Multifamily Technology 360°

Rental Beast: A Better Way to Search for an Apartment?

2010-02-28T15:11:00.019-05:00

Apartment hunting can be a painful process. Just check the Twitter stream and you'll see plenty of tweets like this:

(And as popular as it has become, Craigslist is what it is.)

There are a LOT of websites that are trying different models to improve the online apartment hunting experience. The major Internet Listing Sites continue to innovate, while new competitors like Cazoodle are trying to aggregate all apartment listings in one place to create a one-stop shop of sorts. (Cazoodle's tagline: "One Search, All Apartments, Entire Web!")

But according to one new player in the industry, the "show me everything you got" approach just creates more noise and frustration for serious apartment shoppers.

I had a chance to speak with the Ishay Grinberg, President of Rental Beast, a site that is trying to make apartment hunting easier, particularly for renters in large metro areas where brokers and apartment locators are commonplace.

Here's the pitch that Rental Beast makes to apartment hunters on its site:

Never pay a broker fee

Search validated listings

Get direct contact to owners and management companies

Ishay wants RentalBeast to become the "ultimate rental database," comparing it to an MLS for single-family homes. He didn't provide details about how the property information on the site is sourced, but Ishay is confident that his site's differentiator is the quality of its content. He believes that "content is king" -- he is focused on taking care of his users first, and he thinks those users will gladly pay for better listings. To access the site as an apartment shopper, it'll cost you ... plans start at $29.

To get the word out and build their userbase, Ishay's team has spent a lot of time networking with off-campus housing, corporate HR offices and other similar resources, sharing their story with anyone who will listen.

Rental Beast verifies the listings on their site -- it's free for apartment marketers to list their available units. (Marketers can post their apartments here, even if your property is outside the Boston area.)

Because the site doesn't rely on apartment operators as their primary source of income, I asked if they would be open to posting property reviews on their listings. Ishay said they're certainly open to the idea, but it's not a feature they're actively working on.

The site launched in March 2009 and is already profitable, even though it's only available in the Boston area for now. Ishay believes he has a strong model that will work well in other key "24-hour markets" such as New York City, San Francisco and Los Angeles. (All are strong markets for brokers and third-party locator services.) As an example, Ishay claimed that one REIT told him that 65% of their leases in one market come from brokers. This contact-the-owner-directly could be quite appealing to apartment shoppers and property owners who typically deal with a go-between.

Ishay sees other opportunities for the database of properties that he is accumulating, and he claims to have other interesting strategic partnerships in the works (although we didn't get into details about any of these partnerships). In general, Ishay is very open to new ideas and partnership opportunities. His primary message: "Renters should stop going to Craigslist, and come to Rental Beast instead."

What do you think? Are you listing properties on Rental Beast? If you're in a market where brokers are common, do you think apartment shoppers will use the site? What about smaller markets? Let me know what you think!

#AptChat Discusses Revenue Management

2010-02-18T10:58:00.014-05:00

Last Friday, the discussion on the weekly #AptChat focused on the use of revenue management (RM) solutions, which are software programs to efficiently determine rental pricing, while taking the emotion (and potential for overcompensation) out of the process. We're reposting the recap of that conversation here for our readers ... enjoy.

With representation from both Rainmaker (LRO) and RealPage (YieldStar) throughout the discussion and apartment operators on both sides of the fence, this turned out to be a very interesting, enlightening discussion.

First, it's important to understand what a revenue management system is and why apartment operators might want to use one. Here's how you defined revenue management software:

Gary Katz: "For those unfamiliar with RM systems, they price apartments kind of like hotels price their rooms. Prices can change daily."

Keith Dunkin: "RM systems provide the optimal blend of internal fundamentals and external data. Protects from over reacting to comps."

Keith Dunkin: "Improved Revenue Performance, Increased Visibility, Pricing Efficiency, reduced carry costs."

Steve Matre: "Classic yield mgmt, matches price to demand based on lease exp's and historic traffic, system sets price."

Gary Katz: "The idea is too not price apts too low and leave $ on the table and not price them too high and leave them vacant."

We gave both Rainmaker and RealPage the opportunity to describe how they derive their pricing. Here's Rainmaker's response: "LRO optimizes rents based on supply & demand (traffic, leasing, availability, etc). Market response is measured & prices adjust." Bruce Barfield also added that "LRO uses electronic web scraping technology to get dynamic prices."
Janine Jovanovic answered for RealPage: "YS gets factual leasing data daily from 15k+ properties across the US + 5m MPF units + any data entered on site."

On to the recap!

Are you using revenue management software for your business? If yes, why? If no, why not?

Jennifer Kennedy: "No....not sure that there is enough ROI."

Donald Davidoff: "Been using it for 9 years with multiple tests that prove the ROI."

Heather Blume: "I've worked with the software before, and talked to many clients who use it. Some love it, some don't."

Keith Dunkin: "To echo Donald at Archstone, Rev Mgmt has been in place for years with proven revenue premiums to market in 2-5%, compelling ROI."

Heather Blume: "What mgrs have said to me is that they lose the push/pull ability and it's difficult to stay competitive sometimes."

Mark Juleen: "Nearly 2 years now with Yieldstar."

Janine Jovanovic: "Managers and leasing staff have told us that they love it because it empowers them to sell more."

Keith Dunkin: "On the ROI comment RM systems have been measured consistently in up and down market and both solutions have proven out."

Trachelle Spencer: "We have been actively using LRO for over 6 years and would not go back to a manual process."

How long does an RM system take to 'pay for itself'?

Rainmaker Group: "LRO typically pays for itself in a matter of months."

How many units before companies feel they need a "pricing guru" to over see the system? (Asked by Steve Matre)

James Flick: "I would suggest 50+ properties for a dedicated individual in YS. Otherwise, use the consulting services w/ RealPage."

Janine Jovanovic: "You can outsource pricing oversight to us. Makes sense to have your own internal resource at 10,000+ units."

Trachelle Spencer: "We have 44 communities currently on LRO; there are two of us managing them. Doesn't include Lease Ups."

James Flick: "It is probably more cost effective to outsource to an experienced consultant at Realpage vs. a full time person in house."

