Multi-Housing News - October 2008 - (Page 27)

“gee, whiz” technology options, she notes that Camden analyzes each to make sure it will appeal to a substantial portion of its customer base and that it will offer a positive impact on the bottom line. “You have to be careful—tech is expensive and you don’t want to get sucked into things.” To stay attuned to resident needs, Camden surveys some residents every month as part of its ongoing research and, as a result, typically polls all residents twice a year. On the “gee, whiz” front, virtual doormen, also known as cyber doormen, are reportedly gaining in popularity, especially in buildings targeting a young, single demographic. While families may want help with strollers and packages, according to one industry expert, other residents may not feel that they want someone watching their comings and goings. Costs vs. efficiencies For third-party property managers, it can be especially challenging to keep up with changes in technology and even to monitor what contracts cover at various local apartment properties. It is essential to carefully review provider contracts to see what’s included, make sure it’s delivered, and then evaluate what needs to be upgraded, Pye advises. Furthermore, managing the analog to digital broadcasting transition that takes place in mid-February 2009 further complicates the picture, Pye says. As an example, he points out that costly exercise bikes equipped with TVs may not work then without some sort of updating, raising questions such as, Where do you mount a set-top box on them? Stone thinks it is important for the multifamily industry to figure out the convenience fee challenge with online payments. “The ability to accept online payments without a convenience fee is important to residents,” he says. “With no convenience fee, 30–40 percent of residents or more will pay online, but that number shrinks to about 5 percent with a convenience fee. This has to be balanced with transaction fees, which can be 2 percent or higher. Owners and managers need to better understand the cost efficiencies and revenue implications associated with foregoing convenience fees.” Finally, Pye notes, it is important that whatever technology you implement is easy to understand and can be used by at least most of the residents without significant input from your managers— “they’re supposed to be leasing, not explaining how to use the TV.” MHN To comment on this article, contact Teresa O’Dea Hein at thein@multi-housingnews.com. We have multifamily risk management down to a science. Put the most advanced technology in the industry to work to boost your occupancy, your asset value, and your bottom line. A host of variables impact your ability to make money in the multifamily business. Resident quality, rental rates, property damage, leasing ofﬁce operations — in each and every area, incremental positive and negative shifts can add up to a big difference in your bottom line. For over two decades, First Advantage SafeRent has applied the most rigorous science and technology to maximize multifamily property income. From picking the best-paying residents to protecting you from resident-caused damage to properly valuing your portfolio, we bring you products and services proven in practice to deliver veriﬁable results. Find out how the science of multifamily risk management can boost the return from your property portfolio. Call 800-667-1615 or visit www.FADVSafeRent.com The Kolmogorov-Smirnov test formula, one of the ways we validate our applicant scoring model, and an example of the rigorous science and advanced technology First Advantage SafeRent leverages to improve multifamily NOI. The nation’s leading provider of multifamily screening and risk management Resident Screening // Renters Insurance // Property Performance Analytics // FormsPLUS For more information, visit www.multi-housingnews.com/productinfo www.multi-housingnews.com | October 2008 27 http://www.FADVSafeRent.com http://www.FADVSafeRent.com http://www.multi-housingnews.com/productinfo http://www.multi-housingnews.com

Table of Contents for the Digital Edition of Multi-Housing News - October 2008

Multi-Housing News - October 2008
Contents
From the Editor
MHN TV Premieres
Market Pulse
Special Report: MHN 2008 Design Awards
Development & Design: Mirabella
Market Report: Chicago, Kansas City
Property Management: Tracking Residents’ Tech Wish Lists
Finance: Freddie Mac/Fannie Mae
Tech Report: Marketing Web sites
Products: Appliances

Multi-Housing News - October 2008