Technology<\/span> is playing a critical role in transforming <\/span>property management<\/span> in the multifamily market during this pandemic. Although many of these changes were initially viewed as a temporary fix, they are now not only viewed as necessities but provide lasting competitive advantages as well.<\/span> Residents are increasingly demanding reliable package delivery and storage, especially as same-day grocery, pharmacy, and restaurant deliveries continue to climb. Technavio forecasts that the same-day delivery market will climb to $9.73 billion during 2020-2024 or approximately 22%. Refrigerated lockers ensure food safety while affording residents the ability to pick up packages on their schedule.<\/span>
\nWhether you’re a property owner or work for a property management company, incorporating new technology into your property is absolutely essential. <\/span>Let\u2019s review the most important issues facing <\/span>property<\/span> owners and how <\/span>technology<\/span> works to alleviate these problems.<\/span>
\nProblem: Time and Labor-Intensive Leasing Practices<\/b>
\nSolution: Self-Guided Tours and Virtual Leasing Tools<\/b>
\nAlthough there is still no single end-to-end solution for <\/span>property<\/span> showing, <\/span>tenant screening<\/span>, and <\/span>lease<\/span> signing, a host of specific <\/span>technology<\/span> tools have popped up to solve specific issues <\/span>that can help both management and potential tenants<\/span>.<\/span>
\nVirtual tours are a necessity. Recent statistics demonstrate that 67% of people want more businesses to offer virtual tours. And customers aged 18 to 34 are 130% more likely to book a place if there is a virtual tour<\/span>1<\/span>. According to industry studies from the <\/span>Center for Realtor Development<\/span>,<\/span><\/a> high-quality photography properties lease and sell 32% faster than those with poor photos or a lack of photos altogether<\/span>2<\/span>.<\/span>
\nOne proptech company, for instance, acts as a leasing agent responding intelligently to leads via text or email. Self-reported stats show that it reduces the number of days a <\/span>property<\/span> is on the market by 39%<\/span>3<\/span>. Other solutions can help streamline the leasing process. Meanwhile, some companies are looking to fill an essential void by identifying and verifying <\/span>lease<\/span> prospects. These solutions reduce <\/span>renter fraud<\/span> and improve <\/span>property<\/span> safety. Utilization of technology tools like <\/span>property management software<\/span> Checkpoint skyrocketed from<\/span> 3% in March<\/span> to 40% during the height of the pandemic<\/span>4<\/span>.<\/span>
\nSome properties are even considering smart key entry<\/span>. <\/span>Virtually every door, elevator, and entryway can be opened contactless via <\/span>property management<\/span> systems like LatchOS<\/span>5<\/span>. Providing controlled property access to <\/span>potential tenants<\/span> via smart key is a great <\/span>property management solution<\/span> for communities who are looking to streamline the leasing process without compromising security <\/span>within the rental property.<\/span>
\nProblem: Fewer Staff and Less Interaction\/Communication<\/b>
\nSolution: <\/b>Property<\/b>-Created Apps and <\/b>Social Media<\/b>
\nCOVID regulations and staff shortages have made residential flyers a thing of the past. Even digital communication has shifted significantly with savvy <\/span>property<\/span> owners switching to mobile apps vs. email notices.<\/span>
\nJered Lerum, director of more than 2,000 apartments with Edison47, insists that following your residents\u2019 preferences is key<\/span>6<\/span>. <\/span>Whether it\u2019s text, email, or mobile app, ignoring their requests is a surefire way to lose customers.<\/span>
\nNew proptech innovations boost interaction by allowing the scheduling of <\/span>maintenance<\/span> appointments as well as \u201camenity spacing\u201d to help residents abide by social distancing guidelines in community areas such as gyms, kitchens, and lounges. Others seek to streamline news and updates via mass updates.<\/span>
\nIn terms of <\/span>social media<\/span>, cost\/benefit analysis remains key. \u201cWe see <\/span>social media<\/span> as a tool we can leverage to achieve a [marketing] cost below our target level of $250 per <\/span>lease<\/span>,\u201d says Sara Dixon,<\/span> social media<\/span> manager<\/span> at Village Green<\/span>7<\/span>.<\/span>
\nOther experts advise selling the lifestyle and not the product. In short, it means emphasizing the locale, the amenities, and the community. Don\u2019t forget that content is key and visuals are the secret sauce. In fact, people only absorb about 10% of the things they read or hear about, but when paired with a visual, they remember about<\/span> 65% of the material three days later<\/span>8<\/span>.<\/span>
\nThese <\/span>efficient communication<\/span> tools not only work to attract a <\/span>prospective tenant<\/span> but also to inform current residents about community events and updates. This helps to deepen the property-<\/span>tenant relationship<\/span> and improve <\/span>tenant satisfaction<\/span>.<\/span>
\nProblem: Slow Internet<\/b>
\nSolution: 5G and Other Wi-Fi Options<\/b>
\nWith 42%<\/span> of employees working from home, speedy Internet is a must<\/span> for any rental property<\/span>; homes are now where we work, play, school, and entertain<\/span>9<\/span>. Dwellers now expect that broadband will be available from the day they move in and that <\/span>property<\/span> managers will serve up high-speed Wi-Fi to offer a necessary respite from a frenetic day.<\/span>
\nAt the recent Broadband Communities Virtual Summit 2020, multifamily <\/span>property<\/span> managers discussed coax, fiber, wireless, and 5G as options for providing a consistent broadband experience<\/span>10<\/span>. Most surprising, however, is that these owners are negotiating bulk deals with Internet service providers to improve the resident experience\u2026and to lower costs.<\/span>
\nThese wireless options not only support resident connectivity, but also the myriad new <\/span>property management technologies<\/span> working to streamline operations for <\/span>property management<\/span> or owners.<\/span>
\nProblem: Parcel Deluge and Package Mismanagement<\/b>
\nSolution: Smart, Automated Package Lockers<\/b>
\nWith US shoppers shattering all records by spending $9 billion<\/span> on Black Friday and $10.8 billion on Cyber Monday (the largest online sales day in US history), efficient parcel <\/span>management<\/span> is paramount for multifamily <\/span>management companies<\/span>11,12<\/span>. Experts predict these numbers could result in 486 packages delivered per week to each multifamily <\/span>property<\/span>!<\/span>
\nSmart lockers<\/span><\/a> provided by Parcel Pending deliver a safe, secure, and satisfying experience for the resident. In fact, lockers are the top-requested amenities and can<\/span> boost <\/span>lease<\/span> renewals by up to 40%<\/span><\/a>13<\/span>.<\/span>
\nElectronic lockers harness the power of<\/span> property management<\/span> technology<\/span> by automatically alerting residents when a package has been delivered and providing details on how to retrieve it. With reduced staff and concerns about COVID, smart lockers lower labor hours by up to 24 hours weekly while providing contactless delivery.<\/span> Plus, your tenants won’t have to worry about <\/span>package theft during the holidays<\/span><\/a> or at any other time of year, which has become an increasing issue over the past few years.<\/span>
\nSpecifically, the steps in the delivery process are:<\/span><\/p>\n\n
\nParcel Pending offers its smart, electronic lockers as a value-added differentiator. Complimentary assessments and custom configurations can help determine the best use of your space and budget.<\/span>
\nTalk to a Parcel Pending representative about<\/span> our multifamily smart locker solutions<\/span><\/a> today!<\/span>
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\nSources:<\/b><\/p>\n\n