It’s that time of year again.
Time to make New Year’s resolutions.
Love them or hate them, they can be a catalyst for positive growth, development and improvement.
This year, alongside your annual resolutions to start a new hobby, improve relationships or cultivate better habits, why not resolve to explore new ways to make life better for your residents and your team members?
To help get you started, we’ve compiled a list of 10 resolutions tailored to the unique challenges facing property management leaders - along with practical insights and valuable resources to help you achieve them.
10 New Year’s Resolutions for Multifamily Property Management Leaders
One of the cornerstones of successful property management is cultivating a sense of community among residents. Resolve to create shared spaces and host meaningful events that bring people together, fostering a sense of belonging. This not only improves resident satisfaction but also contributes to a positive living environment.
Need inspiration? Check out the playback of “Home Is Where Your Apartment Is: Building Community to Enhance Resident Retention,” an enlightening webinar featuring a panel of multifamily experts who offer expert strategies and tactics for building community, from setting the stage at move-in to hosting meaningful events.
Strive to go beyond providing your residents with basic services. Resolve to enhance their living experience by offering amenities, services and events that cater to their needs and desires in a memorable way.
The right tech-powered amenities can make achieving this resolution effortless. Take a community printer. Printing is a service residents want and need (confirmed by The Wall Street Journal), but having to email documents to staff members or deal with an unpredictable DIY solution is more headache than helpful. A solution like PrintWithMe is hands-off for staff and empowers residents to print from their own devices, on their own time.
Beyond distinctive amenities and memorable events, remember that creating an elevated experience starts with you. Go above and beyond when the opportunity presents itself - and it won’t go unnoticed. Reserve a spot for the moving truck. Carry up groceries. Hold the door. Engage in small talk. Sometimes, the smallest gestures make the biggest impact.
Investing time and money into creating an elevated experience doesn’t just benefit your residents - it also benefits your bottom line. Happy residents are more likely to renew their leases, minimizing vacancy periods and associated turnover expenses.
A motivated, satisfied and properly equipped on-site team is essential for effective and efficient property management. When your team is content, they are more likely to be engaged and dedicated to achieving property management goals. Resolve to prioritize the well-being of your team members by providing the right tools and training opportunities, recognizing achievements, and fostering a positive work environment.
An oft-missed piece of creating a positive environment is ensuring that team members derive a sense of value and pride from the work they’re doing. Inefficient processes and an overabundance of menial tasks can quickly lead to discontent and burnout. Software platforms and tech-enabled amenities that automate tasks and create operational efficiencies can be powerful tools in creating a great experience for on-site teams. When they have time to focus on what they were hired to do, they are more likely to feel accomplishment, pride and a sense of purpose.
There’s no denying that interest rates and insurance premiums are uncontrollable right now, but there are plenty of ways to control costs across services and amenities. Resolve to implement cost-reduction and cost-control measures without compromising on service quality. This not only contributes to increased NOI but also ensures financial stability for the property.
Start by identifying areas where your costs have significantly increased and/or vary wildly from month-to-month. Seek out vendors and suppliers that offer all-inclusive, flat-rate packages to help keep your costs fixed and predictable in an environment where instability is the norm.
Coffee is a great example. When you have no way to limit consumption, variances and skyrocketing costs are the norm. However, there are helpful solutions specifically designed to help multifamily properties control (and often reduce) their coffee costs. SipWithMe, for example, offers innovative software that gives property managers full control over how many cups residents are drinking, as well as a full range of all-inclusive packages that make budgeting a breeze. The solution helped a portfolio of class A properties in Chicago reduce their OpEx by an average of 50%.
If you’re trying to DIY services or amenities, there can be significant cost savings in working with outside vendors and suppliers who have economies of scale and volume discounts on their side.
Streamlining operations is crucial for success in property management. Invest in technology and processes that enhance efficiency, from streamlined communication systems to advanced property management software.
Don’t discount the power of tech-enabled amenities in further streamlining processes and creating efficiencies. Outsourcing support and maintenance creates significant time savings, giving you and your team time to focus on more important tasks.
In a competitive market, differentiation is key. Resolve to keep close tabs on what your competition is doing and set your property apart with distinctive amenities, exceptional service and innovative programs that attract and retain valuable residents.
For maximum ROI, seek out amenities and services that don’t just pack a punch at first glance - but continue to bring value to residents after move-in.
Sustainability is a growing concern, and property managers can play a role in minimizing their property’s environmental impact. Resolve to adopt eco-friendly practices, from energy-efficient lighting to waste reduction initiatives. Not only is this socially responsible, but it can also result in cost savings over time.
Make a conscious effort to partner with third-party vendors and suppliers that offer eco-conscious products and encourage the adoption of environmentally sound policies.
As a property management leader, you are an integral member of the local community. Resolve to strengthen ties by supporting local businesses and participating in community events. Not only will this help you build visibility and rapport, it will also help your residents develop a sense of connectedness with the area. And when residents feel connected, they’re more inclined to want to stay where they are. Who doesn’t love retention and renewals?
