Investing in technology comes at a risk. Either the technology is too expensive and multifamily struggles to prove a sufficient ROI, or the technology isn’t future-proofed and becomes outdated quickly.
When the internet of things exploded onto the market a few years ago, manufacturers were web-enabling all sorts of devices, such as toasters and toothbrushes. Technological progress moves very quickly and some of it sticks while other innovations fail to catch on. It’s critical to select the right technologies to help manage your assets.
Ryan Byrd, Chief Technology Officer at Entrata, encourages multifamily operators to embrace that challenge. continue
The modern renter is more tech-savvy and digitally based than ever. Yet when searching for an apartment, 40 percent of prospects are unable to find a link to apply and 43 percent of current renters are unsure how to pay rent online, according to an Entrata study.
That means the apartment industry not only has to incorporate technologies, but also ensure they are convenient, user-friendly and intuitive for prospects and residents alike – regardless of their digital prowess. The quicker marketing teams can incorporate relevant technology into their processes, the more rapidly they’ll fill up their communities, as discussed in the Apartmentalize 2019 session Technology + Marketing = Winning Combination for Apartment Renters. continue
While most technology providers have an audience in mind when they develop the software, they might have been thinking about their audience in the wrong way.
Instead of defining an audience with an “either-or” mindset, multifamily operators should partner with technology providers that think about their audiences with a “yes, and…” approach. Since we often act as a middle person between our residents and our products and services, the technologies we use have a resident-facing frontend and an associate-facing backend.
Unfortunately, when technologies choose to focus on just one audience in multifamily, they create lopsided software which creates a fantastic experience for one of the audiences and frustrations for the other. The result is confusion, miscommunication and a lengthened process for both users. continue