With Millennials making up 56% of the rental market and Gen Z bringing in an estimated 44.4 million renters of their own, it’s time for multi-family to re-evaluate their engagement tactics when connecting with these prospects.
It’s undeniable that the Millennials and Gen Zs are big players in the rental market. These renters are digitally-powered, sociable individuals with high expectations for convenience and authenticity. Although both groups have distinct characteristics about them, they also share quite a few similarities. When considering how to get these individuals on board with your property, there are a few things to note from both groups.
Here are the top things to keep in mind when marketing to the new faces of renters:
Both Millennials and Gen Zs desire authenticity when it comes to businesses. It’s important to not be too salesy -- let your professional photos speak for themselves, and make sure the photos and descriptions are to-the-point and not overly embellished. Shorter attention spans mean you have to catch their attention quickly and leave a great first impression. According to recent reports, Gen Zers in particular note YouTube as their favorite website, so consider video tours when listing your properties.
Both groups believe that businesses should focus on more than just their bottom line. They want positive reasons to be loyal to a business, whether it’s sustainable practices, eco-friendliness, etc. That means you should show great initiatives that your business is a part of! For example, offering environmentally friendly recycling on-site, community printing, or energy-saving smart home tech will appeal to the 76% concerned about sustainability.
Both Millennials and Gen Zs are sociable groups that desire community. Providing co-working spaces and rooftop decks designed for socializing will definitely be a hit with these renters. When marketing your property, highlight access to local nightlife, restaurants, nature, etc. Since these groups are active and pay attention to fitness as well, be sure to highlight proximity to parks, hiking trails, and bike routes, or access to an amazing gym, too.
The most important factor for these digital natives is technology. Top-speed internet and wifi are a must, with feature-rich and immersive apps for greater connectivity. Highlight the convenience that your high-tech amenities add, whether it's easy accessibility on demand with your property using chatbots, or reaching out with social media DMs. Ensuring a strong social media presence with cross-channel marketing across popular platforms such as Youtube, Facebook, Twitter, and Instagram will help attract prospects from the Millennial and Gen Z demographics overall.
It’s important to offer amenities that matter to Millennials and Gen Zs. Since it takes valuable time and money to attract prospects, it’s crucial that you use your resources wisely, going above and beyond to engage and keep these renters in your property.
Valuable tech amenities don't also have to be expensive or extraordinary. Even amenities like #printers can delight younger generations that are often still in college or require printing for work, taxes, applications, return receipts, and more. Learn more about PrintWithMe's convenient wireless printer station as a low-cost amenity that will be truly appreciated by this demographic, as well as your property staff.
After attending this year's NMHC OPTECH Conference & Expo in Dallas, here are some key insights we had to share. Read on to learn about what is currently disrupting the multifamily industry and what changes to expect in the near future.
Over 2,000 professionals in the multifamily industry attended this year's NMHC OPTECH Conference & Expo. About half of these were CEOs, COOs, VPs, and other C-Level executives. Attendees had the opportunity to share knowledge and connect with other industry professionals during the networking events, peer roundtables, expo showcase, and speaker presentations that spanned over the 3-day conference.
One of the biggest topics at this year's OPTECH conference was self-guided tour technology. This topic came up in numerous presentations and panels throughout the conference. Here's some key points that show that self-guided tours might not just be passing fad in multifamily.
According to 2020 Kingsley Survey Data of over 373,000 multifamily residents, 86% of renters say that they would not rent without seeing an apartment in person. Yet it's extremely hard for prospects to make time for a tour during leasing hours.
Many leasing offices offer the last tours of the day before 5:30pm and renters aren't able to get there in time after work. Busy prospects may pass up communities that don't have flexible touring options and lease elsewhere.
One of the most interesting sessions at OPTECH was the Cage Match: Leasing Agent vs. Self-Guided Tour Performance moderated by Todd Katler, Founder & CEO of Anyone Home Inc. Featured speakers included Khushbu Sikaria of The Bozzuto Group, Mia Wentworth of CWS Apartments, and Phil Rogers of Invitation Homes. There weren't enough seats in the conference room as this was one of the most popular sessions. You can find the presentation slides here.