Chris Long: "We have 150 properties and 3 dedicated resources."

Trachelle Spencer: "It is important to have pricing professionals and not have the system run independently."

How tough is it to renew someone when their rent can, in effect, go down one day after they sign their renewal?

Donald Davidoff: "Rents can go down in one day on manual systems."

Janine Jovanovic: "This is a function of market conditions not RM - happens with or without RM in place."

Leigh Curry: "What about the person who finsw out their airplane fare has decreased by $100 or hotel room by $50...fact of life."

Mark Juleen: "We have struggled the most with making renewals as fair as possible."

Trachelle Spencer: "We have processes in place to review renewals if necessary."

Along the way, there were a lot of great comments about implementation and the use of revenue management systems in general. Here are a few of the highlights:

Mark Juleen: "We played with it for the first year trying to override too much. We just let it run now."

Mark Juleen: "No more 'concessions' or 'specials' rents, just adjust both renewal and new."

Mark Juleen: "In 2009 our Rev. was up 2% in Indy while most competition has reported they are down 2%."

Lisa Trosien: "You have to know/learn how to 'sell' it to the prospect. It really does simplify the process."

Janine Jovanovic: "Prospects can do math. They like the "check writing" price. You can say "concession" is built into the price."

Trachelle Spencer: "Our communities do weekly competitive surveys. We are finding more accurate pricing online."

Trachelle Spencer: "We have classes offered by our Training Dept. Site Visits, 1 on 1's, conference calls, webinars, etc."

James Flick: "Have we aligned incentives and compensation for managers and leasing associates to get them to embrace rev mgmt?"

Lisa Trosien: "RM is great: it's fair; it increases the bottom line; it creates urgency. It removes the 'fudge factor'. I'm a big fan."

One advocate for revenue management, Mark Juleen, laid out in detail why he likes using the program over manual pricing. Here's what he said:

"MPF does market surveys for us & plugs that data into the system (at least with Yieldstar). No need for bs market surveys."

"I can review pricing and approve changes in about 20 min. for our 12 properties."

"You set a sustainable occupancy and if your team performs average you will usually sustain that."

"If your occupancy dips below the sustainable, then you probably have a people problem."

"If you outperform your sustainable then prices go up and you know your team rocks."

Even though Mark is a fan of the system, he still thinks there's room for improvement (and others seemed to agree). For more comments on this, and for the rest of the discussion, check out the full transcript.

What do you think? Are you using a revenue management system to set pricing? If so, what has been your experience so far? What can RM systems do to improve their models? Are you evaluating your options? Let us know what you think in the comments!

(#AptChat is free and open to anyone ... I encourage you to check it out!)

Tech Talks: Negotiating Better Telecom Agreements

2010-02-16T15:13:00.012-05:00

As technology seems to be evolving faster than ever, it's been exciting to watch the Multifamily Technology community start to pick up steam. Requests to join our LinkedIn group have been steady; we are welcoming new members almost every day.

As our group expands, we also want to expand the ways we are providing value to you. We recently announced to the LinkedIn group that we'll be starting a series of Multifamily Tech Talks; the series kicks off tomorrow (Wednesday, February 17th) at 2 PM Eastern with Richard Holtz from InfiniSys Electronic Architects. The topic? Negotiating Better Telecom Agreements. Whether you're negotiating (or renegotiating) deals with the local cable company, evaluating FiOS or U-verse, or trying to determine how to make multiple providers work at your property, this is a call you won't want to miss.

There's still time to register, and you can submit questions any time prior to the event. All the information about Wednesday's call can be found here. Blog readers can use the code mt360 to get 25% off the regular rate, and paid attendees will also get access to a recording of the call following the event.

I hope you can join us on the call, and I hope you find value in the Tech Talk series as we move forward. Future topics include Onsite Technology Audits, Technology Trends for Multifamily, Technology for Senior Living, Tech Students Expect and more. If you have any questions or suggestions, please don't hesitate to contact me anytime.

(And if telecom isn't your thing, please let us know. As you can see from the subgroups we've established on LinkedIn, we're striving to provide a professional forum for everything from property management & operations software, to green technologies, to online & mobile marketing, to IT and network infrastructure. We're putting together topics for future sessions, and we'd love to cover the issues that matter most to you.)

Walkability Comes to MyNewPlace

2010-01-17T21:17:00.027-05:00

MyNewPlace and Walk Score Team Up to Promote Walkable Apartments

"Location, location, location" has long been the cornerstone of the real estate industry. (The top apartment search sites – as selected by the tech-savvy readers of Lifehacker – all incorporate map-based search into their interfaces.) Now, MyNewPlace (MNP) is taking the notion of prime location to the next level by working with Walk Score to deliver more information to apartment hunters using their site. (MNP is no stranger to working with third-party sites to add interactive features to their listings.)

According to MNP, they are now the first major apartment search site to incorporate the Walk Score walkability ratings on every listing. Users will be able to sort apartment listings by their Walk Score, which should provide the prospect with a better snapshot of the surrounding neighborhood. One can presume that better informed prospects typically make for more qualified leads for apartment marketers. (More on this in a bit...)

In case you're not familiar with Walk Score, it's a website that rates a property’s walkability by analyzing the address to determine what sort of amenities are within walking distance. The higher the walk score, the more "walkable" a location should be. Walkability can be attractive to prospects looking for a neighborhood with easy access to all the conveniences of daily life – grocery stores, restaurants, schools, public transportation, etc. Here's one look at how the Walk Score ratings are integrated into MNP listings:

Why Add WalkScore?
MyNewPlace believes that the addition of Walk Score to their listings reflects renters’ emphasis on neighborhood information when choosing an apartment. One of MNP's recent surveys found that 79% of renters said that local information was an important factor in selecting what apartment to pick. With Walk Score built into MyNewPlace listings, renters are now able to get a true feel for the neighborhood and determine if it will be a good fit for their lifestyle. (What else are you doing to promote your property's neighborhood?)

Apartment marketers may think they have the best location – good neighborhood, great local attractions – but this feature will allow prospects to see that for themselves. By including walkability scores in their apartment searches, MNP believes they'll be able to deliver owners a distinctive competitive advantage.

