We love industry conferences for three reasons: connecting with our clients, meeting new faces, and sharing insights with some of the brightest minds in our industry on advancing property management in 2018 and beyond.
Below are five of the trends that caught our attention this month at NAA Apartamentalize, along with notes from some of our favorite sessions.
1. The increasing importance of business intelligence
- Good business intelligence can pinpoint things that look good on the surface but aren’t what they should be when you drill down.
- Many people focus key performance indicators, like occupancy, but that’s just scratching the surface. The right business intelligence shows occupancy as a result of everything you do.
- The real power of business intelligence is in combining data from multiple sources (PMS, Market Surveys, Revenue Management, Asset Management and Marketing solutions) to bring to light the highest value actionable intelligence.
2. Capturing the promising potential of AI
- AI trains computers to process enormous amounts of seemingly unassociated data to identify patterns that predict outcomes.
- People forget things. Machines don’t, and their data will be much more accurate.
- Good AI frees up time for employees to make personal relationships, doesn’t take away their jobs, and instead repurposes their jobs.
- In the future, AI could identify residents at risk of not renewing based on payment history, work order completion, and social media reviews.
- Same with digital assistants -- Amazon’s Alexa could schedule a work order.
3. Optimizing maintenance to impact NOI
- Make sure maintenance is involved in budgeting for a property... this is key!
- Get organized! Limited resources demands efficient operations.
- Having an incentive plan in place to prevent deferred maintenance is a great motivator for maintenance professionals and saves the property money in the long run.
- Owners want real-time info without having to wait on the Operations Manager.
- The type of data most desired is team data and building data.
- Success story: Maintenance were given iPads they never used. So instead, company provided mobile phones. Maintenance folks were more comfortable with that device and thus, more efficient.
4. Protecting the business to mitigate risk
- To protect yourself from negligence lawsuits, property managers need to use technology apps and PMS systems to manage incident reports.
- Using an inspection app is key to make sure employees are following the operating procedures of doing regular inspection checklists to prove that you are not negligent if lawsuits arise.
- Proper incidence reports are critical with photos to prove your case with dates and time stamps.
- Employees need to be trained bi-annually on the company’s security and data protection policies.
- Storing data remotely or on the cloud will prevent loss and breach of data when hackers attack.
5. Growing as a Leader
- When we follow common social norms our individuality and specialness are hidden. When one person breaks out of the norms, it creates a social opening and encourages others to do the same and creates the opportunity for awesomeness.
- Essence of awesome: a person is good at creating social openings. Awesomeness is the result of someone who creates social openings and encourages others to respond.
- Essence of suckiness: they recognize a social opening and don’t accept it. They decline for no good reason. Knowledge transfer is vital in order to pass the baton. Lots of us know what to do and just do it…but it’s vital to document it.
- How can we give our knowledge to others so that they can do better and it frees us up to have more time?
- Great leaders empower and equip others to do what they’re best at -- instead of trying to rule the world themselves.