The FCC’s New Regulations and How It Effects Ancillary Revenue

The Federal Communications Commission (FCC) recently voted to regulate certain commercial practices between property owners and and broadband providers. These regulations include:

  • Reminders that sale-and-leaseback agreements are prohibited under federal code
  • Requirement to disclose the presence of exclusive marketing arrangements in materials given to current or potential residents
  • Blockage from entering into exclusive revenue sharing agreements

The National Apartment Association (NAA) has pointed out that the FCC did not consider that the newly targeted commercial activities in its ruling support the increase of deploying high-speed and quality affordable broadband connection in nationwide apartment communities.

With the FCC’s new rulings and regulations, this means apartment communities may have the potential to miss out on ancillary revenue. Property managers will now have to look for other forms of ancillary revenue for their communities. Ancillary revenue can come in the form of new entryway technology or partnering with local businesses to offer coupons, both of which Invictus can offer to property managers and current residents. With the adaptation of the FCC’s new regulations, Invictus can evolve and offer ancillary revenue to satisfy both property managers and residents.

What Makes Great Access Control

Having the latest in entryway technology means more than just letting residents into your building. An efficient and effective access control system encompasses multiple features to elevate and empower a multifamily or student living property. Residents not only need access to the main entrance of their building, but also to other access points, such as garages and their amenities areas.

Features such as self-guided touring have also become involved in creating effective access control systems. Pot

ential residents can tour a new property at their own pace, as well as have more flexibility in choosing when they can tour. Property managers benefit from this feature, as they can still have potential residents do tours of their property with social distancing in respect to COVID-19.

A great access control system also protects the resident’s data and privacy. A resident should be assured that their personal information won’t be leaked or hacked into, and that the property manager protects their data at all times. If needed, a resident can also be assured that they can have time-stamped images or videos of someone using their entryway system, provided that it follows the privacy policy of the building. An access control system should be compliant of state and federal rules, while also giving comfort to the resident that safety and privacy is of the upmost priority.

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Source: Latch, “Access Control and the Future of Smart Buildings”

Data and Privacy in a Smart Community

More and more products, such as Alexa and Google Voice, have become normalized in the market and branded as products that help consumers with their daily home tasks. According to TechCrunch, voice assistant use will triple to eight billion by 2023.One-third of current renters use these smart systems in their current living space, and some refuse to rent an apartment or multifamily property that doesn’t possess any smart home features.

With the rise of smart home features has also brought along the rise of concerns for data breaches and privacy. Renters want to know that transactions, such as online rental payments, are safe and won’t take important and personal information. Renters also want assurance that there won’t be data breaches or hackers able to find personal information while handling online transactions as well.

It’s important for property managers to consider an online system that protects their residents’ privacy while also offering online options, like rental payments or lease signings on the web, that make both residents and property manager’s lives easier. It is also important that property managers research and understand their current smart home features, so that they know the current privacy policies as well as how to elevate their residents’ current living spaces.

The Top Two Needs of Modern Renters

As the world continues to change in a COVID-19 world, more and more renters are choosing how they move and choose their next place to live in. With changes in moving come new trends in what renters are looking for. According to a recent study conducted by the National Multifamily Housing Council (NMHC) and Grace Hill 2022 Renter Preferences Survey report, twenty-five percent of renters moved in the past eighteen months, and seventy percent predict to be teleworking the same amount or more moving forward.

The recent survey also discovered the top two needs of modern renters as they continue to move:

  • Flexibility: Twenty-five percent of those who said they moved over the past eighteen months also stated the reason for their move was shifting to remote work during the pandemic. The work from home option has given renters the opportunity to have more freedoms in choosing where to live without having to worry about a work commute. Renters have flexibility in being able to move whenever they want and even work out of their company’s state or country
  • Connectivity: Eighty-two percent of respondents stated that they are streaming video daily, while seventy-three respondents said they stream music daily. With the increasing demand for streaming services and requirement of high-speed internet to work from anywhere, renters are looking for places that meet these needs. Renters no longer want slow internet speeds or having to work outside their homes daily if they don’t have to. Connectivity allows renters to continue to have their work tasks completely from any location while also having the option to use entertainment such as streaming to accompany their needs.

