The introduction of artificial intelligence to the multifamily industry has been a measured process. Yes, many are using AI in the form of chatbots and for advanced automation. But to a large degree, AI is viewed by the industry for its future capabilities rather than anything that can make an immediate impact.
The apartment sector can make headway on that front by envisioning how AI can augment existing platforms, and then pairing them. continue
Does it feel like your phone is ringing more than usual? Like it’s getting harder to keep up with new calls, much less return every call awaiting a response? You’re not imagining things. In the last six months, Entrata has recorded a year-over-year increase of calls to properties of anywhere from 11% to a whopping 21%. It’s not just people looking for new homes, you’re also getting more resident calls.
Add this increased call volume to the safety measures that have fewer team members in the office, and it’s easy to see why so many communities are feeling overwhelmed and reaching out for a little help. Call Centers are having a moment as they step in to provide a necessary service to properties, residents, and prospective renters alike. But it’s not as simple as making sure calls are picked up. continue
Remote communication has become the new norm, and by now, everyone is used to it. But that doesn’t mean everyone in the industry has perfected the art.
More than ever, effective communication platforms are a must as apartment communities continue to work with smaller onsite teams while striving to maintain service levels. While tech can certainly help to stay connected with residents, a few grassroots concepts are helping teams, as well.
Naturally, email is an effective starting point, as 68% of young renters prefer this communication method. But delving below the surface, here are some key tactics—both of the tech and non-tech variety—that can boost communication efficiency levels: continue
Pricing can be an obscure concept. There is no absolute right or wrong rate, necessarily, but problems can arise if you’re too far off in either direction.
While many variables factor in as to how apartment communities arrive at their rates, 2020 has introduced another in the form of the pandemic. The effects have meant different things to different markets, which adds another dynamic when attempting to accurately price units.
“Even in a tough year, we’re seeing solid results for our Entrata Pricing clients, over 2 percent lease trade-out increase year-to-date,” said Entrata Pricing product manager Matt Schultz. “This is a testament to the value and discipline that pricing software adds for our partners.”
With so many moving parts to consider, relying on guesswork or gut feelings generally fails to serve as a solid strategy. And with pricing as the primary component of NOI, it’s monumentally important to arrive at rates that strike the balance of making sense for the community while not alienating potential renters. continue
It’s 2020, and prospective renters are overwhelmingly searching for their next apartment online. It seems like only a few years ago when apartment marketers began talking about the day when digital marketing would take its rightful place at the heart of multifamily marketing strategy. That day is here.
But as the online apartment marketplace flourishes, it has also grown increasingly complex in both scale and strategy. Gone are the days when a property manager could update a handful of internet listing services with available units and call it good. Today’s digital marketers must master multiple platforms, deliver consistent branding across dozens of websites, and measure absolutely everything in order to adjust marketing spend. Keeping up with constantly changing requirements for Google My Business, Facebook Marketplace, Craigslist, and dozens of ILS sites is no easy task, especially when you’re also working to manage the implications of in-person tours and leasing processes in a world that has made the shift to virtual for nearly every transaction. continue
How technology can assist with offline touch points
Throughout the tech revolution, the essential skills of a leasing agent have largely remained the same. Provide a welcoming smile, regularly walk the tour path to make certain nothing is amiss and clean up for-show units so they are ready for the eyes of prospects.
It’s all part of the standardized training process, which is similar for maintenance teams and additional onsite associates. But although tech hasn’t replaced these non-digital activities, it certainly has provided a way to make them easier and more streamlined. Essentially, it serves as the conduit that can bring together various onsite teams.
New technology tools allow teams to interact more rapidly, address any community issues efficiently and expeditiously, and provide modern touring experiences for both residents and leasing staff. Here are a few examples: continue
A few years back, multi-touch attribution was a fledgling concept. The ability to accurately track an entire customer journey didn’t seem entirely feasible. But it is now a reality and has created a significant boost for multifamily marketing teams, providing greater visibility into the customer journey.
Not only can marketing teams track a customer’s path to conversion. They can also see the combination of sources that result in the most conversions and measure the step-by-step process of marketing channels that lead to higher conversion rates. This enables teams to delegate future marketing expenditures accordingly.
So what’s next? continue
The apartment world is only scratching the surface with regard to the possibilities of artificial intelligence. Marketing technologies such as automation are a bit further along in the multifamily spectrum, but there is plenty of room for growth there, as well.
The possibilities become exponentially greater when AI and martech are used in tandem.
You are invited to enter for a chance to win a $100.00 Amazon gift card by participating in Entrata’s Connect 4 Contest (the “Contest”) . Participants will be entered to win by registering to attend Entrata Connect, then share the registration on a social media post (Instagram profile, Instagram Story, Facebook Story, Facebook profile, LinkedIn Profile, Twitter profile, or Retweet on Twitter), tag @entratasoftware, and tag four additional people (“Entry”). Entries will be accepted beginning 9:00 am MST on September 1, 2020 through October 27, 2020 at 5:00pm MST. Each individual will be limited to one (1) Entry per day between September 1 and October 27, 2020. Sixteen total winners will be chosen at random by the contest creators. Four winners will be announced during each of the four episodes of Entrata Connect. continue
Did you know that more than 1 in 3 people on Facebook in the US use Marketplace each month?* As an easy, convenient way to buy and sell everything from vehicles to furniture to tools locally, buyers and sellers can connect with just a few clicks. This powerful tool is developing some serious implications for the multifamily industry. Facebook Marketplace is partnering with leading house and apartment rental sites and making it easier for agents and property managers to list rental inventory on Marketplace, and for renters to find their next home. continue