You can also support the local community by embracing services and amenity solutions with local connections. And that doesn’t mean they have to be locally based. Some national suppliers partner with local companies for quality assurance and to help support local economies.
Technology is continually advancing, and if you resolve to remain flexible and open to innovation, it can give you a major competitive advantage in the long run. Strategically investing in new trends and technologies has the potential to help you improve your efficiency, increase resident retention and satisfaction, and stand out from your comps.
What’s trending and emerging in 2024?
With an onslaught of data privacy legislation on the horizon, resolving to safeguard resident, staff and company data is almost non-negotiable.
The fundamental way to keep this resolution? Stay abreast of changing laws and regulations to ensure compliance and avoid legal issues. If you need to get up to speed, a great starting point is this cyber risk management webinar, where two of today’s top data privacy attorneys delve into the current legislative landscape and address the challenges inherent in multifamily operations.
If you don’t have a thorough understanding of how personal information is processed at your property, consider investing in data mapping, which clearly identifies all third parties processing data and pinpoints compliance gaps that need to be filled.
By embracing these resolutions, you can navigate the challenges of the coming year with confidence and effectiveness. Building a sense of community, prioritizing resident and team experiences, and staying ahead of industry trends are crucial steps toward achieving success in the dynamic field of property management.
Let WithMe, Inc. help you keep these resolutions with PrintWithMe and SipWithMe, tech-enabled printing and coffee amenities designed to make life better for residents and on-site teams.
In the world of multifamily property management, you, Property Managers, often exhibit a remarkable blend of skills and qualities that might seem almost superhuman. You possess the ability to juggle a multitude of responsibilities, seamlessly transitioning between the roles of diplomat, problem solver, and visionary. Like well-trained superheroes, you remain steadfast in the face of adversity, adapting to ever-evolving challenges with grace and determination.
The team at WithMe is thrilled to celebrate National Property Managers Day on September 23rd each year. National Property Managers Day was established with a singular purpose: to acknowledge and celebrate the invaluable contributions made by multifamily property managers every day. It's a day to honor your unwavering commitment to the well-being of your community's residents and your exceptional ability to deliver results for property owners. As the role of Property Managers continues to evolve, encompassing an ever-expanding range of tasks, you're consistently called upon to embrace new technologies, staying ahead of the needs of your residents. Your effectiveness across all stages of the resident lifecycle, while juggling numerous responsibilities, is nothing short of impressive.
We are proud to partner with thousands of multifamily property managers across the country to deliver elevated resident experiences. Today, let's come together to express our heartfelt gratitude for all that Property Managers like you do…
So, we extend a tremendous "thank you" to you, our unsung heroes, whose remarkable abilities and tireless dedication elevate communities and enrich lives. As a property manager, you embody professionalism, patience, and a profound commitment to enhancing the very essence of home. We hope you enjoy this special day and delight in the festivities we've provided.
If you haven’t seen it yet, we hope you enjoy our feature film: Resident Printer Insanity
Sit back and get ready to laugh with these property management memes we made just for you.
Spend a few minutes finding some of your favorite words in this word search made especially for property managers. Download the full word search by clicking the image below, and easily print it with PrintWithMe.
Find yourself a tall glass and get ready for a delicious coffee beverage that only takes a minute to make – because we all know just how busy you are.
Servings: 1
Ingredients:
1 cup your favorite SipWithMe coffee brew (237 ml)
1/3 cup milk or non-dairy beverage(79 ml)
1 cup ice cubes + some extra for serving, if desired
1-3 teaspoons brown sugar
Instructions
Brew your coffee. All of our SipWithMe beverages brew in 60 seconds or less -- with delicious, locally-roasted coffee beans.
Add brown sugar and mix to dissolve.
Add ice to glass and pour coffee. If you have a shaker cup, add coffee, ice, sugar, and shake. Ready in under 2 minutes, so you can get back to work.
Speaking of treating yourself, have you heard about our client referral program? It's a win-win situation. By referring another property manager who signs up for our services, you not only save your property $100 but also provide a fellow manager with a $100 credit. It's a wonderful way to give and receive, ensuring everyone comes out ahead. Plus, it's perfectly timed for National Property Manager's Day. Give a little, take a little, and make this day even more special. Discover more here.
In celebration of National Property Manager's Day this Saturday, we're hosting a giveaway on Instagram, LinkedIn, and Facebook.
Grand Prize: $100 Amazon gift card – your ticket to some well-deserved retail therapy!
Runner-Up Prizes: We've got five WithMe tumblers (valued at $30 each) up for grabs – perfect for sipping your favorite beverage in style.
Entries close on September 25, 2023, at 3:00 PM (Central Time).
Follow us on Facebook, Instagram or LinkedIn to see how to enter. Check here for rules.
1- The promoter is: WithMe, Inc. whose registered office is at 440 N Wabash Ave, Chicago, IL 60611.
