When Cottonwood Residential and Monument Real Estate Services set out on a search for a new technology provider, both companies agreed that finding the right partner was just as important as finding the right software to meet their business objectives.
“We were extremely frustrated with our previous provider’s unwillingness to integrate with third party providers and their extreme lack of customer service,” said Greg Lozinak, CEO, Monument Real Estate Services, a 12,000 unit owned and fee managed operator. “Entrata showed that they were going to be a key strategic partner motivated to provide us with the technologies and integrations we needed to be successful.”
For decades, homeowners have been reaping benefits from smart home technology. As many as 30% of Americans have already installed smart home technology, and studies show these early adopters are saving an average of $1000 a year and as much as 30 minutes each day. However, the smart home industry’s early focus on homeowners has kept renters in the blind spot of these innovations. In many cases, homeowners’ deeper pockets and stronger desire to invest in their homes have made them the ideal market for a nascent industry, but times are changing. continue
Multifamily properties generate a lot of documents, but the days of rows of file cabinets filling up the leasing office are (or should be) over. Storing documents digitally can free up a lot of space for your properties, but may introduce new challenges like problems with searchability, accessibility, and security. In order to address these challenges, simple document storage technologies won’t do. What is needed is document management. continue
Whether you realize it or not, your technology sends a message to your prospects, residents, and even employees, about your business. About a year and a half ago Jason Larson, Chief Strategy Officer at IDM went looking for a technology partner that could grow with his business. After spending a little time with the Entrata team at NMHC OpTech, he knew he’d found the kind of partner that would represent his vision to audiences both inside and outside the company.
Traditionally, multifamily technology systems have been segregated between “front end” and “back office” tasks. This creates a false dilemma as many industry professionals perpetuate the idea that either accounting or marketing functions must be sacrificed when choosing a technology system. Today’s executive needs a 360 degree view of their business which provides actionable data on a variety of processes without losing sight of the guest experience.
Since introducing our Core property management software in 2012, Entrata has worked to continually develop the tools and functionality a diverse client base requires. In our industry, portfolios are not homogenous. One-size-fits-all software solutions only lead to inefficient (and unnecessarily costly) workflows, as users are left to invent patches and design work-arounds just to do their job.
We’ve had great success with Entrata StudentTM, addressing the unique needs of student housing operators, and today Entrata is used more than any other property management software for student properties. But we’re not finished. If your portfolio includes commercial, military, or affordable properties, there are products in the works just for you. Here’s a quick status update:
Commercial Property Management:
Our commercial product is built for office, retail, and mixed-use developments and is currently in a controlled beta period. Designed to be equally effective for both small and large commercial properties, we are hearing encouraging responses from beta participants on the automations Entrata Commercial introduces by simplifying rent charges and fees and making it easier to manage CAM pools. Tools for CAM reconciliation (including Excel export) and a TenantPortal will be available soon. Limited positions for beta testing may still be available, contact your Customer Success Manager if you’d like to participate.
Entrata is working closely with industry partners to build a robust platform for military housing operators and expects to begin beta testing in the next few months. Entrata Military will offer specialised military leasing workflows and reporting (Schedule G, PAM, etc.) as well as MAC workflows and waitlists with waterfall capability. For military customers that often feel the pain of transitioning information through multiple technology products, Entrata’s platform allows all processes to move through a single, efficient workflow.
Entrata Affordable for HUD and Tax Credit properties is on track for initial release and beta testing in just a few weeks. With tools for determining household eligibility, calculating rent, processing certifications, generating HAP requests, processing special claims, and submitting TRACS files, we’re building a system that monitors and reports on all the factors that keep you in compliance with government regulations. Entrata’s all-in-one platform helps simplify complicated workflows with “what’s next” prompts, as well as alerts to staff if a step is missed. HUD waitlist capabilities are also in the works.
Everything Entrata builds is native to our comprehensive platform, which not only saves time and effort for your staff by streamlining workflows, it makes tracking data more efficient and accurate. If you have properties that would be interested in participating in any of the upcoming beta opportunities, please let your CSM know. While we won’t be able to accommodate everyone, we will do our best to work with as many properties as we can. Beta participants will be able to work closely with our product teams to build the industry’s best property management software tools for commercial, military, and affordable properties.
It’s about as close to a universal experience as you can find (although if you’re an only-child you may not relate): hand-me-downs. How many of us, in the name of economy, have found ourselves in the ill-fitting discarded fashion of our older siblings? Sometimes it works, more often than not it doesn’t. No surprise, it was made for someone else.
For years, student housing operators have been dealing with the technology equivalent of hand-me-downs; using systems that were built for conventional properties to try to meet the unique challenges of a student community. With enough work-arounds and manual processes, they could make do. But the solution was about as ideal as wearing your big brothers’ suit to the school dance. Sub-optimal. continue
Like most challenges and successes companies experience, strong cyber security traces back to one factor — the people.
Not only the people at your corporate office or communities, but also the people at your vendors and the steps they take to protect resident data. That was the message delivered during the “Cyber Security Action Plan: Ten Things to Do Right now” session at NMHC OPTECH 2016 Tuesday in Dallas.
Rent growth, occupancy, revenue. The key performance indicators are all up across the country.
But the conversation about the metrics today is about when they’re going to start going down. Every veteran of the multifamily industry knows it’s going to happen … sometime. It might not be tomorrow, but the downturn in the cycle is going to happen.
Vendors. They can make or break whether a resident chooses to lease with you, continue living with you or write a good review about you.
Yet, many vendor relationships are more contentious than they are healthy. Contentious vendor relationships can put a strain on on-site staffs and, worse yet, harm your relationships with residents.
The good news is there are some things you can do to improve relationships with your vendors. Asset Campus Housing and Aspen Heights shared their keys to a successful vendor relationship with us recently. continue
When the concept of integrated marketing was unearthed decades ago, it involved a narrow set of traditional advertising channels, a few websites, email and public relations. But the information age and technological advances of the past two decades have created a wealth of new information sources and devices. Blogs, online marketplaces, smart phones and tablets have exploded on the scene.
That has made integrated marketing a much larger challenge than ever anticipated, as the evolution of marketing channels has made it nearly impossible for marketers to manually create and maintain a cohesive strategy.
As technology has changed where and how prospective renters receive their information, it has also changed how marketers manage integrated marketing communications. Here are some of the ways technology can help you better manage your integrated marketing strategy: