As the multifamily sector adopts more and more technologies, partnerships with tech providers are becoming increasingly commonplace. But the purpose of these partnerships is not just to provide prospects or residents the latest technological trend.
Successful partnerships provide long-term value by strengthening and streamlining processes for onsite teams and enhancing the daily lives of residents. With so much at stake, properly vetting potential providers is vital to make certain they will be a good fit for the organization. continue
A segment of renters doesn’t particularly care whether their apartment homes are tech-enabled. Then there is the other 90-plus percent.
Once considered a luxury, tech features have transformed to a necessity in the apartment world, as modern-day renters harbor expectations for a connected home. But all tech features are not created equal. Residents might be OK without voice-activated roller shades, but they certainly wouldn’t be happy without Wi-Fi.
In a further indication of evolving renter preferences, a recent Entrata study revealed that renters prefer smart-home features over swimming pools.
With that in mind, here are three tech trends that residents want to see – or perhaps expect to see – when they move into a new apartment community. continue
Like technology itself, search engine optimization is a constant work in progress that twists and contorts with each new innovation. But some SEO best practices remain the same as tech continues to chug along.
Those who strike the balance of meshing existing methods with evolving concepts will have the most success in their SEO efforts and draw the most users to their websites. Here’s an inventory of what hasn’t changed – and what has – on the SEO front. continue
In some industries, artificial intelligence is designed to replace associates. In multifamily, it is designed to help them.
A hyper-competitive market and low unemployment rate are among the factors that have made it more difficult for the industry to attract and retain high-performing associates. And oftentimes the associates that remain are saddled with a wide variety of busywork that prevents them from concentrating on high-level duties or creating innovative ideas.
AI can alleviate much of that busywork, process data faster and make leasing offices much more efficient. Here are some of the benefits AI can bring to the apartment world: continue
Most prospects who submit an application to live at your community are everyday people looking for a home. You certainly don’t want to make their screening process a brutal one.
But not all applicants have pure intentions. While you want to create a seamless, low-hassle experience, you also have to protect your property from potential fraud. While standard background-check items such as credit and income are easy enough to check, data pertaining to rental history, criminal record and ID verification can be more difficult and time-consuming to collect.
Tech tools can unquestionably help in this process, particularly software that examines all of these parameters and can produce thorough and accurate results in a matter of minutes. But there are potential warning signs for fraud that onsite teams should be aware of, particularly when considering the cost of identity theft and fraud climbed to $16 billion in 2017.
Like most tech advancements, the road leading to multi-touch attribution has been long and uphill. Multi-touch software has existed outside of multifamily for years, but industry-specific solutions, like those found in Entrata’s Marketing Suite, are fairly new and will continue to evolve. And like many developing concepts, the latest version is typically the greatest.
Multi-touch attribution, the practice of crediting each touch point in the renter journey on weighted basis, is a solution multifamily has been anxiously awaiting, but will quickly become standard operating procedure. continue
Our Entrata Student team had a great time in Orlando in February with NAA’s student housing conference. Here are a few of our favorite takeaways: continue
Leads are the lifeblood of a community’s success. Without them, there would be no leases and our beautiful apartment communities would sit mostly empty. Nobody likes that idea. But if not managed properly, fewer of these cherished commodities will actually convert to leases.
Many financial resources are dedicated to lead generation, but naturally, leads don’t convert without a nurturing process. The marketing funnel – a fancy marketing term for the entire lifecycle of the lead – must include timely follow-ups during the prospect’s awareness, consideration and decision-making stages.
That can be difficult to manage, particularly when overseeing several concurrent leads at various stages. That’s why, as much effort is put into initially acquiring leads, the community website is the most important part of the marketing funnel. It has to be easy to navigate and possess the capability for prospects to quickly uncover real-time information. continue
Car dealerships no longer rely on full-page newspaper ads. Department stores are using snail-mail campaigns less and less. Name the industry, and odds are that the way they attract customers has significantly changed in the digital age.
The apartment industry is certainly no different, as renter preferences seem to evolve on a monthly basis. That puts the onus on marketing teams to continue to refine approaches to attract and remain relevant to prospective renters. continue
The only thing more constant than evolution of technology is change. Many companies are slow to embrace change, refuse to modify at all or are simply bad at changing.
But the way a company manages change – whether it’s the implementation of new technology, the addition of new leadership or employee turnover – can impact the success of the business.
In the apartment industry, change is rampant with regard to technology. Smart-home features, centralized lead-management systems and even artificial intelligence are beginning to weave their way into the everyday fabric of the industry. But there’s definitely a learning curve, and there are some best practices to make sure the change is a smooth one. continue