Stacy Holden is the Sr. Director, Industry Principal at AppFolio, a leading provider of cloud-based business software solutions in the real estate market. Stacy has over 20 years of experience in the real estate and property management industry and is an expert on how customers can leverage technology to solve some of their greatest business challenges.
In the past year, the property management industry has been disrupted in a way no one could have anticipated, and forced many businesses to adopt new technologies to maintain continuity and stay connected. However, this time of disruption has also opened the door for some of the greatest opportunities.
Our team at AppFolio recently partnered with 乐竞体育赛事直播 to host a 3-day virtual summit, featuring top real estate leaders and influencers to provide the industry with a unique, outside perspective on what the future holds, along with some proven strategies for how to creatively use the chaos to stay competitive.
Each day was centered around a specific theme, such as the future, leadership, and virtual leasing. Day one of the event included various 乐竞体育赛事直播 experts, with an emphasis on what鈥檚 next for property management, how customer expectations are shifting, and what you can do to set yourself up for success. Here鈥檚 a quick summary of the key learnings. Also, if you鈥檇 like to access the entire event, you can to watch all sessions on-demand for free until October 9th!
Technology is essential in today鈥檚 world
Disruptive times have historically been catalytic events for new technologies. In the wake of COVID-19, we鈥檝e seen major adoption of new technologies throughout the real estate industry in just a few short months.
During the virtual summit, James Scott, 乐竞体育赛事直播鈥檚 Innovator-in-Residence and Lead Researcher at the MIT Real Estate Innovation Lab (REIL), shared the changes he believes are here to stay, and how they鈥檒l impact the way we work, live, and interact. He talked about how the safety of employees and customers is paramount now more than ever, and how leaders should make their decisions and determine workplace protocol based on scientific evidence, and remain flexible. He also provided a glimpse of some of the smart technologies鈥攕uch as touchless keypads, wearables, AI intelligence, and robotic cleaners鈥攖hat he believes will become essential in the near future.
Customer expectations have shifted
Property owner and resident expectations have rapidly shifted, and compressed changes that would normally occur over years into a matter of months. In property management, an industry built on relationships, those who don't adapt to meet their customers' needs now will have a harder time staying successful in the future.
Cindy M. Clare, CPM庐 and Chief Operating Officer at Bell Partners, Inc. shared some great insights in her session on how property managers can prepare for tomorrow鈥檚 customer expectations today and differentiate their businesses through exceptional experiences. She stressed that property managers must be willing to pivot when something doesn鈥檛 work as expected, and they need to never stop testing new solutions and technologies if they want to stay competitive.
Retail & mixed-use communities will be re-imagined
In addition to changing how we connect with each other, COVID-19 has also impacted the ways in which we interact with our environments. The shift towards working from home, the heightened awareness around hygiene, and a relationship with retail are creating opportunities to reimagine how we use our spaces.
At the virtual summit, Nancy San Pedro, CPM庐 and Director of Retail Portfolio at Equity Residential, offered advice on how property owners and managers can reinvent their properties, amenities, and common areas to prepare their portfolios for what's next. For properties that have long relied on their communal amenities to draw leads, such as gyms and pools, she expressed the need for property managers to creatively reuse these spaces. In addition, she provided some valuable insights on how to be more flexible when it comes to resident expenses.
Now more than ever, it鈥檚 important to adapt and evolve if you want to stay competitive and continue to serve your customers. If you take these learnings to heart, you鈥檒l be able to reinvent your organization and come out of this challenging time stronger than ever.
to watch the Changing Shape of Property Management Virtual Summit on-demand for free.