Justin Harley (Yardi) on how technology can provide a frictionless tenant experience, boost occupancy and build thriving communities

Proptech solutions have revolutionised the rental market and BTR and PBSA sectors in particular as operators strive to create a seamless resident experience.

Justin Harley, Regional Director, Yardi, shares his views on how technology can provide a frictionless tenant experience, boost occupancy and build thriving communities.

Tell us a bit more about Yardi and the role you play in the BTR and PBSA markets?

Yardi’s culture of innovation continues to drive the development of a fully connected software solution for BTR and PBSA. We understand the real estate lifecycle, as well as the need for BTR operators to stand out from the crowd. We strive to provide an end-to-end solution for BTR operators and enable them to deliver a seamless resident experience.

Yardi’s solution enables BTR and PBSA operators to differentiate, grow and scale their business faster and with more confidence. Our fully connected solution provides a single source of truth across the portfolio. From investment management and accounting, property accounting to property management, marketing and resident experience. It provides real-time data to enhance operations, allowing you to engage and nurture prospects and enhances the entire journey.

How can technology create a seamless residential tenant experience?

Technology is the backbone of any modern, forward-thinking residential development. The key to unlocking customer experience and delivering a great service, lies within the level of integration and alignment of internal systems to meet your residents ever-evolving needs.

Internal systems and processes have a direct correlation to the resident experience and the value perceived. We recently took part in the HomeViews BTR Report and discovered that developments using Yardi technology were rated higher by residents on every HomeViews review category than developments not using the software.

If operators utilise a single solution as opposed to multiple systems, they can create a seamless experience – from booking a viewing, signing a contract, arranging the move in and once living in the development, booking or accessing services.

What advice would you have to Landlords who are looking to implement a robust Digital Transformation Strategy?

Consolidate internal systems – Many operators are still utilising multiple systems across property management, accounting, marketing and resident engagement. Having to manage different systems, each responsible for a particular part of the renter’s journey, often translates into a fragmented user experience and unnecessary internal overhead.

They’ll be able to access dashboards that clearly showcase everything from online enquiries and application pipelines to move-in workflows and resident activity. This includes easier management of maintenance requests, property and unit-level inspections and SLAs.

By using a connected platform, landlords can transform the resident’s journey by empowering them to take control of their application process, payments and more.

What role does data play in the adoption of technology?

Data is key to any business. The most important aspect around data is consolidation, leading to more accurate, unified insights that operators can action.

As we know, one of the other key things around data is GDPR, looking at how data is captured, stored and processed. Consolidation of data under one solution, ensures compliance with GDPR regulations whilst providing an accurate, 360 view of the operation and customers.

One of the challenges operators still face is data capture around online payments and setting up direct debits. Technology allows operators to manage each stage of the application process, gain more control and see an overview of the whole process with updates in real-time.

Utilising online application portals allows them to capture prospect data more easily – it allows for faster data gathering, quicker turnarounds and gives the power back to the prospects as they can apply in their own time. You can also keep track of the prospects progress through one platform that’s easily customised through the cloud-based solution.

How will technology shape resi markets in the future?

Technology helps provide prospects and tenants with a frictionless experience. Gen Z and millennials grew up with technology, so they expect faster applications, quicker turnarounds and a smooth journey.

Keeping your residents happy is the ultimate driver in building thriving communities that boost occupancy and success. Resident satisfaction can be achieved in many ways such as through reputation management, maintenance response times and providing a competitive choice of amenities, but at the core of everything is communication.

Staying connected and offering convenience has never been so important, and equally, has never been easier.