VENN JOURNAL
How to maximize today's tech to scale your operations
Your tech will only get you so far...
Amir Beno
Aug 31, 2023
In a world buzzing with technology, we enjoy showing our customers that piling up different solutions won't cut it. Read on for my take on how to slice through the noise to simplify your team’s tech stack and improve resident experience.
—Amir, Venn’s VP of Product
Technology is best used to maximize human connection
We know having the right technology in place can help to increase your NOI; we see it every day with our customers. However, simply integrating the latest technology into your operations should not be the ultimate goal. Instead, tech should be used as a means to an end, streamlining tasks so that your people can focus on the most important aspects of your property management—which are often the ones that can’t be replicated with tech. In multifamily real estate, that’s fostering relationships and authentic connections with your residents, between residents, and helping them to connect to their community. Below are some of the most talked about innovations, and how you can maximize them in the effort to create an exceptional resident experience.
App-based messaging between residents
Tech-based messaging between residents is one of the most popular and effective amenities a landlord can provide. According to our benchmark report, residents who can easily connect with their neighbors via digital platforms are one-and-a-half times more satisfied with their property teams than those who do not have this amenity. If you have app-based messaging between residents, take it one level deeper by having community leaders create special interest groups like book clubs, craft nights, or wine tastings to further connect residents online and in person.
AI-automated back-office tasks
It’s not an exaggeration to say that this category of proptech has transformed previously time-consuming and inefficient administrative tasks that kept property managers out of sight. AI helps property managers move faster and provide more support for residents. Capitalize on the time freed up by this innovation and reallocate it to building relationships with residents by having staff visible, available, and responsive to residents’ needs, like personally checking on residents when they have concerns, or giving tours of the neighborhood to new residents.
App-enabled partnerships with local businesses and service providers
Four out of five renters said that it’s important for them to live in a neighborhood with a thriving local business community and the majority of renters would consider paying their property owner for a wide variety of local services, from grocery delivery to fitness instruction to pet services (also from our benchmark report). Partnering with a variety of local businesses and connecting them with residents via tech gives them a connection to their community from day one. To deepen and solidify those connections beyond the tech platform, host community events that feature those providers, their products, and the people behind them.
The bottom line
The tech of a property may attract tenants, but it is the connections residents make among each other, and with the community that make them stay. If you’re serious about retention, think beyond tech and nurture authentic relationships with your tenants, between your tenants, and with the singular, non-tech amenity that is your community. Need help getting started? Get in touch.
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