Welcome to the second half of our two-part series exploring US cities and how renter migration patterns have changed. In just under two years, a handful of lifestyle and economic shifts created a new-found sense of urgency among renters. But even before the pandemic, certain metros saw a rise in populations, leading to a surge in rent costs that pushed many renters out to less expensive cities where the cost of living was lower. On top of that, when remote work became the new normal for some types of jobs during the pandemic, an influx of renters in expensive cities like New York, Los Angeles and San Francisco started seeking out more affordable areas, such as the Sun Belt states. Today on The Top Floor we discuss some of those Sun Belt cities, including Dallas-Fort Worth, Miami and Atlanta, to discover trends influencing renter’s new living situations, and what property managers can do to respond to evolving renter preferences and become more competitive.Resources:High renter satisfaction, low Net Promoter Score: How U.S. renters perceive their property managers (https://info.appfolio.com/APM-CD-ASSET-MetroMotivationsNational_2021_etb_content_download_form_lp.html)Sun Belt real estate: Stats and trends for 2022 (https://learn.roofstock.com/blog/sun-belt-real-estate)Census 2020: First results show near historically low population growth and a first-ever congressional seat loss for California (https://www.brookings.edu/research/census-2020-data-release/)

Change is often slow and subtle. But every so often an event takes place that accelerates existing trends, causing more dramatic and widespread change. In recent years, soaring rents have been driving many urban renters toward nearby suburbs or more-affordable cities. But then, several factors, including COVID-19 and the related economic changes, created a new-found sense of urgency among renters, and sped up this movement in some areas. While what we’ve summarized here is the most visible, recent shift within real estate, it’s just one detail of a larger, more diverse story. And over the next two episodes, we’re aiming to create a more complete narrative. Today on The Top Floor, we kick off our two-part series, “A Tale of Two Types of Cities,” which explores population exchanges between US metropolitan areas. Our series begins on the West Coast.Resources:* AppFolio Survey: High renter satisfaction, low Net Promoter Score: How U.S. renters perceive their property managers (https://info.appfolio.com/APM-CD-ASSET-MetroMotivationsNational_2021_etb_content_download_form_lp.html)* "Has the Golden State lost its luster? California population shrinks for the first time ever" (Los Angeles Times) (https://www.latimes.com/california/story/2021-05-08/california-lost-population-in-2020-for-the-first-time-in-history-does-it-matter)* Atlas Van Lines annual Migrations Patterns Study (https://www.atlasvanlines.com/resources/amplifier/household-moving/2020-migration-patterns)

Today on The Top Floor, we’re diving into what appears to be the most pressing issue facing property managers: HR, Staffing, and Recruitment. A recent National Apartment Association (NAA) report, sponsored by AppFolio, surveyed property managers about the most significant challenges they face. The report provided new insights into the extent to which staffing and turnover concerns have affected the rental housing industry. Of all survey respondents, 74% said human resources, staffing and recruitment were among their top-three challenges, with 50% of those respondents identifying those issues as their primary challenges. Focusing on the NAA research, we dive into the rental housing industry’s pain points and how the industry is tackling these challenges on the ground.

Communication has always been key in the association management industry. However, in today’s digital world, instant communication is no longer a ‘nice to have,’ but an absolute necessity. We all are accustomed to having immediate answers and information at our fingertips — and homeowners and board members expect the same experience from their community association. Due to these changing expectations, association management businesses have had to pivot their communication strategies in order to keep their homeowners and board members informed and satisfied. From community updates to board financials — everything has had to transition from traditional to mobile modes of communication. While it may have been challenging initially, today these strategies have paved the way for stronger, more connected communities. In this episode on The Top Floor, we explore the role communication plays in association management and customer relationships, and how businesses are working to streamline their processes to increase transparency, satisfaction, and efficiency. Throughout the episode you’ll hear from various association management companies, who will share how they have successfully boosted communication within their associations, along with an AppFolio product expert, who will talk about the emerging technologies your business can take advantage of today to strengthen your communications.

When’s the last time you audited the maintenance processes at your property management company? Outside of a list of preferred contractors, there may not even be a process, which can have real consequences on a company’s net operating income, as maintenance costs can be some of the most difficult to control. To serve resident’s needs and protect property assets, proper maintenance means regularly incurring hard costs, including people, time and materials. But it can be difficult for growing teams to accurately anticipate these costs and take the steps needed to streamline where possible. Without a process or thoughtful planning, how would your team know if they’re overpaying on parts and labor to replace a leaky faucet? Or how well they’re satisfying service requests? Today on The Top Floor, we’re investigating the relationship between maintenance costs and NOI.

