Why it's time to adopt a “best-of-breed” model in multifamily

How to accommodate for residents who are expecting more

By:

Cathryn Mulso

Published:

September 1, 2022

As the multifamily industry continues to become more competitive, more property management companies are adopting a hospitality mindset. Residents are demanding more than ever. Rent is rising. Inventory is limited.

However, in this competitive landscape amid rising challenges comes great opportunities for companies to incorporate more hospitality mindsets into their properties. Residents aren’t just looking for the best amenities any longer—they are looking for the best service as well. This is why there’s never been a more important time to adopt a “best-of-breed” model into your properties.

Set Yourself Apart from the Masses  

Every mid- to large scale property management company nowadays has a tech solution that may seem like it can do it all. Or quite simply, wants it to do it all. But it’s falling short. Many innovative companies are now recognizing the limits a single vendor can provide with a point solution that tries to deliver on everything.

So where to go from there? The answer is assembling your tech stack by choosing the best CRM, property management system, digital key solution, and digital two-way messaging solution. Being an early adopter of this “best-of-breed” model will set you apart in the multifamily industry.

Follow Suit with What The People (Residents!) Want

A study was conducted surveying 520 consumers on their communication preferences with brands, and found that a staggering 87% of participants reported rejecting or ignoring phone calls from an unknown number, according to ZipWhip. The same study found that 77% of people reported having anxiety talking on the phone. And if that data isn’t baffling enough, over 96% of respondents found phone calls to be disruptive. 

Emails are great for broadcasting and sending out information, but between work and personal emails, they often get lost in the shuffle. So what does this mean for your properties and residents? Residents are on their phones all the time, but are you communicating with them on their preferred method of communication? 

According to Soprano Design, texting is the preferred method of communication for consumers, with over 90% opening a text within three minutes, as compared with only 20% of people who even open an email. Residents want the ability to communicate through text, but does your tech stack currently include this functionality?

If not, it may be time to adopt the “best-of-breed” model to connect with residents via resident texting and other digital messaging platforms—not only does it provide a seamless communication line for residents and property managers, but it’s the way the people want. Schedule a conversation today to learn more! 

Subscribe to our newsletter
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Schedule a conversation.

Curious to learn more about Kipsu and digital messaging? Connect with a member of our team to get all of your questions answered.