Is Technology Leaving You Behind?
Groceries delivered to your door after ordering it on your phone? What?? Self-driving cars? (I'll admit, this scares me!) I am blown away at the advance of technology today. It seems a new innovation comes in and changes the game every few months now instead of every few years.
Technology is changing-what are you doing to change and grow with it?
During this year's Apartmentalize (the National Apartment Association Conference) in San Diego I was amazed at how much new technology is currently working its way into the multifamily housing industry! I met several new friends, some of whom worked for companies that are either entering the multifamily space, or are currently in the industry but branching out with new products and services that are utilizing the latest technologies to better reach today’s rental customer.
Let me repeat...I was blown away at some of the things I’ve heard!
It’s certainly a long way from my era when my parents used the Yellow Pages to figure out where to eat. Remember this? They’d call (and then when I got old enough to call they’d make me or my brothers call!) and have to ask a LIVE PERSON questions about what they offered, pricing, information etc.
Today you can find out almost anything at your fingertips about many of the companies you do business with. Websites will tell you the specific dealer cost of almost any car today. Many of these sites will even let you customize the vehicle you’re interested in so that you can find out just how much all of the options should really cost you.
Want to find out what people in your position are earning? Not a problem! You can find out how much people in your industry/position/region etc. are earning and compare it to your compensation to determine if you’ve got a good deal, or a raw deal.
What am I saying? Technology has changed the way we shop and its changing the way your prospective renters shop too. Are you changing with it?
Let me give you some examples:
One: I have heard of some companies that are considering self-guided leasing tours; much like they do in the new home industry. I have to admit, my first thought is to not like the idea, because I have spent years marinating in the idea that it’s crucial to have a leasing associate guide every prospect through the model, vacant apartments, the amenities and grounds.
Yet, when my wife and I bought our first home we walked through the model ourselves armed with a brochure, coffee, and snacks. Quite frankly we sold ourselves on the home. The associates came in at the end to guide us through the deposit paperwork and to inform us of next steps.
Am I saying that this is what you should do?
Or the direction that the multifamily housing industry should move into? Not necessarily! I believe in the human factor tremendously; as you know if you’ve read my blogs or attended one of my speaking engagements.
But as we move towards a more autonomous reality, an era of self-driving cars, self-checkout at the grocery, streaming services, watching movies on demand without ever having to leave your home, it’s important to think if your business model is aimed at today’s consumer or yesterday’s!
Two: Today’s rental customer is so educated on the communities they’re looking at, that they may know more about the minutiae of your community than you do! With real-time pricing and availability, ratings and reviews pages, social media and everything else, they know the good, the bad and the ugly before they walk in to your office.
Are you still spending time with the uber-educated customers educating them on things they already know? Or have you modified your sales presentation to allow for your prospects to tell you what they’ve discovered before you jump into your spiel? (Want to learn how to do that? Email me at rommel AT rommelanacan.com.)
Three: Social video generates 1200% more shares than text and images combined. We love video content! Does your website have video content? Do your people have the ability to create micro-videos to highlight and help them lease specific apartments? Have you thought about "VR" technology, or using VR concepts to making your community "real" to the prospect visiting your community online?
In other words…
It's crucial that you keep one eye on the present and one eye on the future! I know there are no hard and fast guidelines as to what you should or shouldn't do. Every community is different and what might work in Lincoln, Nebraska may not be a fit in Los Angeles, California. I know that!
The important thing I want to impress on you is that you should keep an open mind and don't just keep doing the same old thing over and over again because that's what you've always done.
While the basics of selling haven’t changed (building rapport, determining needs, offering solutions etc.) the details on how to do that are always changing-and it’s crucial you change with it!
Source: https://www.multifamilyinsiders.com/multifamily-blogs/is-technology-leaving-you-behind
