Technology Implementations Today, Avoid Budget Busters in 2018

Overwhelmed leasing team members were creatively dealing with package management by stacking packages to clear out enough space to get to their desks and start the day.

Sound familiar?

It’s a plight many in the multifamily industry have become privy to. There has been a spike in online ordering but a lack of space to store the overabundance of packages. Currently, Americans spend more than $300 billion annually on online retailers. Community managers, leasing agents and team members burn several hours a week organizing these packages. That organization is just so they’ll have some idea where to look when residents come to pick them up.

To end the madness, communities are adopting package management technologies as a brisk, effective solution. However, communities shouldn’t wait until panic-mode sets in to make the call. Rather than grasping at contingency funds, planning ahead by adding a line item into the 2018 budget to implement a technology that best suits community needs will be a true life saver.

There are five options available to create more efficient package management. When evaluating which is the most appropriate solution for your community, keep in mind factors like your community size, accessibility, possible locations and even your renter demographic.

  1. Package Logging Software: Through this service, residents receive text and email reminders that a package has arrived. This eliminates the steps in which residents call to check if a package has arrived, or a community team member calls the resident to notify them that it’s in. This is a solid option for smaller and midsize communities. It is cost-effective and allows for near-immediate implementation. However, some of the existing hurdles will remain. This solution still requires some staff involvement and doesn’t allow for round-the-clock package retrieval.
  2. Software-Driven Package Rooms: This service remains cost-effective, further reduces staff involvement and allows residents round-the-clock access to retrieve their packages. Residents receive a text and email with a one-time code and their signature is required for entry into the package room. However, privacy and security isn’t as thorough with the packages on shelves rather than in lockers.
  3. Smart Package Room Systems: This is a more technologically savvy version of the software-driven package room and features similar benefits.  Camera footage of those retrieving packages is available to assist with accountability. Licensing fees might also be a little higher. While it offers a high level of security, it still isn’t quite as secure as a package locker system.  Technology innovations are moving towards greater security.
  4. Digital Package Locker Systems: The most convenient solution. It has the highest level of security, greatest privacy and the least amount of staff involvement. It also serves as a 24/7 amenity. This solution is also a future-proof solution, with the capability to incorporate any technological updates into the existing framework. While this solution has the highest upfront capital expenditure, the ROI in staff time saved and resident satisfaction can cover the cost within the first year.
  5. The Full Package Package Management Solution: eCommerce trends are shifting. Residents are ordering more, bigger items and looking to ship items to their friends or family and want an easy way to return items. A key solution is combining the convenience and security of locker systems with the flexibility and size of smart rooms. With lockers installations that can be customized to fit any aesthetic or configured in a variety of ways, this comprehensive solution is primed to meet any future package management needs a community may have. Consider a new comprehensive package center for your residents with secure, easy-to-use lockers next to a smart room with a commercial grade freezer for all possible shipments that need refrigeration, custom shelving units to fit packages of any size or even tables equipped with packaging materials for every carrier. With this solution, the options are truly limitless.

Online package ordering is increasing nearly 10% each year and the trend, if anything, is increasing. If your community team can handle the influx, that’s fantastic. If not, we recommend budgeting now and planning ahead for one of the above solutions.

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Budget for Amenities!

budget

A Budget Including Amenities Can Help You See and Save Green!

It’s that time of the year again: the preparation of next year’s budget for your community. Your budget is likely to cover a lot of different areas; from marketing and sales to staffing and screening. While these are necessary for the property to keep functioning, make sure to make room for amenities. Amenities can increase occupancy and drive increased revenues. It can also be used in your marketing efforts to generate leads. When budgeting for amenities, there are a few things you need to consider. If you follow these three steps, you’ll be good as gold!

Survey

The best amenity is a wanted amenity. A good way to gauge interest in a potential amenity before purchasing is to survey your community. What do they want? What amenity adds convenience for them? What’s going to make them want to renew their lease? You may think your community desperately needs a guinea pig playroom, but you better check first. An amenity collecting dust is a waste of money and isn’t generating ANY revenue.

ROI

Stemming off of the first point, when you figure out what amenity or amenities your community wants, it’s important to consider the ROI. You don’t want to commit to an amenity with a short lifecycle. You’re looking for an investment with long-term results. This can be challenging, especially when trends can come and go. Doing your due diligence through research will be vital to making sure your addition isn’t a dud. Find industry resources that can provide the data you’re looking for. Numbers don’t lie and they can be a great guide for keeping up with trends in multifamily!

Scout

Ok. You’ve listened to the community and you’re devastated about their lack of concern for the guinea pig playroom. You’ve also taken their suggestions and done some research on your own. Still hesitant about pulling the trigger on a certain amenity? Find a community that has what you’re looking for and go see it! For example, if you’ve been researching package lockers, find a community with a system. When you get there, ask to see the system, but also ask their opinion. Have the lockers made residents happier? Have they seen an ROI yet or expecting to? How do they work? Don’t hesitate to ask questions from an unbiased party before going into a sales process.

No one likes to budget. It’s time-consuming and can be difficult to stick to if problems should arise. But a proper budget can drive additional and recurring revenue if there’s room for an amenity. Then it’s just a matter of researching and selecting the amenity that will have the highest impact on ROI. Finally, go see it in action somewhere! An amenity can be just what your community needs to grow and thrive. Choose wisely and budget appropriately!

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