2- The competition is open to residents of the continental United States of America aged 18 years or over except employees of WithMe, Inc. and their close relatives and anyone otherwise connected with the organization or judging of the competition.
3- There is no entry fee and no purchase necessary to enter this competition.
4- By entering this competition, an entrant is indicating his/her agreement to be bound by these terms and conditions.
5- Route to entry for the competition and details of how to enter are via Instagram, LinkedIn, and Facebook.
6- Only one entry will be accepted per person. Multiple entries from the same person will be disqualified.
7- Closing date for entry will be September 25, 2023, at 3:00 PM (CT). After this date, no further entries to the competition will be accepted.
8- No responsibility can be accepted for entries not received for whatever reason.
9- The rules of the competition and how to enter are as follows:
Answer one of the question prompts from our giveaway post on Instagram, Facebook, or LinkedIn in the comments section of the post.
10- The promoter reserves the right to cancel or amend the competition and these terms and conditions without notice in the event of a catastrophe, war, civil or military disturbance, act of God, or any actual or anticipated breach of any applicable law or regulation or any other event outside of the promoter’s control. Any changes to the competition will be notified to entrants as soon as possible by the promoter.
11- The promoter is not responsible for inaccurate prize details supplied to any entrant by any third party connected with this competition.
12- The prize is as follows:
One grand prize winner will receive $100 Amazon gift card. Five runner-ups will win a WithMe branded tumbler ($30 value).
The prize is as stated and no cash or other alternatives will be offered. The prizes are not transferable. Prizes are subject to availability and we reserve the right to substitute any prize with another of equivalent value without giving notice.
13- Winners will be chosen as a result of a popular vote conducted via social media sites as measured and recorded and verified by Promoter and or its agents.
14- The winner will be notified by DM on Instagram/LinkedIn/Facebook within 28 days of the closing date. The winner will only ever be contacted by WithMe, Inc. If the winner cannot be contacted or does not claim the prize within 2 business days of notification, we reserve the right to withdraw the prize from the winner and pick a replacement winner.
15- The promoter will notify the winner when and where the prize can be collected/is delivered.
16- The promoter’s decision in respect of all matters to do with the competition will be final and no correspondence will be entered into.
17- By entering this competition, an entrant is indicating his/her agreement to be bound by these terms and conditions.
18- The competition and these terms and conditions will be governed by U.S. law and any disputes will be subject to the exclusive jurisdiction of the courts of the United States of America.
19- The winner agrees to the use of his/her name and image in any publicity material, as well as their entry. Any personal data relating to the winner or any other entrants will be used solely in accordance with current data protection legislation and will not be disclosed to a third party without the entrant’s prior consent.
20- The winner’s name will be available 28 days after the closing date by emailing the following address: marketing@withme.com
21- Entry into the competition will be deemed as acceptance of these terms and conditions.
22- This promotion is in no way sponsored, endorsed, administered by, or associated with, Facebook, Twitter, TikTok, or any other Social Network. You are providing your information to WithMe, Inc. and not to any other party. The information provided will be used in conjunction with the following Privacy Policy found at https://withme.com/
23 - WithMe, Inc. shall have the right, at its sole discretion and at any time, to change or modify these terms and conditions, such change shall be effective immediately upon posting to this webpage.
24 - WithMe, Inc. also reserves the right to cancel the competition if circumstances arise outside of its control.
Every year, Multifamily Leadership hosts the Multifamily Women Summit, a transformative two-day conference designed to help female multifamily leaders strengthen their networks, expertise and influence.
Women on the WithMe leadership team had the opportunity to attend this year’s conference in Phoenix, and they left with several valuable pieces of wisdom and inspiration.
It’s time to get back to the basics.
The multifamily industry is experiencing implementation fatigue after deploying a wild array of technologies, services and solutions in a desperate attempt to navigate the “new normal” and the unknowns caused by the pandemic.
Now, trying to understand what to keep, what to get rid of and what to add is an exhausting game. It's time to get back to the basics. At the end of the day, the ultimate goal should be to drive value for residents.
Ready or not, AI is coming.
There are big concerns and scary realities involved with the emergence of AI, but when leveraged correctly, it can be used to enhance experiences. To make the technology less intimidating, be proactive in educating yourself about it and uncovering the best ways to utilize it in your unique situation.
To take things to the next level and drive the results you’re totally capable of, you need to push boundaries, be creative, be innovative and play.
"You've gotta go slow to go fast."
It’s important to take the time to slow down, train your team, define terms and get on the same page. In the moment, it may feel tedious, but it pays dividends to be able to run fast once you’re out of the gate.
We’re all in this together.
Conferences like Multifamily Women provide an important reminder that multifamily is a rare and unique industry. At the end of the day, everyone is kind and willing to help each other out. Many people have accidentally stumbled their way into it, but once you get into multifamily, you stay in multifamily because the people are unmatched. Whenever you feel alone or overwhelmed, remember help and support are always a phone call, text or social media message away.
Building community is more important than ever.
