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:continue
Apartment 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.
Many 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.
Some insisted that the multifamily sector would lag behind the technology curve. Others believed the industry was bound for a slowdown.
2019 begged to differ.
The industry continued to innovate at a frenetic pace in the final year of the decade, as artificial intelligence, intuitive property management systems, virtual reality and advanced cybersecurity measures continued to work their way into apartment buildings. And the downturn that has been predicted for the past several years has yet to arrive.
On many fronts, 2019 was another promising year in the multifamily industry. While hints of rent control measures sparked in a handful of states, the continued search for a solution to affordable housing and the short-term rental dichotomy remain hot-button issues. Here is a look at some of the positive themes from the year:
Did you know that more than 1 in 3 people on Facebook in the US use Marketplace each month?* As an easy, convenient way to buy and sell everything from vehicles to furniture to tools locally, buyers and sellers can connect with just a few clicks. This powerful tool is developing some serious implications for the multifamily industry. Facebook Marketplace is partnering with leading house and apartment rental sites and making it easier for agents and property managers to list rental inventory on Marketplace, and for renters to find their next home. continue
This past week was Entrata’s 7th annual employee appreciation week affectionately known as the Jones Family Reunion. This year the week was packed with great activities from discovering our inner Bob Ross painting skills to racing slot cars until our fingers hurt to massages and spa treatments, and finally, relaxing. Throughout the week, people from different departments are grouped together to attend this popular off-site event, giving those who don’t normally interact or spend time together an opportunity to build real connections while having fun.
Your residents are shopping online more than ever. As the holiday shopping season ramps up, get help connecting them to all of their stuff with ParcelAlert.
Whenever Entrata takes on a new technology project, we start with the research. Many of our clients participate in interviews, we observe their processes and listen to their ideas. Then the design work begins. After bringing stakeholders and strategy teams together to hammer out priorities, prototypes are built and tested with users, leading to the ‘wash-rinse-repeat’ process of identifying problems, fixing things that don’t work, and testing again.
Over the last year since we started talking about Entrata’s new reporting framework, this process has been hard-at-work, as we collect and respond to client feedback and move toward a reporting platform that addresses the needs and challenges of property management users. At Entrata’s Summit in September, Entrata’s team reported the results to our clients. continue