RPM Chief Economist on Apartment Tour Activity Spike
RPM Living’s Chief Economist Brad Dillman recently spoke with Patrick Sisson for an article in Bisnow where he highlights a spike in apartment tour activity amidst last week’s interest rate cut.
RPM Living’s Chief Economist Brad Dillman recently spoke with Patrick Sisson for an article in Bisnow where he highlights a spike in apartment tour activity amidst last week’s interest rate cut.
Our on-site and corporate facilities teams play a critical role when it comes to severe weather – before, during and after a storm. Every summer, the focus is on hurricane preparedness in many markets (the Atlantic hurricane season is June through November). Last month, a shift in the path of Hurricane Beryl changed the hurricane’s course to a direct hit on the Houston metro area - and our teams were on top of it.
“Preparation is extremely important when getting ready for a natural disaster,” says VP of Facilities Cerwin Thompson. “We start with a pre-hurricane call in May to go over hurricane preparedness – ensuring our protocols are fresh in everyone’s minds. Messaging is shared with our residents to create awareness around hurricane preparedness and what they can do to help our communities be ready. Once we know of an impending hurricane, the prep gets even more active as our teams start boarding up and securing the community, putting items away that could be a hazard and procuring necessary supplies to have on hand for the aftermath. Through it all, constant communication between our teams and residents is critical.”
Maricella Nolasco, Community Manager at Heights 2121, echoed the importance of communication and storm prep. “Once we learned of the hurricane’s trajectory, we immediately sent messages out to our residents to inform them of the shifting path of the storm and asked them to prepare for storm damage on the property. Our maintenance teams pulled in everything that could fly away, including pool furniture and lounge chairs. Our entire team was ready.”
Heights 2121 has dealt with its share of storm damage in recent months. During a thunderstorm in May, a small tornado destroyed 300 of 400 carports at the property.
For both the May tornado and Hurricane Beryl, Maricella attributes the fast action and hard work of her facilities team to help get the property cleaned up and functioning after the storms. Just one week after Hurricane Beryl, the office team was working with residents who had damage to their vehicles due to crushed carports, falling tree limbs and falling brick siding.
Just a few minutes’ drive from Heights 2121, Timbergrove Station had a similar experience with Hurricane Beryl. “We knew the storm changed direction and was coming right at us,” said Community Manager Julia King. “We sent our residents multiple messages throughout the day, keeping them up-to-date on developments.”
“It is crucial to keep in constant communication,” re-emphasized Thompson. “Everyone is looking for information and we, as a company, must provide it in real time through email, text, phone calls and even old-school flyers. This all starts after hurricane warnings are issued and lasts until we are back to normal post-hurricane.”
Timbergrove Station experienced minor siding damage, a few fallen trees and fence, and roof leaks on the top floor of the four-story midrise during the storm. “We’re thankful to our Service Manager, Enrique, and his team for their quick action to mitigate any further damage to the apartments and property,” King said.
Further southwest, The Park at Tivoli was also dealing with roof leaks, a downed fence and tree damage following the hurricane. Ty White, the property’s Community Manager who also lives on-site, said he stayed in his apartment when the hurricane came right over the top of the property. “The winds howled so loud. I also heard the local city alarms sounding. It was intense,” White recalled. Fortunately, the community of 250 townhomes had no major damage to the buildings, units or vehicles.
Overall, the RPM Houston team did exactly what they were supposed to – preparing early, preventing what damage they could once the storm path shifted and, ultimately, protecting the properties and residents (and themselves). Thompson said it best: “Severe storms are unpredictable, but our response is consistent and quick. Couple that with steady communication and resilient associates, and you have the recipe for successfully managing through a crisis.”
Our Chief Economist Brad Dillman appeared Thursday on The Schwab Network where he and host Nicole Petallides talked about interest rates, the latest housing market dynamics and the rent-versus-buy equation.
Click here to watch the full interview, Schwab Network
We’re peachy keen about this news! Atlanta Business Chronicle has recognized RPM as the 8th Largest Apartment Manager in Atlanta. Our Atlanta team has worked hard to build our steady growth and we’re proud to be climbing the ranks!
