The apartment world is only scratching the surface with regard to the possibilities of artificial intelligence. Marketing technologies such as automation are a bit further along in the multifamily spectrum, but there is plenty of room for growth there, as well.
The possibilities become exponentially greater when AI and martech are used in tandem.
To say that the multifamily industry is catching up to the technology curve at an accelerated rate might be an understatement. It is now possible to take leasing tours through VR, conduct self-guided tours, communicate with team members and residents instantly and control apartment features from a smartphone app. Rental payments have also evolved from dropping checks off at a leasing office to electronic payments.
Delivering a Next-Level User Experience that Boosts NOI
What’s intuitive to one might not be intuitive to another. Because every technology user is different, it’s nearly impossible to create a purely intuitive experience for everyone alike.
Until now, that is. Artificial intelligence is poised to make it happen.
The possibilities are nearly infinite when integrating a resident’s smart-home devices with a community’s resident portal. New AI technologies can analyze and adjust to the behavior of the individual and customize their individual experience. This results in happy residents, increased renewal rates and a stronger NOI for the community.
continueWith widespread concern over the COVID-19 (coronavirus) outbreak, Entrata’s focus is on keeping our team members safe while maintaining service without disruptions to our partners and clients. We have watched closely as the situation has evolved, and I’d like to update you on the steps we’re taking.
The one-size-fits-all approach might work with headbands and wooly hats. But in the multifamily industry, there are very few cookie-cutter solutions.
A key component to creating a user-friendly experience, for both prospects and existing residents, is to develop catered solutions based on the type of resident you’re aiming to attract. Yet many multifamily operators go about their student-housing practices in the same manner as their conventional processes.
While the vast differences in student leasing seasons must first be considered, catering to student residents is more than just understanding their unique leasing timelines.
Here are some additional components student-housing operators should consider to cater to the student experience:
continueApartment operators have pricing structures for conventional homes down to a fine-tuned science.
For the student-housing sector, well … not so much.
On the conventional side, virtually every price-related contingency plan has been created and successfully implemented. The industry has a deft understanding of when to raise and reduce rental rates, adjust for seasonal factors and modify strategies in order to reach occupancy goals.
Student housing is an entirely different entity, however. Most revenue management software was built for the conventional sector, meaning student-housing operators often utilize a system not tailored to their needs. It can be like attempting to put together pieces from separate puzzles.
While recent tech innovations are steering toward solutions to solve the disconnect between student housing and pricing, here’s a look at the challenging factors that surround the issue—and ways they can be conquered.
You are invited to enter for a chance to win one of eight (8) prizes during Entrata’s 2020 Base Camp, from March 5, 2020 through March 6, 2020 (the “Contest”). Participants will be able to earn raffle tickets (herein after “Entries”) by the following:
● One entry per session will be given to Participants attending a breakout session; with the possibility to earn an extra ticket in the session at the Entrata trainer’s sole discretion;
● one entry will be given to a Participant by scheduling an appointment at the User Lab & User Experience HQ;
● one entry (not to exceed three entries in total) will be given by showing a designated Entrata employee at the Registration Desk the following:
o a qualifying social media (Facebook, Twitter, Instagram, and LinkedIn) post that has been tagged with @entratasoftware with the hashtag #EntrataBaseCamp o Showing evidence that you are following @entratasoftware on one qualifying social media platforms.
continueMany claim that maintenance teams are the backbone of an apartment community. Effective maintenance teams play a pivotal role throughout the resident lifecycle, and often serve as a renewal driver. As such, it’s only fitting to provide these teams with the tech tools they need to flourish. continue
Waiting on Bitcoin Reliability the Right Move for Multifamily
Though wave after wave of new smart-home technology and automated property management systems seem to continually reshape the multifamily landscape, the apartment industry has taken a careful approach to certain facets of innovation.
Often opting to wait and see as other sectors serve as guinea pigs for new tech and trends, multifamily has built a reputation for cautious and deliberate adoption and implementation.
Fortunately, when it comes to Bitcoin, that approach may prove to be spot on.
Technology will continue to enhance connections and the human experience.
When we began a new decade in 2010, it seemed far-fetched to think that paper processes would largely become archaic by the end of the decade. The term “smart home” hadn’t yet been unearthed, and concepts such as resident portals, chatbots and automation were several years from making an impact.
Yes, tech advancements over the past 10 years far exceeded any previous decade for the multifamily industry, which previously had a reputation for being behind the times technologically. At the fervent pace of innovation, it’s fair to project that the 2020s could exceed the current meteoric rate of progress.
