News, insights, and perspectives on tech, trends, and multifamily housing—from the people behind Entrata.
Federal and State legislation is targeting deceptive fee practices across industries, the rental housing industry being one of those affected. This includes the White House proposal for a Renters Bill of Rights (discussed further below) and weighing in heavily on the discussion of Junk Fees with the FTC’s proposed rule on “Unfair and Deceptive Fees”.
The idea of incorporating AI into your operations might seem like a daunting task at first. AI is something many of us may not be familiar with in practice, but that doesn’t mean we shouldn’t evaluate how it might fit into our operations. In the not so distant future, we’ll likely look back at this time and wonder how we ever functioned without AI.
Recently, Entrata hosted Swift Bunny President Jen Picotti and VP of Education Kara Rice as part of our Resident Experts series.
In recent years, the multifamily industry has dealt with widespread lockdowns, increased housing regulations and eviction moratoriums, and a fair amount of upheaval. By and large, the industry has weathered each change with resilience. Apartment communities have adapted quickly to keep residents safe and businesses secure, implementing time-saving technologies faster than ever before.
The first differentiating factor property management companies should consider is fostering a sense of community. One of the hardest parts about renting vs. buying is finding a sense of belonging and feeling at home. By their nature, apartments often aren’t permanent. The average resident will stay in one place for under three years. But that doesn’t mean property management companies can’t build vibrant communities that feel like home no matter how short or long a resident occupies their unit. There are numerous strategies and programs that, when implemented, help achieve this goal.
For property managers, a solid tech platform consolidates marketing, leasing, and resident management functions to cut out redundant data-entry, streamline workflows, and consolidate data for better reporting. But even in a world of single-platform solutions, a few property management workflows often remain stubbornly apart.
When it comes to attracting prospective residents, property teams highlight everything from flexible lease options, a unique suite of amenities and posh in-home features to exceedingly pet-friendly accommodations.
A prospect arrives at an apartment community where he encounters a self-serve kiosk. He types in his parameters for the type of home he is seeking. A mobile, humanoid-type robot arrives at his side, asking if he has any follow-up questions.
Some apartment leasing teams manage leads efficiently and effectively without losing any opportunities, while others struggle to even return phone calls and respond to emails. In every portfolio, there’s room for improvement when it comes to lead management.
Fraud attempts across industries in the US are up an average of 25% this year, and according to a recent study conducted by Entrata, the property management industry is feeling the impact of this rise in fraudulent activity. The survey findings reveal rapid growth in the number of fraud attempts and increased concern about the impact these cases are having on operations. The results provide a unique view into the types of fraud plaguing the industry, the frequency of such attempts, and shed light on ways new technology may help combat these issues.
Where’s your checkbook? Do you have it on you right now? Chances are pretty good these days that you don’t. Americans are writing fewer checks than ever, heavily preferring card transactions in person and online and digital payment options when available. As a result, more and more property management companies now offer online payment options for rent, applications, and other charges. But in an interesting wrinkle, many renters are still delivering a rent check to the leasing office like clockwork, on the first of every month. Where’s the disconnect?
At first glance, you might not think your employee training program has a significant impact on your business, but if you fail to invest in properly onboarding new employees there is a trickle down effect on lease renewals. Presenters in a session at the 2023 Entrata Summit indicated that research shows that the makeup of the US workforce is in a big transition period. Currently, 39% of the workforce are millennials, but 10,000 individuals are hitting retirement age every day and exiting the workforce, meaning there are hundreds of thousands of new employees that need to be trained every year.