Our country is facing an “Epidemic of Loneliness.” The Surgeon General reports that 1 in 2 American adults report experiencing loneliness - and that was well before the pandemic forever changed the world.
And loneliness is far more than just a bad feeling. It increases the risk of cardiovascular disease, dementia, stroke, depression, anxiety and even premature death.
Suffice it to say, residents are craving connectedness. They want to feel like their walls are not merely a place to sleep, but a place they can truly call home.
At the end of a lease, the feeling of belonging and connectedness typically carries more weight than the rate itself when making the decision to renew.
Shared amenities can be incredibly powerful community-building tools. They encourage resident interaction and can become the focal point of events and social gatherings. If you’re looking to level up your amenities, the team at WithMe is here to help you not only find the right solutions for your property, but to help you utilize them to bring your residents together and strengthen your community.
Multifamily proptech company hires renowned sales leader to support rapid growth.
Chicago - (September 18, 2023) WithMe, Inc. is pleased to announce that Dave Dexter has joined its leadership team as Senior Vice President of Global Sales, bringing extensive sales leadership and multifamily expertise to the organization.
Dexter is an experienced sales leader in the multifamily space. Prior to joining WithMe, he served as Vice President of Multifamily Sales for Luxer One for 3 years. He also spent nearly a decade leading winning sales teams at RentPath.
An ardent believer in the associations shaping the industry, Dexter has proudly served as a member and a leader of multiple multifamily organizations. He has served on the board of directors of the Space Coast Apartment Association (SCAA), The First Coast Apartment Association (FCAA), the Southeast Florida Apartment Association (SEFAA) and as an alternate board member for the Florida Apartment Association (FAA).
Dexter is also a proud member of the National Apartment Association (NAA). He currently serves on the technology committee, but has also been part of the Apartmentalize conference committee.
"It is an honor and a privilege to join the WithMe team," says Dexter. "WithMe’s amenity solutions are truly exceptional, and I am thrilled to have the opportunity to further the company’s mission to make life better for property management professionals and residents."
"We are thrilled to have Dave at the helm of our sales team,” says Jonathan Treble, WithMe’s Founder and CEO. “His incredible track record of success, paired with his extensive knowledge of the multifamily industry and his unparalleled leadership skills, will help WithMe continue to grow and become an undisputed leader in tech-enabled amenities.”
Named to the Inc. 5000 list of fastest-growing companies in America for three consecutive years, WithMe is expanding its sales team to support fast growth. WithMe’s resident printer amenity, PrintWithMe, is currently available in more than 3,500 locations. Demand for SipWithMe, the company’s coffee amenity launched in 2021, has been incredibly strong. SipWithMe is currently available in 22 major markets, and plans for rapid expansion are on the horizon. As a whole, more than 80% of the top 50 National Multifamily Housing Council (NMHC) property management companies rely on WithMe amenities, and the company’s solutions now serve more than 1 million apartment homes.
About WithMe, Inc.
WithMe, Inc. makes people's lives better every day through convenient, technology-powered amenities for the multifamily industry and beyond. WithMe’s PrintWithMe and SipWithMe solutions make resident printing and coffee simple, helping property management leaders deliver an elevated living experience and meet evolving resident needs for remote/hybrid work spaces, while simultaneously decreasing spend, controlling costs and saving time for staff. PrintWithMe powers printer amenities and staff solutions at thousands of multifamily, cafe and coworking locations across all 50 states. SipWithMe, which is now available in major markets, is disrupting the coffee amenity category. WithMe is an Inc. 5000 fastest growing company, appearing on the list for the past three years. Learn more at www.withme.com.
At WithMe, one of our core values is customer obsession. We routinely survey our clients to gather candid feedback about their experience with our amenity solutions and gain perspective on the multifamily industry at large.
Our latest survey, which was completed by multifamily professionals representing hundreds of properties across the United States, revealed interesting insight into amenity utilization.
We asked participants to rank the average utilization of several popular amenities at their properties.
The final results may surprise you.
These are the five amenities participants said their residents utilize most frequently:
Our internal usage data corroborates those rankings. In communities with access to PrintWithMe, our resident printer amenity solution, the average unit utilization rate is a staggering 82%.
The average unit utilization rate of SipWithMe, our resident coffee amenity solution, is 51.7%. Studies have shown that roughly 66% of the U.S. population drinks coffee every day. So, of the eligible coffee-drinking resident population, SipWithMe is utilized by 76%.
Especially if you are budgeting for new amenities or improvements to existing ones, it’s important to know which amenities residents are actually using. Check out our survey results report for the full ranked list.
There’s something invigorating about having a fitness center just a few steps away from your doorstep. The convenience factor is a massive draw, especially for those balancing busy schedules. A quick morning workout or an evening session to de-stress becomes infinitely easier. Plus, the savings on gym memberships and travel time are nothing to scoff at.
These apartment amenities support physical health while fostering a sense of community among residents who regularly use the facility.