Here are some data points that were shared at the session:
Conversion rates for self-guided tours are actually higher than agent led tours when both options are offered. Many prospects enjoy the flexibility that self-guided tours give them. They are able to tour outside of regular leasing hours and they can come back to a property multiple times with family members and friends. Prospects are able to tour at their own pace and carefully consider their new home before leasing, without placing an extra burden on leasing staff.
The idea of self-guided tours has certainly caught on with OPTECH 2019 attendees. At the Ask the Tech Pros session moderated by Brian Zrimsek of MRI, attendees were polled about their likelihood to implement self-guided tours at their communities. 65% of industry professionals polled plan to implement self guided tours before the end of 2022 or have already begun the process.
That's not to say that self-guided tours will be replacing agent led tours anytime soon. Most industry professionals simply want to augment their current leasing experience with flexible self-guided options. Some management companies are beginning to offer self-guided options just for retours.
The majority of prospects still prefer to tour with a leasing agent before signing. According to 2020 Kingsley Survey Data, 69% of prospects prefer to tour with a community representative to ask questions.
Another highly discussed topic at OPTECH was automation. 36% of industry professionals polled plan to implement Robotic Process Automation by the end of 2022 or earlier. Another 29% of these professionals admit that it is not yet on their radar.
Robotic Process Automation (RPA) is a technology that can remove repetitive tasks from the plates of leasing agents. There are many examples of RPA in the lead nurturing process. For instance, RPA software can detect when a prospect is looking for a 3-bedroom apartment and then act by automatically sending over a discount offer on available 3-bedroom options at a community. RPA can also nurture residents through the life cycle process by sending out welcome emails at move-in or renewal email drips near the end of a renter's lease automatically.
Conversational AI (Artificial Intelligence) was also a trending topic at OPTECH this year. 65% of industry professionals polled plan to implement Conversation AI in their portfolios by the end of 2022 or earlier.
An example of an application of AI in multifamily is Voice Assistant Technology, such as LeaseHawk. Automated Assistants are able to answer prospect phone calls after hours or when leasing agents are unable to get to the phone. They can respond to resident inquiries about floor plan availability and book appointments around the clock. Automated assistants make sure that the leasing process can continue 24/7 and are able to convert prospects that might've otherwise been missed opportunities.
AI Powered Call Analysis also allows companies to score leasing agents' phone calls with first time prospects and identify strengths and weaknesses. Another example of AI is website chat bot technology that interacts with prospects and answers questions with the goal to schedule tour appointments.
One of the main takeaways from the session, A Process Audit: Reviewing, Streamlining, and Automating to Save Time and Money, was that 100% self-service is a real option in the multifamily industry.
As time progresses, AI technology will continue to improve and better address the needs of leads that leasing agents don't have time to nurture properly. This will allow property staff to focus on other tasks that will improve community engagement and resident retention.
By far the most concerning topic of conversation at OPTECH was the pending roll-out of California's "CCPA" bill. NMHC hosted special summits on Cyber-Security and Data Privacy Regulation that were well attended by Operations and IT leaders across the industry. More info can be found on the topic here: https://www.nmhc.org/data-privacy/.
PrintWithMe has prepared the ultimate guide to help you experience the best Dallas has to offer!
NMHC OPTECH 2019 is in Dallas this year! Read up on our Dallas travel tips below.
In just a few days, over a thousand decision-making executives will be gathering at the 2019 NMHC OPTECH Conference & Expo for 3 days of networking, workshops, and keynote speakers. If you are one of these industry attendees, be sure to explore the best in technology for multifamily while you’re there (and don’t forget to check out the PrintWithMe booth at #376).
Outside of the conference, PrintWithMe has prepared a few things to make your stay more welcome in one of the most modern cities in Texas.
Here are some of the things you should do while you’re in Dallas:
Dallas is a city known for its unique urban art districts. Enjoy a visit to the Dallas Museum of Art to see over 23,000 works of art from a variety of cultures and time periods. Or, if you're a history buff, check out The Sixth Floor Museum at Dealey Plaza; their John F. Kennedy exhibit is educational and fun. For a fresh change of pace, take a breather outside at the Dallas Arboretum and Botanical Gardens -- perfect for a nice fall day!
Explore some of the biggest urban arts neighborhoods in America, with museums, restaurants, and theaters galore. Take a walk through the Dallas Arts District and tour iconic buildings full of culture, with everything from theater to art to music. If you start to get hungry, hop over to the Bishop Arts District, home to over 60 restaurants, bars, coffee shops, boutiques, and more. Then, walk off dinner in Highland Park Village by doing some shopping and browsing at the most upscale shops in Dallas.
