Multifamily Innovation Truly Flourishes When Industry Members Collaborate
In many ways, the multifamily industry is built on competition.
In the battle to sign new residents and get current ones to renew their leases, properties strive to have the best common-area amenities, the most appealing in-unit finishes, the best customer service and the most attractive move-in offers in their competitive set.
But when it comes to pushing the industry forward and developing innovations that optimize the living experience and boost an operator’s bottom line, those who work in multifamily should be ready to collaborate as much as possible.
I’m reminded of the phrase “a rising tide lifts all boats.” When industry members work together to problem solve, share expertise and scale new solutions, they create an environment in which all residents are better served and all operators have a chance to bring in more revenue.
Here are three important ways industry members can collaborate:
1) PropTech venture funds. A good example of this is Real Estate Technology Ventures’ Fund I, which raised $108 million from leading owners and operators like Aimco, Boardwalk, Cortland, Essex, GID, MidAmerica, Starwood Capital Group and UDR. The fund and others like it provide capital to supplier partners with emerging technologies, which are then tested in the investors’ portfolios. Ideally, the feedback from the owner/operators and the lessons learned by deploying the solutions in the real world enables supplier partners to produce solutions ready for widespread deployment across the industry.
2) Create technological solutions that integrate easily. Multifamily supplier partners need to place a real emphasis on creating technologies and solutions t……
In the battle to sign new residents and get current ones to renew their leases, properties strive to have the best common-area amenities, the most appealing in-unit finishes, the best customer service and the most attractive move-in offers in their competitive set.
But when it comes to pushing the industry forward and developing innovations that optimize the living experience and boost an operator’s bottom line, those who work in multifamily should be ready to collaborate as much as possible.
I’m reminded of the phrase “a rising tide lifts all boats.” When industry members work together to problem solve, share expertise and scale new solutions, they create an environment in which all residents are better served and all operators have a chance to bring in more revenue.
Here are three important ways industry members can collaborate:
1) PropTech venture funds. A good example of this is Real Estate Technology Ventures’ Fund I, which raised $108 million from leading owners and operators like Aimco, Boardwalk, Cortland, Essex, GID, MidAmerica, Starwood Capital Group and UDR. The fund and others like it provide capital to supplier partners with emerging technologies, which are then tested in the investors’ portfolios. Ideally, the feedback from the owner/operators and the lessons learned by deploying the solutions in the real world enables supplier partners to produce solutions ready for widespread deployment across the industry.
2) Create technological solutions that integrate easily. Multifamily supplier partners need to place a real emphasis on creating technologies and solutions t……