With the integration of smart home technology, your fitness center can even bring personalized workout suggestions and progress tracking, further enhancing the user experience.
If you're not an avid coffee drinker, you might not get it. But PLENTY of people love coffee, so the convenience of having access to it right in your home is something that makes a big difference.
There's a reason why people craft their own coffee stations and why many TikTok and YouTube lifestyle videos start with a cup of coffee.
At this point, it's a lifestyle at this point, so you don't want to miss out on adding a coffee bar or station to your property.
An added benefit?
People love to chat it up and have a great time with the community around them, and a coffee station is just one area where you can encourage that. Students love coffee, too! With many studying late into the night and early morning, having access to a coffee bar at their apartment complex can be a major convenience for them. It can also be a great selling point for student housing properties looking to attract new residents.
Green spaces, rooftop gardens, or even simple BBQ areas significantly enhance the quality of life in multifamily housing. They offer a slice of nature and a breath of fresh air amidst urban settings, making them invaluable community amenities. These outdoor spaces are communal hubs where all your residents can connect and unwind. Whether it’s hosting a weekend grill party or enjoying a quiet read under the sun, the allure of well-maintained outdoor amenities is something you don't want to neglect. Incorporating elements of smart home technology into these areas, such as automated lighting and weather-responsive features, only heightens their appeal.
The need for physical documents hasn’t vanished. Having access to a printer within a multifamily property eases the stress of last-minute printing needs. This amenity is appreciated by students and professionals alike, highlighting the multifaceted roles apartment amenities play in catering to residents' diverse needs. It's a nod to your residents by showing that you understand the convenience of having a printer.
Online shopping has become a staple of modern living, bringing about the need for secure package handling solutions. Enter package lockers — an amenity that addresses this need perfectly. Package lockers provide a safe and convenient way for your residents to receive their deliveries at any hour, without the worry of theft or misplacement. It brings a layer of convenience and peace of mind to the online shopping experience.
WithMe simplifies the integration of a coffee station or printer amenity, covering the ins and outs so you can focus on providing your residents with exceptional service. Clearly, people value the ability to grab a gourmet coffee on their way out the door or print a document without leaving the building. So why not invest in both? Through streamlined management and maintenance, WithMe keeps your amenities operating at their best, further solidifying the appeal of apartment amenities in the eyes of current and prospective residents.
Back in 2020, Lincoln Property Company partnered with PrintWithMe to offer all-inclusive printing services to their residents nationwide. Since then, nearly 34,000 multifamily apartment homes have enjoyed the benefits of their national partnership.
"When looking for a printing partner, Lincoln was searching for an elevated amenity for our residents while also providing cost and time savings for our teams. PrintWithMe checked all of the boxes, providing support seven days a week, auto-shipping supplies, as well as making our residents' privacy a top concern. It has provided convenience for our residents while taking our teams out of the printing business.”
- Theresa Kaiser-White, Vice President-Asset Management and Procurement at Lincoln Property Company
It’s no surprise that Lincoln Property Managers are choosing PrintWithMe and SipWithMe for their amenity solutions. We’re both dedicated to creating elevated experiences, leveraging tech to make our lives easier, and blending comfort with convenience. With more and more Lincoln properties signing on for WithMe amenities, we wanted to take a moment to acknowledge what we’ve accomplished together so far…
Together, we’ve printed over 2 MILLION pages. That’s nearly 1,000 pages a day!
We helped over 44,000 residents print over 345,000 print jobs. That means we’re helping nearly 20 different residents a day across all Lincoln properties with just printing alone.
Here’s what some of the Regional Property Managers are saying about PrintWithMe:
With an average resident utilization rate of 89%, residents are loving their PrintWithMe. This is what they’re saying:
Learn more about PrintWithMe for Lincoln here.
SipWithMe is our newest resident amenity to hit the market. And together, we’ve already served more than 105,000 cups of coffee (tea, hot chocolate, or another one of the 20+ drink options). That’s almost 200 cups a day! We’ve helped over 600 residents power up every morning.
Representatives from Lincoln rated SipWithMe 10 out 10, citing “ease of use,” “locally roasted coffee,” and “residents’ satisfaction” as the main drivers for their rating. You can see what residents are saying first hand here:
Learn more about SipWithMe here.
Can you believe how much we’ve accomplished together? Keep up the great work! You’re making residents happier, controlling costs for the business, and making life easier for everyone. 🎉
Coffee.
It’s literally the hottest multifamily amenity trend in Chicago.
And there’s one solution that’s been generating a buzz.
In 2021, the general managers of six luxury high rise buildings in Chicago all made the decision to switch from their existing coffee amenity suppliers to SipWithMe.
Each property was already partnered with WithMe, Inc. to provide resident printer amenities through PrintWithMe. This made implementing coffee services seamless and hassle-free.
Over the course of 8 months, 1,950 residents enjoyed 22,520+ roast-to-order beverages. And the properties reduced their coffee expenses by 49%.
