In the world of property management, technology has become a game-changer. It can make operations efficient, reduce risk, and boost the Net Operating Income (NOI) of property management companies. But adopting new technology isn’t always straightforward.
Devin Harvey, Senior Director of Business Services at Pegasus Residential joins Daniel Cunningham on Apartment Academy to discuss helpful strategies for adopting successful technology in your multifamily properties and touches on how to overcome challenges that may arise.
Defining Success Amidst Change
“What does success look like now, and how about a year from now?” This foundational question underscores the necessity of establishing clear benchmarks and aligning technology adoption with overarching organizational goals.
Moreover, Devin emphasizes the pivotal role of clarifying the “why” behind technology implementation. This serves as the bedrock for nurturing understanding, enthusiasm, and widespread buy-in among team members.
The Realistic Timeline for Success
Devin reminds us that reaping the benefits of technology implementation is not an instantaneous process. It requires patience and a long-term approach. He suggests it takes approximately a year to witness tangible outcomes and meaningful adoption rates. Moreover, Devin reinforces the idea of continuous improvement, highlighting the need to adapt strategies in response to shifting industry dynamics.
Navigating Partnerships with Software Providers
Collaboration emerges as a central theme in our conversation, with Devin underscoring the importance of establishing symbiotic relationships with software partners. To facilitate seamless technology integration, Devin recommends a unified approach, where all stakeholders share a common understanding of objectives and desired outcomes.
Key Performance Indicators for Success
Transitioning into the realm of performance measurement, Devin outlines critical metrics for assessing the efficacy of technology adoption. He highlights the significance of tracking user engagement and adoption rates to gauge the extent of technological integration. Furthermore, he goes into the pivotal role of business intelligence in determining actionable insights from data.
Devin offers simple advice for smaller property managers. He advocates for inclusivity, emphasizing the importance of involving all relevant stakeholders in decision-making processes. Furthermore, he emphasizes the need to tailor strategies to suit the unique requirements of each operation.
Anticipating the Future of Property Management
As our conversation nears its conclusion, Devin expresses enthusiasm for the future of technology in property management. He is particularly intrigued by the potential of AI technology to revolutionize property management processes. He envisions a future where an all-encompassing, AI-powered system seamlessly manages diverse tasks, thereby elevating efficiency and tenant experiences.
Devin’s insights serve as an indispensable roadmap for navigating the relationship between technology and property management. The thoughtful integration of technology can elevate operations, streamline processes, and enhance resident satisfaction. As the technological landscape continues to evolve, Devin’s experience can serve as an example, empowering property management professionals to navigate with confidence, adapt proactively, and leverage technology to usher in a new era of success.
Follow Devin Harvey on LinkedIn: https://www.linkedin.com/in/devinlharvey/
Follow Daniel Cunningham on LinkedIn: https://www.linkedin.com/in/cunnuh
Check out Pegasus Residential on LinkedIn: https://www.linkedin.com/company/pegasusresidential/
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0:00:00 Introduction to the episode and guest, Devin Harvey, from Pegasus Residential
0:04:40 The challenges of adopting technology
0:08:29 Evaluating the different technologies on the market today
0:11:38 How to successfully implement change management
0:22:29 Incentivizing onsite teams to adopt new technology
0:24:42 What to expect from software providers
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