Posts Tagged ‘renters’

WiFi and Tablets- Two Tech Tools to Leasing Freedom

March 20, 2013

Advances in technology have certainly improved various areas of our professional lives, and streamlined processes which otherwise require much time and resources. Many companies are making the decision to digitize more than ever before; and this is especially evident in the property management realm.

A recent article published by Units Magazine in the March 2013 issue, outlines how management companies are becoming [even stronger] advocates of community-wide WiFi access, in conjunction with implementingImage wireless devices to aid in the leasing process. In the article, author Paul Bergeron III explains that these technological advances are not simply for the larger REITs or national firms, but work favorably for management companies and communities of all sizes. Bergeron follows two management companies in particular throughout his article, Pillar Properties of Seattle, Washington, and Roscoe Properties of Austin, Texas, and documents their experiences concerning the implementation of property-wide technological systems.

Vice President of Pillar Properties, Billy Pettit, explains why their management company decided to install property-wide WiFi access, and what advantages have come of that decision, “Our agents can connect from anywhere on the property: from the underground parking garage to where they are standing on the roof. With our system, they don’t have to ‘sign in’ every time they walk into another part of the property.” He continues to add, “We’re finding that there is a segment of the prospective resident base that would choose not to live with us if we didn’t deliver this kind of connection speed.” For Pillar Properties, technology has drastically helped them to lease and retain renters; Pettit states, regarding a recent 234-unit opening, “It leased in four months (November to February)– which happens to be traditionally four of the slowest leasing months of the year.” For Pillar, it is undeniable that community-wide WiFi and technology advances at the property on the management end have helped to expand and sustain their base of business.

And it is no different for the folks over at Roscoe Properties, either. Vice President of Administration for Roscoe Properties, Steven Rea, said, “From what I see, we are way ahead of most in the country when it comes to applying mobile strategy to our marketing. I see us as being a digital company in an analog business.” He continues on to add, “The tablet has helped improve the agents’ ability to close leases at a moment’s notice– and when the moment is right.” In addition to the ease and readiness of using tablets to streamline the leasing process, Rea firmly believes that using state of the art tablets and technology vs the standardized paper forms, shows residents that their management company is cutting edge and tech-savvy, innovative and ahead of the curve; “They like that”, he concludes.

It is undeniable that we are amidst a technological revolution, and certainly the implementation and use of such technologies is to the advantage for modern businesses. Property-wide WiFi access is becoming an absolute make or break deal for the majority of today’s renters; and certainly the property management sector is headed down a new and exciting technological path. For Rea, his company’s goal is to be 100% paperless by years’ end; for some, this has become common place. For others, this is only the beginning.

The Rise and Fall of the Rental Regime

October 11, 2012

The moon waxes and wanes, tides ebb and flow, and we all know that what goes up, will eventually come down; so it came as no surprise when the rental market started “showing signs of losing steam”, according to a recent report from Reis Inc.

Image Courtesy of Wall Street Journal

     In an article from the Wall Street Journal on October 3, 2012, Dawn Wotapka outlines some interesting statistics regarding the recent slump in the rental sector, possibly due to tenants feelings more inclined to purchase real estate while the rates are so low.

What does this mean for the multihousing industry? Well, seeing as research firm Zelman & Associates estimates roughly 235,000 units to be new construction this year alone, it might mean a few things for a property owner.
Not only will rental prices likely decrease over the years to come in order to obtain and more importantly, maintain occupancy; but property owners will have to do their fair share to make renting more attractive than owning. The good news here is that rental properties already have a head start– one word: amenities. Services such as Wi-Fi, when included with a rental property, automatically make a bare home look exactly that, bare. It is essential that owners do all they can to outfit their rental properties with all desired amenities, and adding a fully managed and monitored wireless network to any property is certainly going to increase the rentability, while also leaving property managers and owners available to fully focus on advertising their amenities advantage, and filling their buildings.