Technology is No Longer a ‘Cool’ Differentiator; it’s Necessary for Today’s Property Management

The time has never been more right to implement technology for managing all aspects of apartment operations. The migration of tech-savvy Generation Z into the same apartment spaces shared by Millennials has already started and is pushing multifamily farther into the 21st century. Technology has gone from a cool thing that once differentiated communities to a necessity to reach today’s renters. A good onsite cell phone signal isn’t just a perk, but a need near as much as a roof overhead. As the renter base transforms, mobile and desktop technology applications are becoming more essential to manage lease-ups, accept payments, book amenities and run the back office. Business intelligence and artificial intelligence have advanced past corporate buzzwords to practical solutions to keep the lights burning. At a recent conference of investors and operators, panelists were asked how they are dealing with the core competencies of implementation technology into their everyday businesses to satisfy a younger generation of renters and employees. Each is implementing or have deployed technology to assist in property operations, as well as sprinkling in a few techno treats for residents.  “The Millennials and Gen Z run to the technology, so in terms of changing demographics and associates, I think we find they are pushing us more and more,” said Lloyd Proffitt, who is president of the property management division at Allied Orion Group. “That’s really healthy for our industry. Historically we have been a little behind or delayed implementing cutting edge technology compared to the other industries.” The pace of technology implementation is important The consensus is that as long as technology is implemented in the right fashion it’s a good thing. Everybody has to have buy-in with the purpose and benefits, and third-party implementation can be beneficial. But the pace of execution is critical. Establishing technology syste...