New and Notable
custom divider image

Return To Blog

Acting on the Multifamily Boom: How to Expand in New Areas

|

The Inner Workings of a Successful Multifamily Resident Event

By John Carlson
 

The multifamily housing industry continues to face a boom in business - there is an insatiable demand for versatile housing. While macroeconomic trends point to a cooling off in the market, rental rates remain strong and the growing need for multifamily housing will persist.

Renters are looking for places they are proud to call home in desirable areas, such as the Southwest. According to BISNOW, “Phoenix continues to be among the top spots for multifamily investing among major U.S. metropolitan areas.” The Southwest industry has a unique opportunity to act on this influx of residents amid today’s housing shortage.

How do we capitalize on the boom? Channeling our passion to elevate traditional apartment living and applying it in areas that are gaining momentum allows us to position ourselves within the market. As a seasoned multifamily housing organization in Arizona and Nevada, Mark-Taylor is focusing on the following touchpoints to drive our success as we expand further across the Southwest.
 

Building Your Network

Local government leaders, business partners, architects, contractors, and stakeholders are a few of the many groups that make up a diverse, professional network. In any new business venture, it is imperative to have a circle of qualified connections who share similar values.

Taking the time to build a strong network will ultimately pave the way for the development of trusted, long-term partnerships. Valued business relationships have the power to elevate reach for future projects, streamline solutions, as well as create brand credibility for your organization.
 

Research Your Audience

Expanding business to new areas equates to new audiences.

A significant step in driving results is researching and appealing to your audience. Create a consumer profile, complete with demographics, lifestyles, interests, and communication preferences – this will be a critical reference to influence decision making. Completing this exercise will ensure that the development of any product and its features will be valuable to the consumer.


Success Starts with Engaged Employees

 

A multifamily community can be luxurious, stylish and ideally located, however, the true key to continued success is creating an exceptional living experience. Cultivating an engaged, people-focused management team is the best way to shape a great community living experience.

Providing a motivating work environment inclusive of career growth and development, as well as supporting your management team with robust resources, work together to create an engaging employee experience. Positivity and empowerment have a domino effect - engaged employees foster a welcoming community, and a welcoming community leads to satisfied residents.

 

Abide by Quality, Not Quantity

The overall quality of a community speaks volumes. Today, it may be easy to assume that renters and buyers are desperate to settle on a home; there is an ever-growing demand that continues to outpace supply. This could tempt organizations to expand irresponsibly. However, quantity should never supersede the quality of the community and the overall experience residents seek in a home.

When quality is consistently high in the construction of the community, the service delivered and even the small, thoughtful details of the day-to-day living experience, there is a lasting impression on the resident. Instead of feeling like a dollar sign, residents know they are a part of an organization’s dedication to creating a positive impact in the industry.

 

Stay Loyal to Your Values


Exploring business in new areas can naturally induce excitement and pressure. Despite a long list of variables, it is important to stay true to the foundations and values established as an organization. Cutting corners or going against the grain in a way that would compromise promises made to residents can put a damper on how your organization is received in the future. Instead, showcase loyalty, encouraging tremendous internal and external growth.

By acting on each of these areas of opportunity, not only are you creating homes that exceed renters’ expectations, but you are also making a memorable mark in a highly competitive space, the multifamily housing boom.

 

About the Author

John Carlson, President, Mark-Taylor

John Carlson is the President of the Mark-Taylor Companies. He provides strategic direction and oversight for Mark-Taylor’s corporate departments and operations at 70+ luxury multifamily housing communities across Arizona and Nevada. Carlson cultivates a people-focused company culture, while embracing data-driven innovation to keep Mark-Taylor at the forefront of the industry.

Blog Categories