Multifamily technology: easing the pain of automation integration.Companies that offer property management software, online credit screening services, resident connection services, lend generation software, rent collection and security deposit alternative programs to the multifamily industry have begun to partner with each ether ether, in chemistry ether, any of a number of organic compounds whose molecules contain two hydrocarbon groups joined by single bonds to an oxygen atom. . This has helped multifamily clients capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the benefits of automation, streamline their processes and compete more effectively. Forward thinking multifamily companies are the driving force behind the numerous service company alliances that have sprouted sprout v. sprout·ed, sprout·ing, sprouts v.intr. 1. To begin to grow; give off shoots or buds. 2. To emerge and develop rapidly. v.tr. in the past year. After all, service providers--such as screening companies, property management software providers, providers of security deposit alternatives and rent collection companies--can only theorize the·o·rize v. the·o·rized, the·o·riz·ing, the·o·riz·es v.intr. To formulate theories or a theory; speculate. v.tr. To propose a theory about. about the need to integrate and its value. Nothing happens until a client requests integration of property management software with online screening service, for example. Customers must drive this process as they are the main beneficiary beneficiary Person or entity (e.g., a charity or estate) that receives a benefit from something (e.g., a trust, life-insurance policy, or contract). A primary beneficiary receives proceeds from a trust or insurance policy before any other. of the cost savings and efficiencies of integrated services In computer networking, IntServ or integrated services is an architecture that specifies the elements to guarantee quality of service (QoS) on networks. IntServ can for example be used to allow video and sound to reach the receiver without interruption. . In this age of specialization A career option pursued by some attorneys that entails the acquisition of detailed knowledge of, and proficiency in, a particular area of law. As the law in the United States becomes increasingly complex and covers a greater number of subjects, more and more attorneys are , it is extremely difficult to be all things to all customers and do it all well. As a result, companies that offer property management software, online credit screening services, resident connection services, lead generation software, rent collection and security deposit alternative programs to the multifamily industry have begun to partner with each other, creating an opportunity for their clients to select the "best of breed" across the spectrum, while helping their multifamily clients capitalize on the benefits of automation, streamline their processes and compete more effectively. Property management software companies are often at the center of these alliances, because, undeniably, they are an integral part of the leasing process. By working with other service providers, who are also integral to the leasing process, they provide a value-added service A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. that becomes inherently more essential to their clients' processes. Providers of ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. real estate services that ally themselves with resident screening companies can achieve greater market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" and better assurances that their products are offered consistently and uniformly during the leasing process. These symbiotic relationships This is an incomplete list of notable mutualistic symbiotic relationships, in which different species have a cooperative or mutually dependent relationship.
In one instance, resident screening companies are partnering with companies that offer security deposit alternative programs and renter's insurance. The benefits are clear: by integrating one technology with complementary services, together they provide the leasing agent with much greater efficiencies in terms of streamlined data entry and sales processes A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. . In addition, automating these integrated services helps ensure that the leasing agent is more accurately and consistently complying with Fair Housing standards, as well as the parent company's own corporate leasing standards and policies. This leaves a smaller margin for error, something especially important in multifamily companies challenged with high turnover of leasing staff. To illustrate, if an owner offers residents the choice between paying the traditional security deposit or paying for a security deposit alternative, an integrated resident screening and security deposit alternative process will improve the chances of the leasing agent offering the prospective resident the choice at the correct time during the leasing process and at the correct price. The Freedom of Having More Options While screening is integral to the leasing process, property management software also is used by nearly 100 percent of leasing agents. Very often the property management software will serve as the "hub" for other services and technologies. As a result, some providers of property management software have introduced ancillary services, such as screening, to allow them to capture the benefits of every aspect of the transaction. As opposed to customer-driven integrations, these add-on services are often driven by software provider mergers and acquisitions teams or business development teams, whose job it is to make strategic decisions about synergies, potential subsidiaries or new program development. Multifamily clients have made it clear that they value the opportunity to work with open systems that leave them more options to select service providers of their own choosing. So property management software companies are often caught in a quandary: What if a customer likes our software, but doesn't like our screening service? Further the customer has requested that one company's screening competitor is able to integrate with the competition's software. To save the core business, the customer's wishes clearly must be heeded despite the obvious potential downside Downside The dollar amount by which the market or a stock has the potential to fall. Notes: You might hear someone say that the downside on stock XYZ is $10. What that means is that the stock could fall by this amount if things got bad. of integrating competitive products and the drain on management and IT staff time to make these partnerships happen. New Scenarios Call for New Measures In response to the expanded deployment of technology by multifamily companies and the industry's ambition to