Google Business Profile to Weather the Storm

The multifamily market is on the brink of a challenging journey through the rocky terrain of the 2024 economy. While the road ahead may seem daunting, there’s a glimmer of hope on the horizon — 2025 promises a bounce-back that could breathe new life into the industry. 

Whether you’re an apartment owner, a real estate investor, or a vendor in the multifamily market, safeguarding your digital image can be the key to surviving and thriving in the multifamily landscape until 2025.

Why Online Reputation Management Matters

Your online presence is often the first impression potential tenants, partners, and investors have of your multifamily business. With economic uncertainty looming, this initial impression can make or break crucial relationships. A tarnished online reputation may deter prospects and hinder growth, while a positive one can attract opportunities even in challenging times.

Economic instability can also breed doubt and skepticism. In such times, trust becomes a valuable currency. A well-managed online reputation builds trust by showcasing your commitment to transparency, communication, and customer satisfaction. It assures stakeholders that your multifamily business is resilient, trustworthy, and capable of weathering the storm.

Existing residents and partners are your foundation during economic turbulence. They rely on your ability to provide stability and value. A strong online reputation fosters loyalty and trust among your current stakeholders, reducing turnover and ensuring a more secure revenue stream. It can also differentiate you from rivals who may neglect their online reputation. It demonstrates your dedication to excellence and willingness to go the extra mile, making you the preferred choice for tenants, partners, and investors.

Not to mention, your online reputation is also pivotal in multifamily marketing efforts. Positive reviews, testimonials, and a well-optimized Google Business Profile can be powerful marketing assets, helping you attract new tenants and partners despite the economic challenges.

What’s Contributing to an Unpredictable 2024?

2024 has ushered in a period of unprecedented challenges. Various economic factors have dramatically reshaped the landscape, and navigating these uncharted waters requires a clear understanding of the forces at play. So, what’s contributing to the instability in 2024? And how can you “survive until ‘25?”

1. Economic Uncertainty

The global economic landscape in 2024 has been marked by uncertainty. Factors such as inflation, fluctuating interest rates, and geopolitical tensions have created an atmosphere of unpredictability. As a multifamily professional, it’s crucial to acknowledge this uncertainty and adapt your strategies accordingly.

2. Tenant Financial Strain

Many residents are grappling with financial challenges this year, affecting their ability to pay rent consistently. Eviction moratoriums and rental assistance programs have added complexity to the situation. To address tenant financial strain, offer flexible payment solutions that accommodate their circumstances. This can include payment plans, deferred rent options, and clear communication about available resources and support.

3. Supply Chain Disruptions

Supply chain disruptions have rippled across industries, impacting construction timelines and maintenance efforts. Property development and maintenance delays can affect your multifamily business’s bottom line. Anticipate supply chain disruptions and plan for contingencies. Maintain open communication with contractors and suppliers to address potential delays promptly. Prioritize essential maintenance and renovation projects to ensure resident satisfaction.

4. Market Volatility

The stock market and investment markets have exhibited heightened volatility in 2024. This can influence real estate investment decisions and funding availability.

5. Regulatory Changes

Legislative changes and government policies, including rent control laws and taxation, can impact the multifamily market. Stay informed about local and federal regulations that affect the multifamily industry. Adapt your strategies and business model to align with changing legal requirements.

6. Technological Advancements

Technology continues to reshape the multifamily market. Advancements in property management software, smart home technology, and virtual tours have become essential for staying competitive. Embrace technological advancements to streamline property management and enhance tenant experiences. Invest in user-friendly property management software and explore innovative, cost-effective solutions.

How to Use Google Business Profile to Weather the Storm

Your Google Business Profile can be the guiding light that leads you through the multifamily market’s uncertainties. Your Google Business Profile is crucial for attracting residents and partners and achieving multifamily marketing success. In fact, 56% of user interactions with Google Business listings result in visits to the company’s website, and a business gets noticed in more than 1,000 monthly searches through this platform.

Here is how to utilize your profile to manage your online reputation effectively:

1. Optimize for Accuracy and Appeal

Your Google Business Profile often serves as potential residents’ and partners’ first interaction with your multifamily business. A well-optimized profile creates a positive first impression, essential in an era where online research is prevalent. Ensure that all information on your Google Business Profile is accurate and up-to-date. Include high-quality images of your building, services or amenities, and company details. Craft compelling descriptions that highlight the unique features and benefits of your business.

