Three weeks out from Apartmentalize and some of us are still unpacking, both literally and figuratively. There were hundreds of vendors on the tradeshow floor, so sorting through all the information is daunting at best. To help bring order to the chaos, we’ve synthesized our four key takeaways from the conference.
Smart everything
Managing a property is a lot of work. We all know technology can make life easier, so proptech was in the center of the conversation at Apartmentalize.
There are smart access solutions, smart security options and property management software, but what stood out most is that the industry is moving away from siloed solutions and toward encompassing solutions that do it all. Teams have experienced the complications that siloed solutions create by requiring individual management. Instead, they want a solution that will allow them to manage everything on one platform.
Centralized leasing teams
It’s no secret that retaining staff is difficult in these times. It’s a job seeker’s market, and many employees are looking for more work-life balance than they have traditionally been afforded. In multifamily, employees have historically been required to be in person, so adapting to provide a remote work option can be challenging.
Intertwining technology with existing property management software can help your team continue to provide a personal touch while doing more with less.
Managed WiFi
Managed WiFi is on the rise and it was everywhere at Apartmentalize. But not all are created equal. Many offerings lack security and privacy within each unit. Others don’t offer ongoing support, which can create more work for overspent teams.
If it is done correctly, managed WiFi allows properties to own their own network and ensure resident privacy while outsourcing the design, installation, management, maintenance, and upgrades.
Choosing a managed WiFi platform? Ask about security, revenue generation, flexibility, and ongoing support. Learn about how the recent FCC regulations affect property WiFi.
Increased NOI
The tradeshow was packed with vendors promising to increase NOI. As the industry develops, we are seeing new opportunities to generate revenue. These options may allow properties to offer competitive rent prices by diversifying revenue streams.
Properties can ask themselves, “Where are my residents already spending money?” Arguably, the most effective way to diversify revenue is to provide a solution for something that is already in your residents’ budgets. Managed WiFi is a good example. It allows properties to collect monthly payments, rather than diverting them to a third-party ISP.
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