Choosing Technology Wisely
The technology landscape is a crowded one these days, both with innovative new arrivals targeting the industry as well as strong existing options with more longevity. Choosing the right value-add technologies is a challenging task for multifamily operators. What are the drivers that elevate one over the others?
Take a look at any aspect of operating apartment communities today, and you’ll find no shortage of new technologies designed to help your business improve, streamline, connect, develop, educate, assess, analyze or aggregate – you get the picture. Most likely, you and your team are contacted by enterprising marketers frequently, all seeking to show you how their solution is the answer.
Let’s take a look at one area receiving a lot of attention in recent years: package delivery. You have technology-plus-hardware solutions from companies like Package Concierge, Parcel Post and LuxerOne; and digital-only solutions like those from Entrata (ParcelAlert) and ReceivingRoom. Also, customized apps like Mobile Doorman offer an entire resident communication platform including package notification as only one of many communication features.
Of course, that’s just one example. From new lead-delivery apps like HomeMe and Zumper to bite-sized web-based training options like GROW Learning, real-time transportation information displays like Transit Screen, and InfoTycoon’s innovative asset management platform. And I can't write a tech article without mentioning the new Respage AI-powered chatbot (a digital leasing agent), and the innovative market survey platform by BI:Radix. There is so much new technology deployed that the list could go on for days.
What to do?
It’s difficult to know which technologies are the right ones for your business, or even what the options are with so many new entrants on the scene. Following are a few tips that may help determine need and navigate the crowded waters:
- Take control of the process. Are you simply reacting as firms seek you out, or do you have a business strategy that incorporates ongoing technology health and assessment?
- What problem are you solving? What are your pain points and can a technology solution help to alleviate, or is it an infrastructure or management issue? Don’t just go for the shiny new penny without a compelling reason, or without knowing how ROI can be achieved.
- If new or additional technology seems like the way to go, make sure you do your homework about what’s available in the space. Google it, reach out to peers from other companies, and find out the good, the bad and the ugly. Other users are always the best resource.
- Do you have the stomach to be an early adopter? Or are you more comfortable once a company has an established client list? Save yourself some headaches by knowing where your comfort zone is.
- If evaluating a technology solution that’s been around for a while, you’ll want to assess their track record of evolution; do they continue to improve and invest? How well have they adapted over time? Is the customer base commensurate with time in market? How robust is their integration strategy?
- Does the technology you’re looking at empower – your employees, your residents, prospective residents – to achieve their goals? The best way to determine this is to include various user groups in the decision process. Really listen to their feedback rather than simply looking for validation of your point of view.
- How does it rank for ease of use? If it seems clunky and confusing in a demo, it is. Next.
- It’s all about the people. Sure, it’s a great technology, but how do you feel about the folks who deliver it? Again, do your homework and find out what other customers have experienced with consistency, commitment and communication.
Sifting through the many choices may be daunting, but it’s a great problem to have! The secret to success is to know your organization’s needs, and to do your homework on the many options.