It’s unavoidable. Whether your apartment community is affordable, market-rate or luxury to the extreme, your residents are going to cause damages.
What makes a difference is how you handle those damages.
Apartment operators forfeit significant amounts of revenue every year by failing to file smaller insurance claims pertaining to resident-caused damages, and oftentimes these damages fall under the umbrella of coverage. The gold standard for loss recovery is about 85 percent. Entrata data indicates that clients recover only 11 percent of resident-caused damages, which clearly leaves a vast amount of money on the table. continue
Smart home technology is no exception.
Smart thermostats, smart smoke detectors, smart locks, leak detection systems and many others often come with their own software that gives residents the ability to control the devices from their smartphones. But being required to log in to several disparate apps and web portals to control different smart devices is not only inefficient for the resident, it is an inefficiency that apartment owner/operators managing hundreds of homes can’t afford.
“I believe in an open and scalable ecosystem,” said Tommy Deserti, head of RNC and OEM for Nest. “Regardless of the brands you love, if you want longevity, an open ecosystem always wins. When you think about open and scalable, there are going to be software updates. If you’re buying into a software heavy innovation you’re going to be good.” continue
Synthetic ID is the fastest growing form of fraud, and its pervasion has seeped into the multifamily industry. Created by using a combination of real and false information to forge a new identity, synthetic ID continues to become more prevalent.
It’s true: some of your own residents might have used an altered social security number on the apartment application. They passed with fraudulent info and moved right into your community. continue
To say that people are now comfortable purchasing products online before even touching and seeing them in person is a massive understatement. After all, according to the Census Bureau, e-commerce sales increased 15.5 percent in the third quarter of 2017, compared with a mere 4 percent growth in total retail sales.
Part of the reason for that bump is the amount of detailed information now available about products and services online. With numerous review sites, detailed specifications, and 360-degree-rotatable images, you can learn more about a product with the tap of a finger than with an in person examination. continue
Deconstructing consumer behavior really comes down to one thing – perception of value.
Unfortunately, that one thing is more complicated than it sounds. There are an endless number of perceptions from a seemingly endless variety of prospective renters and residents. That’s why apartment owner/operators who navigate the consumer behavior maze most effectively and efficiently win residents at higher rents and for longer lease terms than their competitors. continue
In a session at the recent NMHC OpTech Conference, panelists ruled on the debate over whether or not to add smart home technology to apartments: It’s not a matter of if, but when. What a smart apartment actually looks or sounds, however, is still very much in question. continue
In a recent webinar discussing how Entrata helps property management companies hire and retain employees, panelists Jason Larson, Chief Strategy Officer at IDM and Dan McLennan, Regional Sales Manager at LinkedIn, shared best practices in retaining employees and how you can better optimize technology to reach the millennial generation. They examined ways to recruit top employees and create opportunities for career growth in the property management industry, as well as how technology can help increase employee retention rates.
Entrata’s VP of HR, Brandon Fish, shared success stories from clients who have utilized Entrata’s software to both attract employees and retain them.
In case you missed it, there’s a recording of the full webinar here.
Each October the Department of Homeland Security launches a campaign to raise awareness about the importance of cybersecurity. With news of data breaches increasing in both frequency and scale, we think it’s a great time to look at a few of the essentials that should be in place to keep your residents’ data safe and secure.
Most millennials can hardly remember a time when they didn’t have the power of a supercomputer in the palms of their hands. Some members of Generation Z might not even know what a payphone looks like.
What members of these generations do know and remember is that technology, learning and culture make life greater. If they can get those things at work, that’s even better. Today, a growing number of employers are beginning to use technology, learning and culture as employment perks that help them hire and retain the best from these generations, according to the panelists on the How Entrata Can Help You Hire and Retain Employees session at the 2017 Entrata Summit in Park City, Utah.
Entrata’s fifth annual user Summit brought together more than 350 multifamily professionals at the Stein Eriksen Lodge in Park City, Utah. The event kicked off today with keynotes from CEO Dave Bateman and President Chase Harrington. They shared highlights of Entrata’s growth over the past year and plans for future development to a sold out audience.