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Technology Revenue Drivers

Technology Revenue Drivers
The multifamily industry has truly turned a corner. Rather than being skeptical that technology will produce any ROI at all, many apartment owners and operators have begun evaluating technology based on how much ROI it’ll produce. It’s no longer a zero-sum game in their minds. But it is vastly more complex to evaluate every technology based on how much revenue it’s going to generate rather than whether it will generate any at all. And technologists certainly aren’t making it easy.Ever the optimists in search of being the next Google, technologists tend to over promise when it comes to revenue projections. Yet, we’ve now had enough experience with technology in the industry to know what drives the most revenue and the most value for our assets. Here’s a rundown of some of the new and old technologies that have clearly proven ROI and what I believe will drive revenue going forward for apartment owner/operators. Revenue ManagementRevenue management is the clear winner in revenue driving technology. It not only helps owners and operators increase rents intelligently in hot markets, but it also protects against rent losses in slow markets. Of course, the technology doesn’t work on its own. It needs human input, but it’s ability to capture and process large quantities of information to provide a suggested price that maximizes revenue is something no owner or operator should live without. Implementing revenue management technology is simply a no brainer. Customer Relationship Management SystemsSales is a numbers game. The more quality leads you can attract, the mo......
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Maximizing asset value and revenue on smart home

Maximizing asset value and revenue on smart home
It doesn’t pencil out. Or does it?The mantra that used to be associated with smart home technology in multifamily was that it was nice, but wouldn’t have a return on investment. However, with growing demand and more residents coming to expect their apartment homes to be fitted with smart home technology, that mantra has begun to shift toward a more fitting question: How do we maximize asset value and revenue on smart home technology?The answer seems simple: Smart Home as a Service (aka the new SHaaS). Residents pay a monthly fee for the smart home service, apartment owner/operators make some ancillary revenue and the smart home companies offer 24/7 customer service on the devices. As much as we’d all like it to be that simple, it isn’t. We all know being in the residential service industry that residents are picky and multifamily housing is complicated. That’s why there’s a significant difference in both asset value creation and monthly fee depending on the smart home technology you install. Asset value increase from the installation of smart home technology can range from $745,000 to $1.1 million, while the monthly fee residents are willing to pay ranges from $10 to $50, depending on the quality of the smart home system.The kind of resident who wants smart home tech, doesn’t just want any system, especially if they’re paying for it as a service. They want the best smart home system money can buy. They want every device to be interconnected and work seamlessly, a hub to manage all o......
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Considering Deploying Smart-Tech In Your Apartments? Read This First...

Using Alexa to request apartment service  Everything is "Smart" these days. Smart....locks, speakers, thermostats, lights, TVs, register-vents, refrigerators, faucets, security systems, cameras....the list goes on! It seems there are plenty of options in the market for multifamily apartment operators to offer "smart" amenities. So should you start adding gadgets to your apartments in hopes of attracting new residents? For a short-term spike, maybe. But what happens next year when when Google, Amazon, Nest, Apple, Iris, etc. push out new models, features and functionality and all of a sudden your tech is more of a deterrent than an attraction? Do you throw out everything you bought last year and get the next new thing? The real question here is how do you get ahead, and stay ahead with tech in apartments. And, how to you get Residents to consider your brand "tech-forward"?  You might consider changing the lense of how you look at the problem. Said another way, how can your multifamily brand leverage consumer technology in a way that enables your Residents to have fast & easy digital access to apartment services from devices they already own. Things like:  leveraging SMS to communicate with residents (95% of all text messages are read by the recipient) enabling Residents to voice-create service requests using their SmartSpeaker mobile-enable your maintenance staff to speed up service-response-times and get better metrics on how your service teams are performing use chat-bots to auto-notify Residents when they have packages waiting for them at the office installing LTE-boosters to low-signal areas on your properties ......
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Dear Gabby: The Future of Apartments: Smart Home Tech

Dear Gabby: The Future of Apartments: Smart Home Tech
Dear Gabby,   I guess I’m getting old. My daughter just had to show me how to download an app on my new smart phone. Technology is advancing so rapidly, and I’m having a hard time keeping up, especially when it comes to smart home technology.   All of the young property managers are talking about it and I feel out of the loop. What should I be focusing on when it comes to new technology at my multifamily housing community?   - #NotTheNextSteveJobs     Dear #NotTheNextSteveJobs,   It’s okay, I think my teenage son knows more about technology than me too. Kids these days! The good news is, you don’t necessarily have to understand how technology works in order to start capitalizing on the benefits it can provide to your apartment.   Smart home tech is one of the hottest trends in the multifamily industry right now. Why? Smart-home features such as smartphone-managed lighting and security are giving renters a greater sense of control.   Millennial renters aren’t going to be scared off by technology -- they already know how it works… and they like it. In fact, according to a new study from Bailey Brand Consulting, 74% of them believe technology makes their lives easier. And since millennials currently make up the largest group of renters, it’s a good idea to focus your efforts on appealing to them.   Okay, now that you understand the “whys” of smart technology, let’s focus on the “what.” Here’s a list of some of the most desirabl......
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