Today, PayLease, a property technology company that frees management companies and community associations to go above and beyond for their residents, is revealing its top tips to help the multifamily industry meet changing renter needs and drive more revenue in the year ahead. According to RE:Tech, there has been a record $12 billion invested in proptech start-ups globally (and growing). As a result, there is an abundance of new technologies hitting the multifamily industry and it can be hard to navigate which ones to prioritize that can help properties attract and retain the next generation of renters, while also driving NOI.
“As we set out to change the way properties are managed to improve the resident experience and free property staff from manual burdens, we are focused on innovating our platform with integrations and technologies that empower properties with the tools they need to evolve with the market,” said Dirk Wakeham, CEO of PayLease. “Renters want to be connected and managers want to drive NOI – so our goal is to make these technologies more accessible.”
In an effort to help the industry dissect the PropTech space, PayLease is sharing its top five technologies to tackle in 2020 and beyond.
Make it Mobile: It is critical that properties deliver a seamless mobile-first experience that enables residents to complete important tasks related to their home life – from paying rent to reserving amenities, reading community announcements and beyond. Many multifamily operators believe delivering these functions through their company’s mobile-optimized website is sufficient; however, the experience is cumbersome for on-the-go residents and provides limited functionality. It’s important to remember the ideal resident experience removes friction from their lives, so mobile apps are better suited for online interaction.
Customize Your Community: It’s hard to make an apartment feel like a true home when residents are unable or not permitted to change it. In fact, 94 percent of respondents in the NMHC Consumer Housing Insights Survey said that being able to personalize their space was important. For that reason, the more residents are allowed to customize, the more that their unit and the community will feel like a long-term home. Smart home technology can help them do that – for instance, smart locks give residents the freedom to control who can enter their unit while they are away without relying on property staff. Sometimes it’s the little things that can make the biggest difference.
Get Engaged: In today’s rental market, properties are differentiated by a strong sense of community between neighbors. Residents who feel a sense of belonging are happy enough that they tend to post glowing reviews of your property, and having residents advocate for your community is an effective tactic for increasing interest in the property. To achieve this, think about hosting regular social activities at your community and cultivate a cohesive neighborhood feel.
Self-Service: Give residents the means to conduct their business outside of the community office (and its limited operating hours). Allow them to resolve all of the common tasks related to apartment living when it’s convenient for them (and without having to burden your staff). As an example, think about leveraging package locker solutions so residents can easily access deliveries, issue temporary access codes to service workers, and provide self-guided apartment tours.
Know Your Partners: The influx of proptech start-ups globally can make it hard to know which ones will truly payout in ROI. Be sure you’re working with someone who has a strong, proven track record within the multi-family industry and long-term committed capital, you should stay away from venture capital-backed start-ups as their financing can dry up at a moment’s notice.
As a leader in helping multifamily communities innovate, PayLease has more than 6,000 property management companies and 12.5 million units leveraging its platform. To keep up with this demand, PayLease has appointed Kirk Ziehm as its new Chief Operating Officer. Ziehm brings over two decades of expertise in supporting high-growth software companies and was most recently the VP of Client Services for SeatGeek, where he led services and support.
“PayLease has a tremendous reputation in the residential property management industry, and I am extremely fortunate to be working with a team with such a strong and long track record of customer-centric delivery in all that we do,” said Ziehm. “Our mobile-first platform that unifies the most critical resident touchpoints uniquely positions PayLease to capture and grow our market.”
For more on the Connected Community experience, check out the PayLease eBook.
PayLease is a property technology company that frees management companies and community associations to go above and beyond for residents through a range of products that include online payments, resident billing, utility expense management and, most recently, Engage and Smart. Engage is a mobile-first experience where residents can pay rent & utilities, submit work orders, communicate with staff, receive package notifications, access third-party tenant services and more. Smart is a complete smart apartment solution that connects residents to their homes and managers to their properties to reduce costs and increase rental rates. Since its inception in 2003, PayLease has grown to serve thousands of property management companies nationwide and is now among the fastest-growing technology companies in the United States. For more information, please visit http://www.PayLease.com.