2. Keyword Optimization

In a highly competitive multifamily market, local visibility is crucial. Optimizing your Google Business Profile enhances your chances of appearing in local search results when individuals are looking for apartments or related services in your area. Utilize relevant keywords in your profile description and posts. This will improve your profile’s search engine rankings, making it more likely to appear in local search results.

3. Encourage Positive Reviews

Customer reviews and ratings on your profile can significantly impact your reputation and influence the decisions of potential customers and partners. Actively encourage satisfied customers and partners to leave positive reviews on your profile. Respond promptly and professionally to all positive or negative reviews, demonstrating your commitment to satisfaction and resolving issues.

4. Utilize Messaging and Appointment Booking

Your Google Business Profile offers convenient communication channels. Streamlined communication can be a competitive advantage, especially during these uncertain times. Enable messaging on your profile to facilitate quick inquiries from potential customers. Additionally, utilize appointment booking features to make it easy for prospects to schedule tours or consultations with your team.

5. Monitoring and Analytics

Google provides valuable insights into how users interact with your profile, including the number of clicks, calls, and direction requests. Regularly monitor the analytics of your profile to assess its performance. Use these insights to make data-driven decisions and continually improve your profile’s effectiveness in attracting tenants and partners.

6. Multifamily Marketing Synergy

Your profile should align seamlessly with your multifamily marketing efforts. It serves as an extension of your brand and marketing strategy. Ensure that the branding and messaging on your profile align with your broader multifamily marketing strategy. Consistency across all platforms enhances your brand’s credibility and recognition.

Preparation for 2025

Surviving until 2025 in the multifamily market may seem arduous, but it’s brimming with potential. While the current state of the multifamily market may be uncertain, focusing on online reputation management positions you for success in 2025 and beyond. 

Managing your online reputation isn’t just a choice; it’s necessary during this transformative period. The path may be challenging, but with effective reputation management, you can navigate it confidently and emerge stronger on the other side.

Building a High-Scale Remote Business

Is remote work the way of the future? At Criterion.B, we believe it already is!

Since January 2020, our entire team has been working remotely, and we haven’t looked back. This shift hasn’t just benefited our work-life balance, it’s actually helped us build a stronger, more connected team.

While working remotely is not a suitable avenue for all businesses, it can offer many benefits to small and large companies when executed correctly.

However, senior leadership often struggles with the real-world implications of building a remote team. How do you know your employees are working? Are there ways you can help them feel connected, even though they are miles apart?

These are the questions managers face when developing a remotely distributed team. Let’s dive into some of the major benefits of working remotely (plus, how it’s been successful for our team!)

1. Hiring Without Geographic Limitations

Working remotely allows companies to hire new members without geographic limitations. This enables them to hire the very best candidates globally without worrying about location restrictions. At Criterion.B, we have employees from coast to coast (literally in Alaska and all the way over to New York — plus several in between!)

Several studies have revealed that remote workers are happier and more productive than those working in an office. With so many distractions in today’s office world, employees ultimately work longer hours to compensate for lost time.

If you ask any member of our Criterion.B team what their impressions are of working remotely, they often answer: “I’m getting so much more work done!” If you can control your work environment, then you are more productive.

2. More Time for What Matters

Let’s face it — commuting can be a real time-sucker. By eliminating the daily grind, our team has gained valuable hours back in their day. This translates to increased productivity and the flexibility to tackle tasks when they feel most focused.

3. Closer Than Ever (Even When We’re Miles Apart)

Sure, we miss the occasional office snack break, but we’ve found creative ways to stay connected. We hold regular virtual team-building events, from epic online escape rooms to trivia nights fueled by friendly competition. And who says remote work means missing out on real-life interaction? Every year, we gather for a massive team-building retreat. This past year, we explored the scenic trails of Broken Bow, Oklahoma, tested our teamwork skills in a challenging escape room, and celebrated our accomplishments over delicious meals and drinks.

While we work independently, we never feel isolated. Our team chats are filled with lively discussions, from brainstorming sessions to sharing funny pet videos (because, let’s be honest, who doesn’t love a good dog picture?). We even have dedicated Slack channels for shared interests, fostering a sense of camaraderie that goes beyond work projects.

