The rental housing industry has greatly accelerated its adoption of technology during the past four years. But the relationships between management companies and tech suppliers often are strained, and the rollout of new solutions across portfolios can be problematic.
In the “Unveiling Tech Mastery: Operator Insights on Trends, Implementation and Adoption” session at Apartmentalize 2024, industry experts detailed how productive relationships are built and how successful implementations of new technologies unfold.
To begin with, supplier partners must understand who needs to benefit from an operator’s adoption of a solution, the panelists noted. A product must be good for residents, team members and owner-clients, according to Jake Jarman, President of Redstone Residential.
“If it doesn’t do those three things, you’re going to lose every single time,” he said. “I get a lot of emails. It’s amazing how many of those products come at me, and they don’t hit those three simple things.”
Tracy Bowers, Managing Partner at Gallery Residential, urged supplier partners to acquaint themselves with an operator’s mission and core values before beginning the sales process. “That’s pretty easy to find out,” she said. “It’s on most of our websites.”
For instance, Gallery Residential is “really going back to basics and trying to focus on the human experience, the customer journey,” Bowers said. “We want to use technology but only to enhance the experience. If people are coming at us and saying, ‘We have this technology, and it can eliminate three people on your staff,’ that’s not the pitch for us.”
The panelists also stressed how important it is for a supplier partner to provide thorough and high-quality training.
“You have to have great trainers who are interactive and really keep the attention of the team,” Bowers said. “A lot of team members are trying to multi-task while they’re having this training, so being able to keep their attention—that’s a game-changer.”
Jarman echoed similar sentiments.
“Give me your best trainer,” he said. “Don’t give me your best salesman.”
A successful roll-out of a new technology also requires an operator to designate at least one team member who will be responsible for managing the implementation, according to the panelists.
“They know the buck stops with them,” Jarman said. “It makes a big difference, and then they’re the ones who are working with the vendor on making sure that program is being rolled out correctly. They’re the one looking at it and saying, ‘If this fails, it’s on me.’”
When it comes to assessing the ROI and success of a new technology, Gallery Residential looks at three factors, Bowers said: Does the solution help reduce expenses? Does it provide ancillary income for properties? And does it help Gallery win new owner-clients?
Just as important as a technology’s quality is the supplier-partner’s long-term commitment to customer service and maintaining a strong relationship.
“If you spend all this time trying to court me and then you get me as a client, and then I never hear from you again, guess what?” Jarman said. “Your competitor is going to come in and try to court me, and you’re going to lose. So, my sales advice would be: After you’ve won the deal, please continue to create a relationship. Please continue to talk with me and spend time with me. Because you’re not the only one.”
Stephen Ursery is a Senior Account Manager at LinnellTaylor Marketing.