PropTech Offers Multifamily Sector New Options

Some are saying that technology accomplished roughly 10 years’ worth of advancement in just 2020 as the world adapted to COVID-19.

The apartment industry and its residents were beneficiaries of the new ways lives and careers could be led. This evolution has continued in 2021 and companies continue to identify areas where their operations can improve and methodically explore new products that might solve their issues. 

“Investing Time, Energy & Money in PropTech” was a session presented at the Apartment Innovation and Marketing Conference in Huntington Beach, Calif.

Panelists included Marcella Eppsteiner, SVP of Marketing, Training and Revenue Management at Mission Rock Residential; Girish Gehani, Chief Operating Officer at Trilogy Real Estate Group; Daryl Smith, Chief Marketing Officer at Kettler; and Mark Zikra, Senior Vice President of Technology & Innovation at CA Ventures.

Today’s Technology is More Robust

Zikra said the industry has triumphantly moved on from identifying single-point tech solutions such as the Nest thermostat about eight years ago and now invests in more broad-based technology products and platforms that serve multiple purposes.

Smith said he’s using technology to create frictionless experiences for his residents and employees. Both have so many competing priorities that they benefit from solutions that make their jobs and rental experience easier.

Smith said adopting technology has helped to bring the marketing department a proverbial seat at the table during executive meetings “because many technologies can provide new revenue opportunities for the company.”

But Does it Integrate

Eppsteiner said that one of – if not the top question – apartment companies must ask technology providers is will their product integrate. 

“Integration means it’s happening seamlessly,” she said. “The sales reps will always say it does, but really, it doesn’t. This is so important because technology today will be used by all company departments so this has to be done right. [PropTech] providers really have to explain what the integration is going to look like, not just that it will integrate.”

Kettler is using technology solutions to help it operate 24/7 because “57 percent of his incoming leads are being created during non-traditional business hours,” Smith said.

The Reason It’s Good to Fail

It’s important to fail when implementing new technology because “this is the best way to learn more about what’s available and what a company needs,” Zikra said. “You need to identify strong technology partners – ones who will work with you to bring you what you need, rather than just giving you what they have and telling you how to use it.”i

Quantifying the value of technology products is vital, Gehani said, “but it’s not easy to do so for all of them. Smart-home tech is easy because it’s based on what you’re charging residents to have it.”

On the other hand, Smith said there’s not a simple way to measure improved customer experience because that’s less specific.