4. Finding the Perfect Balance

Remote work isn’t just about convenience; it’s about empowering our team to thrive both personally and professionally. For example, some of our team members can now catch their kids’ soccer game without rushing out of the office or can feel confident in still getting their work done even when one of their kids is home sick from school.

Building a Culture of Trust and Transparency

Remote work hinges on trust. At Criterion.B, we empower our team members to manage their time effectively and hold them accountable for their results. We prioritize clear communication, using project management tools and frequent check-ins to keep everyone on the same page.

The Trust Factor

When working remotely, successful implementation all boils down to trust.

“How do you know when a person is working?” Well, how do you know they are working when they are in the office? Trust.

Ultimately, it’s all about trusting your remote workers. At Criterion.B, we trust our team but check in regularly. Whether through periodic check-ins to see what projects are on their plate or a weekly one-on-one video call, our team articulates their goals clearly and then follows up to track the employee’s work product.

A successful remote team requires effort and planning (by both the employees and leaders), but the rewards are undeniable. At Criterion.B, we’ve embraced the remote work revolution and are excited to see what the future holds for our distributed — yet incredibly close-knit — team.

Why Your Cold Calling Is Not Working

Regardless of where your position lies in the sales industry, there’s an overarching cloud of cold calling that hovers above you. It’s time to revolutionize your multifamily marketing plan.

Whether you are on the receiving end of the phone calls as a VP of Sales or if you are the Account Manager having to call several companies per week, you understand the headache. 

The Problem With Cold Calling Today

In the age of the internet, many unsolicited calls go unanswered. Modern sales and marketing professionals face going up against buyers with easy and unlimited access to detailed online information. 

However, time and time again, we see industry professionals who cannot seem to shake the old-school approach. Something to keep in mind is that consumers are not the only ones with access to the internet. You can also use it to stay updated on your target customer’s issues and formulate ways to resolve them.

When you have market information and big data analytics, you have more insight into the issues or problems with your customer base. At that time, you can take away any aspect of cold calling, and it becomes either a warm or a hot lead. You’re redefining cold calling altogether by having the ability to have content out there. At that point, they are coming to you; you’re not going to them.

As a commercial real estate marketing agency, we understand the power in numbers. 

Content Is the New Cold Call

Outbound sales initiatives, while they used to be effective, are no longer the best route to convert leads to customers. Inbound multifamily marketing provides individuals with information about your company and allows them to develop their opinions.

More than 75% of consumers said that receiving custom content and personalized communications was a critical factor in prompting their consideration of a brand, and 78% said it made them more likely to repurchase.

Cold calling is considered an outbound strategy; it is company-focused and assumes every customer is a buyer. It can be transformed into an inbound multifamily marketing plan by calling to get to know the customer.

While the internet provides a great deal of information, it’s losing the aspect of human interaction. Every individual can do their research and find out information without having to have a point of contact call them for their initial understanding of your business. That is where content becomes “King” as far as the web is concerned.

Because customers are resorting to the Internet to answer all of their questions, it is important for your company to meet them there. Provide them with a helping hand, and if calling is something you prefer, direct them to your phone number to get more information on how you can help them.

3 Alternative Approaches for Cold Calling

So, how will modern businesses seek to increase sales without their tried-and-true method of cold calling? Here are a few tried-and-true methods for increasing your multifamily leads and building connections organically:

1. Attending and Networking at Events

Begin by building value-adding relationships. With networking, the goal is not to get something out of the deal but to increase the number of people who know and trust you. 

If you do well at networking, you should be able to land public speaking opportunities. Establishing yourself as an authority on specific topics will lead to an even larger group of people who trust you.

2. Contribute Content to Relevant Publications 

Likewise, writing is one of the most accessible avenues to build a sense of authority. Submit an article to a magazine publisher you know your customers will read, or create your blog. Furthermore, you don’t always have to publish your work. Reposting another blog by a reputable source will help gain attention and credibility.

Take a quick look at our blog, and you might notice a couple of guest posts now and then. These are relationships we are continually building. Our team also regularly publishes content for several publications, including the National Apartment Association, Texas Apartment Association, Units Magazine, Multifamily Insiders, and more.

3. Reach Out to Past Customers

Lastly, take the time to reach out to customers, old and new, genuinely. The relationships you build will be at the core of your business. It’s as simple as that. People are willing to pay a higher price when they know they are getting good service. Therefore, good customer service leads to a higher lease!