Single-family rentals, also known as SFRs, are a hot market right now. And while SFRs aren’t a new commodity, seizing upon this market requires property management companies to respond to very recent trends and technology, as scaling up a portfolio with more and more SFRs can challenge even the most seasoned property managers. Chief among these aforementioned trends are those set in motion by the recent pandemic, which spurred an exodus of renters from urban centers into the outlying suburbs, where affordable, spacious SFRs are more common. Responding to demand, we’re seeing a greater number of property managers add SFRs to their portfolios. However this opportunity doesn’t come without challenges. Compared to multifamily properties, for example, SFRs tend to be geographically dispersed and managed by a single owner and manager. Additionally, maintenance can be more difficult since every home comes with different appliances and needs. These factors and more create conditions that require an exponential investment of resources: time, energy, and people. But this doesn’t have to be the case. Developing alongside the rapid growth of the SFR market are new advancements in property management technology , which close geographical gaps and greatly reduce time spent on repetitive tasks. In this episode of The Top Floor, we discuss everything you need to know about SFRs: what’s heating up the market and how you can successfully join without getting burned. Scott Abernathy is the President at Property Management Inc. and PMI Professionals. He received his real estate license in 1994. In 2006, he joined NARPM, where he served as the vendor chairman of the Nashville chapter before becoming the chapter president in 2010. Scott is also a member of the National Government Affairs Committee, where he served as the chairman for two years. He was later elected the Atlantic Regional Vice President, before becoming Treasurer and finally National President. Brad Larsen is the owner of RentWerx Property Management, which is based in San Antonio, Texas, and manages roughly 900 single-family homes with over 750 owners. Brad is also the host of the podcast, Property Management Mastermind Show, which contributed to the creation of the Property Management Mastermind Conference. Bob Preston is the president and CEO at North County Property Group, which was founded roughly two decades ago and has offices in San Diego County, California. NCPG primarily focuses on high-end properties. Bob is also actively involved in NARPM, where he is a Master Property Manager. He has served as the president of the California chapter and remains involved as a mentor and advisor for the chapter, as well as a board member of California NARPM.

Recent factors have sped up the adoption of smart home systems across many different types of real estate portfolios. Aiming to appeal to tech-savvy residents, developers deploy these systems to deliver greater value to prospects. Join us on The Top Floor to learn how smart devices are facilitating human-centered change.

We’ve recently witnessed industry wide changes that point towards a new way of working that demands a more human-centered approach to leadership. Among other shifts, leaders are expected to:* Recognize and understand differences of how peers, coworkers, investor and property owners communicate* Priorities that motivate them* How they get their work done* And building a company culture that creates space and freedom for thisToday, leadership isn’t simply a top-down process that serves managers, executives and is narrowly focused on business numbers and outcomes. Today’s leaders are also focused on building a strong and resilient company culture, creating space for their team members to learn and grow, and architecting the flow of information and work processes to create time and space for what matters most.Recent upheavals within real estate markets across the nation have also shifted resident, owner and investor expectations of property management companies. Leaders, for their part, must adapt to these changes and listen to those they serve — including clients and their teams — more closely and carefully than ever before.On the Season 2 premier of The Top Floor podcast, we explore how to develop these leadership skills and discuss where technology fits in. When done right, technology gives people their time back, so they can focus on what matters most — ultimately empowering them to work more efficiently and develop new skills and talents.

Here on The Top Floor, we’re witnessing rapid change within property management, community association and real estate investment spaces. Despite these changes, leaders in real estate remain focused on what's most important: empowering their teams to do their best work, better serving their customers and communities, and exploring new technology. Welcome to The Top Floor, Season 2. With help from thought leaders and change-makers in real estate, we continue our narrative journey to bring you insider knowledge at the height of industry disruption.

Even at a time when companies generate more data than ever, many property management companies struggle to access the data and insights they need to make better-informed decisions. In this episode of The Top Floor, we’re exploring data-driven decision making within the multifamily property management segment: including why these decisions matter, tips to get good data, and common pitfalls to avoid. We delve into how technology solutions can create a single source of truth, allowing teams to act quickly and confidently. We speak with AppFolio’s Sr. Product Manager Jake Schlingman, and the Principal of D2 Demand Solutions, Dom Beveridge, to uncover: * Why timely access to insights is so important * What KPIs multi-family operators should focus on * Downsides of analyzing the wrong KPIs * And so much more.