Preparing apartment buildings for the BTR generation

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“If I can track my pizza on my phone, why can’t I expect a quick and frictionless rental experience?”

This question – or various iterations of it – is being asked by a whole new generation of renters who have very different expectations of customer service than their parents.

In the age of instant information, where e-commerce makes it possible to shop from anywhere and anytime, tenants no longer want to spend their Saturdays pounding the pavement or filling out dozens of forms. rental request. They don’t expect to deal with real estate agents and property managers who operate in an analog world. And they don’t understand why paying their biggest monthly expense — their rent — isn’t a positive, personalized interaction.

From virtual tours to AI-enabled customer service bots, technology can improve the rental process. Despite rapid advances in real estate technology, many real estate companies operate in an analog world; and that means that from the start of the discovery process to the day they move out, the tenant is beset by pain points.

Generation Rental Ready

But as Generation Rent demands a better rental experience, leaders in the build-to-rent (BTR) industry are answering the call. The savviest operators deliver better customer service – and better rentals – using a platform powered by the smartest smart technology.

Bernie Devine Yardi

Bernie Devine, Senior Regional Manager, APAC, Yardi

Yardi’s latest white paper, Better Rental, explores opportunities in the BTR industry and outlines three of the easiest customer pain points to address. Australian BTR specialist Arklife, featured in the report, reveals some of the processes it automates to make life easier for customers.

Because BTR is designed for tenants, each development is designed and organized for a better rental experience. Think high-quality concierge services and communal facilities, the choice of painting the walls or owning a pet, flexible leases and security of tenure, and professional management and maintenance. of the property.

Build-to-Rent in full swing

BTR is well established in the United States, Europe and the United Kingdom, where it is known as multifamily housing. In the UK, BTR covers 2% of the existing housing stock, while in the US it is 12%. Other markets, such as Australia, are in their infancy. But industry analysts predict that up to 175,000 BTR apartments could be available in Australia within a decade.

Arklife Managing Director Scott Ponton sends a clear message to all BTR operators looking to improve the customer experience: “There is no single technology solution that solves all problems. “evolve, because customers’ pain points move. When you solve one pain point, another arises. Our goal is to listen to our customers and use technology to fix it.”

More importantly, operators need to start seeing their building as a device much like the mobile phone. When we start looking at buildings through this lens, we focus on the user experience. How good is the user interface and functionality? What hardware and software will power our device? And which platform will help us create the best user experience?

While some build-to-hire operators whip up a range of solutions, the smartest BTR specialists embrace a single end-to-end platform. In the United States, for example, 8 million people pay their rent every month through Yardi, and everything from rentals to repairs enables a seamless customer experience.

Our buildings are more than bricks and mortar. These are devices that can increase productivity, performance, and the human experience. This shift in mindset will change how buildings are designed, how services are delivered, how assets are valued, and most importantly, what customers expect from space.

Download Yardi’s latest whitepaper, Better Rental.

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