The integration appears to be part of a two-way partnership. While Walk Score offers their own embeddable "real estate tiles," MyNewPlace is also powering an embeddable Walk Score Walkable Apartments widget – you can grab it here. MyNewPlace is also sharing data with Walk Score, showing how many apartments are available in the metro area searched by the user:

For more information, check out the announcement on the MyNewPlace blog.

My take: It's not an earth-shattering announcement, but it's encouraging to see that MyNewPlace continues to add new features to their listings. 'Renters by choice' are looking for convenience, and the Walk Score data could be an interesting way to deliver that information without the prospect leaving the site. I'm curious to know if apartment marketers with suburban properties can turn the feature off if they're concerned about their score, and I look forward to hearing from MNP down the road about how features like these influence the effectiveness of their advertisers' listings.

What do you think? Will apartment hunters use this new feature? And if they do, how big of a factor is walkability in the apartment selection process? Is there any downside to this partnership?

Does ApartmentGrade Make the Grade?

2010-01-04T22:24:00.017-05:00

Last month, a new website called ApartmentGrade.com lauched with a big announcement on Multifamily Insiders. According to the site:

ApartmentGrade is a new site dedicated to providing renters with high quality unbiased reviews of apartments. We conduct independent research to find out who does the best job; from the leasing agent to maintenance requests we help you find the right apartment.

Leigh Curry and Lucas Haldeman are behind the site, and I had a chance to talk with them about it shortly after the announcement was made -- here are my notes from that conversation:

First, it's important to understand what ApartmentGrade is trying to do, as well as what it's not trying to do. AptGrade isn't competing as an alternative to Apartment Ratings or Yelp -- visitors can't go to the site to post a review of any given community. Instead, AptGrade is trying to become something of a "Good Housekeeping" seal of approval for apartment communities.

Rather than relying on comments from current or past residents, the ApartmentGrade team conducts a simple seven-question survey to judge how the property is doing. (They are currently working with at least two large multifamily operators.) They can conduct the survey for you, or you can add their questions into your existing survey program. Once the surveys are collected and validated, AptGrade lets the property owner choose which grades they would like to have featured on the site. There's no way to tell when the last survey was conducted at a property, but Leigh promises me that they'll soon have the survey dates posted.

Once the owner has selected the properties they want to feature, AptGrade sets up a profile page for the property. Any requests for more information are directed to the owner's ILS of choice. AptGrade makes money by referring these leads to the ILSs. It's unclear whether an owner could elect to send the traffic to their own website rather than an ILS, but I would have to imagine this shouldn't be too difficult to do.

ApartmentGrade will provide property marketers with special "badges" to indicate their high grades on their websites and ILS listings. To encourage marketers to post as many of the properties in their portfolio as possible, AptGrade will also provide badges for those companies that post a very high percentage of their properties' grades to the site. (I'm not sure this is enough incentive, but at least they realize the potential issue and are trying to address it.)

There is no way for readers to leave comments on individual properties at this point, although Leigh acknowledges that this is something that they made add later. As an alternative to comments directly posted to the site, they may also choose to include existing comment feeds from social media sites related to the property.

They plan to drive traffic to the site by focusing on search engine optimization and through several partnerships with apartment listing sites (ILSs).

So what do you think? Would you use ApartmentGrade? Do you think prospective renters will use it? I'd love to get your comments on this one. And if you can, check out the FIVE pages of comments on the entire subject of apartment ratings and reviews on the MFI discussion board.

Here's the full text of the announcement posted to Multifamily Insiders:

Finally there is a solution for owners and managers that are fed up with sites like ApartmentRatings.com and ApartmentReviews.net!

Announcing ApartmentGrade.com -- http://www.apartmentgrade.com -- the first web site dedicated solely to providing prospective renters with professional, credible, objective, and accurate reviews of apartment communities based on the current resident’s feedback. When prospective residents view a multifamily community at ApartmentGrade.com, they will see a review based on expert, professional, unbiased ratings of the existing residents of the community.

Who better to rate your community than your current residents?

ApartmentGrade.com:
-- Provides high quality, unbiased data from current residents to prospective residents
-- Promotes the positive aspects of apartment living
-- Highlights outstanding apartment owners and managers
-- Works with the multifamily industry, not against like other rating sites

How Does ApartmentGrade.com Work?
Using a proprietary scoring model, ApartmentGrade.com works with owners and managers that provide "internal" resident surveys or work with resident survey companies including CEL Associates, Satisfacts, J Turner Research, Kingsley, etc. We take that survey data to provide an unbiased and definitive "grade" of each apartment community based on the ratings of that community's residents.

This rating service is also free. That's right -- absolutely free. ApartmentGrade.com will also post your grade to its web site for no charge. On top of it, if the owner or manager of the community is uncomfortable with the grade assigned to your property, then we will re-rate that property for free if desired. Also ApartmentGrade.com will only post those communities that the owner or manager has authorized to be posted. You don't like your rating, we don't post it!

What do prospective residents see?
When prospective residents do a city, zip or state search on ApartmentGrade.com, they see all pertinent communities in that search parameter that are currently rated by ApartmentGrade.com. Each community listing also has a Google map, physical address, phone #, rent ranges, and bed and bathroom options. However to get more information on the property, if a user clicks on "Check Rates", "View Photos", "Get Driving Directions" or the photo of the community, the prospective resident is directed to the owner/manger's ILS of choice

To see some live examples of properties that have currently been rated and are posted live on the web site, please type in the following city searches:

-- Rochester Hills, MI
-- Bloomingdale, IL
-- West Chester, OH
http://www.apartmentgrade.com/search

Why should your multifamily company be involved?
Positive ratings drive engagement and demand. A prospective resident looking at two buildings side by side, similar in many aspects, rent, size, neighborhood, now have a reason to pick your property. A positive rating will not only give you a means to increase closing ratios, it can also help at renewal time.

Why leave an apartment with award winning customer service for some place unknown? ApartmentGrade.com is a partner to the multifamily housing; unlike current rating sites we are not trying to drive traffic through salacious anonymous gripes.

