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 Shultz. “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
Renaissance Man Shares Stories, Insights, and Humor
When daydreaming about the most interesting individual to have a conversation with, Matthew McConaughey comes to mind for many. The Academy Award-winning actor has a charming easiness about him, and his abundance of catchphrases transcend the most popular “alright, alright, alright.”
Dave Bateman, chief executive officer for Entrata, recently had the opportunity for that coveted conversation with McConaughey and was able to share it with the apartment world in Episode 4 of Entrata Connect. continue
Wall Street Innovator Inspires Future Leaders
A testament to Carla Harris’ leadership skills can be found in the simplest of concepts: Her passion is rooted in helping others.
The Vice Chairman, Managing Director and Senior Client Advisor at Morgan Stanley has a laundry list of accolades too lengthy to categorize, but the Harvard graduate has built success on Wall Street and has extensive experience in the technology, media, retail, telecommunications, transportation, industrial and healthcare sectors.
“We’re at a point in time where leadership really matters,” said Harris, who imparted her tools for maximizing leadership success in Episode 2 of Entrata Connect. “And one of the things I feel most passionate about is that you can lead from any seat.” continue
An Experience-Driven Approach to Business
Molly Fletcher spent nearly two decades as the only female sports agent representing professional athletes and coaches. In an industry where there are more agents than people to represent, and where she had no footsteps to follow, Fletcher’s success depended on her ability to create a differentiating experience for her clients.
During Episode 3 of Entrata Connect, Fletcher outlined her approach and described how it translates to multifamily and beyond. continue
Imagine a world where a property management system not only accurately tracked rental payment data, but also analyzed it to predict which payments have the highest likelihood of returning.
Actually, you don’t have to imagine. Thanks to advancements in predictive machine learning algorithms, this cutting-edge technology analyzes scores of data pertaining to payment history, timing and behavior. It can be used to more intuitively assess the ultimate result of the payment.
How do apartment operators get in on the action? By partnering with providers that invest in these sophisticated technologies. continue
Learn From Your Failures and Use Fear to Overcome Obstacles
Bear Grylls is the ultimate thrill seeker who seems immune to the bounds of fear. After all, who else can lay claim to a YouTube video that celebrates their Top 10 Most Insane moments?
But while apprehension doesn’t appear to be part of the British adventurer’s persona, he revealed otherwise during the opening episode of Entrata Connect. continue
All in all, the apartment industry has performed well since the coronavirus outbreak – in large part because of the impact of the CARES Act. But multifamily could be headed for trouble if another federal stimulus package is not passed soon.
Those were some of the points made by Doug Bibby of the National Multifamily Housing Council and Bob Pinnegar of the National Apartment Association as they sat down with Entrata’s Chase Harrington for a state-of-the-industry discussion in Episode 3 of Entrata Connect. continue
While new iterations of existing tech platforms can be compelling, nothing elicits more excitement than completely new products.
The need for innovation never stops, and the Entrata team has been busy developing many platform enhancements in 2020. Team members shared updates of recent rollouts and things to come during Episode 3 of Entrata Connect. continue