Some of our best current clients are former clients from years ago that we kept in touch with over the years! While one customer might not have the budget, resources, or capabilities to become your customer right now, this could change in a year or two — so always keep that line of communication open.

Changing Your Multifamily Marketing Plan

Cold calling may decline, but plenty of strategies exist to increase sales and attract new customers. Remember, it doesn’t matter which multifamily marketing plan or strategy you use as long as you treat the customer with the utmost importance.

Building Lasting Partnerships: How Trust and Personal Connections Fuel Our Creative Success

Nowadays, everyone with a “Chief” in their title seems to have some magical key to becoming a great leader. It can be an officer from a Fortune 500 C-Suite, leaders of the state, or the latest self-help guru. However, leadership is not driven by the leader but by empowering their team to be leaders.

Criterion.B went from being a small “startup that could” to an agency for agencies, to focus on web development, to where we are today — a digital multifamily marketing agency. Throughout the evolution of Criterion.B, we realized that the people on our team helped lead the directional changes supporting the company’s business growth. 

As we look back proudly, we know that to continue the growth, we need to constantly surround and empower our multifamily marketing agency with future leaders who will drive our company culture.

What Drives Our Multifamily Marketing Agency’s Success

In 2016, Criterion.B found its voice. We love the space that we occupy, and we love our niche. Our team is driven by growing our client’s businesses and powered by the expertise to understand their markets. We bring awareness to their business and inspire and empower their customers. Criterion.B grows when our clients grow.

The question is, how do we accelerate this trajectory? To find the answer, we’ve taken a walk down memory lane. We’re here because of the phenomenal people who work at this multifamily marketing agency — those who sign online enthused to take Criterion.B to new heights. We’re also here because we work with some of the best clients.

6 Keys to Growth and Multifamily Marketing Agency Success

1. Embracing autonomy and empowering high performers.

Hire well and get out of their way! Sure, you can help set the strategy, but empower your high performers and let them do what they do best.

2. Creating needed transparency.

Managers should have an open-door policy — it creates needed transparency. Our team even has informal meetings and lunches to remove barriers and help the team develop professionally.

3. Maintaining a “people over profits” mentality.

We’ve had to turn down lucrative projects in the past (with consultation from the entire team) because of the stress it will cause and the creative freedom it would hinder. Criterion.B is an environment where creative problem solvers thrive and create beautiful work. Pressure is OK; stress is not.

4. Prioritizing work-life integration.

One of our core values at Criterion.B is balance, which includes work-life integration — an essential component for improved company culture. We are all adults; take a vacation as you need and get your work done. It is all about trust and empowerment.

5. Building and nurturing client relationships.

Trust leads to great work. Great work builds better relationships. After winning the pitch, we work to build and nurture a relationship with each of our clients. People work with people they like. 

What does this mean? We take our clients to lunch, dinner, happy hour, golf, etc. We send them handwritten notes and free Criterion.B t-shirts. We acknowledge their birthdays and life milestones. 

We live their brand (submerging ourselves in their product/service so we know how to sell it). We listen with open ears, ask the right questions, and always remember that communication is key to a successful partnership. We also manage expectations — never surprising our clients with unknown costs or hidden fees. 

In the end, the relationship you started will earn the trust of your clients. Over time, trust and relationships give our clients the confidence to let us try new advertising techniques or take on new creative work. Taking risks and trying new advertising methods will allow the brand to grow and flourish. And as the brand grows, our multifamily marketing agency grows with them!

6. Offering creative client solutions.

At the end of the day, we fight for what our clients want and deliver what our clients need. Creativity can truly make or break a brand. Our clients know their product/service better than we ever will, and they will have their own opinions on what their website and ads should look and sound like. It’s our job never to outweigh their opinions. We give them what they ask for but are always prepared to show them what they need.

Unleashing the Power of a Successful Multifamily Marketing Agency

We are excited to see what’s in store for our multifamily marketing agency and future company culture. We know where we want to be, and we know how we are going to get there. It’s our goal to use these “keys” to unlock and unleash the potential and power of the Criterion.B team.

New Urbanism: Bringing New Life to Urban Living

Trends come and go, but sometimes they turn into a lifestyle. Improved urban living and environmental efforts are rising, but will they last?

As an apartment marketing agency, Criterion.B’s expertise in multifamily marketing and real estate gives us great insight into what’s coming and phasing out. 

