Controlling Costs: How to Solve for the Industry’s Top Challenge in 2022

What are the top challenges facing property management companies today? In 2021, AppFolio partnered with National Apartment Association (NAA) to learn about the top challenges facing property management companies. Now, in 2022, a new set of challenges have emerged for property managers, including record inflation rates, increasing wages, and rising costs due to global supply chain distribution issues. So it’s no surprise that in the second edition of the Property Management Industry Pulse, we found that reducing and controlling costs is one of the top challenges facing property management companies. In this episode of The Top Floor, we sit down with Stacy Holden, Senior Director and Industry Principal at AppFolio, to see how property managers can dial up their operational efficiency by reducing and controlling costs. We also explore how they can lay the groundwork for more effective budgeting and spending in the future. Key Points: ● What the 2022 Property Management Industry Pulse revealed ● Why “operational efficiency” is one of the top challenges ● Why controlling costs is so difficult in 2022 ● How reducing costs affects residents ● How property management companies can keep costs low ● Areas property managers shouldn't reduce spending on ● How to use technology to control costs ● Ways property managers can control spending long term ● The ideal state of property management in 2022 ● How to choose which tasks should be automated Key Links: ● Maximizing Efficiency: A Data-Driven Look at What’s Holding Property Management Businesses Back: https://www.appfolio.com/blog/2022-top-property-management-challenges/ ● 2022 Property Management Industry Pulse report: https://info.appfolio.com/APM-CD-ASSET-TopChallengesIntegrationsResearch_etb_content_download_form_lp.html ● Connect with Stacy on LinkedIn #TheTopFloorPodcast #propertymanagement #property ✅ Find out more head to: https://www.appfolio.com/the-top-floor 🔴 Subscribe for more content on YouTube: https://www.youtube.com/user/appfolio?sub_confirmation=1 Follow us on Social: Instagram: https://www.instagram.com/appfolio/ Facebook: https://www.facebook.com/AppFolio/ LinkedIn: https://www.linkedin.com/company/appfolio-inc/ Twitter: https://twitter.com/AppFolio 🎧 Check out our podcast – The Top Floor is on all the podcasting apps, including Apple Podcasts, Spotify, Amazon Music, Stitcher, and more.