At ApartmentGrade.com our core goals are to provide high quality data while promoting the positive aspects of apartment living; rather than call out under performing properties and managers, we seek to highlight and promote the best operators and the best run properties.

By being a part of ApartmentGrade.com you are gaining a powerful tool -- independent confirmation that you provide a great place to live. We guarantee no other web site offers objective reviews and ratings of apartment communities like ApartmentGrade.com

To learn more:
Please feel free to contact me directly at lcurry@curryconduit.com or 609-882-3868 for more information on how your company's communities can participate immediately for absolutely no cost.

Best regards,

Leigh Curry
lcurry@curryconduit.com

Today in Multifamily Technology: December 30th

2009-12-30T07:50:00.006-05:00

Wireless Offerings Coming from Cable Companies
We can expect cable operators -- not just traditional telcos -- to set the agenda for the wireless industry in 2010. It will be the first year Cox Communications operates its own cellular network and the first time Comcast and Time Warner Cable will provide access to wireless data networks with national reach. The question for multifamily: How does a wireless offer from the cable companies affect existing agreements, and how will this impact the deals that are available to owners from the telcos? From Forbes.com

Top Ten Solar Trends in 2009
This year has largely been a painful one for manufacturers and project developers around the world, though as always, they hope for a better one next year. Among the encouraging developments for the solar-energy industry in 2009 were signs that more localities favor the idea of letting property owners pay for solar-array installations when they pay their property taxes. The article also contends that a market for building-integrated photovoltaics is emerging, as seen in deals announced by Dow Chemical and the roofing maker Johns Manville. From GreenTechMedia

Windows 7, New Smartphones Top 2009's Tech News List
From the transition to digital TV to the Amazon Kindle, here are the top stories of the year in personal technology. From USA Today

Five Tech Trends to Watch
Looking at the custom home electronics market, areas of focus in the near future include 3-D TV, affordable custom (important to note for high-end apartments and middle-market condos), streaming digital media, the retrofit market and tying electronics systems into the smart grid. Look to these trends to get a better picture of your savvier residents' expectations. From CE Pro

A Look at ActiveBuilding's New iPhone App

2009-12-03T16:57:00.010-05:00

There was a lot of conversation surrounding mobile at the NMHC Technology Conference, mostly related to marketing via SMS, websites optimized for smartphones or iPhone apps from companies like Apartment Guide and UDR.

I recently had the opportunity to interview one company that's taking a different approach to mobile -- here's the transcript of my interview with Kobi Bensimon, CEO of ActiveBuilding, about their recently released iPhone app, which is targeted to residents living at properties that use the ActiveBuilding resident portal software. Here's what Kobi had to say about their app:

MT: What is ActiveBuilding?

KB: ActiveBuilding is a platform that provides best-of-breed resident portals to residential properties. The offering includes a service component in which the resident portal is customized and tailored to perfectly fit the unique needs of every property. On-site teams are trained by the ActiveBuilding team and are being guided on how to best utilize their resident portal to achieve maximum effect on the property and residents

.
MT: 'Resident portal' is a loosely-used term these days ... can you be more specific?

KB: I was hoping you'd ask this question. In a nutshell, we automate and streamline all the processes and services at the property level; we also help residents fully realize the social potential in the property they live at. With over 70 different modules and a prominent social media component within our Resident Portal, Rent Payment and Maintenance Requests are just a couple of components, and not the entire resident portal.

MT: So you guys released your iPhone app. Why is that important for a resident portal?

KB: 1. Reach 2. Convenience 3. Cool factor

You see, at residential properties not everyone is connected to the web, and even if they are, it's easier to do stuff on the iPhone; and it is way cooler. We’ve seen registered residents download the ActiveBuilding iPhone app, and more so, residents that register to their property's resident portal because of the iPhone app. We have seen a surge in new registrations since the launch of the iPhone app.

MT: What does your iPhone app do?

KB: We focus on a combination of social and utility value. On the utility side, you will find the usual suspects, such as maintenance requests, package tracking etc. On the social front we enable residents to communicate with their on-site team and neighbors, without the need to have their neighbors’ contact info (such as email, or phone number).

MT: How is that achieved?

KB: We let residents send messages to their neighbors using only a unit number; if you know your neighbor's unit number, go ahead and communicate. It's that easy.

MT: And it works?

KB: Oh yes. You could have always done that through our Resident Portal, but this functionality is now enabled through the iPhone too; and thus makes it easier for people to communicate with their neighbors with greater convenience and freedom.

MT: Are there any privacy risks with this mechanism?

KB: Not really; at the end of the day, residents living in the same property can still stick notes on their neighbors' doors; except in that case they're anonymous. In our case, when you send a note to a unit number, they can see which unit messaged them; they can block messages from certain units, or become friends, and so it goes and the in-property social network is born.

MT: Can you tell us how many downloads you’ve had thus far?

KB: We just launched our app a little over a month ago, and we are already in the hundreds of downloads.

MT: What are the features residents use the most on ActiveBuilding’s iPhone app?

KB: Messaging and package tracking.

MT: Is your iPhone app free?

KB: It certainly is; but, you have to be a resident at a property that is using ActiveBuilding's Resident Portal for the iPhone app to work for you. Otherwise, it'll just be a waste of space on your iPhone.

MT: Any plans to expand the application to other platforms beyond the iPhone?

KB: Yes, both Android and Palm are things we need to do.

MT: Are they works in progress, or future goals?

KB: We’ve done some initial research and experimentation, but they are still in the future.

MT: What's next for your iPhone app?

KB: Version 2.0, of course: guest authorization, community marketplace and more. Somewhere between ground-breaking to revolutionary; we'll let our clients decide.

For more on the ActiveBuilding iPhone app (and a link to download it in the App Store), check out the ActiveBuilding blog.

Have you tried ActiveBuilding? If so, what has been your experience?

Are you using a resident portal at your properties? What are the features your residents use most? What are the most features that aren't yet available?

