RENT Magazine Q1 '22

TREND #1: ACCURATE DATA IS A VALUABLE ASSET Property owners who are still using manual entry for prospect/ resident data are setting themselves up for failure. Manual entry is time-consuming because it must be entered in multiple places, thereby making it prone to error and a very inefficient use of a manager’s time. And tracking sensitive resident information with paper-based documents is far less secure than managing that data in the cloud where only permissioned users can access the records. The data that you capture about a prospective tenant must be accurate because you are laying the groundwork for information that enables you to determine if this prospect is a good candidate for your property. Web-based property management systems like Yardi, Real Page, Entrata and others can act as the repository of all resident data. The great benefit of prop tech software is that information is entered once and can automatically populate to other parts of the system. Even better, other web-based software, like access control systems and even integrated hardware, can connect with prop tech software. Again, without re-entering any data. This is the Internet of Things in action, delivering seamless connections between people, software, data, and devices. TREND #2: WEB-BASED PROPERTY MANAGEMENT TECH CONNECTS TO DIGITAL AMENITIES RESIDENTS WANT The web-based prop tech that helps managers and property owners run their multi-family communities is also the foundation for delivering the digital amenities that tenants value. From my perspective, I see that the big trend in 2022 and beyond will be consumer, or resident, convenience. That means touchless, smartphone access. Phones will turn on lights and open doors - any door, buildings, homes, cars, club houses, the gym. Community owners and managers who want to attract and keep great residents need to understand that the digital future is already here and those who ignore it will be left behind. Millennials Really Want Smart Home Apps A study from TechZone showed that 86 percent of millennials1 are willing to pay more for a home or rental property if it has smart home technology. Safety is becoming more important for consumers and for property owners.

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