How Real Estate developers can leverage Common’s platform to solve multifamily challenges
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For consumers, Common offers convenience, community, and well-designed apartments in excellent locations for an affordable price point. But the Common operational platform and its proven capabilities also provide a unique level of value to real estate developers and owners, and can help them solve a wide range of challenges — from property management to asset diversification. The Common platform utilizes technology, centralized operations, and a strong consumer brand to keep prospective and current residents aware and engaged throughout the entire Common lifecycle, resulting in higher resident satisfaction and better returns for partners across the board. Whether you’re building, about to open a new asset, or own an occupied building, we can help.
Challenges and solutions
The Challenge: Property Management
For an underperforming property, the biggest challenge is increasing performance without increasing costs. How do you see higher returns without implementing expensive amenities or drastically increasing rents?Our centralized leasing, operations, and member experience teams, combined with technology like Obligo and our Connect by Common app, creates a seamless and engaging member experience for a lower cost than traditional operators. Take, for example, our centralized system. This proprietary technology, built by an in-house engineering team, and workflow provides updates across multiple teams on members throughout their lifecycle at Common. Through one concise report, we’re able to tell how a member’s move went, if they’re enjoying the community, if they’ve had any maintenance requests, and if they’re likely to renew for another lease term. This same centralized system also allows our member support team to seamlessly communicate with our property services team, who can then stay up to date on any maintenance issues within a suite or building so they can be swiftly repaired. During a crisis, the increased cadence and transparency of communication has been key in keeping Common residents calm and happy.
The Challenge: Digital Marketing
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It's time to reimagine apartment living in Los Angeles. Our third L.A. coliving home, Common Elmwood, offers move-in ready units, awesome amenities (meditation room! roof-deck!), spacious closets, balconies, and plenty of parking, all in the heart of Larchmont Village. See more of the space with the link in our bio!
In a sea of available apartment listings, it’s difficult to make a property stand out, especially as consumers become wary of individual listings and start relying on brands or influencers to help make their purchasing decisions. While real estate has been slower than other industries to market itself like a consumer product, Common has created a powerful digital brand and marketing funnel that allows us to lease up new homes faster and more efficiently.Common consistently sees a higher number of applications (20,000/month) than traditional operators. We reach consumers where they are — social media and search engines — and employ innovative tactics to reach new audiences and educate our current followers on Common’s product. If a lead doesn’t convert for a particular home, they’re added to a city-wide database that can then be leveraged for future homes or leases. When you enlist Common as your property manager, these leads will be made aware of your building through all of Common’s funnels.
The Challenge: Product Differentiation
Diversification can be a challenge for owners who are experts in leasing and managing one unit type, but aren’t sure how to approach upcoming, popular models like coliving and micro-units. How do you manage an apartment of 2-3 people, each responsible for their own share of rent? How do you build community in a city where people live alone or are busy with work and life? Common can help. We’re the experts in managing a wide range of asset types, from traditional 1 and 2 bedrooms to apartments designed for family living through our housing brand, Kin — all with Common’s signature property management and technology. With Noah, the latest addition to the Common housing platform, we’re able to work with developers to increase returns and improve the quality of life at workforce housing developments. By working with Common as a property manager for an entire building, you can diversify the demographics your building is targeting, from working adults who are new to the city, to established professionals looking for their own place, and even families looking to find a comfortable home without moving to the suburbs.
Work with Common
If you’re interested in working with Common on a project, no matter what stage you’re in, get in touch with us on our website. To learn more about how Common works with developers, and insights into the future of property management, sign up for our newsletter. And for the latest Common news, follow us on LinkedIn.