The New Urbanism movement is a trend that is rapidly gaining popularity. This urban planning philosophy seeks to create walkable, mixed-use communities that are sustainable, efficient, and livable. 

The trend inspires remarkable change in urban planning, sustainability, and multifamily development, providing an alternative to the traditional suburban living model. And it just might be here to stay.

What are this new-urban renewal plan’s challenges, benefits, and concerns?

The Background of New Urbanism

The movement has garnered new life since it gained momentum roughly 25 years ago. Before the late ’80s and early ’90s, the urban environment was typically avoided and crime-ridden; the suburbs remained the hub for retail, restaurants, and recreation. 

However, New Urbanism changed that by replacing negative city stigmas with fresh architecture, cleaner streets, and green initiatives. As a result, a renewed concept of urban living emerged. New Urbanism brought new life to the city, and Americans flocked to experience this lifestyle.

Benefits of New Urbanism in Multifamily Development

The New Urbanism trend attracts much interest from developers, investors, and homebuyers alike. One of the key benefits of this trend is that it creates a more walkable and livable environment. Residents can walk to work, shopping, dining, and entertainment destinations, reducing their reliance on cars and improving their quality of life.

In addition, New Urbanism encourages public transportation, making it easier for residents to get around without a car. This helps reduce traffic congestion and air pollution while also promoting sustainability.

Another benefit of New Urbanism is that it provides a mix of residential, commercial, and retail spaces within the same multifamily development. This creates a sense of community, making it easier for residents to interact with their neighbors and the surrounding environment.

Nowadays, it’s unsurprising for young professionals and active individuals to live in the city’s heart. Millennials, especially, are driving this movement (whether they know it or not). They clearly desire prime locations, luxurious amenities, and walkable neighborhoods. As a result, these requirements force urban multifamily properties to keep up and stand out. The millennial lifestyle exemplifies New Urbanism and stimulates the evolving urban revival.

A great example of New Urbanism in action is Klyde Warren Park. Take a busy, bustling city, and drop a giant patch of grass on top of an Interstate overpass. That’s the exact action Dallas City Planning took to revitalize the city streets. Stop by, and you’ll find a line of food trucks, yoga classes in the park, picnic blankets, a playground, and a band playing at sundown. Cities flourish when safety, community, and accessibility are at the forefront of planning.

Challenges in New Urbanism Multifamily Development

However, there are also challenges and concerns associated with New Urbanism. One of the biggest concerns is the cost. Developing New Urbanism communities can be more expensive than traditional suburban multifamily developments due to the need for infrastructure such as sidewalks, bike lanes, and public transportation.

Another challenge is that New Urbanism multifamily developments may not appeal to everyone. Some people prefer the traditional suburban living model and may not want to live in a more densely populated area.

In addition, there are concerns about the potential for increased traffic and parking issues in New Urbanism multifamily developments. While the trend encourages public transportation and walking, some residents may still need to drive, and there may not be enough parking spaces to accommodate all residents.

Will the Trend Last?

Despite these challenges, the trend toward New Urbanism in multifamily living will continue. The demand for walkable, sustainable, and livable communities is growing, and developers increasingly recognize the benefits of New Urbanism.

In addition, the trend toward New Urbanism aligns with the broader trend toward sustainability and environmentally conscious living. As more people become aware of the environmental impact of traditional suburban living, they seek alternative models that are more sustainable and efficient.

What will this living look like? Apartments that blend with the environment; smaller and more thoughtful multifamily projects; carless cities and larger sidewalks; community gardens integrated into multifamily properties; or even smart cities. New Urbanists are working towards building cities that revolve around maximizing space, community, sustainability, and efficiency.

Buildings will no longer be a monument to themselves but instead, to the city streets.

Shaping the Future of Apartment Living

Although the popularity of New Urbanism is widely accepted, “an enormous invisible structure” hinders its full overhaul. To the government, this reinvention of city living is breaking code after code. 

Local zoning codes restrict modernist design, form, and projects, ultimately restricting wider streets and increased walkability. However, there’s hope in progress; as this movement gains momentum, its impact will reach public officials and make a difference in urban life.

While there are challenges, the benefits of creating walkable, mixed-use communities are too significant to ignore. The trend toward New Urbanism in multifamily living is expected to continue, and it is poised to play a major role in shaping the future of apartment living.