How Resident Experience Technology Transforms Property Management

Resident experience has emerged as one of the biggest competitive differentiators for property managers. In a world where everything from ordering a sandwich to finding a vacation home is positioned as an experience, residents are realizing that their living situation should be a comprehensive experience, too.

The technology behind building resident experiences creates a true triple win, driving efficiency for property managers, convenience and comfort for residents, and increased retention for investors. Second Nature, the industry’s first Resident Experience Platform that personalizes the renting experience, is a prime example of how technology can build a stronger resident experience and benefit everyone involved.

What is resident experience technology in property management?

Resident experience technology for property managers is the category of software, platforms, and devices that improve convenience, comfort, and community for those living in rental homes. Resident experience technology can encompass all kinds of rentals and community living facilities, including apartment buildings and other multifamily housing, as well as single-family rentals.

The goal of these tools is to improve the resident experience, increasing resident satisfaction and retention.

Why resident experience technology matters for property managers and residents

Delivering a high-quality resident experience is essential to creating and sustaining lease renewals and long-term tenancy. As other industries adopt experience technology that makes communication, safety, and convenience easier than ever, resident expectations are increasing, and property managers need to continue adapting in order to meet those rising demands.

Some of the biggest value drivers of resident experience technology are:

• Improved and centralized communications
• Simplified access to multifamily amenities
• Enhanced safety and security
• Frictionless resident onboarding
• Personalized living experiences
• Community building
• Simplified maintenance
• Document transparency

Centralized communication channels

A comprehensive resident experience technology suite can help significantly cut down on emails, calls, and paper notices. Instead, residents and property managers can connect through one single portal, app, or platform, which helps improve clarity, reduce delays, and make previous conversations easily findable and referenceable.

Simplified amenity access and booking

If you manage multifamily properties, you may be juggling multiple tools to help manage access and bookings for things like community gyms, parking spots, business centers, and game rooms. With the right technology in place, you can allow residents to book shared spaces more easily, cutting down on overhead for you and creating a smoother living experience for your residents.

Enhanced safety and security

Integrated technology can also make it easier to offer and manage services like connected alarms and smart locks, which help prevent security issues before they escalate. This can help deliver more peace of mind for your residents, increasing the likelihood that they’ll renew and helping to fill vacancies more quickly when they do occur.

Frictionless onboarding and move-in

Modern tools can help go beyond traditional electronic lease signing, online checklists, and PDF resident handbooks. Instead, resident onboarding technology can offer a truly understandable leasing process for residents, paired with personalized recommendations for movers, utility providers, and more. Starting off the resident relationship on the right foot is crucial to securing a renewal down the line.

Personalized living experiences

Residents want flexibility, choice, and customization. With modern leasing and onboarding technology, you can give residents the power to select their lease-enrolled benefits and opt into additional services that they want or need. One-size-fits-all solutions can frustrate residents, leading to a worse living experience.

Community building and engagement

If you manage multifamily properties, fostering a sense of community and increasing engagement can leave your residents feeling happier and like they truly belong. Resident experience technology offers apps, forums, and portals that foster connection by sharing updates, promoting events, and encouraging neighbor-to-neighbor interaction.

Proactive maintenance and service requests

Technology should also help you both prevent and resolve major maintenance issues. Whether you’re minimizing HVAC work orders by encouraging residents to change their filters on time or eliminating infestations by making it easier for residents to coordinate pest control treatment, technology can help prevent small problems from turning into major disruptions.

Transparency in documents and billing

One of the biggest frustrations for many residents is that they don’t fully understand their lease documents and may not know where to find supporting documentation. By making leases, policies, and payment information clear and easily accessible, you can help residents feel more in control and reduce potential confusion.

Key benefits of resident experience technology for apartments and multi-occupancy living

Multifamily communities benefit in many different ways from well-managed experience technology. Some of the biggest examples are:

• Convenience and comfort: Resident choice, combined with modern technology like smart home thermostats and lighting, allow residents to personalize their living environment and improve comfort. 
• Amenity management: Technology allows residents to book and manage shared amenities such as cinema rooms, co-working spaces, and parking spots through an app. 
• Community engagement: Apps and community portals facilitate communication among residents, enabling them to connect, share information, and participate in events. 
• Smart security: Connected security systems can detect potential threats and alert residents or emergency services via mobile devices. 
• Energy efficiency: Smart energy management systems monitor and optimize energy usage, leading to lower costs and reduced waste for residents. 

Resident experience technology for single-family rental homes

At the same time, there are plenty of technology features that offer greater benefits to single-family rental homes. Some of those benefits include:

• Move-in guides: Residents can easily find movers, connect to local utilities, and often include amenities like high-speed internet right in their lease.

• Lease service personalization: Technology gives residents the ability to select custom lease-enrolled services, like what rating of air filter they’d like for their HVAC system or what kinds of pests they’d like covered under their prevention plan.

• One-click lease updates: Instead of managing dozens of lease templates for different kinds of properties, PMs can instantly update all of their leases with a single click based on size, location, or other details. This saves a huge amount of time during the leasing process, getting residents in the door and settled more quickly.

Top resident experience technology platforms and solutions

For property managers looking to leverage technology to improve their resident experience, there are plenty of options in the market. Some solutions offer comprehensive resident experience platforms, while others specialize in specific property types or functionality.

What works best for your particular portfolio is up to you, but we’ve outlined some of the most popular categories of resident experience technology that are worth looking into.

Resident experience platforms

A true resident experience platform, like Second Nature, contains comprehensive leasing and resident onboarding tools, alongside ongoing resident benefits that make for frictionless living and financial health. An RXP should provide communication and engagement tools that allow residents to better understand their benefits and obligations, along with incentives that encourage them to pay rent on time, report maintenance issues in a timely manner, and take better care of their homes.

Smart building platforms

Smart building platforms typically focus on areas like building security and access, sometimes offering additional functionality like booking management for shared spaces. They typically provide detailed management of security systems, cameras and motion sensors, and smart lock or remote building access. They’re often narrow in their offerings, so they may not provide things like lease communication or document management.

Aged care solutions

Some resident experience tools are more focused on particular types of housing or demographics, in this case aged care. These platforms offer improved functionality for communicating with staff, care givers, and residents’ families, but may not offer the appropriate tools that other types of rental housing require. Make sure to carefully consider whether a specialized tool like these can meet your residents’ needs.

Property accounting systems

Property accounting systems like Buildium, Rentvine, AppFolio, and Yardi offer many of the day-to-day functions that property managers need to keep their businesses running. They have detailed accounting functionality to manage monthly rent, fees, dues, security deposits, and more. They may offer simple resident portals and online payments, along with maintenance tracking. However, they often don’t go as deep on resident experience as a detailed RXP, so they’re typically best used in conjunction with other resident experience technology.

How Second Nature powers seamless resident experiences

Technology is no longer optional when it comes to improving the resident experience. It’s become an essential part of meeting modern expectations. With Second Nature, you can provide a comprehensive resident experience platform that gets residents onboarded quickly with a more complete understanding of their lease obligations, then provides ongoing benefits like Credit Building, Group Rate Internet, Resident Rewards, and more. With a full suite of benefits, Second Nature provides an experience that residents are willing to pay for and stay for.

If you want to explore how resident experience technology can boost satisfaction and streamline your business processes, book a time with a dedicated RXP expert in your area today.