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Security Properties Residential
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12 days ago
Are We Falling Short When it Comes to Maintenance?
Over the last several years, our industry has become aware of prospect expectations when it comes to the leasing experience. We have heard loud and clear their desire for flexibility, exceptional user experience, and access to a subject matter expert to ask questions. Not only have we become aware, but many management companies are realizing they must take action and implement new technologies to meet these expectations.On the other hand, when you look at the resident’s experience with maintenance, we are a bit behind. Through the last 3 or so years, we have focused heavily on how we are attracting and winning prospects, but now it is time to catch up and look at the resident experience - specifically with maintenance. The industry's staggering stat these days is that 92% of residents have not had a positive experience with maintenance. That means, only 1 out of every 10 residents have had a positive experience when it comes to meeting their service requests. That number alone should really light a fire for us to dig deep and look at the needs and desires of our residents. Most recently, I was reviewing the 2022 vs 2023 Work Order Survey from Satisfacts (Stats Jan through Oct, both years) and was saddened by the year over year scores. All 8 of the questions are important, no doubt, however what is even more astonishing is these are controllable areas the onsite team can correct. You may be saying, sure we onsite staff can do better, but how do we do better with so many tasks on our plate? Its the never ending employee struggle. This is where we must look to be able to optimize our team with technology. As an industry we are starting to see many teams focus on specialization by trade or skill, and add in a layer of technology (service or product) to move these industry statistics in the right direction. We have continuously heard that residents want to be able to self-serve as much as possible. And this sentiment really goes for multiple generations: Baby Boomers (born 1946-1964): Baby Boomers may have grown up in an era where DIY home maintenance and repairs were more common, and as a result, some members of this generation may still be willing and capable of handling minor repairs themselves. Generation X (born 1965-1980): Gen Xers are often more self-reliant and resourceful, and many of them are comfortable with basic DIY tasks. They might be willing to handle minor repairs but could also value their time and prefer to hire professionals for more complex jobs.Millennials (born 1981-1996): Millennials tend to have a mixed relationship with DIY maintenance. Some are quite capable and prefer to use online resources to learn how to perform repairs, while others may have grown up in urban environments with less exposure to DIY skills and are more likely to hire professionals.Generation Z (born 1997-2012): Generation Z is a tech-savvy generation, and they may be more inclined to use online tutorials and resources to tackle DIY projects. They are known for their resourcefulness and might be willing to learn how to do basic maintenance and repairs.Looking at each of the generations, there is a subset that are willing to DIY with the help of a maintenance tech via text or facetime. Regardless of the generation, all residents want the ease and simplicity of digital services and self service. They like how it makes them feel connected, informed and in control of their experience. What might this look like when it comes to maintenance? Two key areas we must deeply reflect on: Self Service: Residents expect prompt response and resolution of maintenance requests. Offering the option for residents to be able to fix the small easy service requests, allows them to complete it when they are available. Not to have to lock up a pet, clean up their home, wait for a specific time or have to re-arrange their schedule. A great analogy from outside of our industry is Grocery Shopping: We as a consumer have options, right? We can pick up our order, shop our order in-store, or have them delivered. We are able to choose what works for us when it works for us. One week I may want to go to the store and later that same week, I might be busy and need them delivered. We have the freedom and flexibility to meet our needs. When it comes to maintenance, self service is no different. What we learned several years ago is residents are eager and willing (80% of residents actually) to walk through how to fix a GFI, a toilet flapper, a garbage disposal etc, via text or a facetime call. Again this option meets them on how they currently experience services in their everyday life. Effective Communication: Clear and open communication with property management is vital. Residents want to know the status of their maintenance requests, including when and how the issue will be resolved. Leaning into technology and automation is going to be the winning solution. A quick analogy, Amazon is amazing at effective communication, we always know where our package is. Technology has allowed us to transparently know when our package will be delivered. Not only does the self service option create an outstanding customer experience, but with a shortage of maintenance techs (and the gap becoming larger) focusing on and investing the technicians which are currently employed can advance all parties. The average age of a maintenance tech is 48 years old, and most retire around 55 to 60. When we look at that number, that leaves us with on average 10 years left where the gap may not get smaller if the younger generation doesn't enter the field. We must look at opportunities to invest in our current and new maintenance techs, create ways - again with technology - to not burn our maintenance techs out. They should not be working 24/7, on call, and weekends. If we can focus on optimizing our teams, creating opportunities for the resident to receive self service, and of course focus on optimizing our communication with the residents, we can see our resident satisfaction scores increase which will lead to resident retention and more rewarding renewals.Read post
