The days of love-at-first-sight apartment conversions are dwindling, particularly in the digital space.
With various options in a hyper-competitive market, prospective renters have become more selective than ever when deciding on a home. In fact, the average renter peruses at least five lead sources when searching for their next home.
Those lead-source sites can vary from a community website, Internet Listing Service, social media, review sites and several others. Essentially, the renter is on a journey when selecting a home.
Marketing teams that track that unique journey can glean a competitive advantage by utilizing the data to attract more prospects. The problem is, many teams credit a conversion to the first or last site visited by the prospect. When a prospect visits several lead sources, the first or last touch point is only part of the story.
That’s why multi-source attribution platforms are becoming more relevant in today’s multifamily landscape. Many consider it a necessity. This platform takes into account every lead source visited by a prospect and assigns credit on a weighted basis. The benefits of multi-source attribution include: continue
With ever-evolving technology trends, increased focus on corporate social responsibility and newfound urgency to retain high-performing associates, the landscape in the apartment industry is shifting.
A panel of executives shared their thoughts on these subjects and more relevant topics at the 2018 Entrata Summit in Park City, Utah. Here is a look at some of the primary takeaways from the discussion, which was moderated by Entrata president and chief operating officer Chase Harrington. continue
The way we live and communicate and work is evolving, so how do leaders guide their organization in this new world of work? According to Liz Wiseman, researcher and executive advisor who trains leaders around the world, successful leadership involves building an intelligent team to make smart decisions and take smart risks. It’s better to be a disrupter than to be disrupted.
In her keynote address at the 2018 Entrata Summit, Wiseman led attendees through a series of exercises to help identify techniques for getting access to all of the intelligence and talent of their teams. Her message was based on her best-selling book “Multipliers: How the Best Leaders Make Everyone Smarter.” continue
Student housing operators bring a unique perspective to the multifamily world, and in the weeks before Entrata’s Summit, many responded to a survey and let us know which topics are top of mind as they complete turn and settle in for a new term. Entrata brought together a panel of top clients to talk through the issues and share best practices.
Therese Cochran, Sr. Regional Director at Milhaus Management, was joined by Mark Zikra, CA Ventures’ Director of Technology and Nicole Beach, VP-Administration at The Scion Group in a session that explored how companies are navigating complex issues in student housing. continue
As smart-home automation moves inexorably into the multifamily space, property managers could find themselves wondering how to implement technology into their communities. Entrata reached out to Google to find out what approach a multinational internet giant is taking to helping management companies offer smart spaces within their communities.
Tommy Deserti joined Nest just days before it was acquired by Google in 2014 and works for the company as Head of Real Estate Partnerships. At the Entrata 2018 Summit, he provided insight into Google’s process for applying and adapting new technologies, and their recommendations for multifamily operators.
There’s a process to building smart spaces, according to Deserti, that runs its course whenever a new technology is offered. Right now, he estimated, 70 percent of multifamily management companies find themselves on the first step: Adoption. Most are still trying to figure it out. 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
All of the above are slated to become hot-button topics in the apartment industry in the coming years. But one challenge that continues to transform and will never go away is the ability to reach potential renters and fill apartment communities, according to a panel of experts at the 2018 Entrata Summit.
While the manner in which prospects absorb information continues to change, in addition to their expectations, the industry’s creative methods to reach them have to keep pace, as well. continue
That’s according to multi-industry executive, entrepreneur and author Peter Guber, who delivered an impassioned keynote speech at the 2018 Entrata Summit in Park City, Utah. According to Guber, using words like “customers” and “employees” sound transactional and cold. An audience is engaged and ready to absorb your message.
“Audiences expect experiences and you have to delight them,” Guber said. “You have to demonstrate that they have a stake in what’s happening.”
Guber might be on to something. The CEO of Mandalay Entertainment Group is also the executive chairman of the Golden State Warriors and co-owner of the Los Angeles Dodgers and Los Angeles FC of Major League Soccer. He’s the former chairman and chief executive officer of Sony Pictures. That resume indicates that he’s catered to several different types of audiences throughout his career. continue
Killer robots. Job-stealing automation. And impersonal chat bots.
Artificial intelligence has been the talk of tech in recent years, but not all of the conversation has been completely flattering. Despite the popularity of these science-fiction-driven doomsday scenarios that would make Terminator proud, artificial intelligence stands to do more good than harm in the multifamily industry.
At least that’s the takeaway from the Managing Multifamily in an AI World session at the 2018 Entrata Summit in Park City, Utah. To prove it, speaker Darrin Karras, vice president of Watson AI at IBM, shared the many ways Watson has improved work-life balance for associates, made 24/7 customer service a reality and increased employee engagement in companies spanning dozens of industries. continue
At least that’s what the data says.
Multifamily owners and operators are so inundated with messages about data today that it’s easy for them to forget about the true driver of rent growth and occupancy – their people. Their people have to interpret the data and implement action plans based on the data to improve operations.
Fortunately, owners and operators are beginning to remember that they need to put their people first and the data second, even when it comes to entering and interpreting the data. continue