Trying to make changes to your property’s tech stack in what seems to be an impossible timeframe? Not sure where to start or what technology to choose? Well, that depends on your goals, how you plan to use the technology and the complexity of your needs. We hear from experts in the multifamily industry about the vetting process to ensure that the right technologies are chosen, there is minimal conflict between existing systems, and you are positioned to get the most out of your investment.
Panelists
Aaron Maas, Executive Vice President of The Life Properties
Scott Hill, Co-Founder & CEO of PERQ
Remen Okoruwa, Co-Founder & CEO of Propify
Elizabeth Braman, Founder & CEO of RevolutionRE
Moderator: Khet Richards, Proptech Consultant
Evaluate Your Technology Stack
What is a Technology Stack? It is a set of tools that work together to achieve a common goal in the multifamily industry.
Whether that’s tracking leads to lease for prospects, communication with current residents, to data analysis to make informed decisions at the operational level and onsite level. Here are some key factors to consider when evaluating the technology and needs of the property management entity or portfolio.
- Data should tell the whole picture.
In other words, the whole ecosystem of multifamily marketing and operations rather than the silo approach. From marketing to onsite staffing, lease renewals, and day-to-day operations. - KPIs are King
Gathering clean and accurate data is crucial in any business model. In multifamily, understanding the lead to tour rate but also understanding the lead source. Your tech stack will want to measure KPIs while providing the data story and insights. In 2023, technology is rapidly iterating on current applications and the current use of data. You’ll want to ensure ROI and metrics are clearly communicated during the onboarding of any new technology.
Based on a poll to our audience at the Summit, a majority of marketers, vendors, and operators have 6 or more vendors in their prospect or resident tech stacks, are the key decision makers and users in their tech stack and many have neutral feelings about their tech stack. They don’t love it or hate it.
