Mike Ballard, partner at Ascent Multifamily Accounting, attended the Marcus & Millichap Multifamily Forum in Dallas, Texas in November, where he moderated a panel of industry leaders discussing operational strategies and tactics for navigating today’s challenging multifamily housing environment. The event brought together property managers, owners and experts to share insights on overcoming rising costs, tenant retention and operational efficiency.

Mike led a panel featuring Michael Bowman of ResidentRadius, Craig Lashley of Valiant Residential, Pamela McGlashen of Kenner Management, David Nargang of AOG Living and Kari Warren of Kairoi Residential. Together, the panelists represented over 90,000 units under management across diverse markets.

The discussion began with a focus on rising expenses and their impact on operations. Pamela emphasized the value of tenant retention through renewal methods to lower turnover costs, pointing out how taxes have caused significant problems. “It’s critical to have open conversations with vendors,” she said. “They often have innovative ideas for cost savings.” David and Kariagreed, adding that strong vendor partnerships can lead to more competitive pricing and shared solutions.

Tenant retention in the current price-sensitive climate was another significant issue. Pamela described how using AI-driven pricing strategies and limited rent hikes at 5% increased retention rates from 45% to 72%. She emphasized that, "Even a $20 increase can push tenants to leave," highlighting the significance of tailoring strategies for each property.

The panel furthered the discussion by speaking on the importance of staff retention and its relation to the profitability of real estate. While David discussed steps to simplify training and certifications to make employee’s tasks easier, Craig addressed the value of career pathways and training programs to help on-site staff. Pamela added that creating a positive, fun company culture goes a long way in retaining talent.

As the session progressed, Kari shared insights on enhancing resident experiences for premium properties. From hosting yoga classes to providing co-branded community events, small investments in resident satisfaction can justify higher rents and boost tenant loyalty.

The panel wrapped up by touching on the role of technology in centralization and outsourcing. Michael emphasized the importance of using technology carefully to streamline operations and reduce burdens on staff, while David shared how AI tools are freeing up managers to focus on resident relationships.

Mike closed the event by thanking the panelists and attendees for their participation, highlighting the importance of collaboration and innovation in the multifamily industry.

The Marcus & Millichap conference once again demonstrated the value of shared expertise in addressing today’s multifamily challenges, leaving attendees inspired and better equipped to navigate the current market.

The next Annual Middle-Market Multifamily Forum will take place in Coral Gables, Florida on March 19^th and the 20^th. For more information or to see the full agenda, visit www.imn.org.

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