The Future of Work: 13 Fascinating Trends, Ideas, and Initiatives Right Now in Multifamily

2 days, 26 sessions, and 1 round table discussion at RETCON resulted in a collection of the hottest industry trends, ideas, and initiatives from some of the most forward-thinking Owner/Operators who are trailblazing the real estate industry. For many of them, the goal was not to replace people with technology, but with the labor shortages, the technology is now filling a void. These Owner/Operators are lifting some of the burden from the onsite teams and leaning more on technology unapologetically.

Here are the 13 most fascinating things those trendsetting Owner/Operators had to share last week at RETCON:

1. At least one Owner/Operator is using 'Grace', a digital leasing assistant, to handle all "initial" contacts. Grace follows up within 21 seconds. The human team doesn't get involved until the prospect shows up for a tour.
2. Another is using 'Courtney', a digital leasing assistant combined with Self-Guided Tours (SGT), only involving the human team when a prospect has more complex questions.
3. Several Owner/Operators are pushing all leads to take 1st tour via SGT.
4. Several are closed weekends and open for SGT only. This business model has been rolled out across 100% of their portfolios.
5. Several have been able to show a real cost savings by closing weekends, eliminating positions, and recruiting for hybrid roles.
6. Several have either centralized the Assistant Manager role or taken it 100% remote, which allowed them to also trim down their Accounts Payables team.
7. One Owner/Operator is focused on brand strategy vs. web strategy. They built a single web platform and realized 15% of their renters rented at an apartment community that was not where they originally inquired.
8. Several are focused on a digital team and building a robust website to minimize and eliminate the tour altogether.
9. Several are moving toward a website with full ecommerce solution where 100% of their prospects will lease sight unseen like Carvana.
10. Several are revamping job descriptions as the roles change with hybrid and remote work, as they condense their leasing teams, and add data and tech requirements.
11. Many are hyper focused on automation and SGT.
12. One has a few data privacy initiatives in the works. They are warehousing their own data and using it to personalize the experience, serving up content that tugs at the heartstrings.
13. One has a centralized business group that works 100% remote and runs centralized operations. This has helped create career paths for their team members, centralize renewals and other admin processes.

As we continue to navigate the labor shortages, technology is the key to enriching resident lives and optimizing staff. Owner/Operators are refining their business models, choosing technology that enables them to do their job more effectively, and?retaining institutional knowledge because that's where the efficiencies come from.