Wind down after a long day of exploring with some of the best local drinks Dallas has to offer. The Design District and Bishops Arts District have a variety of craft beverages for you to try. Or, alternatively, you can go to the birthplace of the frozen margarita and try the iconic drink at any of the Mariano’s Hacienda or La Hacienda Ranch locations scattered throughout the city. For an even bigger variety of night festivities, check out Lower Greenville, Deep Ellum, or Uptown Dallas -- there’s something for everyone!
We hope you enjoyed our short guide to Dallas. We can’t wait to see everyone at NMHC OPTECH!
Key steps you can take to prepare your multifamily properties for upcoming new resident data security regulations.
Did you know? New data privacy regulations are taking effect on January 1, 2020 that will set higher standards for managing resident data. These laws vary state-by-state and experts expect California’s CCPA to set a standard of compliance that many other states will follow closely.
The new laws are in response to consumers' demands to know the information a company has saved on them, and to know who their data is being shared with.
"As consumers become more conscious of their data rights across industries, we as real estate managers, operators, and developers, need to expand our policies to include dedicated sections on data protection," says Mark Zikra, Vice President of Technology at CA Ventures, LLC. "Furthermore, we need to know how and when our data is being used internally and/or externally and be able to speak to those uses clearly and concisely with our residents. Transparency on this within lease agreements, websites, and other communication mediums will go a long way in gaining the trust of our renters."
Luckily, there are many steps that you can take to reduce your properties' risk, put your clients at ease, and signal to your residents that you take their data privacy very seriously. Creating a plan to address potential security risks is vital.
“Just like any other business that handles consumer information, property management companies need a plan for how to comply with things like breach response notification laws and data subject requests,” says Lisa Angelo, Founding & Managing Partner of Angelo Law Firm PLLC, a firm focused on cyber liability.
We identified three areas to start your internal data security assessment. However, please note that we are not offering legal advice and we recommend you consult with an attorney for more comprehensive advice:
Identify all systems that touch your data and residents’ data. Each of these systems should have a clearly-stated Terms of Service and Privacy Notice, that were made available to you during your contracting phase, and shown to your residents if they sign up for the service directly.
In each of these vendor’s documents, you’ll want to look for some key “positive” language that signals that their Privacy Notice is up-to-date and ready for the upcoming new regulations.
Here are a few key questions to ask while reviewing their Privacy Note:
Further, you will want to watch out for these yellow flags:
To ensure that your property staff is giving the utmost care towards maintaining resident data privacy, we recommend publishing an official Privacy Checklist. If leasing teams are writing down personal information on notepads or other papers, is that information eventually shredded? Are privacy screens placed over desktop monitors?
Many properties still allow residents to print personal documents via the office staff. This practice should be prohibited as it introduces personal resident information onto your corporate systems and introduces a human-risk vulnerability. If helping residents print via the staff printer is unavoidable, staff should always delete personal documents immediately after printing.
PC and Mac computer terminals for shared use by residents are by far the riskiest devices on-site today. Many properties still require users to login to a shared computer to print on a networked printer. The security risks inherent in this public workflow are obvious.
Properties should switch to a wireless printer amenity that enables users to print directly and securely from their own devices. The documents should never touch your property’s own systems, and users should have the option to enter a unique secure release code before printing.
Contact PrintWithMe today to upgrade your property’s resident printer amenity to a secure and wireless system, and reduce this area of cyber liability.
Budgeting season is always a hectic time for property managers – but it doesn't have to be. Here are 3 tips that will make the process painless and add value to your community.
Property managers will begin preparing their annual budgets months before they're finalized for 2020.
As the end of the year approaches quickly, property managers nationwide are already making headway on their 2020 budget planning process. If you're a property manager, it's your job to accurately assess what's going well at your property and what needs to be changed in the budget to address challenges your property is facing.
Though budgeting can feel painful at times, always keep in mind that your budgeting choices can directly benefit your residents, your staff, and ownership in the coming year. Sometimes these budgeting choices can be conflicting, but with thoughtful planning, you can make planning work well for all stakeholders.
