Installment 5 of the Pioneering Progress blog series on Rethinking Tech Adoption in Multifamily After identifying your business needs, gaining stakeholder buy-in, determining a realistic budget, and conducting thorough research into potential tech providers, it's time to take the next critical step: setting up product demos. This stage allows you to move beyond theory and research, allowing you to see the product in action and determine how well ...

Installment 4 of Pioneering Progress - Rethinking Tech Adoption from the Inside Out In the first three installments of this blog series, we discussed how to identify the business need when evaluating new technologies (what problem am I solving?), how to gain buy-in from stakeholders (critical to ensure everyone is working toward the desired outcome) and how to determine your budget (matching the investment to the ROI). In this third installment, ...

In the first two installments of this blog series, I discussed how to identify the business need when evaluating new technologies (what problem am I solving?) as well as how to gain buy-in from stakeholders (critical to ensure everyone is working toward the desired outcome). In this third installment, I'll discuss the next natural step – how to effectively determine the budget for a new tech acquisition. Determine Your Budget The right tech ...

I previously discussed how to identify the business need when evaluating new technologies; this installment discusses how to create buy-in from various stakeholders. STEP 2: Gain buy-in This is one of the most important – and most overlooked – parts of the process of sourcing new technologies. Some of the obstacles we've observed to obtaining strong buy-in are::Tech adoption occurring in a reactive manner after an issue surfaces, seeking to place ...

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 ado ...

Generally speaking, it's been quite a while since the multifamily industry has evaluated the renewal process for opportunities to optimize results. Already overextended site teams are left to manage retention efforts – and in most circumstances, that translates to very little communication or process, and little visibility into a renter's intentions.This is not at all a knock against hard-working front-line employees; these associates often just ...

Functional amenity spaces, appealing resident events and prompt maintenance responses all qualify as factors that can enhance the chances of retaining a resident. A resident who has an unresolved maintenance request, for example, is four times less likely to renew their lease.While a smooth-running property is part of the equation, the most important component to driving renewals is to think of retention more holistically and provide residents wi ...

Resident renewals have long represented one of multifamily's unrealized opportunities. Many operators have approached their efforts to retain residents with only half-hearted attempts and outdated software, inadvertently leaving potential revenue and numerous business benefits on the table. In light of the recent decline in demand for new leases following years of a highly competitive market, apartment companies may now begin to prioritize reside ...

Renewal processes in the apartment industry are complex and time consuming. The manual work required by the onsite team to complete one renewal will make your head spin.Initial renewal pricing is derived from the revenue management system. It then moves through a review process in which the revenue management team will carefully evaluate the suggested rate and either approve it as is, or make modifications based on varying factors. This pricing i ...

Imagine being an athlete with several different coaches, each with different philosophies and varying motives. Now imagine that none of them are the head-coach—who do you listen to?Many multifamily organizations approach resident retention and lease renewals in a similar manner. Several departments can be involved—including operations, revenue management, asset management, marketing, IT and customer experience teams—but it's often ambiguous which ...