Today in Multifamily Tech

2009-10-06T12:09:00.006-05:00

Google Wants to Monitor Home Energy Usage
Google and a firm named Energy have joined forces on a residential energy-monitoring system. The offering combines Google's PowerMeter Web tool, which the company debuted in February, and Energy's TED 5000, a device that measures power use, to monitor home energy consumption without a smart meter from the utility company.
>> Full story at Reuters

The App Store on the Job Site
Did you know mobile apps can turn your BlackBerry into a ruler or protractor? Or with the download of a construction calculator app you can calculate volumes and dimensions of concrete and lumber on your iPhone? Contractors are finding value in apps built for business.
>> Full story at ConstrucTech

More on Augmented Reality
Your cellphone's camera can now provide a computer-enhanced view of the world through programs that provide "augmented reality." These applications take advantage of the phones' GPS and compass features and access to high-speed wireless networks to mash up super-local Web content with the world that surrounds you. One use: See available apartments on the block where you're standing.
>> Full story at USA Today

Cox Makes Big Investments, Prepares for Wireless
Cox Communications, on the verge of completing a network upgrade to 1 GHz, is also preparing to launch a 3G mobile service as an extension of its video service with wireless installed in the last mile of its network, the cable company said. "We can bring the four-product experience together in a way that's unique."
>> From Multichannel News

FiOS Expands in New York, U-Verse Moves into Nashville
Verizon has launched its FiOS broadband package in eight upstate New York towns near Syracuse, while AT&T also added a new market to its U-Verse portfolio with the introduction of its services in Nashville.
>> Full story at Multichannel News and the Tennessean

Is Internet Access Just an Expectation?

2009-09-03T22:26:00.007-05:00

Last week, Apartment Guide released a list of the highest ranking apartment features and community amenities that consumers searched for on ApartmentGuide.com over the past six months (from February 2009 to August 2009). Here are the results:

In-Unit Washer and Dryer
Pets (allowed)
Air Conditioning
Some Paid Utilities
Washer and Dryer Connections
Dishwasher
Balcony
Garage
Cable Ready
Furnished Available
Swimming Pool
Short-Term Lease Available
Fitness Center
Gated Access
Oversized Closets

Here's what surprised me most: Wi-Fi, or even wired Internet access, didn't even make the list. (To be fair, it did make the list over at Apartments.com.)

Over 74% of the U.S. population is online, yet renters don't need Internet in their apartment? (About 85% of the population pays for TV service from a cable, satellite or telco provider.)

This doesn't make sense to me, unless Internet access has finally become an expected utility, rather than an amenity. Heat didn't make the list. Water didn't make the list. Electricity didn't make the list. Now, Internet access doesn't make the list. (Just a couple years ago, Wi-Fi was touted as a "must-have amenity" ... I would argue it still is.)

What do you make of this? What are you seeing in the market? Is Internet access not as important, especially if apartment hunters are "being mindful of their budgets," or has it become such an expectation that searchers don't even think to list it as a requirement?

MHN Announces Their Technology Choice Award Winners

2009-08-15T12:57:00.018-05:00

Multi-Housing News has announced the winners of their 2009 Technology Choice Awards, as selected by their readers.

I'll echo the comment in the article:

Now, more than ever, your technology choices are critical to efficient operations—the bonus is retaining and attracting satisfied residents.

I'm not going to write much more about this, primarily because I'm not a fan of the selection process employed by MHN. When some of the companies on their original list aren't even categorized correctly, I can't agree with their emphatic statement, "please confidently use this list as your reference."

I would also love to see a study of residents'/prospects' impressions of some of these same services, if for no other reason than to see any possible differences in the results.

Don't get me wrong ... there are many outstanding companies on this list. Congratulations to all of the winners. I've taken the work out of searching for you (where possible) by linking directly to the website of each winner:

PROPERTY MANAGEMENT SOFTWARE
AMSI
Intuit Real Estate Solutions
One Site by RealPage
Yardi Systems

RESIDENT SCREENING SYSTEMS
First Advantage SafeRent
One Site Screening (LeasingDesk) by RealPage
On-Site.com
Resident Data

INTERNET LISTING SERVICES
ApartmentGuide.com
Apartments.com
ForRent.com
Rent.com

RESIDENT PAYMENT SYSTEMS
NWP Services Corporation
One Site Payments (Velocity) by RealPage
PropertyBridge
ResidentPay by Property Solutions
Yardi Portal/Yardi Checkscan

TELECOMMUNICATIONS PROVIDERS
AT&T
Comcast Cable
Time Warner Cable
Verizon Enhanced Communities

SECURITY
KeyTrak, Inc.
Kwikset
Saflok (Now KABA Multihousing)
Schlage/Ingersoll Rand

UTILITY MANAGEMENT
American Utility Management
ista North America
NWP Services Corporation
Velocity

LEAD MANAGEMENT
CallSource
Lead Tracking Solutions
Level One
Resite Online

RESIDENT PORTALS
Crossfire by RealPage
Property Solutions
Resite Online
Yardi Portal

MARKETING WEBSITES
Crossfire by RealPage
Ellipse Group
Property Solutions
Resite Online

What do you think? Do you agree with these picks? Are there companies (or whole categories) that you would add to the list?

Are Electronic Locks Right for Your Property?

2009-07-16T13:51:00.020-05:00

This is a guest post written by Yvette Felix from Saflok. For more information, please visit their website or contact her at yfelix@saf.kaba.com.

Why Choose Electronic Locks?
Choosing an electronic lock system for your property does more than secure access control and enhance safety and life security. Selecting the right system for your building’s unique needs could mean increased operational efficiency and a significant return on investment, not to mention serve as a unique selling point for potential residents. Here are some critical considerations to keep in mind.

Choose a stand-alone lock. Installing a hard-wired system is a significant investment. Battery life in a typical stand-alone lock is approximately two to three years under normal use — a long time to be sure, but it's best to incorporate a battery change into your maintenance schedule at turnover to alleviate any confusion and to ease record keeping.

Streamline Operations
If electronic locks are deployed site-wide (both in the common spaces and at the apartments), the residents only require one key to get anywhere on the property, whether it's the parking garage, the fitness center or there apartment.

Electronic locks also help eliminate lost-key related issues and streamline the move-out process in all types of multihousing properties. A new key should automatically re-key a lost or stolen key by canceling the old key. You shouldn’t have to hassle with the use of a re-keying device on the locks. Especially in situations where the master key is lost, there is no need to re-pin all the locks on your property.