Here's a few tips to give you some momentum during budgeting season:
Before completely diving into your budget process, you'll need to have a clear understanding of your current income. That means more than just documenting the sources of your income and their amounts, it means evaluating the health of those income sources. Determine an income strategy that is both smart and sustainable.
Here's a few questions you should ask yourself to get started:
You should project your renewal rates and occupancy goals for the coming year, but don't lose sight of the bigger picture.
If you reduce concessions drastically at renewal, it's likely that your retention rate will suffer. Alternatively, if you continue to offer lower rental rates, you'll drive down the asset value of the property.
These decisions are difficult that you'll have to make - but you shouldn't have to do it alone.
Collaborate with ownership to determine your goals for the coming year. Your budget should be a resource that helps you achieve long term financial goals for your property. Just make sure you're creating goals that are concrete and achievable.
Find out what goals your owners have in mind, but don't be afraid to speak up.
As a property manager, you have the most first-hand knowledge about what's happening at your community on a daily basis. You're interacting with residents regularly and you work closely with leasing, front desk, and maintenance staff. Use your insight to define revenue and net operating income (NOI) goals for your annual budget.
Christine Bright, Vice President of Operations at RealPage, Inc. believes that multifamily budgeting involves more than just plugging in numbers. In a Property Management Insider article, she stresses the importance of creating a specific plan of action during the budgeting process:
"Not properly defining an asset’s goals can impact the review process. Simply stating a desire to grow income by 5 percent and hold expenses is not goal-setting. Sure, they are measurable numbers, but how are you going to get there?"
Bright suggests that property managers and owners dig deeper to map out exactly what it'll take to achieve their specific income growth goals. She focuses on three major categories she describes as the, "what, how, and how much" it'll take to successfully achieve financial goals.
Setting yearly NOI goals is important, but it's key to continue investing in your property for growth well into the future.
If you focus too intently on increasing income right away, you might miss out on the opportunity for return on investment (ROI) through valuable upgrades for your property.
To stay competitive in the rental market, property managers should budget for new appliances, amenities, and services that'll keep current residents happy and appeal to prospects searching for a new home.
The multifamily rental market has grown more competitive in recent years and owners have been pushed to constantly invest in upgrades for their properties.
According to the 2018 NAA Survey of Operating Income & Expenses in Rental Apartment Communities, capital expenditures in areas such as amenity upgrades and apartment rehabs has steadily increased since 2010. At 11.1% of gross potential rent (GPR) currently, it's at the highest level since 2005. The survey included data from more than 3,000 multifamily rental properties across the U.S.
The National Apartment Association (NAA) provides context for this increase in their survey analysis:
"Competition from not only new properties but other highly-amenitized communities has kept the pressure on owners to improve their assets more frequently, and with an eye toward differentiating themselves from their competitors."
The NAA suggests that property managers looking to differentiate their property from competitors need to budget for new categories that will continue to improve resident satisfaction each year.
Many property managers have budgeted with this strategy in mind in recent years, and it has paid off. Resident turnover rates in 2018 have sunk to their lowest point on record (46.8 percent) since data was collected starting in the year 2000.
Get with your team to determine new budget categories that could increase ROI and create a better experience for your residents.
Ask yourselves these questions:
There might be a lot that you'll want to change - and that's OK. Even small changes can make a large difference.
For instance, your leasing staff could be spending lots of valuable time monitoring your pool to make sure that residents are following rules. They also might spend time dealing with printer issues in the business center or retrieving packages for residents.
Hiring a pool attendant, installing a self-service printer, or using an offsite package management service could free up hours of valuable time for your staff in the long run. Extra time saved might allow your staff to give more tours and follow up with prospective residents, ultimately increasing occupancy. They could also provide better service to current residents, leading to increased resident satisfaction and renewal rates in the future.
As you create your annual budget for 2020, make sure to evaluate your current income, define goals with ownership, and to create new budget categories that will add significant value to your #multifamily property.
That wraps up our top 3 tips for this year's budgeting season. Keep these tips in mind as and you'll breeze through this year's process. Good luck!
Here are 5 ways to increase your multifamily property's ORA™ score and improve online reputation, drawing prospects to your community right away.
According to JTurner Research, 75% of prospects look at online ratings multiple times in the apartment search process and 70% of prospects will choose to visit a property with a better online reputation.
