By Steve Lefkovits
Multifamily technology and innovations drive new revenue. As technology increases in complexity and scope, the need for a cross-functional sponsor that can advocate for the entire organization and anticipate the competing demands of the enterprise is becoming a requirement. Responsibility for profitable innovation is shifting to dedicated senior executives and new roles like Chief Experience Officers, Innovation Officers and Vice Presidents of Strategic Initiatives. These roles open up new responsibilities beyond simply implementation, but thoughtful consideration on impacts to the organization when making a change.
Consider some of the new revenue being driven (or projected to be driven) by new-ish tech. Unlike the point solutions of the last decade, today’s tech touches most or all departments in a company, and impacts core operations:
- Amenity services like dog walking, catering, laundry outsourcing, and retail experiences may soon earn a portfolio $5-10 per unit per month. In order to achieve this, the management company and its service provider must coordinate access (operations), setting up an app (marketing), marketing to residents (legal, vendor), insurance (risk management) and resident engagement (operations again.)
- Smart home upgrades from companies like Stratis and SmartRent promise operational savings (reduced staffing, self-guided tours), enhanced monitoring of […]