I recently had the pleasure of viewing a number of suites and residences attached to hotels and hotel operations. Some of the hotels are renting out the apartments on long term basis alongside serviced lets in conjunction with their hotel operations. An interesting delivery and concept and one that has a lot to teach regular residential property management. The narrow approaches of looking at build to rent management in traditional ways provides a straitjacket that neither serves the renter nor provides the best returns.
I have long believed the approach that is needed moves away from having property managers. To achieve the best returns there needs to be radicalisation and revolution in approach. There are two ways to improve returns, drive income up and drive expenditure down. All the time trying to deliver the best service experience. These are not incompatible and one only has to look at the wealth of companies approaching their business sector with innovation and seeking a place in the WE culture.
A hotel operation will start looking at the experience and the service delivery as the start point. The operations are the driver and the operations are the main focus. Everything is driving towards the delivery and performance of the operation. It starts with the end in effect.
So perhaps some of the multifamily operators ought to look to the end game and build backwards to planning and design to meet that need. Some of the established brands have gleaned this and some are moving this way. But perhaps we should embrace the wider market to work smarter not necessarily harder.
Roger Southam, Multifamily Innovator & Advisor