ORA™ score (Online Reputation Assessment) was created by JTurner in order to compile online property ratings across more than 20 review sites into one simple score. Each month, JTurner uses a statistical model to aggregate online reviews and create a score for each property based on a scale of 0 to 100. This score allows property management companies to compare themselves with competitors and evaluate different properties within their own portfolio.
Turner Research tracks the online ratings of more than 71,000 properties in the U.S. with nearly 5 million total reviews. Each year, properties compete for spots on the ORAORA™ Elite 1% Power Rankings to be named as one of the top properties in the whole country for online ratings by residents.
Here's how #PropertyManagers can increase their ORA™ and gain national recognition:
Stephanie Williams, President of Bozzuto Management Company.
The best online reputation strategy begins with creating wonderful experiences for residents. Successful property management companies hire people who can provide customer service that is unmatched.
Stephanie Williams, President of Bozzuto Management Company, oversees a portfolio of more than 215 properties and has helped Bozzuto earn its spot as The #1 Management Company for Online Reputation - five years in a row.
Williams believes that there's no substitute for good service and that the people her team hires make all the difference. In an interview with JTurner, she shares some of her secrets to a stellar online reputation:
"We start with our hiring process. Since our reputation is earned through the everyday experience we provide, we ensure that we hire people who will best represent our brand every day. This means they shared our brand’s values and use them to govern their decision-making as they serve our customers."
Williams knows that the best way to improve online reputation is by making sure that residents are happy in their homes. She focuses on building a strong legacy of meaningful service and experiences for residents in Bozzuto communities. Providing incentives for positive reviews won't help her company in the long run, so Williams focuses on the fundamentals.
The Retreat at Trinity Apartments, an ORA Elite 1% property managed by Greystar.
After property management teams focus on delivering meaningful service to their residents, they'll need to start asking for reviews.
Exceptional service offers a great opportunity for staff to ask residents for honest feedback and see if they're open to posting an online review about their experience. It's helpful to get the whole team involved in asking residents for reviews, maintenance staff can help too.
According to JTurner's Mechanics of Online Review Sites and ILSs, the majority of apartment hunters (72%) consider a property with 450+ positive reviews as more credible than a property with less than 160 reviews. Prospects are more likely to visit a property with a higher number of reviews, so management teams should be actively seeking reviews as often as possible.
That being said, communities shouldn't solicit reviews for gifts, drawings, or other incentives. If reviews are earned this way, it's likely that someone may uncover these practices and expose the property online – reducing credibility in the long run. Asking for honest feedback or writing sincere thank you notes to residents should be enough.
No property is perfect, and it's inevitable that there will be a time when a resident's experience is less than ideal. Think noisy neighbors, maintenance issues, smoking complaints, etc.
The best thing that a management team can do is to create an 'Open Door Policy' and stick to it.
That means responding to complaints promptly via email and inviting residents to come into the office to talk about their concerns. Property managers should remain available and engaged with their residents when issues arise.
Residents are more likely to have a positive opinion of their property management team when they feel like their concerns are being heard. Some companies have online portals such as Bozzuto Listens, that allow residents to submit their concerns privately 24/7, so that management is notified right away. Staff members are given a chance to proactively find a solution to the problem before the issue is publicized online.
SkyGarden, an ORA Elite 1% property in Charleston, SC managed by Cardinal Group.
Even with these measures in place, it's nearly impossible to run a property without one or two negative reviews being posted over time.
Property staff should respond to all reviews quickly and with care. It helps to explain what steps will be taken to resolve the issue in the review and what steps have already been taken to prevent the issue from escalating.
This allows the resident who wrote the review to feel respected, knowing that their concern is being addressed, and it makes the management team seem more responsive to prospects who are reading online reviews without full context.
JTurner considers ratings from over 20 different review sites when calculating a property's ORA score.
When it comes to the many online review sites, it's difficult to choose which to focus on. According to research published by JTurner, the top platforms in regards to a prospect's decision to rent include Google, Apartments.com, and ApartmentRatings.com.
Renters also consider reviews from
Facebook and other sites during their search, but generally believe that reviews posted on independent review sites are more credible than reviews posted on property websites or Facebook.
JTurner found Google to be the most impactful site on a prospect’s decision to rent at a property. While JTurner does not release their exact algorithm to compute ORA™ scores, it's a possibility that they may weight Google reviews more heavily than reviews on other platforms because of their increased impact.
