In the past, waiting a week to see if you qualified for an apartment was part of the territory for an applicant. But so was the inability to track the progress of a package shipment, or the need to wait for the rerun of your favorite show if you missed the original broadcast.
Prospects are much less patient in an instant-gratification world, and they should be given the abundance of digital tools designed to expedite these types of processes. The quicker an applicant can be verified the better—but the accelerated timeline shouldn’t come at the expense of an accurate and thorough review.
In addition to the fast-but-not-reckless approach, apartment operators have had to consider a handful of additional variables in the ever-evolving applicant verification process: continue
Tired of looking at the same old screens? Entrata to the rescue!
Follow @EntrataSoftware on social media (or check back here each week) for a fresh new look. You can download a new wallpaper designs for your phone, tablet, or computer each Wednesday. continue
Does it feel like your phone is ringing more than usual? Like it’s getting harder to keep up with new calls, much less return every call awaiting a response? You’re not imagining things. In the last six months, Entrata has recorded a year-over-year increase of calls to properties of anywhere from 11% to a whopping 21%. It’s not just people looking for new homes, you’re also getting more resident calls.
Add this increased call volume to the safety measures that have fewer team members in the office, and it’s easy to see why so many communities are feeling overwhelmed and reaching out for a little help. Call Centers are having a moment as they step in to provide a necessary service to properties, residents, and prospective renters alike. But it’s not as simple as making sure calls are picked up. continue
Remote communication has become the new norm, and by now, everyone is used to it. But that doesn’t mean everyone in the industry has perfected the art.
More than ever, effective communication platforms are a must as apartment communities continue to work with smaller onsite teams while striving to maintain service levels. While tech can certainly help to stay connected with residents, a few grassroots concepts are helping teams, as well.
Naturally, email is an effective starting point, as 68% of young renters prefer this communication method. But delving below the surface, here are some key tactics—both of the tech and non-tech variety—that can boost communication efficiency levels: continue
It seems that there are two types of people as we flip the calendar to a new year—those who are eager to put 2020 behind them and those who are fibbing when they say they aren’t.
While the first week of the year makes clear that a January 1 wasn’t an automatic reset, we’re among those who believe that 2021 has the potential to be an outstanding year, for both the apartment industry and the world in general. continue
Amid All the Chaos, 2020 Offered Suprising Positives
Typically, these types of year-end recaps feature a cheery look back at significant milestones and benchmarks in the industry. Seeing that “cheery” will seldom be an adjective associated with 2020, some may wonder why we didn’t entirely skip this piece.
But although 2020 was a trying time for virtually everyone, it was not without positives. The multifamily industry deftly adjusted to the bevy of newfound challenges by finding ways to connect with residents and prospects in a socially distant environment. Many associates went above and beyond to assist those facing unprecedented circumstances and the words virtual, Zoom and contactless became a regular part of the industry’s vernacular.
All the while, the resilient apartment sector managed to avoid widespread disaster and continued to prime itself for a promising post-pandemic future. Here’s a look at some of the encouraging developments in an otherwise chaotic 2020: continue
Virtually everyone has experienced an environment where morale is low. Whether you experience it at the workplace, on an athletic team, at school or any other type of group, odds are you remember the experience very well—because it can be draining.
When culture turns sour, productivity becomes an uphill battle. In addition to trying to conquer a task, team members have to weave through discontent and preconceived notions that can stunt their progress.
That’s why positive company culture is so important. continue
The associates who comprise the IT team are among the most astute in your organization. But despite their tech-savvy skill set and problem-solving abilities—IT stands for information technology, after all—these teams are no different than others in that they require training to function at a high level.
While a high-functioning IT team often performs training for other groups within the organization, such as educating employees about software systems, training resources for IT itself cannot be neglected. In short, effective training for IT teams hinges around process as much as education.
Here are a few concepts to consider when incorporating IT teams into the greater operations process: continue
Pricing can be an obscure concept. There is no absolute right or wrong rate, necessarily, but problems can arise if you’re too far off in either direction.
While many variables factor in as to how apartment communities arrive at their rates, 2020 has introduced another in the form of the pandemic. The effects have meant different things to different markets, which adds another dynamic when attempting to accurately price units.
“Even in a tough year, we’re seeing solid results for our Entrata Pricing clients, over 2 percent lease trade-out increase year-to-date,” said Entrata Pricing product manager Matt Schultz. “This is a testament to the value and discipline that pricing software adds for our partners.”
With so many moving parts to consider, relying on guesswork or gut feelings generally fails to serve as a solid strategy. And with pricing as the primary component of NOI, it’s monumentally important to arrive at rates that strike the balance of making sense for the community while not alienating potential renters. continue
Be excellent to each other. It’s one of Entrata’s key values, and perhaps the most pertinent during the current climate.
“2020 has shown us so many examples of humans not being excellent,” said Chase Harrington, president and chief operating officer of Entrata. “But we’ve also seen some of the best in humanity.”
Throughout the Entrata Connect four-episode series, the company highlighted many of those who went above and beyond during an unprecedented 2020.
Here are their stories: continue