Protect Yourself
Electronic lock audit trails are an important feature to consider. This use-history report details exactly who has been in and out of an apartment or restricted areas throughout your community — this becomes an especially useful report in the event of theft, giving you better control over your liability.

With an electronic system, you also can program various access levels on a key. For example, a visiting contractor could be given a key that gives him access to only one room on the property and the key could be programmed to work only during a specified time.

One Size Does Not Fit All
Don’t forget, one lock sometimes doesn’t fit every door requirement. So choose a provider with a complete lock line-up with unique products for different applications such as common access locks, and locks with unit and suite configurations.

Also, make sure that the locks are ANSI/BHMA-certified. Certification speaks to the fact that the lock has withstood appropriate testing, and adheres to usage parameters and safety criteria as defined by nationally accepted standards.

Do you use electronic locks at your property? What has been your experience? If not, what is preventing you from trying them? Leave your thoughts in the comments.

Rent.com and PadZing Cook Up a Tasty Data Buffet

2009-04-01T13:06:00.008-05:00

Start with the massive database of vacancy information that drives VaultWare. Then take all the rental rate data from the largest consumer apartment search website. Throw it all together and you have one serious market research tool.

This week, Realty DataTrust and Rent.com today announced an agreement to do exactly that -- they'll integrate the rental rate data from Rent.com's 25,000+ property listings into the site RDT built to analyze apartment market data and trends, PadZing.com. VaultWare, the keeper of the data that currently drives PadZing, is already the leading online apartment availability and reservation system, so the Rent.com data should easily make PadZing one of the most comprehensive sources for current rent and vacancy data in the industry.

If you're not already familiar with PadZing, it's a subscription-based tool that allows users to obtain up-to-date competitive information ... it includes some pretty cool mapping and customization features. (It's a free subscription.)

Both Mike Mueller, CEO of Realty DataTrust, and Peggy Abkemeier, General Manager of Rent.com, are all smiles about the new partnership -- you can check out their happy quotes in the Padzing Pressroom.

Have you tried PadZing previously? What did you think? What data resources do you use most when doing your market research?

Apartment Search Goes Social ... Almost

2009-02-19T11:34:00.009-05:00

MyNewPlace, a site that lists apartment and home rentals site, today announced that it has added Facebook Connect to its site. The feature allows its users to get feedback on prospective apartments, condos and home rentals by posting property information to their Facebook page. MyNewPlace claims to be the first real estate and apartments Web site to implement Facebook Connect, allowing consumers to tap into their network of online friends to make more informed decisions about where to live.

Mark Moran, Vice President of Marketing and Business Development for MyNewPlace, had this to say about the new feature:

Most people want the opinion of friends, family and roommates before choosing a new place to live. Facebook's more than 150 million users can now quickly and easily log into MyNewPlace using their Facebook account, post properties they are interested in to their Facebook page and get feedback and advice from the people that are most important to them. With Facebook Connect, getting opinions from friends and family is as simple as a click.

Traffic to MyNewPlace appears to be growing rapidly in recent months -– the company claims that over 3 million people use the site monthly. MyNewPlace's internal research indicates that over one third of its visitors already have a Facebook account, which seems quite low to me based on recent data about Facebook's amazing growth.

Trying It Out
Trying the new feature out didn't go so well. Signing in was easy enough, there's a big "Connect with Facebook" button on the sign-in page.

Once a user signs in, they can search for properties like normal. When the user selects a property, they'll see the property profile, which now includes an option to "Post to Facebook":

The user can make a short comment on the property, and a listing then gets posted to the user's Facebook page:

Pretty cool, eh?

Here's where it starts to get less exciting. As a Facebook user, the whole point of posting a property like this to my profile like this would be to have my friends comment on the community and tell me what they think about it, or better yet, what their experiences were if they lived there in the past.

Facebook typically allows users to share posted information like this with their friends through the feature called a "newsfeed." It makes (almost) every interaction on the site a more social experience, and it's a huge reason why Facebook is as popular as it is today.

Well, here's the problem ... the posting from MyNewPlace doesn't automatically get shared with the user's friends through the newsfeed. Which means those friends probably won't have any idea when that person posts a property for comment, unless they go directly to that person's profile page. Others also tried it without any luck.

It misses the most social aspect of the entire site.

When I asked the MyNewPlace rep about the feature (via Twitter), this was the response I received:

Our app allows FB (Facebook) users to post to their profiles. FB shows what it deems to you RE your friends on your home page.

Great ... the feature only works if Facebook wants it to. Well, here's to hoping that Facebook wants features like this to work as much as I do. There is huge potential for multifamily websites to embrace these types of features that enable their prospects and residents to easily share information about the property with their friends.

It will be interesting to see how MyNewPlace works through these issues, how they promote this feature to their users, and how they push similar "sharing" features into the site in the future. They also have a website-building tool, called MyNewSite ... it could be very interesting if they incorporate the Facebook Connect feature directly into their property website templates.

Have you tried the new MyNewPlace Facebook Connect feature? What did you think? How else can other ILS providers and property websites take advantage of social networks like this?

Now If It Could Just Help Me Find My Keys...

2009-01-21T14:35:00.007-05:00

Sometimes designing for technology isn't about more buttons and features. Sometimes it's not about touchscreens, wireless access or voice-activated whatever.

Sometimes it's just about convenience ... make my life a little easier, let me enjoy the view, give me a place to put my new TV, help me get a little more organized.

That's why I love this wall-mountable charging station from KangaRoom Storage. It's a simple idea ... here's the description from their site:

We're all proud of having the latest (and smallest) electronic gadgets to organize our lives. But what good are they if we can't find them or the uncharged battery dies right in the middle of a conversation? With our Charging Station you can say good-bye to multiple chargers and their unsightly electrical cords snaking all over your desk. You can corral up to three items and neatly tuck a 10" power strip ... out of sight behind the sliding door. You can also mount it to the wall as easily as a clock...

Place a power outlet on the wall in the kitchen or near the front door, hang this charging station over the outlet, connect a power strip and ShamWow!, you have yourself an apartment that's ready for all of your residents' mobile devices.

