What are some emerging trends in online services for apartment buildings?
Sales of mobile devices, like tablets and smartphones, have been doubling, while desktop and laptop computer sales continue to decline. Along with this trend, members of Generation Y (the millennials) are becoming rental prospects, residents and employees — and eventually, they will become managers in multi-residential organizations. As such, apartments using social media and mobile-friendly online services can appeal to this generation and meet their needs.
If companies do not attract Gen Y as both customers and employees, they will not remain competitive in the marketplace.
Social media continues to gain ground against more traditional property websites used for marketing apartments. To support that momentum, companies are setting up marketing platforms that feature full property listings, along with online leasing and portals, within social sites.
Some tools allow prospective renters to view property photos, amenities and floor plans, submit applications and execute leases — all from Facebook. And once prospects become residents through Facebook, they can log in to a resident portal to pay rent, submit and track maintenance requests, and even renew leases. These online services can also provide social media tools for reputation management, resident referral programs and social media feeds.
For multi-residential companies to compete successfully in this new marketplace, it really comes down to four things: using technology to stay relevant and current; keeping operational costs down; providing superior service to your customers; and finally, empowering employees with tools to perform their jobs easily, quickly and efficiently.
Turn on social media channels
If residents want to pay rent or submit a maintenance request through Facebook, an apartment’s technology platform must include a social media toolkit.
Maintain a mobile-ready core technology platform
A company’s property management and accounting platform needs to implement the latest technology to facilitate advanced core business operations. One significant step involves moving away from self-hosting, and instead using cloud-based Software as a Service (SaaS) models. SaaS offers many significant advantages, including reduced IT infrastructure and staffing needs, easier administration and management of software updates, and proper governance, compliance and security controls.
Adopt technology that automates manual processes
Paperless automated workflows can expedite the processing cycles, reduce human errors and touch points, and can help management to track data, giving them a better insight into their operations.
Embrace mobility
Mobile devices and cloud storage means that workers do not have to be attached to their desktop PC. If a company’s leasing agents can execute twice as many leases from their mobile devices as they can from their desk in the office, it is in the business’ best interest to enable them with mobile leasing tools.
In summary, leveraging the latest technology is critical to building strong relationships with customers and maintaining a competitive edge, while enhancing the bottom line.
Peter Altobelli is vice-president at Yardi Systems Inc.
