Enter your email address for weekly access to top multifamily blogs!

Multifamily Blogs

This is some blog description about this site

Stack Your Tech Strategically and Responsibly

Stack Your Tech Strategically and Responsibly

With the multifamily industry entrenched in the world of social distancing, many operators have been quickly vetting and implementing new technologies to help support their operations. Adopting a tech provider can often be a daunting task, as there are various points of consideration, such as cost, tech support, integration and the identification of performance benchmarks. 

Social distancing and a new baseline of operations has also shifted the factors that impact the decision to implement new technology.

First and foremost, operators should be aware of these factors when vetting the provider. Seeking systems with an open API model serves as a solid starting point, because they are more easily integrated. Here are some equally important things to look for during the due diligence process: 

Check references 

Checking references of PropTech providers is an excellent way to evaluate the way they conduct business. In addition to inquiring about their support levels for onsite staff, the quality of their communication during the implementation process and the responsiveness of their team, it’s a great way to see how quickly they are able to pivot. The global pandemic introduced an abundance of variables not witnessed in the industry for quite some time, or maybe ever. The ability of a PropTech provider to pivot quickly and provide solutions to new problems will be crucial to the success of a business.

Remote assistance 

A customer-service element is more crucial than ever in a social distancing environment. Onboarding a tech provider is never an instant process, and your team almost certainly will have questions during the first few weeks of rollout. But if the provider goes dark on the backend, it doesn’t help much. Make sure the provider offers a high-level of instant tech support. While 24/7 support would be ideal, it’s critical that the provider offers live support during the business hours of any given time zone across the country. If something goes wonky during a remote tour, for instance, prospects won’t be patient if you can’t remedy the situation in a timely manner. 

Savvy in connective technology

With the business world working remotely more than ever, an ideal tech provider should be well versed in connective technologies such as Microsoft Teams, video-chat platforms such as Zoom, and Google’s various connection options. Many tours and tour recordings heavily rely on these platforms, and the tech provider should not clash with anything that could make a connection. It probably isn’t a good sign if the platform doesn’t support or augment these connective technologies that have become primary means of communication. 

New-school cost-benefit analysis 

Traditionally, a cost-benefit analysis detailed how a company could spend less to make more. That model has shifted somewhat during the pandemic, as some platforms are valuable in how they can best mitigate loss. Lessening losses now can lead to a quicker economic recovery down the road, so keep that in mind when assessing the capabilities of the provider.

Onboarding a new provider is never an easy decision for most operators. But following the vetting practices above will assist in finding a provider that will make a genuine difference and serve as a solid fit for the organization.

Rate this blog entry:

Comment Below

  1. Posting comment as a guest. Sign up or login to your account.
Attachments (0 / 3)
Share Your Location
  What I look for in top leasing talent.   Most blog posts about the characteristics of the effective leasing professional would start with words like positive attitude, goal oriented, relationship driven, and committed to service. You would add qualities like professional in image and self-motivated; someone who loves people. The usual stuff we have heard forever!   These are all admiral traits and ones we would love to see in all the onsite team. Right?&...
It seems that technology is evolving minute by minute, and the multifamily industry has a front-row seat to these ever-changing advancements.  This rapid acceleration of technology has brought about a wealth of innovative new tools and solutions – from resident referral platforms and text message marketing to AI and automation – that operators are utilizing to improve the customer experience. With apartment leasing and living becoming more tech-driven and digital-centric than ever before, o...
We Have Been Spoiled in 2021 - Better Get Ready to Rumble! With over 400,000 new apartments projected nationwide in 2022, it looks like there will be some competition in most major markets.  Add a possible uptick in COVID (thanks to Mr. Omicron), and I predict a very competitive leasing environment this year.  Here are some MUST DO’S to keep your leasing efforts ahead of the guys next door! Answer the phone - DANG!  Why can’t we answer the phone at least some of the time?  I...