The Evolution of Property Management
“If you weren’t collecting rent online during the pandemic, then you were way behind.”
The pandemic feels securely in the rearview mirror for most of the multifamily players, but while it’s business as usual for a majority of the multifamily market, many aspects of property management will never be the same. A session at GlobeSt’s Multifamily Fall 2023 conference, taking place in Los Angeles in October, will examine how property owners have adapted to the changing landscape of property management, as well as provide updates on new property classes, properties that are growing in popularity, and a look into tools for a more digitized workforce.
Marcie Williams, a speaker in the Property Management Perspectives & Outlook panel on October 16, will have much to contribute to the digitization topic. The firm of which she is CEO, RKW Residential, is owned by a technology company and is therefore ahead of the curve in utilizing technology for property management.
RKW Residential, a third-party management company with 35,000 units in eight states, was acquired by Alfred, a residential management platform, in March 2022. The acquisition, Williams says, provided “unique perspective and an infusion of technology” into RKW’s operations.
“We still have the basics of what we do. We look at whether the task can be handled through technology when onsite or through a person. Our goal has always been to attract and retain residents in our communities. We’ve always used technology to meet the needs of the residents where they want to be met,” she says.
“If you weren’t collecting rent online during the pandemic, then you were way behind. We were already there, we still had to look after our properties and residents, and we still had to go there every day. Our tech has evolved to allow us to do that.”
Technology also enables smarter use of data. “We’re using data to make smart operational decisions, rather than thinking we know what the truth is,” Williams says.
RKW may be ahead of the technology curve but as an industry, CRE is behind, Williams says. But the pandemic has moved things forward in terms of take-up of tech tools for property management.
“Thinking about pre and post pandemic, and self-guided tours, that was not prevalent before, but now it is. People can tour by themselves or with an agent,” she says. “For our CRM we use AI and automation, and this has really evolved, and people can get immediate answers and be taken care of straight away. AI continues to learn what the correct answer is.”
GlobeSt.com is holding its multifamily fall conference on October 16-17 in Los Angeles. For more information visit here.