But that’s just the beginning of the story. Download our full case study to find out how they also elevated their resident experience and saved their staff time and hassle.
Managing new construction in multifamily is an undertaking that comes with a unique set of opportunities and challenges.
With hundreds of critical decisions to be made, the value in onboarding and even using certain amenities during construction can be easily overlooked.
While it may seem daunting to try to select multiple supplier partners early on in a build, the benefits can certainly outweigh the costs.
Let’s take a look at a few of them:
One of the top amenity trends in new construction is dedicated coworking space.
And for good reason.
Upwork estimates that by 2025, an estimated 32.6 million Americans will be working remotely, equivalent to roughly 22% of the workforce.
Your future residents are going to need spaces where they can comfortably work.
If you need inspiration, check out this free e-book with advice from seasoned execs and a handy checklist to help you ensure you’ve got all of the essentials covered.
One essential takeaway from the e-book is that thoughtful FF&E and design aesthetics are critical in creating great coworking spaces, but technology is non-negotiable.
Where is your money best spent? Here are four smart tech investments:
WithMe falls into that category, offering elevated printing and coffee amenities with perks for residents and on-site teams.
PrintWithMe’s all-inclusive packages make budgeting easy, while outsourced technical support and auto-shipped supplies reduce the burden on property management teams. Residents love having 24/7 access to reliable printing and live support if they ever run into issues.
SipWithMe also boasts budget-friendly, all-inclusive pricing and outsourced technical support. Residents love being able to order 20+ roast-to-order beverages in the comfort of their own building.
You’re going to need a printer and a coffee machine.
Why not maximize your ROI, ensure a seamless rollout and alleviate the stress of lease-up by onboarding WithMe amenities during construction?
Plus, you can advertise that your building will offer free coffee and free printing! And what prospective resident wouldn’t love that?
When you’re ready to make life better during construction and well beyond, click here to schedule a conversation with us!
A deep dive into why tech-enabled amenities are an absolute necessity - and which three areas you need to focus on.
In the fast-paced world of multifamily living, a paradigm shift is underway. According to Lincoln Property Company’s Multifamily Outlook 2023, “renter lifespan” is on the rise. But so is the level of scrutiny from prospective renters. Renters are dedicating 18% more time and taking nearly 40 steps to meticulously research multifamily homes before they even pick up the phone.
Meanwhile, apartment operating expenses continue to linger at more than 2x their pre-COVID norms. Approximately 20% of this increase in expenses can be attributed to turnover rates – despite historical lows.
So, how do property managers overcome the challenging task of cutting costs while simultaneously captivating and retaining discerning residents?
Technology-enabled amenities are taking center stage in response to these growing trends. And it’s no secret that residents now prioritize smart amenities over traditional offerings, like pools and covered parking lots. In fact, 75% of residents are willing to pay more rent, as much as an additional 15%, for smart homes.
Not only do residents want smart amenities, but so do staff members. They empower on-site teams to automate or even eliminate routine tasks. Thus, tech-enabled amenities have become invaluable allies in cutting costs and delivering impeccable services. But the question remains - which amenities move the needle and spark meaningful change in multifamily living?
Smart amenities are a widely discussed topic in the multifamily industry. You’ve probably seen a few headlines or heard chatter about them at networking events, but do you really know what it all means?
The official definition of a smart home, according to Coldwell Banker:
“A home that is equipped with network-connected products (aka “smart products,” connected via Wi-Fi, Bluetooth or similar protocols) for controlling, automating and optimizing functions such as temperature, lighting, security, safety or entertainment, either remotely by a phone, tablet, computer or a separate system within the home itself.”
Applying the same concept to a larger scale, smart apartment buildings are housing complexes that seamlessly integrate tech-enabled amenities, building automation systems, and property management into a cloud-based software system. This integration allows these components to communicate with one another and be controlled remotely via the Internet, resulting in a cohesive and efficient living environment for residents.
The three primary components of a smart apartment building are connectivity, community management, and tech-enabled amenities.
Now that we know what goes into a smart apartment building, let's delve into some examples of tech-enabled amenities that are reshaping the multifamily living landscape:
By embracing these tech-enabled amenities, multifamily properties can position themselves at the forefront of modern living, catering to residents' evolving needs and preferences while streamlining property management operations.
There are other technological upgrades, like chatbots to ease the leasing and renting process or even the maintenance process, smart guest access, and more. In fact, chatbots and smart guest access are two very impactful and important additions that also represent the direction that the multifamily properties are going in. Let’s take a deeper dive into both of these amenities below.
AI is leading the way in many fields, and it is slowly expanding into multifamily property ownership. AI-driven assistants are revolutionizing the way multifamily property owners interact with residents, providing an always-available point of contact. For residents, this means being able to report maintenance issues or inquire about lease details at any time of the day, without waiting for office hours. The chatbots instantly acknowledge these requests and can initiate a process to resolve them, all by following your voice commands.
