The multifamily real estate technology space has exploded over the last 10 years, allowing companies to access hundreds of tools. In fact, 92% of multifamily property professionals are using real estate technology in their day-to-day operations, according to a live poll conducted during our recent webinar.

From Business Intelligence to lead optimization, multifamily companies have a plethora of technology solutions at their fingertips. However, there is more to a tech purchase than just a signature.

Dayna Curtis, Director of Customer Success at Rentlytics, and Laura Zorrilla, Financial Analyst at MEB Management Services — which currently manages more than 100 large multifamily assets across the Southwest — explored the essentials for an effective multifamily tech purchase during our latest webinar.

Here are some of the biggest insights on choosing the right tech stack and key steps to consider during the process. To learn more, watch the full webinar.

  1. Identify Key Stakeholders in the Decision-Making Process

Many multifamily properties have a series of stakeholders involved in the decision-making process when building a new tech stack. It is important to identify who those decision-makers are so the right parties are determining which tech purchase is best for their company and overarching goals.

“We start with executives on the VP level, and consider how they are going to use the tool to make sure it will be fast and effective,” Zorrilla said. “Our second group of stakeholders is asset directors and regionals. They need to monitor their portfolios to see how they stack up within the overall MEB portfolio. Finally, our clients are also major stakeholders — even though they may not realize it. They impact decisions when we are trying to get new business because having multifamily technology really is a settling point with them.”

  1. Map Out Key Performance Metrics to Track

After determining the need for technology and convincing key stakeholders, it is time to gather requirements to find the right solution. Multifamily real estate companies should assess their organization’s current state and prioritize the key performance metrics to be tracked.

MEB asked themselves the following questions:

  • What technology solutions are out there?
  • Do those solutions integrate with their current system?
  • Is there client demand?
  • Can we find the best service for the right price?
  • Will the solution help VPs utilize data?
  1. Determine Concerns and Questions

When deciding on a tech stack, multifamily professionals should also consider their key concerns and questions surrounding the purchase. “Our initial concern is how many corporate resources it will take to run and maintain it,” Zorrilla said. “What is it going to cost? Will it be worth it in the end? Those are our main questions.” The chosen vendor can allay these concerns and make the decision feel like a solution rather than a risk.

  1. Prioritize Training and Adoption

The next step is to consider the level of support provided by the vendor including training and onboarding resources. For MEB, training is critical. “Being in the multifamily industry, we have a relatively high turnover rate, so we have to be in constant training mode,” Zorrilla said.

Additionally, creating an adoption schedule and anticipating employee reluctance or potentially steep learning curves are essential when making an effective multifamily tech purchase. “Once we have made the decision as a team, we commit to that decision and move forward,” Zorrilla said. “Getting others to understand the ‘why’ behind our new strategy and understanding our commitment makes it easier for the team to move forward as a whole.”

Want to Learn More?

Overall, MEB — which has been a partner of Rentlytics since 2014 — is experiencing consistent results and success. “Being able to leverage the data we have received from Rentlytics is really huge for us,” Zorrilla said. “Having access to these real-time actionable insights is important. It has given us a lot of opportunities to minimize risk and increase NOI for our clients and stakeholders.”

This  blog post provides just a sampling of our webinar “8 Essentials for a Multifamily Tech Purchase.” Be sure to listen to the full webinar for more insights on choosing the right tech stack as well as a bonus demo of Rentlytics BI 2.0.