Life is instantly a little less cluttered and a bit more organized. The stations come three different colors -- pick them up for $40 a piece here.

Top Technology Trends for 2009

2009-01-15T11:49:00.008-05:00

Want to know the technology trends that will have the greatest impact on the multifamily industry this year? Yeah ... me, too.

That's why I'm glad I got to interview Richard Holtz of InfiniSys and Steve Sadler of Post Properties today as part of our first Multifamily Technology webinar. (I'll post the full recording soon.)

Both of these guys are experts in their field, and it was interesting to get the different perspectives from the consultant (Richard) and the property developer/owner (Steve). They talked about everything from fiber optic cabling to fitness equipment.

Lastly, I can't say thank you enough to the people who dialed into the call ... you all rock. There were so many great questions, I think it will definitely warrant similar events in the future. If you have any feedback, additional questions or ideas for future events (including format), feel free to contact me anytime or speak your mind in the comments.

Until I can get the full recording posted, here is the slide presentation these guys ran through today:

Multifamily Technology: Winning Ideas for 2009

View SlideShare presentation

Know a great speaker/expert with knowledge about multifamily technology that just blows you away? Give me a call (386.236.1530) ... we're looking for folks to participate in our future events.

Property Tours Will Never Be the Same

2008-12-17T00:05:00.003-05:00

There are lots of creative folks out there trying to improve the property tour experience through technology ... probably the best idea I've seen yet is the Flip video handout suggested by Lisa Trosien and Eric Brown.

No doubt, the Flip is a great idea, but there's a new technology on the horizon that trumps it, hands down -- transparent electronics.

Check out these photos of one concept based on the technology, and let your wheels start turning:

This is a concept ultra-connected device that incorporates a camera/scanner, GPS and Internet connectivity, literally putting a world of information in the palm of your hand. Self-guided tours for prospects, neighborhood guides for new residents, an instant interface between architects and contractors ... something like this has SERIOUS potential across multiple aspects of our industry.

Researchers predict we may see commercial products with the see-through technology in as little as 3-4 years. By that time, we might see the credit markets free up enough to get some new developments out of the ground.

Via Yanko Design.

Retrofitting Your Property: Taking a Different Approach

2008-11-26T12:01:00.003-05:00

I'm late posting this, but I wanted to share the presentation I gave last week at the NMHC's Apartment Technology Conference.

The topic was "Voice, Video, and Data Infrastructure: Retrofitting Existing Properties" -- I sat on a panel with Mike Kolb of Cautela Solutions and Scott Skokan of Bozzuto. Mike knows a heck of a lot more than I do about the nuts and bolts and dollar figures that go into the actual upgrade of a property's network, but my job was to frame the conversation in terms of what residents expect when it comes to technology today.

Here are the slides:

View SlideShare presentation or Upload your own. (tags: nmhc apartment)

The basic premise is that our residents see advancing technology all around them ... except in their apartment, in many cases. When you're considering the retrofit of a property's wiring, make sure you are asking the right questions, considering your residents' expectations and most importantly, thinking about how long you expect the upgrades to last.

Wi-Fi and cellular coverage were major concerns throughout the conversation, and measuring the return on any investment in infrastructure is always a question. It also seemed as if there is a groundswell developing for a technology rating standard (similar to the LEED system) for apartment communities.

Of course, there's a whole lot more that goes into it than just these few items. Feel free to post your questions, comments or horror stories about property wiring retrofits in the comments, on the Multifamily Technology discussion boards, or contact Mike Kolb or me anytime.

Thanks to Larry Kessler and NMHC for giving me the opportunity to speak.

Explaining the DTV Transition

2008-10-20T07:08:00.005-05:00

This PSA illustrates how easy it is to get ready for the upcoming digital transition:

See? Simple! (At least this all happens after the Super Bowl...)

Expanding Our Reach

2008-09-05T07:57:00.004-05:00

First, I'd like to thank each of you for your continued interest in this site. I certainly don't dedicate enough time to it, but I try to make sure that information still gets out. In addition to the main blog, I also post information on Twitter and Delicious -- both feeds are available in the columns on the right side of the page.

Our LinkedIn group is close to 300 members, even thought I've done very little to promote it. This brings me to the good news! LinkedIn has finally improved their group functionality -- now, discussions and communication within the group is possible. I understand that there are more improvements ahead as well. (For one, they just announced an interesting partnership with CNBC.)

Additionally, we also have established a group page on Facebook -- it's also off to a good start. Here are the links to the group pages:

LinkedIn group page: www.linkedin.com/groups?gid=40421

Facebook group page: www.facebook.com/group.php?gid=18585313267

I invite you to join us on either or both of these sites. If you get something out of it, share it with a friend or colleague. I look forward to your input and ideas.

One More Reason to Dump the Landline

2008-07-27T11:02:00.005-05:00

This one isn't meant to be profound... just more evidence of growing consumer trends that affect our industry.

We already know that the landline telephone is dying a slow death in apartment buildings across the country. Many people have found digital phone and VoIP to be much cheaper and just as reliable. Then there are the millions of people who have dropped their landline entirely in favor of using their cell phone exclusively.

Well, one of my colleagues came across something in the electronics store this week that should make that move to cell-only even easier:

Although this might look like your regular cordless phone, this new device from Panasonic uses the box pictured to connect to any Bluetooth-enabled cell phone.

From the Panasonic website: "...there's a better way to make and receive calls at home with ultimate comfort and convenience. Panasonic Link-to-Cell uses Bluetooth® technology to connect your cell calls to your home handset. No more running for your cell, walking around for good reception, or cradling that little phone on your shoulder."

Supposedly, once you successfully link the system to your cell phone, from then foward, the handsets will automatically connect to your cell phone as long as it's within 30' of the base unit. You can link up to two cell phones to the system, and your cell phone(s) can charge while using the handset. Caller ID and custom ring tones let you tell who is calling, and on which phone.

Fixed-mobile convergence is making its way into many businesses, and there's a case to be made for it in the home (which potentially flips the landline argument on its side). But at least for now, the trend in the home is more bad news for the landline. Personally, I know I haven't used a landline since 1999 -- now with a device like this, it makes it even easier to avoid the landline and still get the phone service I expect.