For property owners, the benefits are immense. Automation of routine inquiries and maintenance requests through chatbots reduces the workload on human staff, allowing them to focus on more complex and value-added activities. Property owners can focus on things that matter the most, allowing for an efficient allocation of resources while knowing that their residents' needs are still being heard and cared for. It's the perfect blend that leads to a more satisfied and loyal community.
Safety and security are important for any community, and smart guest access systems are at the forefront of addressing these concerns in the digital age. This technology offers a sophisticated solution to the age-old challenge of managing who enters a property, meaning only approved visitors can gain access. Residents can remotely manage guest permissions, granting temporary access codes or digital keys via their smartphones. This eliminates the need for physical key exchanges and reduces the risk of unauthorized entry, as access rights can be easily revoked or adjusted at any time.
For visitors, smart guest access simplifies the process of entering a building or apartment, providing a simple and easy experience. A tool like a video intercom system can provide clear voice and video access, so someone can let you into the property. Connected to the doorway, this unique safety feature can help prevent stolen packages and keep residents safe at night. Property owners also benefit from a robust audit trail of entries and exits. Smart video intercoms are a major upgrade in terms of convenience, security, and efficiency for all parties involved.
Residents crave more than just a place to call home—they desire an elevated living experience enriched with modern amenities. Just as a smartphone has become an indispensable tool in our daily lives, smart amenities are transforming the multifamily living experience by making it easier and more convenient. Moreover, with nearly 50% of residents spending 30% or more of their income on rent and utilities, they’re looking for ways to get more out of it.
The appeal of tech-enabled amenities to both residents and property management staff is multifaceted:
With roughly 85% of Americans owning a smartphone, smart amenities present an easy and effective way to delight residents. The integration of smart amenities is a natural progression in meeting residents' preferences and enhancing their living experience.
Not only do residents want modern amenities, but they report wanting ones focused on security and convenience. By offering sought-after features, multifamily communities can elevate their appeal and cater to the preferences of their tech-savvy residents.
One example would be a multifamily property coffee amenity, which serves as more than just a convenient spot to grab a morning espresso; it embodies a hub of daily simplicity and community building that significantly enriches the living experience. This small addition can transform the start of each day, eliminating the need to venture off-property in search of a caffeine fix, saving time and adding convenience to busy mornings.
Beyond the practical benefits, a communal coffee space fosters a sense of belonging and interaction among residents, encouraging spontaneous conversations and connections that might not occur otherwise. In today's fast-paced world, the value of community cannot be overstated, and spaces that facilitate genuine interactions greatly contribute to the overall resident satisfaction. This sense of belonging and ease of daily routines are key factors that can influence residents to extend their leases, making the coffee amenity a strategic investment for property owners aiming to boost retention rates.
The demand for tech-enabled amenities is a reflection of the changing needs and expectations of modern residents. As they seek a seamless, secure, and connected living experience, property managers have a unique opportunity to leverage smart technologies and delight residents with a living environment that is truly ahead of its time.
The integration of smart amenities in apartment buildings goes beyond enhancing residents' living experiences—it also brings substantial benefits to property managers and owners. One of the most significant advantages lies in the automation of various tasks, which streamlines operating efficiency and results in notable time and cost savings. In some cases, multifamily housing managers have reported saving over 7 hours of labor per week due to the implementation of smart amenities.
Smart amenities come with sensors that detect and report issues -- sparing property managers from the burden of manual checks. Whether it's a simple notification when a package has arrived or an urgent alert about a leak in a bathroom on the eighth floor, these smart sensors provide invaluable real-time information, enabling swift action and proactive maintenance.
Energy management is another area where smart amenities excel. Property managers can achieve significant energy savings by setting schedules for building lights, thermostats, and other smart features. Plus, staff members won't have to traverse the entire property to make changes. Smart thermostats and lights can also contribute to reducing utility costs for vacant apartments by an impressive 18% or more. Such savings can translate to tens of thousands of dollars per year, impacting a property's bottom line.
Furthermore, resident retention is a vital factor in increasing net operating income (NOI). The implementation of modern, tech-enabled amenities has proven to be a game-changer. Apartments that have embraced smart amenities have reported a remarkable 59% increase in renewal rates. This impressive statistic underscores the profound impact of smart amenities in creating a captivating and satisfactory living environment, encouraging residents to stay and prolong their lease terms.
As property managers and owners strive to optimize operational efficiency and enhance the overall financial performance of their properties, the integration of tech-enabled amenities proves to be a strategic and innovative approach. The seamless automation, real-time monitoring, and energy-saving capabilities of smart amenities not only elevate the living experience for residents but also pave the way for sustainable growth and increased profitability.
It's a common misconception that the latest advancements in tech-enabled multifamily amenities primarily benefit a younger audience. However, mature renters and property owners stand to significantly benefit from the integration of smart amenities and tech tools, debunking the myth that these innovations are exclusive to the younger generation.
