Technology has undeniably played a pivotal role in the rapidly evolving landscape of multifamily housing in recent years. We saw the adoption of new tech escalate during the pandemic, and this pace of implementation only continues to ramp up. Whether enhancing resident experiences, optimizing operations, or driving sustainable growth, there is an abundance of available solutions — and more rolling out every day.

The challenge lies not only in adopting and implementing new technologies but in first selecting the right ones that truly address the unique needs of a particular company. The demand for innovation has intensified, and it's imperative for stakeholders in the multifamily housing sector to refine their approach to assessing and choosing technology solutions. It's not a one-size-fits-all world anymore, and savvy operators can't take a "this is good enough" approach.

This is the first in a series of 7 articles exploring key process changes essential for making informed decisions for a more efficient, responsive, and technologically adept future for both operators and their technology partners.

Part 1: Identifying the Business Need

Whether it's leasing, accounting, resident retention, or another discipline, you must first identify the pain. Ask the important question . . . what problem am I solving? In many cases, the issue is likely due to faulty processes as well as inadequate software solutions. The truth is, that asking one solution to do it all is not feasible.

Why?

It comes down to the depth of a product. Sure, you can use an out-of-the-box solution; but to really drive the best results the solution needs to go deep. A superficial solution won't be sustainable – especially if it's supporting a key component of the resident lifecycle. Depth of product is key to (1) a strong resident experience, (2) the ability to remove the administrative burden from teams, and (3) significantly impacting the bottom line.

This first step is an opportunity for your business to approach a pain point in a more holistic way that recognizes the imperative for technology, people, and processes to interact seamlessly for a greater result. This is the very definition of "the sum is greater than its parts."

Spend time with your teams and residents in order to develop a deep understanding of the issues. Ask users at every level what they like and don't like about the current software (or lack thereof). Observe how they use the existing system and ask them to explain what changes would make their job easier. This approach will help you socialize the adoption of new tech early, as well as ensure you source the right type of technology.

Next Steps:

• Identify an owner for this critical step
• Get out of the silos and talk with the teams closest to the technology
• Document the problems that need to be addressed (again, what problem are you solving?)
• Identify potential technology providers that will help you improve or negate those problems and provide a strong ROI, including:
  • Non-negotiables
  • Nice-to-have features
  • Differentiators

Questions to Ask:

• What are the obstacles that make your team's job more difficult? This is where you need to dig deep and ask questions that reveal the real issues. Getting granular is good!
• What is preventing residents from being happy? How can you improve their experience? Talking to residents, not just those who interface with them, is critical. Create a safe space with great listeners where residents feel comfortable being candid.
• What data and insights do you wish you had access to in order to better operate your business?
• What gaps do you have in the resident lifecycle?
• What changes can you make to improve and optimize your current processes to help ensure optimal success for any new tech?

Don't get trapped in a "we've always done it this way," or an "I don't know how we could change this" mentality. This is a true opportunity to rethink your approach and process.