(One question I need to think about more is, does multifamily need to think more about interesting uses for Bluetooth throughout our communities? Any thoughts on this? I may have to explore it further in a future post...)

Get That New TV Installed Tomorrow

2008-06-12T08:45:00.008-05:00

Looking for a reliable way to ensure that your residents don't gouge huge holes in the wall the next time they try to hang their new LCD TV on the wall?

Then check out a service called Zip Express. Zip Express typically partners with retail outlets (in-store and online) -- they provide nationwide next-day and five-day installation options for consumers, regardless of where they bought the goods. Depending on the item, the prices range from $199 for a standard Home Theater system to $399 for an on-the-wall TV installation package, which is very competitive when compared to the giants like Geek Squad.

One refreshing feature is that Zip Express guarantees the customer will be given a ONE HOUR window of time for the installer to arrive. It's easy to schedule online, and the installers take all the trash away with them. They can even show the customer how to program and use the new remote! (Of course, it's $149 for Universal Remote programming which includes reviewing the existing TV and A/V components to make sure that they are compatible with the remote control; programming primary commands for up to 8 devices; and training the customer.) No word on pricing to get rid of the flashing "12:00" for those of us who still have a VCR sitting next to our TiVo.

I could see a service like this working very well for apartment communities in some markets -- installation could be offered as part of technology concierge/move-in package:

"Hey new resident, not only do we have all these great technology amenities here, but we also understand that you'll be bringing a truckload of your own gear. Let us help you set it all up while you're getting settled in."

They get convenient setup on their schedule, you get a few bucks in your pocket. Reseller opportunities are available if you're interested.

Could this could work in apartment communities? Let me know what you think.

Multifamily Technology at the NAA Education Conference

2008-06-10T15:24:00.006-05:00

I'm excited to be moderating a panel at this year's Education Conference, held at the end of the month here in Orlando. The session is titled "Tech-Savvy Residents Expect Tech-Savvy Homes."

My job will be easy, primarily because I'll be sitting next to some fantastic panelists: Henry Pye from JPI, Steve Sadler from Post Properties and Dave Hanchette from Russound. Henry and Steve are multifamily veterans that do nothing but eat, drink and sleep technology, and Dave is a home technology expert who brings great perspective from the electronics industry. These guys will cover the latest trends in apartment technology – focusing on real examples and strategies that will attract tech-savvy residents. Between the three of them, they've seen it all and will be able to share incredible opinions and insights that we all will learn from.

That said, I'm officially recruiting the help of the MT 360° community... If you have a question about all things technology that affect our industry, I want to hear it. Send me an email or a tweet, or just leave it in the comments below -- I'll give credit where it's due for any questions I'm able to use during the session. And if you'll be in Orlando for the event, please let me know -- it's always great to meet new folks and share ideas.

Now let's hear those questions!

Energy Management Options

2008-05-22T10:04:00.006-05:00

Mike Brewer's post today on his Property Management blog inspired me to run through some of the other energy management options available on the market today.

The Home Joule (pictured) is a slick little device that ConsumerPowerline is offering in the New York area.

It analyzes energy price data from the utility company and usage data for each user, then provides a display to the user that changes color and provides other indicators that help determine if energy consumption needs to be adjusted. It all operates on a pager network. Just as messages to specific pagers go only to those users, so do the energy signals find their way to the right Joules.

Companies like Control4, HAI, Honeywell and others have thermostats that are not only programmable, but accessible via the Internet. That means they can be programmed and monitored from the leasing center or a corporate office, which could come in handy for vacant units. The ability to set temperature ranges -- and email/text alerts when things aren't as they should be -- could be a huge benefit for apartment operations teams.

The unit pictured below is from Proliphix -- it's actually an IP-addressable device, so it doesn't require any extra adapters or modules to get it connected to the network. The data can be accessed from an individual webpage, or can be ported to a custom management portal ... I could see this integrating with property management software programs. (Put a unit in 'Vacant' mode upon move-out.)

Most of these devices cost significantly more than regular programmable thermostats, which has prevented them from taking off in the multifamily industry. For example the cheapest I could find online for one of the Cent-a-Meters that Mike covered was $152 each.

However, as the price of energy rises and the prices of electronics continue to fall, these types of solutions will surely continue to gain traction. There's a real ROI case to be made here, not to mention a resident-empowering "be green... take control of your energy" message that marketers could certainly run with.

Do you have other energy control solutions that you're using in your community? Do prospects respond well to them? Do residents actually use them? What would it take for you to switch to a more manageable solution like this?

Thanks for getting the conversation started, Mike!

Poll: Would You Use a Multifamily Technology Network?

2008-05-21T00:34:00.008-05:00

The Multifamily Technology Group on LinkedIn is growing fast, but there really is no good way for group members to communicate with each other to get questions answered or opinions about new technologies. Let's get the conversation started!

twiigs.com

Google Maps Add More Features

2008-05-13T21:30:00.009-05:00

In addition to Wikipedia articles, Google Maps have now added photos through one of Google's photo sites, Panoramio.

On Google Maps, you’ll see there is now a “More” button next to “Street View”" and “Traffic.” If you click on it after getting a map, you will be given the options to select “Photos” or “Wikipedia.” Checking the first option populates the map with geotagged photos provided by Panoramio. The second gives you geocoded Wikipedia articles.

I searched a few cities... In Orlando, I didn't find any apartments communities, although I found entries for a Marriott, a local community college and other landmarks.

The more that Google can populate maps with data like this, the more useful they become. Another example is the relatively new feature that enables you to edit the details of your business listing, and you can even "claim your business" to provide even more information including images, website links and coupons.

I’d really like to see geotagged Flickr photos as an option -- Flickr is a much more popular photo sharing site than Panoramio. As TechCrunch suggests, Yelp reviews would also be cool.

How can apartment marketers use features like this to promote your community? Maybe a photo contest that asks residents to submit and vote on unique photos from around the property or the neighborhood... What else can apartment marketers do? What other useful features could Google add to make their maps to help you promote your business?

From this post:
Wikipedia
Google Maps
Panoramio
Flickr
Yelp