Smart home technologies, for instance, offer convenience and safety features that are universally appealing but particularly advantageous for older residents. Automated lighting systems can help prevent falls by ensuring that pathways are always well-lit. At the same time, smart thermostats make it easier to control the environment without the need to physically adjust settings, which is ideal for the comfort and ease of use for individuals with mobility issues. Voice-activated devices can assist those with visual impairments, allowing them to control various aspects of their home through simple voice commands.
For mature property owners, smart technology offers a streamlined approach to property management that transcends traditional barriers. Remote monitoring systems can provide real-time updates on property conditions, alerting owners to potential maintenance issues before they escalate into costly repairs. This level of oversight can significantly reduce the time and effort required to manage properties, making it an attractive option for older owners who may be looking for ways to minimize physical involvement and extend their property ownership.
You might be wondering, “How can property managers strategically select and implement the right tech amenities?” By understanding the specific needs of their residents and aligning them with the advantages offered by smart amenities, property managers can differentiate their properties in the competitive multifamily market.
As the multifamily industry continues to evolve, the demand for tech-enabled amenities is at an all-time high. According to the National Apartment Association (NAA), 54% of owners and operators reported plans to ramp up smart-home initiatives back in 2020. Now, four years into this trend, it's essential for property managers to evaluate their progress in truly moving the needle.
The reality is that simply adding smart gadgets arbitrarily won't lead to a significant impact on your net operating income (NOI). However, if you keep your residents and staff in mind, you can strategically implement the right smart technology.
To optimize the advantages offered by tech-enabled amenities, focus on the following areas:
To get the most out of your amenities, consider your property's specific expenses. Look for low-hanging fruit that can yield the biggest returns. For instance, if electricity and labor costs are a concern, consider implementing smart lights and thermostats throughout the building. If residents are interrupting staff on a daily basis over community amenities that are out of order, then consider tech-enabled devices, like PrintWithMe, that calculate when supplies are running low or out of stock, automatically order more, and offer easily accessible live support for residents.
As technology continues to evolve, it's crucial to consider data privacy laws and the vulnerabilities associated with smart tech. Data breaches and privacy violations can have severe consequences, leading to financial losses and reputational damage for property management companies. Property managers and owners should be proactive in implementing robust data protection measures.
One key consideration is the type of data collected by amenities and how it is stored and utilized. Property managers should seek transparency from amenity providers regarding data collection practices, ensuring that residents' information is handled with the utmost care and only used for its intended purpose. Additionally, data encryption and secure storage protocols must be in place to safeguard against unauthorized access.
High-tech amenities can have a profound impact on resident retention. Although not all smart amenities directly drive resident retention, they contribute to creating a superior living experience, fostering resident satisfaction and increasing the likelihood of lease renewals. Consider your resident demographics and common areas used, like coworking spaces.
Although younger residents often have higher expectations for smart amenities, a surprising study found that 65% of residents in their 60s and 70s are also willing to pay more for modern amenities. This highlights the universal appeal of smart amenities, making it essential for property managers to cater to a diverse range of preferences.
To discern which technology-enabled amenities will have the most significant impact on your residents, try surveying them. You can get insights on which amenities are most likely to influence lease renewals by sending out a free Google Form. Provide residents with a curated list of potential amenities and ask residents to rate them.
The multifamily industry is witnessing a transformative shift as residents increasingly seek the convenience and security offered by smart amenities. As they spend a lot of income on rent and utilities, residents want to get the most value out of their living experience. Smart amenities present a gateway to a more connected, efficient, and elevated living experience.
Tech-enabled amenities encompass an array of features designed to cater to the diverse needs and preferences of residents. From keypad entry systems to encrypted wireless printers, these amenities remove mundane tasks, bolster productivity, promote sustainability, and empower residents to take more control over their homes. Moreover, the integration of smart amenities is instrumental in driving down vacancy rates, fostering resident retention, and ultimately boosting net operating income (NOI).
Smart amenities represent more than just a trend—they are the gateway to a modern, connected living experience that delights residents while optimizing operational efficiency. By embracing the transformative power of smart amenities, property managers can forge a path to long-term success, offering a living environment that is truly ahead of its time. By keeping residents and staff at the heart of decision-making, property managers can differentiate their properties and cultivate an identity committed to excellence in the competitive multifamily market.
According to a report by Multi-Housing News, flexible coworking spaces are at the top of multifamily renters’ wish lists in 2023. And it’s no wonder – more renters than ever are working from home.
In September 2022, the U.S. Census Bureau reported that 17.9% of Americans (27.6 million people) were primarily working from home – a staggering increase from 2019, when only 5.7% worked from home.
As remote work and hybrid work models only continue to increase, multifamily property managers have been challenged to act quickly to accommodate residents' work-from-home needs.
In this WithMe webinar, host Jonathan Treble, founder and CEO of WithMe, Inc., brings together a panel of multifamily design and property management experts to discuss lessons learned and best practices for creating amazing coworking spaces in multifamily properties.
During this discussion, you'll learn from the following multifamily professionals:
Along with lessons learned and best practices, we cover:
Catch the full webinar here: