It’s no secret the COVID pandemic has affected a multitude of industries in more ways than one. Particularly, we’ve seen the pandemic become a catalyst for technological headway in the real estate industry. Especially in the rental market, and for multifamily properties. Aside from the hygienic protocols and virtual showings now in place for most multifamily units and apartment complexes, the need for amenities fueled by digital and smart access technology have become more apparent and accelerated than ever. And it’s likely these needs and necessities are here to stay.
Minimizing facetime with residents was never quite the standard, but it certainly has become a favored pursuit by both property managers and residents. Forever being a “relationship business”, the real estate market in general has been seeking a way of accomplishing safer and more efficient access. Contactless deliveries are the new normal. A masked world and restrictions to access based on vaccination records is forcing digital adoption at rates never before seen. Services based on smartphones, tablets, and computers have been the new normal, yet are now hastened by the pandemic. It’s to the extent that no one could have ever predicted, but the organizations who have been able to adapt are staying far afloat. Cathie Wood, trailblazing investor of ARK Investments says today’s established businesses will be made obsolete by more recent transforming technological innovations. Leasera, our network of partners, property managers, service professionals, and of course residents, are all currently sharing in these benefits.
Through intelligent, independent integrations we are trying to take a fractured, manually intensive, time consuming, and impersonal industry into the future of ‘new normal.’ Digitized access is at the forefront of what we do, and we’ve been on this ride long before COVID existed. And at this point, it’s more important than ever for property managers and rental platforms to bring these integrated systems into their spaces too. Kevin DeMattio of InvictusXP, an access and tour automation company says that, “More than ever before, property managers and owners want solutions that are more holistic and that consider every step of their and their renter’s journey.”
If anything, the pandemic just further highlighted the need for owners and operators to prepare for the ever growing needs of their residents. It has forced the industry to look closely at how they might open up access to amenities and compete against offers from other rentals and communities their potential residents may be looking at as well. Swift action and solutions will help them stay ahead in the rental market. From keyless entry, to taking it a step further and monitoring ROI’s based on the unit’s energy efficiency, properties will need clear direction on how to prioritize and select these offerings. “There are too many providers out there that either don’t understand the requirements of the property or the demands of today’s consumer”, says DeMattio.
Including thinking about how much more they might be able to offer their residents in order to retain more of their business. After all, many renters spend more than half their income on housing each month. Why aren’t residents being rewarded already? What more can property management be offering to appease the hefty price tag on rent? Next to insurance companies, property management suffers from a dismal NPS (net promoter score) that would drive any sane person or company to search for answers and pray for a more meaningful solution. That’s why Leasera exists. We’re answering the questions property management and operators should have had the answers to years ago.
Plus, with Leasera, everyone wins. Imagine a reward system that offers both residents and management the incentives they want. A better profit margin and longer lasting relationships between residents and operators. Keeping this, and the pandemic in mind, management needs to be aware of how they can serve their residents in a better, and healthier way. Smart home technology has come a long way in a very short amount of time, and it’s only going to continue to evolve. Think, full-fledged ‘smart communities,’ and a seamless experience for renters. Similar to the experience homeowners are awarded as soon as they pull into the driveway. The freedom to live, move, and redefine their own level of comfort.
Again, COVID hasn’t made it any less apparent that technology needs to be constantly evolving to meet the demands of the market and unforeseen circumstances. There’s no place for lagging when it comes to this topic. With more opportunities for remote work, and work from home, the trends of purchasing in the suburbs is shifting. And it’s shifting fast. Gen Z and Millennials now account for the majority of suburban renters. Leasera is ahead of this trend by offering its consumers the benefits of flexibility, without sacrificing the comforts of home. Enjoy a platform that allows you to not only pay rent, request maintenance, track rewards, and modify lease terms, but also allows seamless integration for booking vacation rentals, cleaning services, and more.
Whether it’s the ‘burbs or city living you prefer, the amenities available through leasing begin to be competitive factors. Residents seek ease of access and smarter solutions to achieve instant gratification. Whether it’s as simple as 24/7 access to the onsite gym, or easy accessibility to coffee and doughnuts, there’s a common urge now to avoid delays. In fact, we all probably have our own personal experiences with the consequences of when organizations don’t deliver on our expectations for little to no wait-time on deliverables. Take Amazon’s elimination of the need to wait more than two days for an item ordered as an example. They completely changed the standard on customer’s expectations and the threshold for patience. Blame it on the technology itself, but this is part of natural human psychology. We all crave our needs being met with zero obstruction. Establishments and properties must be able to adapt and deliver on these expectations. With Leasera, we’re offering the solutions you need to adapt and deliver through a single, unified platform.
Without an offering in smart access technology and services described above, you might as well sell out, and close the doors on your operation. Residents deserve more when half their income is ruthlessly collected on a monthly basis without much else to show for it aside from the basic human need of shelter being met. After all, it’s what they pay for, but in a world where competition is stiff and the rental market is shifting, it’s important to retain your consumer base while expanding and offering top of the line customer service and amenities.
Join us in the movement to resolve and close the gap on a depersonalized market. Learn more at leasera.com.
