The property management industry is constantly evolving with new technologies and innovations emerging to help streamline processes, improve efficiency, and drive revenue. Innovation is constant, hence why it’s important to take a step back and dive into some of the recent updates and improvements Entrata has released to learn more about how they can help enhance your property operations.

Centralization

Centralization has been a hot topic in the industry for quite some time now. It allows for lead management tasks to be handled in one central location, whether your properties are in a single location or spread across multiple states and cities. Benefits of centralization include:

• Increased cross-selling opportunities: Easily identify and promote suitable properties to potential residents, even if their initial choice isn't a perfect fit.
• Improved visibility: Access and manage information for all properties in a centralized dashboard, regardless of location.
• Reduced workload for on-site staff: Free up on-site teams to focus on resident management and experience by offloading lead management tasks to a centralized office.

ELI+

ELI+ is a new AI-powered automation tool from Entrata that goes beyond basic automated responses. This conversational platform can handle a variety of tasks, including:

• Rent collection: Proactively communicate with residents about upcoming payments and answer questions related to their accounts.
• Lease renewals: Engage with residents about renewing their leases and provide relevant information and incentives.
• Lead management: Respond to inquiries, schedule tours, and provide information to potential residents.

With its ability to handle complex conversations and adapt to different situations, ELI+ can save your teams a significant amount of time, while also helping improve overall resident satisfaction. It can even communicate with residents in over 40 different languages!

Application Fraud Mitigation

Fraudulent applications are a growing concern for property managers, with nationwide averages reaching 10% and costing an average of $3,500 per fraudulent incident. Snappt is a fraud mitigation tool integrated with Entrata that helps combat fraud by:

• Verifying applicant-submitted documents: Snappt uses advanced technology to analyze documents and identify potential fraud indicators.
• Communicating with applicants: Snappt can request additional documentation or clarification from applicants, reducing the workload for your on-site staff.
• Providing detailed verification reports: Snappt provides clear and concise reports that highlight any potential fraud concerns, allowing your teams to make informed decisions.

By implementing Snappt to your application verification process, you can significantly reduce the risk of fraud, save time, and protect your properties from potential losses.

Marketing Specials

While often viewed as concessions or giveaways, marketing specials can be a powerful tool for reducing vacancy costs and boosting revenue. By offering targeted specials, you can:

• Reduce placement costs: Attract residents more quickly and efficiently, lowering the overall cost of filling vacancies.
• Decrease marketing time: Reduce the time units spend on the market, minimizing vacancy losses.
• Improve resident satisfaction: Offer incentives that appeal to potential residents and enhance their experience.

Entrata's updated Specials feature offers greater flexibility and automation, allowing you to set up specials that apply to specific months or the first full month of rent, eliminating manual processes and reducing errors.

Motivating Online Payments

Encouraging residents to pay rent online can significantly improve efficiency, reduce delinquencies and generate additional revenue. Two new features within our ResidentPay platform that can help motivate online payments include:

• Pay-by-Text: Allow residents to pay rent via text message, making the process quick and easy. Residents who use Pay-by-Text tend to pay on time and in full, and often pay an average of three days earlier than those using other methods.
• Flex: This integration provides residents with flexible payment options, allowing them to split their rent payment into two smaller installments throughout the month, while your property still gets paid in full and on time. This can help residents avoid late fees and improve on-time payments.

These latest innovations are just a few of the many innovative solutions that we offer to help properties streamline their operations, optimize efficiencies, and elevate the whole resident experience, ultimately driving revenue and creating a more successful business.