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
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
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
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
Leasing office life would be a lot simpler if all leads were created equal. But they’re not. And unfortunately, you can’t always tell just by looking whether or not a lead is likely to progress to a lease. Luckily, you don’t have to just trust your gut when you’re trying to figure out if that prospect who’s excitedly calling about an available apartment today will sign a lease tomorrow or ghost you in a week. Entrata’s LeadManager is pleased to present Lead Scoring. continue
That’s a mistake, much like viewing only the scoring and rebounding averages of a basketball player, when several other metrics such as shooting percentage, assists, steals, blocked shots and player efficiency rating provide a deeper analysis of the athlete’s acumen.
While the quantity of leads and leases are clearly important metrics, marketing teams should also be peering closely at conversion rates, volume of impressions on various channels and prospect data, such as location, demographics and psychographic of those potentially considering the property.
Here are a few deeper metrics that can provide a clearer picture of how effectively your marketing efforts are working and lead to more informed choices with your channels: continue
Apartment communities spend a lot of time and energy providing a positive living experience for residents and developing a strong curb appeal at their properties. And while focusing on these areas is an important aspect of successfully managing a property, it unfortunately means that attention to digital curb appeal often takes a backseat.
Ensuring that a visit to your website offers the same brand experience as a visit to your community is a step in the right direction, but it’s only half the battle. In addition to looking nice, your property website needs to function. This means that your property website not only does everything your residents want it to do, but that it’s set up to make life easier for you by connecting workflows and positively impacting your bottom line. continue
The digital marketing strategy for some apartment operators begins and ends with the ILS. But that really shouldn’t even qualify as a strategy considering everyone uses an ILS to some degree – and it leaves a lot on the table.
Sure, ILS listings are effective for attracting some of the traffic at the top of the funnel when prospects first begin their apartment search. But ILSs aren’t very helpful later in the search process when you’re competing with other communities in your neighborhood to close a lease. continue
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