operate on compatible platforms, the Multifamily Information and Transactions Standard (MITS MITS - Micro Instrumentation and Telemetry Systems ) initiative has taken critical steps toward creating a shared data standard (http://www.mitsproject.org/). This industry-wide initiative will more easily allow multifamily housing companies to implement a wide range of new technologies. The need for disparate systems to be able to communicate with each other requires a common data standard. Launched in March 2002, the MITS standard is making it easier to customize technologies, reduce the costs associated with integration and improve the overall quality of the information owners The person or group responsible for applying security policies to an information object. and managers collect as part of their operating processes. Under the umbrella of National Multi Housing Council's Technology Forum, NMHC NMHC National Multi Housing Council NMHC Non-Methane Hydrocarbons NMHC National Modular Housing Council is supporting the creation of an industry-wide initiative to establish data standards and extensible mark-up language (XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. ) architecture to enhance and support the development of systems solutions for the multifamily housing industry. "Having a standard set of definitions and extensible mark-up language schema is not required, but it will enhance the industry's investment into a wide range of business process improvement technologies," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. David Cardwell, Vice President of Finance and Technology for NMHC and Director of the MITS initiative. "The apartment industry spends more than $1 billion annually on systems technology and having the standard provides a common bridge between business processes and the automation being implemented." The industry is also defining new ways of doing business. Consider a large multifamily owner who requests that a provider of security deposit alternatives integrate a resident screening service that is owned by the same company that also offers a competitive security deposit alternative program. In an effort to meet apartment owners' and managers' demands for an open system, this form of cooperation among competitors is creating some unusual business bedfellows. The prime beneficiary is the property owner or the management company. Tips on Analyzing Potential Technology Partners and Service Providers Given the velocity of change, potential for cooperation among competitors and competitive pressures among real estate technology companies, what should owners and property management companies consider when looking at potential technology partners and service providers? Perhaps the best answer comes from Linda Willey, Director of Ancillary Services for Camden Property Trust, one of the nation's largest multifamily real estate investment trusts. Camden is continuing to work to enhance its suite of software and online services that currently include property management software, a security deposit alternative program, resident connection services, a renter's insurance program, an online resident screening service and an online procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. system for supplies and maintenance services. Camden has had extensive experience in selecting and integrating myriad Myriad is a classical Greek name for the number 104 = 10 000. In modern English the word refers to an unspecified large quantity. The term myriad is a progression in the commonly used system of describing numbers using tens and hundreds. platforms to streamline processes at the corporate and property level. Willey offers the following suggestions: * Responsiveness and professional service still matter. Make sure the real estate service provider has the back office and customer service operations Io support onsite teams and corporate management requests. * Technology for technology's sake is unnecessary. Make sure the software and services under consideration really afford added efficiencies and functionality. * Be sure that the software programs can integrate with a modern system. More and more multifamily companies are making those final breaks with legacy systems. * Confirm that the provider's technology standards are compatible with emerging MITS standards. * Implement new services only when the property management platform is stable. Resist the temptation Temptation Terror (See HORROR.) apple as fruit of the tree of knowledge in Eden, has come to epitomize temptation. [O.T.: Genesis 3:1–7; Br. Lit. to implement too much too soon. * Investigate what the vendor can do lo ease the pain of integration. Find out which company resources--financial and human will be used and how much of these resources will be required throughout the implementation process. * Look for vendors that are flexible enough to develop proprietary technologies if they are required. * Make sure the provider takes the necessary steps to accurately assess the company's needs. Do they understand the business and technology issues at the corporate and property level? * Consider the vendor's longevity longevity (lŏnjĕv`ĭtē), term denoting the length or duration of the life of an animal or plant, often used to indicate an unusually long life. and viability. With many dot-coms having come and gone in recent years, real estate owners and managers need to be sure that the real estate service provider will be there tomorrow, especially considering the complex and integrated network A network that supports both data and voice and/or different networking protocols. See converged network and new public network. of platforms and software. * When planning an integration, make sure vendors consider every case scenario during the planning stages. * Look at vendors' password integration technology, not only from a maintenance issue, but also from a security standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the . This can be a real quagmire for many systems and software. * Evaluate how much integration with other business solutions each vendor brings lo the table. Are they willing lo turn on and off partners at the client's request? * On the other hand, by considering a vendor with o variety of other partners, owners and managers are forced to think more "out of the box" in terms of the potential for services they can offer, raising lhe bar on their level of technology integration and ultimately, services lo their residents. Stuart Litwin is CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of SureDeposit, Livingston, N.J. With more than 500,000 units in nearly 1,650 communities under agreement, SureDeposit is an alternative to traditional security deposits. Call 800/531-SURE (7873) for information or visit www.suredeposit.com. |
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