When a prospect searches for a property, its Google reviews are showcased on the search engine right away – making them nearly impossible to miss. Property staff should take this into account when asking for resident feedback on different review platforms.
That concludes the top 5 tips for improving your property's #ORA™ Score. Take a look at more resources from JTurner here to view FAQs, best practices, and more information about ORA™ Scores and #multifamily online reputation.
These are the top 3 reasons that multifamily developers should pursue LEED Certification and implement green building features in their multifamily properties.
LEED, or Leadership in Energy and Environmental Design, is a green certification program for building design, construction, and maintenance. LEED certification is increasingly sought after by developers across all different industries. Currently there are more than 90,000 certified LEED projects in 167 countries around the world.
In order to obtain LEED Certification, projects earn points based on their ability to implement green building features relating to Location & Transportation, Sustainable Sites, Water Efficiency, Energy & Atmosphere, Indoor Environmental Quality, and more.
These are the top 3 reasons developers should invest in green building and consider LEED certification for their multifamily properties:
Once a multifamily apartment property earns LEED Certification, there's instant brand recognition that helps establish the community as part of a network of leaders in #greenbuilding.
According to AMLI Residential's third annual Sustainable Living Index of over 3,500 residents, nearly 89% of AMLI residents are concerned about climate change and more than 61% of residents said they would be willing to pay more to live in a sustainable community.
As renters become more interested in environmental issues, the demand for sustainable living options continue to rise. LEED Certified properties lease-up as much as 20% faster than buildings that aren't certified. Newer generations of renters are taking green building features into consideration before signing leases and multifamily developers will benefit immensely from going green.
Multifamily properties benefit from green building right away as buildings typically lease-up faster, but benefits also continue well into the future.
Amenity floor at OneEleven – A LEED Gold Certified building managed by Bozzuto.
Green features can increase property value significantly, and LEED Certified buildings generate a 10 percent or greater increase in asset value as compared to average.
Profitability doesn’t stop there. Green properties also generate higher long-term ROI through increased rental income and lower operational costs.
A report on the Los Angeles rental market found that traditional buildings received rental income at an average of $2.16 per sq. ft, while tenants were willing to pay $2.91 per sq. ft for spaces that were LEED certified. That's nearly a 35% increase in rent income each month.
Additionally, LEED buildings have reported lower day-to-day costs. Reported maintenance costs are nearly 20% lower for green buildings on average, and green building retrofits typically decrease operation costs by about 10% in just one year.
The Winter Garden at Essex on the Park
Benefits of green building extend much further than just increased income for the property itself. Green features affect the health and well-being of residents too.
According to the USGBC Standard Issue report, nearly a third of those surveyed indicated they have direct, personal experience with bad health associated with poor environments or living situations. Americans spend approximately 90 percent of their time indoors, so the connection between green buildings and personal health is important to keep researching.
Essex on the Park is a brand new 56-story high rise in Chicago's South Loop neighborhood that was designed with wellness in mind. The multifamily development features a four story Winter Garden filled with greenery that overlooks Lake Michigan. A guided meditation app is being developed for use specifically in the Winter Garden with aim to create sanctuary for residents.
“The whole green trend in terms of energy efficiency started quite a while back, but that trend has evolved into more of a wellness/health kind of relaxation piece,” says architect, Paul Alessandro in an interview with the Chicago Tribune. “The inclusion of these green interior spaces is an outgrowth of that continuum of design bringing health and wellness into a building.”
The developers of Essex on the Park pursued WELL certification rather than LEED Certification. WELL certification focuses more directly on health and wellbeing for residents, taking in to consideration categories such as air, water, nourishment, light, fitness, comfort and mind.
Multifamily developers have begun to implement green features and amenities as younger renters are increasingly focused on wellness, self-care, and reducing stress.
Popular examples include The Roof Crop, a company implements green roof systems to responsibly grow produce used for resident events, and PrintWithMe, a self service cloud printer that makes printing convenient for residents and reduces 550 pounds of individual electronic waste annually at each community.
The #GreenMovement won't be going away anytime soon, so many multifamily developers have begun to invest considerable resources into making their buildings more environmentally conscious and wellness focused.
That summarizes top 3 reasons that multifamily developers should invest in green building features and LEED Certification! Head to the U.S. Green Building Council's website to learn more.