Shanna Berrien, Senior Vice President of Insurance & Risk Management and Cerwin Thompson, Vice President of Facilities stated that part of RPM's planning for extreme weather "...involves putting more boots on the ground."
Read More: Get Ready for More Climate-Related Storms, MHN
Brad Dillman met with Commercial Observer’s Brian Pascus to discuss the impending multifamily supply cliff in the post-2025 CRE landscape, the uptick in multifamily distress and how the distress is impacting CLO securities.
Read More: Overbuilding in Multifamily Today Means a Lack of New Units Tomorrow, Commercial Observer
RPM Living has grown remarkably in the multifamily industry, recently rising to the third-largest apartment manager on NMHC's Top 50 List. Much of this success stems from a client-centric and back-to-basics approach in selling and operating, according to Max Reinbach III, President of Client Services, and Quinn Powell, EVP of Client Services. In the latest podcast episode of Mic'd Up with RPM, learn how this methodology contributes to the team's success and RPM's overall growth.
Listen or watch Mic’d Up with RPM now on YouTube and Spotify.
In response to moderator Tony Sousa’s opening questions, Reinbach called attention to the fact that RPM Regional Managers, who are the frontline contacts with clients, oversee only a maximum of five properties each, which is significantly fewer than the industry average. This formula allows RPM to provide exceptional and consistent service to clients and time to maintain strong relationships with them.
“Business development may get the deal, Operations keeps it through performance, whether that is market-driven, people-driven, whatever it is,” Reinbach offered.
Another important aspect of the back-to-basics approach is building strong, long-term partnerships with property owners and investors. Transparent communication ensures that clients are informed and involved in the decision-making processes about their properties.
“If you're not continuing to keep people informed or doing what you're saying you're going to do, [you will] lose credit,” Reinbach said. “...Whatever we set out to do, we might do it right or wrong. But if we're communicating along the way, I think that makes a better partnership.”
Another tactic mentioned by the Client Services leaders includes visiting clients at their location, which creates an opportunity to get to know each other in person while talking about topics other than strictly business.
Powell supported this as she added, “They know they can always call me…to solve the issue and make sure their [preferences are] heard.” Clients have trust in the company, and they know they can count on RPM.
One topic of conversation among the leaders was how they continue to stay motivated and deliver stellar results. "My why [is that] I get to lead this team,” Powell stated. “They inspire me and teach me just as much, if not more." Drawing inspiration from the team also motivates them to engage further.
RPM reinvests its profits back into the company each year, improving systems and programs that benefit clients and associates. This strategy gives an advantage to the property owner and promotes career growth internally, while also bringing a seamless living experience to residents.
RPM continues to set the standard in property management through its innovative practices, strong client partnerships and commitment to associate well-being. Property owners, developers and investors seeking to maximize their returns and maximizing their property value can look to RPM as a trusted partner. With a proven track record of success and a forward-thinking mindset, RPM Living stands out as the clear choice.
About RPM Living: RPM Living is a leading multifamily management company renowned for its innovative approach to real estate services. With a steadfast commitment to client satisfaction and a focus on personalized solutions, RPM Living has emerged as a trailblazer in the industry. Headquartered in Austin, Texas, the firm's national portfolio spans over 50 markets, managing more than 200,000 units and boasting an owned portfolio of $3 billion. Founded in 2002 by Jason Berkowitz, RPM Living continues to uphold its core values of integrity, excellence, and exceptional service.
For more information about RPM Living and its national portfolio, visit RPMLiving.com. Stay updated with the latest news and insights by visiting RPMLiving.com/blog. Listen or watch the third episode of Mic’d Up with RPM now on YouTube and Spotify.
Brad Dillman, RPM Living Chief Economist and Krista Mashore discuss the fall of U.S. existing home sales. Looking at the state of the U.S. housing market, Dillman highlights that the number of homes listed for sale is up to 787k, the highest since summer 2020.
Read more: Number of Homes for Sale is the Highest Since 2020 Schwab Network's Trading 360
Proudly managed by RPM Living, The Bergen is bringing a new type of living experience to the Valley. Check out the recent article by Phoenix Business Journal’s Angela Gonzales to discover everything this community has to offer.
Read more: Phoenix Business Journal