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
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
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
The first time James Lawrence set a record, he says, it was an accident. In 2011 he completed more half-Ironman-distance triathlons in a single year than anyone ever had before. Then in 2012, he set the record for full-distance Ironman races. You’d think he would be satisfied with these very impressive accomplishments. But rather than resting on his well-deserved laurels, Lawrence set out to accomplish his most audacious goal ever. continue
Avoiding disastrous mistakes is a primary objective for any onsite team. But there is a more-subtle concept that can help keep residents in the building: consistency.
Companies across all industries generally think that a catastrophic failure is the No. 1 way to lose customers. In actuality, a series of small customer-service failures has more power when it comes to alienating them.
That’s according to Luke Williams, who shared a bevy of customer-service myths at the 2018 Entrata Summit. Here, we’ll examine the catastrophic failure myth and how it pertains to the apartment industry. continue
Entrata’s Message Center lets properties communicate easily and efficiently with residents and prospects through branded and scheduled messaging. And now, with Message Center’s new template libraries with user permissions, we’re offering even better control to help promote brand consistency and empower site-level teams to communicate more effectively.
Communication is vital, and Message Center is a powerful tool. What can you do with Message Center templates? continue
Sometimes the leasing process is smooth and uninterrupted. And every now and then, the drive through rush-hour traffic is surprisingly smooth, a political conversation is cordial and well mannered and a root canal goes pleasantly well.
But most of the time, the leasing process takes a few unexpected turns and seldom follows a blueprint. You’re dealing with people, after all, each with their own leasing ambitions, timelines and varying bits of spontaneity.
Thankfully, technology provides ways to simplify the leasing process and avoid many of the common pitfalls that befall leasing associates. Automated communications can make life much easier. continue
As technologies and markets evolve, and renter expectations shift, property management teams must keep the needs and priorities of asset owners in mind. Are those priorities shifting as well? What new benchmarks or performance indicators do owners care about today?
Jeff Olshan, SVP-Asset Management at Passco Companies, asserts that benchmarks may not be changing as much as people think. “Technology changes, but it’s just the tool we use to achieve the results we want,” he said. “Owners are looking for performance. The bottom line is the bottom line, and that isn’t going to change.” continue