The richness and immediacy of Twitter made it a natural medium for our annual “Conference Call,” a feature of our Spring Technology Supplement which covers the ongoing opportunities and challenges in multifamily technology. Instead of our traditional, yes, conference call by phone with a handful of multifamily leaders, we held a Twitter chat Jan. 28, opening up the discussion via the hashtag #mfetechchat.
Below is an adapted version of that conversation, which has been edited for clarity. (To see the complete transcript for the discussion, please visit www.twitter.com and search on #mfetechchat.)
Multifamily Executive @MFEmagazine: What do you think were the best multifamily tech developments of 2013, and why?
Mark Juleen @mbj: Nothing memorable in my opinion. 🙁
MFE: Why nothing memorable?
Mark Juleen: I didn’t see anything we haven’t seen in other industries.
Kwelia @kwelia: Analytics, generally.
Mike Whaling @30lines: What were the big advances in analytics that you liked?
Kwelia: Business intelligence, advances in data science and storage, lightweight systems. Portfolio and property-level systems.
MFE: What was the most helpful multifamily technology for you this year?
Holli Beckman @Apartmentalist: Using social media to find and talk with prospects—instead of just resident communication—was the most fun transition in 2013.
MFE: Where do you see tablets and mobile apps being more useful—for attracting residents or streamlining back-office processes?
Vesta Corporation @VestaRes: Both, but particularly helpful for streamlining back-office processes.
Advances, Obstacles to Open Data
Mike Whaling: I would say the move to open data sharing with the PSI/Entrata API was a pretty huge step for the industry. (Editor’s note: In 2013, multifamily technology firm Property Solutions launched a beta version of Entrata, a property management system that would allow for third-party integration and apps.)
Mark Juleen: I somewhat agree, but unless other companies jump on board with open API, we’re still WAY behind.
Mike Whaling: Gotta start somewhere. I’m glad to see someone forcing the conversation.
Mike Whaling: When vendors can share data seamlessly, you’ll be able to use the best tool you want for the job.
Mike Whaling: So how do we get others on board?
Mark Juleen: @realpage and @yardi need to play, in my opinion.
Tamela Coval @TamelaCoval: This is the “No Digital Island Zone”—“@30lines: When vendors share data, you’ll have the best tool for the job.”
Tech Disappointments
MFE: What technologies haven’t lived up to their promise?
SyndicIT @SyndicIT: The legal questions surrounding the use of esignature technology are slowing processes.
Mike Whaling: What legal questions? Haven’t esignatures been valid for years?
SyndicIT: Significant questions! Wet signature requirements on leases are still prevalent, and there is the inability to submit eforms to government.
MFE: Many people still seem skeptical of e-signatures. What about Gen Y renters and leasing agents?
Mike Whaling: Just depends on whether clients ask for it. The banking industry is far more open than multifamily.
MFE: That seems like a bad sign when the banking industry is more innovative and progressive than us.
Holli Beckman: I think the touchscreens catering to multifamily have a long way to go to catch up to the ones in other industries. A real prospect would have given up. The last thing you want to do before taking a prospector tour is frustrate them.
MFE: How could multifamily touchscreen technology be improved?
Holli Beckman: At base, they just need more touch points. The ones I’ve used in leasing offices have been pretty unresponsive.
MFE: Other than data not talking to each other (which is a biggie), what continues to be challenging in multifamily technology?
SyndicIT: Multifamily needs a secure document-exchange service to streamline property turnover. Technology can untie documents from property management software.
Mike Whaling: Can we get online software programs that work in browsers other than Internet Explorer?
Residents, Ratings, and Social Media
MFE: What continues to surprise you in terms of how residents and prospects use technology?
Village Green @village_green: The growth of online-reputation and review websites, such as @aptratings and @Yelp.
Michael Ivey @mike_ivey: The disconnect between how apartments use social media versus how it was intended to be used continues to surprise.
MFE: How do you manage your online rep at @aptratings and @yelp?
Village Green: We’re active in responding to online reviews. It’s a source for feedback and customer service.
MFE: Seems like a big investment of time.
Village Green: It is, but it’s necessary. We work with each property to create a response. It’s for residents and prospects.
Holli Beckman: You have your properties respond?
Mark Juleen: It doesn’t take that much time to respond.
MFE: Do you respond to all negative online reviews?
Mark Juleen: At one time we did respond to all, but we’ve changed our strategy. Not because it’s time-consuming, though.
MFE: Which ones do you respond to? Which ones do you ignore?
Mark Juleen : It’s a judgment call for each. No rules ,really. We respond to both positive and negative [comments] deserving engagement.
MFE: Some biz are fighting back against negative online reviews. A D.C. area contractor is suing a Yelper for $750,000.
Privacy and Data
MFE: What about privacy concerns? Multifamily firms collect and connect with a lot of personal and financial data.
SyndicIT: Privacy concerns are major in 2014. Owners can expect to pay anywhere from $30 to $50 per tenant for data-theft notification.
Tamela Coval: Risk management is huge.
MFE: @SyndicIT: How are these data thefts happening?
SyndicIT: Check out the story of Michelle Brown online. Someone stole her identity after taking her paper lease, and it cost her more than $50,000. Editor’s note: For more information on Brown’s situation, visit http://identitytheftmichellebrown.blogspot.com.]
MFE: And that was just paper.
SyndicIT: Exactly! Don’t be like Coca-Cola and leave laptops and mobile devices unsecured!
Editor’s note: In January, Coca-Cola disclosed that a former employee had stolen old company laptops, putting 74,000 people’s personal data at risk.
SyndicIT: Make sure SaaS—software as a service—systems are third-party audited.
SyndicIT: Protect resident privacy by storing information in a secure repository; ensure that on-site printers have access controls; and have “bring your own device” oversight.
The Participants
You probably know that you can find us on Twitter at @mfemagazine, but here’s the 411 on the rest of our #mfetechchat participants:
• Holli Beckman (@apartmentalist) is the director of marketing for WC Smith, a Washington, D.C.-based real estate and development firm.
• Kwelia (@kwelia) develops pricing and revenue management tools for multifamily properties.
• Mark Juleen (@mbj) is the marketing director for the Indianapolis-based J.C. Hart Co., which builds, owns, and manages multifamily properties.
• Michael Ivey (@mike_ivey) is the co-founder of Modern Message, which uses social media to connect residents, properties, and prospects.
• Mike Whaling(@30lines), a social media and tech consultant, is the founder of 30 Lines, an online branding firm based in Columbus, Ohio.
• SyndicIT (@SyndicIT) is a technology vendor that helps multifamily owners and managers move to more digital, rather than paper-based, operations.
• Tamela Coval (@TamelaCoval) is a business strategist with Sparta300 who also works with Multifamily Executive magazine.
• Vesta Corporation (@VestaRes), which is based in Connecticut, develops, owns, and manages affordable housing.
• Village Green (@village_green), which is based in Michigan, manages apartment properties in 13 states.