How Social Media Can Attract Gen Z Renters

With 2022 ready to come in just a few days, property managers and the real estate are now looking at how to attract new renters for the upcoming year. One important demographic property managers are looking to attract is Gen Z. As the first group in history to be raised by the digital world, Gen Z renters are used to growing up surrounded by social media, research, and the newest innovations in technology at their fingertips.

As the Gen Z demographic prepares to rent their first apartments or multifamily units, property managers must consider the appeal of community, sustainability, and eco-friendly living areas that attract Gen Z renters. Amenities such as high-speed Internet and outdoor community and garden spaces are more likely to draw in Gen Z renters than the older, traditional properties of past generations.

The world of social media and fast-paced communication also indicates how property managers should communicate with Gen Z renters. Gen Z renters no longer want just a sales pitch, but authenticity from property managers. Different forms of communication, such as texting, attract Gen Z to properties than telephone calls. Using social media to engage and educate consumers is also important, as Gen Z renters will feel more included with social media feeds that have their customized interests, rather than just hearing sales pitches. With this in mind, property managers can use the latest social media developments to connect with Gen Z renters and make them feel they have more than just a property to live in–they have an elevated community.

Vacancy Trends in 2022

With the COVID-19 pandemic entering its third year, trends are changing within the real estate and leasing industries. The environments in which people live, work, and learn have changed drastically with the implementation of working or earning a degree online at home. Students and the workforce alike realize the change to remote work, whether permanently or with a hybrid setting, results in having to make big decisions on their living space. The current workforce also considers factors such as location, cost of rent, and how much storage area they’ll need as they prepare to make their next big move.

With moving trends come trends in proptech as well. More and more residents look for flexibility and options to tour apartments during the pandemic. Property managers also must look for options to give residents when it comes to signing leases and paying rent either in-person or online as well. With 2022 around the corner, a rising trend for filling vacant apartments is for potential renters and current renters to schedule amenity reservations and viewing vacant apartments online at their own schedule. New innovations in proptech allow current residents to schedule amenities such as pools or gyms to use whenever they need without having to worry about double booking or sharing amenity space if that is not their preference. Potential residents can go online to view vacancy lists and choose whether to tour potential living spaces online or in-person.

How Invictus Fits In

Invictus stays on top of proptech trends by offering the latest innovations for current and potential residents. Current residents with Invictus can use the amenity reservations tool to book patios, pools, or gyms for whatever they need without the worry of double booking or sharing amenity space. Potential residents can also use Invictus by viewing vacant apartments with the Invictus kiosk, and can also use the self-guiding tour option to abide with social distancing guidelines and view potential residencies that aligns with their work and daily schedule. Invictus strives to elevate the resident community and continue to be innovative with the proptech industry.

The One Way Self-Guided Touring Revolutionizes Renting

From starting as a sparsely used add-on feature to becoming an absolute necessity for rental housing, self-guided touring has now become the norm for property managers to have. Self-guided has served as a valuable asset during the COVID-19 pandemic, as they implement social distancing. Potential renters have the option to tour a multifamily or apartment property without having to meet property managers face-to-face. Self-guided touring also gives renter more flexibility in choosing when they can tour, as well as choosing the pace they want to go for a tour.

However, it’s important to note that the journey to create an efficient self-guided touring option has not always been easy. Companies had to look at solutions for certain situations that could arise, from touring after leasing offices are closed to closing off dead zones to potential tourists. The way that companies looked to remedy these situations was to take note of what property managers and residents need, as well as making sure to set options to how residents can self-tour and avoid dead zones in buildings.

How Invictus Fits In

Invictus also offers the option for potential residents to have self-guided tours. Potential residents are sent a wayfinding map and can tour living spaces at their own pace. This also gives property managers a chance to emphasize that socially distancing is taken seriously at their property with offering self-guiding tours. Residents feel more empowered with self-guided touring, as it gives them more agency to choose when they would like to tour, as well as having more flexibility when choosing the next apartment or multifamily property to live in.