Here are the top 3 takeaways for property managers from ZED 2019, which highlighted the latest apartment amenities and strategies.
Jeremy Brown, Vice President of Marketing at ZRS Management and keynote speaker, Veronica Romney.
Every year, ZRS Management holds their ZRS Education & Discovery Conference (ZED 2019) that features the newest and most innovative technology-driven amenities and marketing strategies in the multifamily apartment industry. Last week's conference in Miami saw dozens of apartment vendors showcasing the latest multifamily apartment amenities, technologies and strategies to grow business in 2019 and beyond.
Here are the top 3 takeaways for property managers in 2019...
Joe Summers, CRO and Kimberly Cameron, VP of Sales at tech vendor, PrintWithMe.
The apartment industry contributes $3.5 billion daily and $1.3 trillion yearly to annual GDP, according to a study published in 2013 the NMHC and NAA.
The industry has continued to grow rapidly in recent years, so there’s plenty of opportunity for property management companies to capitalize on the market – but there’s also lots of competition.
According to a 2019 NMHC report, the top 50 property management companies, such as Greystar, Bozzuto, and ZRS Management control 15.9% of the multifamily market.
What do these big players do differently? They continue to invest in technology.
“We invest a lot in technology," says Jeremy Brown, Vice President of ZRS Management in an interview with Business View Magazine. "We educate all of our folks on the latest and greatest mobile applications, industry trends, etc. It’s an opportunity to reinforce our stance on technology and educate our folks that this is in the forefront of everything.”
The ZRS Technology Conference was founded to educate company managers, leasing people, and the entire corporate team on the importance of technology in areas such as online leasing, smart amenities, and marketing strategies. The company flew approximately 500 people to Miami to expose employees to top multifamily tech vendors including, Respage, Iotas , PrintWithMe, and Modern Message.
Property managers looking to stay ahead of the competition should continually stay up-to-date on the latest technologies that improve property management and resident experiences, including smart home technologies, new property management mobile apps, tech-based lifestyle amenities (like Peloton), and more.
Members of Generation Z make up the largest generation at 27% of U.S. population, and they have grown up with technology at their finger tips. The oldest members of Generation Z are turning 22 this year and have graduated college or skipped it entirely and they are looking to rent their first modern and convenient apartments.
Gen Z relies much more heavily on social media and online searches for their apartment search than previous generations. The average attention span of a Gen Zer is 8 seconds, so property management companies must market to Gen Z with interactive online leasing tools and custom virtual tours in order to stand out among the sea of apartment listings.
With access to more online resources and information about the rental scene, Generation Z will refuse to pay more for apartments without up-to-date amenities including smart home systems and time saving services such as cloud printing and quick drop-off dry cleaning lockers.
Property management companies will have to appeal to the needs of Gen Z'ers if they plan to grow within the next 5-10 years.
Are you a property manager based out of Florida? If yes, then you should definitely be aware of the "Florida Man". If you aren't familiar with the Florida Man, you can read up on it here. Essentially, make sure your new tenants don't meet the 'craziness'-levels that can often be spotted in news headlines about Florida.
One of the biggest highlights at this year's ZRS Education & Discovery conference was the #FloridaManChallenge.
Check out some #FloridaManChallenge pictures from the event here. Photos courtesy are courtesy of Downtown Photo.
That wraps up the top three takeaways from this year's ZED conference. We hope these notes can help to plan for future property management and resident acquisition strategies, and we hope to see you at ZED 2020!
Here are the top four resident amenities that property staff should consider from this year's annual ZRS Education & Discovery (ZED) conference in Miami.
Sonia Dara from Microsoft Unboxed speaking at the 2019 ZRS Technology Conference.
Dozens of apartment vendors attended the ZRS Education & Discovery Conference (ZED 2019) in Miami, Florida this month to showcase to cutting edge multifamily technologies, new apartment amenities and marketing strategies. Hosted annually by ZRS Management, the conference provided an intimate, poster-free opportunity for property staff from around the country to learn about emerging amenities that can help boost rentals and resident satisfaction.
Here are the top four new apartment amenities that our staff took note of at ZED 2019. These are amenities that all multifamily property staff should consider for residents that expect the highest in customer service and convenience:
Iotas | Smart homes for today's renters
Iotas takes smart home technology to a new level. Their smart home features include motion sensors, voice activation, and an all-in-one application that can control temperature, lighting, door locks, and outlets. Devices can be installed before move-in, so that renters can utilize it them right away.
