DALLAS—IRIO is an SMS/MMS solutions company that creates custom application programming interfaces for businesses to communicate with and engage audiences. The firm recently released a digital comment card solution, which allows companies to autonomously communicate with as well as gather real-time data from customers at a fraction of the cost of traditional comment cards.
In this exclusive, Russell Davis, CEO of IRIO, recently discussed how property managers interact with renters via SMS programs and property management tech trends.
GlobeSt.com: What are the emerging or best tech trends in property management?
Davis: App development is obviously huge in the marketplace. More and more properties are utilizing the seamless functionality of an app. They are clean. They look good. And they are easy to operate. However, building an app is a challenge and it's costly. Also, its effectiveness can be limited, especially when it comes to messaging. Most apps rely on push notification to communicate and those read rates vary from 20% to 80%. The solution isn't necessarily reliable. Text messaging, however, is reliable. And people are starting to prefer it, which is why we're seeing such an influx of SMS campaigns. It's definitely on the rise in property management, and we can integrate it with apps which makes it a win-win for properties that want the user experience of an app and the effective messaging of SMS/MMS.
GlobeSt.com: How can property managers leverage a digital comment card to engage and retain tenants/renters?
Davis: It's proven that mobile is 10 times more effective than print. Combining that fact with text messaging's 98% read rate guarantees better engagement with a survey or voting campaign. If you conduct those types of campaigns, collect the data and operate or make decisions based on the feedback received, then retention will increase. Just asking questions lets people know you care about their opinion and it will go a long way. By using text messaging, property managers can sleep soundly knowing that most everyone opted in has seen their message and that feedback is guaranteed. IRIO's platform collects the data and categorizes it into voting and survey responses, which can then be used to improve the property going forward.
GlobeSt.com: In what other ways can property managers at apartment or office properties leverage an SMS program to engage and retain tenants/renters? And how can this integrate into various customer management programs?
Davis: There are many variations in which text messaging can be effectively applied to property management. A long list of our clients utilizes SMS/MMS for emergency notifications, maintenance requests, rent reminders, events, renewals, package reminders and property updates. They even use it to attract new tenants with IRIO's information solution that allows prospects to text in and receive information on floor plans, the property, rent rates as well as chat with a rep to set up an appointment or find out additional information to what was provided in the automated responses. Our development team has integrated IRIO with a number of major property management solutions. Customers can seamlessly sync resident lists with IRIO and text them using our platform. This, of course, reduces unnecessary steps and our customers find it very convenient for their day-to-day operations.
GlobeSt.com: Do you have examples of how the technology has been successful for real estate companies?
Davis: When it comes to texting, we've had many success stories. One of our largest clients implemented our information solution for six months to gather leads for their properties. During that campaign, they received over 2,000 qualified leads through our platform. The estimated opportunity for new possible annual leases was $24 million. It's an effective product that delivers real-time results. Using the same technology, we've constructed the digital comment card that will deliver the same type of results for retention as well.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
