Centralization, AI adoption, and technology acquisition are among the major stories in the 2024 edition of 20for20. Dom Beveridge of 20for20 includes Todd Mikelonis, Managing Director of CHARLESGATE, as a contributor to the piece, and here’s what he had to say:
For years, multifamily property leasing has been tethered to outdated methodologies. Entrenched practices like rigid site-specific roles for leasing agents and the reliance on traditional Full-Time Equivalent (FTE) staffing models have failed to keep pace with the evolving demands of the market, leaving property owners, managers, and residents underserved. At CHARLESGATE, we saw an opportunity to do things differently. Our Pod Model, coupled with an innovative on-demand leasing strategy, is rewriting the rules of multifamily leasing.
CHARLESGATE's Pod Model is built to address the inefficiencies that plague traditional leasing operations. Unlike the static, property-bound leasing structures of the past, our system empowers seasoned sales professionals to move dynamically across our portfolio. This agile approach ensures that we meet market demands in real-time, offering a level of responsiveness and productivity rarely seen in the industry.
This model represents a significant upgrade not only for property owners but also for leasing professionals. By transitioning entry-level leasing positions into career-oriented roles filled by top-tier talent, we’ve created an environment where the best professionals thrive. It’s a system that fosters both personal and professional growth, raising the bar for what leasing teams can achieve.
One of the most tangible benefits for property owners and investors is the reimagined cost structure our Pod Model provides. Traditional FTE staffing models often lock owners into high fixed costs that may not align with their property’s current needs. Our cost-per-lease structure flips the script, offering financial flexibility and directing resources where they are needed most. This approach ensures optimal resource allocation and enhances property stabilization, ultimately driving better outcomes for owners, residents, and investors alike.
At the core of our approach is an on-demand leasing strategy that further elevates property management. This system leverages data-driven insights to allocate experienced leasing professionals precisely when and where they are needed. Whether it’s addressing sudden spikes in demand or supporting underperforming properties, this strategy ensures that no opportunity is missed. For residents, this translates into a seamless leasing experience with professionals who are knowledgeable and highly skilled. For owners, it means improved occupancy rates and streamlined operations.
While the Pod Model is a forward-thinking solution, it stands firmly on the shoulders of traditional property management frameworks. By blending the best elements of centralized and decentralized approaches, CHARLESGATE has developed a system that respects its roots while paving the way for the future. This hybrid approach allows us to scale effectively, moving from mid-market 50+-unit properties to larger 150+-unit properties without compromising the quality of service.
The process of scaling the Pod Model wasn’t without its challenges. It required a mindset of constant learning and incremental improvement—values we hold dear. By striving to be 1% better every day, we’ve honed a model that is not only effective but also adaptable to a wide range of property management scenarios.
The success of our Pod Model is a testament to the incredible talent and dedication of our internal teams, site staff, and leasing professionals. Together, we’ve created a system that not only meets but exceeds the expectations of property owners, investors, and residents.
Looking ahead, we’re eager to bring this approach to more markets, setting a new standard for property management across the industry. The lessons we’ve learned and the successes we’ve achieved serve as a blueprint for addressing the biggest challenges in multifamily property management today.
The world of property leasing is undergoing a transformation, and at CHARLESGATE we’re proud to lead the charge. By breaking away from the constraints of tradition and embracing innovation, we’re proving that it’s possible to deliver exceptional results for owners, empower leasing professionals, and create thriving communities. The climb to reimagine property leasing wasn’t easy, but the view from the top makes every step worth it.