Here are the top 3 takeaways for property managers from ZED 2019, which highlighted the latest apartment amenities and strategies.
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...
1. You Need Tech to Stay Relevant in Multifamily
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.
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.
2. Companies Need to Adapt for Gen Z Renters
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.
3. Beware of the Florida Man
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.
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!