At the beginning of the year, as tradition demands, we assess, evaluate, and begin to plan ways to improve. One of the topics on many property management lists this year is revenue management – i.e., using data to establish the “perfect rent” with the ultimate goal of maximizing the revenue generated by an asset. While the tools and methods vary, revenue management has moved from a “nice-to-have” theory to a “need-to-have” business practice in our industry.
We’ve been researching revenue management for a number of years as we develop the revenue management piece of our comprehensive property management platform — Entrata Pricing — and would like to share some of the strategies we’ve learned that can help set you up for success. If you’re thinking about adopting new revenue management tools or evaluating your current strategies in the new year, read on! continue
It’s 2017 and we live in a world of digital transactions, any time, every day, for everything. Your renters are more comfortable than ever using technology to interact with their communities. But despite this remarkable progress a few old-school habits remain, adding hours or days to leasing processes, inflating costs, and cluttering up leasing offices with banks of filing cabinets. A prime example is the transaction at the heart of our industry: the lease.
Despite overwhelming evidence that executing leases online saves time and trouble for renters and property managers alike; despite prohibitive costs associated with generating, printing, and storing paper lease documents; despite the environmental impacts; most renters (over 60 percent!) are still signing a paper lease when they rent an apartment. continue
Recent government surveys show that 70 percent of renters are worrying about increases in their monthly utility bills; that’s more than the percent who are concerned about increases in their rent. With utility prices on the rise, renters are feeling the pinch, and it’s stressing them out. Property managers are uniquely positioned to help alleviate some of those worries and renters appreciate those who do. In fact, nearly half of residents who participate in the survey said they would be willing to pay more in rent if they knew they were getting cost savings for utilities.
What exactly can you do to help renters get a better handle on rising utility costs? First, assess how green your communities are. Most renters perceive green communities as better places to live and associate energy-saving and water-saving amenities with reductions in utility bills. But you don’t need to completely retrofit your properties to LEED certification standards to help your residents out. You can take advantage of small steps that translate to big savings for you and your residents. continue
The world is demanding mobile options for all of their technology needs. Entrata has been working around the clock to ensure it provides our multifamily clients and their residents with a comprehensive suite of mobile technology to meet those needs.
Here’s a good one: How do you know when an accountant is on vacation? He doesn’t wear a tie and comes in after 8am! Yes, we all laugh about our accountants being utterly predictable or control freaks, but the truth of the matter is that we rely on that stability and control to keep us all in business. So when it comes to implementing a change in your accounting system, it’s really not that much of a surprise that often the biggest pushback comes from the Accounting department.
At Entrata, we understand that your accounting teams approach every system change with an extra measure of stress and anxiety. That’s why we’ve put together a team of accounting experts specifically for our clients rolling out Entrata’s Core property management software – consultants who speak their language (33% of them are CPAs) and know industry accounting systems inside and out. continue
Can you get good customer service over the phone? Bad call center experiences are notorious, we’ve all been there – the seeming endless cycle of transfer, hold, explain, repeat. No property wants to put their residents or prospective residents through that kind of hassle. And yet, someone needs to pick up the phone. At Entrata, we believe that excellent customer service can be delivered by phone, and we’re revolutionizing the way we run the Leasing Center to prove it.
So what is it that makes Leasing Center different from all of those other call centers? The answer to that question runs deeper than technology dashboards or screening systems. Entrata is continually investing in the kind of operational innovations that allows us to offer consistent quality that eclipses any other call center service in the industry. If you’ve ever wondered how we make it work, here’s a little glimpse behind the curtain. continue
Are visitors to your website getting the good stuff, the trick-or-treat equivalent of a king-size candy bar, or are they taking away an experience more on par with grubby little ghosts made of kleenex and dryer lint? When your website has so much potential to impact conversions, every decision you make becomes important.
The terrifying thing is, sometimes those decisions may seem perfectly legitimate, but they’re actually scaring off your website visitors and driving conversions down. Some seemingly innocent website design decisions are doing real damage and should be avoided. For example, does your website use any of these creepy clowns? continue
The 2016 Entrata Summit, held September in Park City, marked one year since the company announced its new ResidentPortal mobile app, which would give residents the ability to pay rent by voice or photo, from any mobile device. Since its official launch in December of 2015, announced Entrata’s VP of ResidentPay, Kate Hampton, the app has surpassed 120,000 users, over 800,000 sessions, and achieved a strong five-star rating in the app store.
“The insights we have been collecting over this period are convincing us more and more every day that electronic payments is the only logical path to follow to achieve sustainable business performance,” said Hampton. Although payments in the multifamily industry haven’t changed much in recent decades, Hampton asserted that the old ways of collecting rent are fast becoming outdated, if they’re not already obsolete. continue
Millennials are our greatest challenge. But they are also our greatest opportunity.
That was the message driven home at the Entrata Summit 2016 session Millennials: Our Customers, Our Employees, & Our Greatest Challenge. Dennis Smillie, president of Multifamily Solutions Inc., referenced John F. Kennedy’s inaugural address in 1961, in which he noted that the torch has been passed to a new generation.
When building a technology system to support your business, one size never fits all. Whether you’re considering a single-provider platform or working with multiple providers to integrate software systems, there are a number of considerations to take into account. At Entrata, we’ve grown our platform in such a way that gives us a unique perspective from both sides of the issue. Here are a few things that we’ve learned. continue