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too expensive and multifamily struggles to prove a sufficient ROI, or the technology isn’t future-proofed and becomes outdated quickly.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. “The pressure of choosing the right technology doesn’t always have to be negative,” he said. “Sometimes pressure can lead to outstanding results. The appeal of a product that will provide long-standing upgrades and features, and will continue to be compatible with future technologies, provides operators with a tech advantage that makes them more appealing to future renters and could incentivize resident loyalty.”>