a month ago
OpTech 2023 Takeaways
I've been enjoying reading everyone's takeaways from #optech2023Everyone sees through a slightly different lens - but the underlying themes are somewhat clear. The lens that we look through at #Revyse is a fun one. It's agnostic of operator or vendor. It has a skew towards B2B software sales, B2B marketing, category trends and technology stacks.Before my takeaways - huge shout out to Rick Haughey, Sarah Yaussi, Sharon Wilson Geno - and the team at NMHC. This event was fantastic.Here are my top takeaways:1️⃣ - In person events are just awesome. The people you bump into, the friendships you make, the high fives. We already can't wait for Social Media Summit in Napa.2️⃣ - It's NOISY out there. The expo hall was packed full of vendors - and I understand that there were close to 100 MORE vendors on the waitlist. Sentiment was largely that if meetings weren't pre-set it was very hard to capture attention on the show floor. But we all knew that, right?! In our #Revyse buyer survey - only 12% of buyers said that they start their search for new vendors at a trade show. Buyers are doing their homework online.3️⃣ - The sessions were some of the best of any show that I have attended. The panelists were thoughtfully selected, operator skewed, covered a broad range of pressing topics, and were well moderated.Shout outs to:Hope Dunleavy - for leading a PACKED room for the NMHC / Real Foundations CX survey.Marcella Eppsteiner and Joya Pavesi for sharing their thoughtful CX tech survey insights.Julianne Goodfellow for leading an awesome session on a topic that is widely under-discussed (but will get much, much louder) - Cybersecurity and Data Privacy.Melody Reid and Dustin Lacey - for sharing their actionable insights on data visualization.Bobbi Steward for co-hosting the Women in Multifamily Tech Meetup.4️⃣ - 2024 is going to be HARD. Operators are now heavily budget strapped. Almost all new software spend is going to need to be offset by a tangible cost saving. Business cases and economic justification are going to need to be lock-tight. Appetite for risk will be low. Focus from both operators and vendors will need to be on renewals as competition increases in nearly every category. Broken promises on fancy features to come will likely result in category shopping. Hefty price increases will be heavily scrutinized and likely result in category shopping. In almost all of our conversations - operators are going back to basics - and looking for opportunities for simplification.5️⃣ - Change fatigue is real. Covid forced multifamily to adopt a ton of new software. Quickly. Operators are now taking stock of the number of dashboards users need to log into and just how much software is being used to run a multifamily operation. Hint; It's a ton. 🙌Read post
a month ago
Introducing Revyse Stack Intelligence
It’s been a BUSY 6 months for the team at Revyse, and we’re just getting warmed up. 🔥It’s always been our promise to make it easier for operators to discover, buy, and manage multifamily tech + tools, so we’re thrilled to announce the release of our newest product, Revyse Stack Intelligence.Revyse Stack Intelligence is the modern vendor management platform designed to help operators centralize and streamline the growing roster of vendors required to operate today’s multifamily portfolio. Get a unified view of all your third-party contracts, collect and manage vendor details, including business, legal, and risk information, and visualize products and spend by resident lifecycle stage, department, region, and ownership group - even down to the location level. ☝️ Single source of truth for your tech stack. Get visibility into your tech + tools across the resident lifecycleDrill down to view vendors + spend across department, region, owner, and location✌️ Get a unified view of all your contracts and spend.Collect + manage third-party vendor details, including business, legal, and risk informationDesignate functional owners, contract approvers, and house vendor contact + billing information Track IT risk and security/compliance documentation for each vendor🤟 Save money on software and services. Built on Revyse’s unified vendor marketplace, leverage the largest unbiased database of multifamily vendors + ratings, see which suppliers are trending, and evaluate common alternativesAutomate renewal reminders, add procurement workflows, and send one-click disposition noticesRightsize agreements, eliminate shadow IT spend, minimize product overlap + reduce redundanciesRevyse Stack Intelligence is the only multifamily vendor management platform designed to handle the complexity of recurring software + technology contracts. Built to track tech, but capable of tracking anything. Check out the video snippet below as Revyse CEO Bobbi Steward introduces Revyse Stack Intelligence on the Apartment Academy podcast with Daniel Cunningham. Watch the full episode on YouTube.Apartment Academy - Revyse Stack Intelligence.mp4Read post
a month ago
How Buyers Are Modernizing Old-School Sales Processes
👉 Revyse Co-Founder, Ben Steward, recently met up with Nate Smoyer of Tech Nest to talk about how Revyse is empowering software buyers to modernize the sales process, making it easier for multifamily industry professionals to shop for proptech.Read post