How Virtual Touring is Becoming the Norm

The appeal for 3D or virtual tours had been growing for renters since 2018. 3D and virtual tours give potential renters the option to view a possible living space without having to travel or take time out of their busy days for an in-person tour. In 2020, the preference for 3D and virtual touring due to the beginning of the COVID-19 pandemic. According to a recent study by Zillow, by the fall of 2020, sixty-four percent of renters agreed somewhat or completely that a 3D tour gave them a better feel for a potential living space than static photos. Fifty-six percent stated they wished more listings would have 3D tour options, while sixty-one percent expressed agreement that it would be easier for them to unlock properties with their phone for a tour on their own time.

Virtual and 3D touring offers the chance for renters to view a new living space from the comfort of their current homes. It gives more power to the resident, as they can view multiple virtual and 3D tours in one day instead of having to use time to commute to multifamily and apartment properties for in-person tours. Property managers also benefit from virtual and 3D touring, as they have more time throughout their work day for other tasks while potential residents can tour on their own time. Having 3D and virtual tours in place also shows that property managers emphasize the importance of integrating the newest technology on their properties and options for people to continue social distancing during the COVID-19 pandemic.

How Invictus Fits In

Invictus allows potential residents to view vacant spaces through its kiosk. Property managers also have the option to send touring residents a map to navigate their multifamily and apartment properties, so that residents can tour at their own pace and time. In-person interaction is decreased to protect against COVID-19, and renters can continue to have the flexibility of choosing when they want to tour and have more agency in how to navigate their new living space.

Two Ways to Close the Digital Gap for Renters

According to a new study published by Zillow, the percentage of renters who expressed a preference for online payment skyrocketed from spring 2018 to summer 2021. By the fall of 2020, sixty-nine percent of renters surveyed stated they preferred electronic payments. Electronic payments are not the only digital renting aspect becoming more popular, as the use of tools for signing rental leases has also seen substantial gains in 2021. Thirty-five percent of renters currently sign leases online, which is a 5-point increase from 2020.

What this tells property managers and investors is that digital transactions are becoming the norm in renting a living space. And the two ways of doing so is implementing electronic payments for rent and other fees, as well as giving residents the option to sign leases electronically. These two options give residents more flexibility in maintaining their living space needs, as they can sign and pay for their living space from the comfort of their own home. And while it’s important to integrate these digital options, property managers should continue to offer in-person interactions to their residents in order to keep their residencies as inclusive as possible.

How Invictus Fits In

Invictus partners with Heartland payment processing so that residents have the option to complete rental payments through an online transaction. Through our mobile app, residents can view and pay all fees from wherever they are. The Invictus kiosks also offer potential residents the opportunity to view vacancies in whatever property they are interesting in renting that includes the Invictus technology. With Invictus, residents can solve all their needs via the mobile app from any location, as well as have the opportunity to change their living space and enhance their resident experience.

How Proptech Can Enable Brokers

With COVID-19 playing a major role in how people and technology work together in different industries, the future of brokers and real estate has changed as well. Some thought leaders have expressed concern about if AI and other tech innovations could take over human employees and continuing to drastically change the job market.

However, companies such as B +E say that people and technological innovations can work together without one have to completely erase the other. The future of real estate can feature equal collaboration between brokers and modern tools while continuing to retain resident satisfaction. Updated dashboards for property managers can be used to compile realtime data and activity, while giving its users confidence in selling net real estate and retaining residents. When managing larger portfolios, property managers can use technology to analyze how each property is performing and manage all resident needs.

How Invictus Fits In

One prominent feature of using Invictus is the administrative dashboard utilized by property managers. Instead of having multiple single software subscriptions, property managers can access all software and apartment property needs through one administrative backend. With Invictus, property managers can also offer potential residents self-guided tours of their property as well as have direct chat with current residents. Invictus allows property managers to continue to be hands-on at their work place while continuing to utilize technology to elevate their community and keep their residents satisfied.