The Knock team just returned from the NAA Apartmentalize conference in Denver, the largest trade show in multifamily. Multifamily property managers and vendors came together with inspiring energy that made this is truly a “can’t miss” event.
As the leading CRM in multifamily, we tend to focus our attention on how the industry is applying technology to attract, convert and retain customers. This year featured an industry eager to embrace the disruptions that will change the way that people live and, as a result, how property managers attract and retain residents. With new data sources, automation and smart technology, the multifamily industry is creating personalized experiences that add value to the lives of their residents – providing the opportunity to improve NOI by differentiating from competitors. Here are a few takeaways from the sessions we attended.
Develop a deeper understanding of the customer
The best experiences tend to be a result of doing the right thing, for the right person, at the right time, but that magical combination requires a deep understanding of the customer. From psychographic segmentation to sophisticated research methods, multifamily marketers are learning more about the unique needs of their renters than ever before. This has many benefits. Products better meet customer needs, prospects can be targeted more effectively, and the renter journey experience can be refined to improve satisfaction and retention. As we always say, you can only improve what you can measure, and we are excited by this growing trend in the industry.
Use technology to remove barriers
We have always been advocates for using technology to remove unnecessary barriers for renters – being the first to bring online scheduling to multifamily many years ago. Things have come a long way since those days. Self-touring technologies allow prospects to convert to tour on their schedule while reducing leasing staff costs. Smart home technologies can seamlessly allow tenants to access community amenities and services from their mobile devices. Service requests will be a thing of the past as maintenance staff is given real-time updates into appliance performance. All of this will ultimately remove headaches for renters and managers, which is exactly what good technology should do.
Anticipate change by future-proofing operations
Everyone can count on the fact that technology will continue to evolve. Forward-thinking property managers understand this and are proactively creating strategies that will allow them to future-proof their operations. Technology is iterative, so the best strategy is to build a solid foundation. As more devices become “smart”, communities must have an internet infrastructure that will support the explosion of connectivity. All of these devices will produce data, which will need to be stored effectively. That data will need to be connected to residents, which will mean that integration with PMS and CRM systems will be critical for seamless communication. There is no telling what the future may hold, but focusing on good technology fundamentals will put property managers in the best position to take advantage of what is coming.
With all of the innovation in the multifamily industry, one thing remains constant – timely communication with prospects and residents is the best way to improve leasing outcomes. Providing information quickly is a proven method to convert prospects into leases and it keeps residents in communities by improving satisfaction. A CRM will always be critical in managing the sales pipeline and Knock is the best in the biz. Schedule your demo to check it out today!