Renters are able to log into the Iotas app to see their individual floor plan and select from preset stories including 'Good Morning', "Out for the Day', among others. Iotas analyzes each renter's routine based on their motion and behavior in order to create the perfect home environment.
Spruce frees up time for residents by offering services like managing chores, housekeeping, pet care, laundry and dry cleaning. No task is too small for Spruce and residents can have their dishes washed, plants watered, and sheets changed without lifting a finger.
Spruce is a great tool for busy professionals to relieve stress and enjoy their downtime. Property managers seeking luxury amenities for their residents should take a look at Spruce.
TFLiving | On Demand Experiences
TFLiving offers an amenity-based app that provides on-demand wellness experiences for residents. Services include personal training, pet care and social events, including cooking classes, happy hours, and paint & sip nights.
Resident events are often great ways for residents to meet one another, but they require lots of planning. TFLiving also relieves property managers of the stress of planning and coordinating resident events and improves residents experiences at their properties to increase renter retention.
PrintWithMe | Improving Multifamily Technology
PrintWithMe is a modern, self-service print station that auto-orders toner and paper. PrintWithMe printers can be placed in amenity spaces for residents to use at all times. Property managers are able to set monthly caps on free printing to save on expenses and residents enjoy the ability to print wirelessly from the PrintWithMe app or their own devices.
One of the greatest features about PrintWithMe is the amount of time that property managers can save with the service. The PrintWithMe printer amenity offers live customer service 7 days a week, so managers can focus on other priorities besides printing problems.
In sum, these four new amenities from ZED 2019 should help any apartment complex to drive new revenue and exceed the expectations of residents. Best of luck with the ongoing #amenitywars and hope to see you at ZED 2020!
From accounting to maintenance, and everything in between, here are the best mobile apps for property managers in 2019.
It's no doubt that time is one of the hardest things to manage as a property manager or an owner. Instead of resolving complexities and keeping track of all details on your own, leveraging modern technology will not only save time and resources, but also provide a better experience for residents and staff alike.
Without further ado, here are the top property management software apps in 2019 that will provide you and your property staff with the flexibility and solutions you need to continue exceeding resident expectations.
It all starts with your listing. Platforms and apps such as Zillow, Trulia, Apartments.com, and Landlordy all offer a comprehensive database where you can list and manage all your properties and communicate with prospects more effectively. These apartment listing platforms use innovative technology to provide deep insights and connect
optimal tenants to property owners and managers.
Instead of keeping track of all transactions and posting them to your ledger manually, you can rely on these #fintech apps to manage everything in a single platform with ease. Apps such as Buildium, Rent Manager, and PropertyMe streamline financials with integrated accounting to manage banking, invoices, bulk disbursements, and more to support property manager needs. Although these apps are primarily focused on your accounting needs, they offer plenty of other features as well.
Take advantage of modern technology to ensure that your tenants and their valuables are safe and sound. Apps like Frontsteps provide security solutions with visitor management, access control, and telephone entry for a complete peace of mind. Meanwhile, apps such as Amazon Key allow keyless and secure entry that allows for convenient and safe delivery of packages.
Platforms such as Mobile Doorman allow for customized, mobile apps to communicate with residents. The platform is also able to integrate with other property management software to keep things simple. Other apps include Appfolio, Propertyware, Entrata, Yardi, and ManageCasa, which offer a little bit of everything. You can attract optimal tenants, automate certain processes, gain important insights and business metrics, track maintenance, communicate with residents, owners, and vendors, and more. These apps provide all you need to keep everything running smoothly, all in one place.
Today’s best software doesn’t just stop there -- you can innovate your amenities, too. From the perfect modern all-in-one cloud printer in your productivity / co-working center, to smart home add-ons from the likes of August, Nest, and Igor, these software companies will take a thing or two off your plate so you can continue to focus on other management needs. Amenity aggregators such as Bixby and Hello Alfred will make using amenities convenient on your residents’ side as well.
Managing a property via software combines technology and service to produce amazing results in 2019. Not only will these automations and organizational tools save you time and energy, but property staff will also be more closely connected with residents and improve ROI and retention over time.