July 20, 2022 | As a member of the National Multifamily Housing Council (NMHC) Board of Directors, RealFoundations maintains an active role in most industry events and meetings hosted by the organization.
RealFoundations’ NMHC Board of Directors membership grants us the opportunity to directly engage with leaders in the multifamily space, gain a deeper view into how owners and managers are navigating current trends and issues facing the sector, and provide our unique expertise on many of these key topics.
RF Senior Managing Consultant Hope Dunleavy serves on the NMHC Women in Multifamily Program Advisory Group and collaborated with her fellow Board of Director Members to release the 2022 Women in Multifamily Networking Series. On July 20, RealFoundations Enterprise Managing Consultant and NMHC Board of Directors member, Jenny Hart, moderated the first virtual session in NMHC’s Women in Multifamily Networking Series: “Technology as a Community Design Trend.” The agenda for this event focused on the opportunities and challenges that come with designing a ‘smart apartment community’, with an expert panel of executive women who represent multifamily companies that are leading the way in operational design, technology, and innovation.
Key Takeaways
In today’s digital world, consumers are conditioned to receive what they want instantly. Digitally-native renters are finding, applying for, and leasing apartments with as strong a reliance on technology as we’ve ever seen. Moreover, on-site property management teams are rapidly leveraging new technologies to try and meet the customers’ desires for a frictionless, tech-enabled leasing and living experience.
Today’s multifamily resident expects reliable and fast at-home connectivity – whether for personal or professional matters.
- Multifamily managers need technology to complement physical space, operations, and service delivery, as it touches every aspect of the resident experience.
- Technology is crucial in meeting resident expectations, alleviating teams of routine tasks, and running efficient operations.
Technology is far more than a trend – it’s a must-have.
- It is undeniable that more pressure has been placed on the multifamily industry to provide unwavering connectivity with strong privacy and security; these elements play an important role in establishing convenience and comfort for residents.
Within organizations, frequent and ongoing technology implementations demand strategic planning and the development of operational roadmaps. Leading practices include:
- Establishing a ‘stakeholder group’ or ‘advisory team’ to identify and vet solutions, with representatives from each department.
- Defining measurements and KPIs for adoption and performance in advance of implementation.
- Developing contingency plans atop pilot programs in case outcomes shift.
- Continuing to focus on infrastructure and outfitting buildings in a way that they can be adaptable in years to come – creating infrastructure at the outset of a project is important both for the ‘now’ and for operators down the road.
From an ROI standpoint, some of the greatest wins have come from the implementation of customer-experience technology:
- Chatbots are proven to demonstrate increases in lead-to-lease ratios while reducing onsite teams’ time spent managing leads. Furthermore, chatbots and virtual leasing assistants move teams toward an outcome-based model, enabling the thought of centralization and motivating sales teams due to higher earning potential.
- While in-person, agent-led tours are not going anywhere, self-guided tours account for one-third of all tours nationwide (Source: NMHC, 2022). It is important that organizations not think of these tours as an either-or situation, but rather elevate both tour types to deliver on the customer expectation.
- Bulk Wi-Fi provides residents with a greater level of connectivity and accessibility while increasing the monthly revenue stream for owners and the property’s overall value.
With an increase in technology adoption, it is critical to take action to mitigate risks to your organization and to your residents.
- In advance of making technology selections, ensure a deep review of system security and assess privacy addendums thoroughly.
- Specifically, rather than signing a technology’s standard Master Services Agreement (MSA), determine both your organization’s and your renter’s needs upfront and enlist the appropriate legal guidance to ensure all considerations are identified and met.
