Coastal Ridge Real Estate's Joe McDiffitt joins MHN’s Denile Doyle to share his integrated approach to property management across multiple asset types.
Managing student housing and traditional multifamily requires planning and adaptability. It also means thinking about how each segment can elevate the other.
Welcome back to Management Diaries, where we explore the latest trends, actionable strategies and expert insights to help you build thriving communities and improve your bottom line.
In this episode, Joe McDiffitt, Managing Director of Property Management at Coastal Ridge Real Estate, joins MHN’s Denile Doyle to share lessons from overseeing a diverse portfolio that includes student housing and traditional multifamily properties.
Operators need to have a strong framework, understand their residents and be responsive when things change, shares McDiffitt.
“People live where we work. It can be a messy concept, but also a beautiful concept.”
Managing multiple property types shouldn’t be siloed. Deploying resources where needed and being attentive to the leasing cycle of each property type can prevent teams from being overwhelmed and unprepared.
And despite key differences in these two markets, McDiffitt says they can still inform each other. Nuances aside, both portfolios can benefit from shared strategies and best practices.
Here are a few highlights from this episode:
- Key operational differences between student housing and traditional multifamily (4:40)
- How Coastal Ridge applies data from its multifamily portfolio, such as renewal conversion ratios, to improve student housing performance (8:19)
- Aligning the preleasing cycle with on-site teams to ensure smooth execution during peak periods (10:05)
- Where it makes sense to share resources across property types to improve efficiency (13:29)
- How relationships, mentorship and discipline can help you succeed in the industry (17:54)
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