So far in this series we have introduced mobile apps, explored the costs of developing an app for your portfolio, and then on Wednesday, we discussed the 6 key steps to developing a successful app for your portfolio.
By now, if mobile technology isn’t something you’re considering for individual properties or your entire portfolio, it’s likely not because of the following reasons:
- It’s too expensive (we’ve shown why this can be the case, but often isn’t)
- You don’t understand the process (we’ve shown the process/checklist we use)
With that said, just because developing your own custom-branded mobile app is inexpensive and can be easily achieved with the help of a company that specializes in the process, you might be asking the following: what does my business gain from developing our own custom-branded, mobile app?
Isn’t having a mobile app just something businesses feel they have to do?
No. We believe that having your own custom-branded mobile app for your multifamily portfolio is no longer a case of if, but when.
Today we’re going to show you how having a mobile app can improve your business in EVERY area.
What Should A Multifamily Mobile App Do?
We didn’t set out to guess what residents, property managers, and executives wanted from an app. Instead, we literally knocked on doors and spoke to residents, management, and executives, asking them what features they would include in their perfect mobile app.
Then we used that data to build our multifamily mobile app platform. Since then we have built many useful features that are both affordable and easy for our clients to deploy across their entire portfolio with the click of a button.
Feedback and results have shown that a mobile app should…
Attract new residents
Retain existing residents
Optimize how you run your property
Be Compatible with your existing property management technology and the technology residents use every day.
Give you the ability to innovate with new development across your portfolio
Get helpful data on functionality residents are using most in-app and which properties are driving the most downloads/usage.
Be Affordable across your portfolio
Have on-demand customer service and product support
Drive app utilization for residents and your staff across your portfolio (for more than pay rent and maintenance)
That’s the ‘what, but the ‘how’ is where you come in. Each individual property in your portfolio is different, comprised of staff, residents, and their locality. The features one property requires to help them optimize how they manage their property is most likely to be different than another.
With that said, here is an overview of each capability:
Attract New Residents
Attract new residents through your own mobile app to keep your properties fully leased.
What if your prospects could download your app, view all of your properties, read the relevant information (your marketing), and then schedule a property tour in-person…all through your own custom-branded app?
By picking the relevant features, this is what our clients have done. They’re able to offer their prospective residents a different in-app experience from current residents.
Features include virtual property tours, tour scheduling, and automated push notifications/text messaging to keep in contact with prospects.
Retain Existing Residents
Retain long-term residents by allowing them to manage all their apartment needs from their smartphone.
In the case of MyResidentLinc, we work with clients to translate the knowledge of their resident’s needs into a useful mobile app. Clients select features in-app that help drive resident retention. It’s common industry knowledge that retaining residents is the most cost effective form of marketing.
One key part of this is helping your residents be more social with in-app features that cultivate the sense of community in your properties. Based on studies and our own research we have seen that the number of friends a resident has at an apartment community directly impacts their intent to renew.
Giving residents the option to manage ALL their apartment needs from their phone will directly save your staff time, resources and make managing your properties easier.
We could write a whole post about this category of features (we probably will…after the new season of Game of Thrones has finished.)
Technology should work for you, not the other way around, and having your own mobile app is different. We’ll share some case studies over the next few months, but just know we have seen clients save hours and thousands of dollars just by developing their mobile app.
When developing a mobile app, it’s SUPER important to invest in a mobile platform that works alongside your existing property management software via mobile links, third-party technology, and your residents’ favorite apps.
If there is one takeaway from this part of the series, it’s the important of investing in a mobile app platform. Futureproofing your app is a post for another day, but please please make sure you’re investing in the right platform.
The multifamily industry has been slow to adopt change, but this is changing because of Millennials and their requirements.
Technology is being developed at a record pace. As new technologies become available, your residents will demand that your mobile app is compatible and works with them. This could mean connecting to home automation technology or connecting with a new food delivery service.
There you have it. Your multifamily mobile app should help you to attract residents, retain residents, and optimize how you manage your property. This is the advantage of having your own mobile app.