We’re living in a connected age. In multifamily property management, creating strategic connections can enhance the resident experience and deepen ties with communities and property managers. How? An article in the Harvard Business Review titled “The Age of Continuous Connection” explains how technology is driving meaningful customer experiences. “Thanks to new technologies that enable frequent, low-friction, customized digital interactions, companies today are building much deeper ties with customers than ever before,” wrote authors Nicolaj Siggelkow and Christian Terwiesch.  “Instead of waiting for customers to come to them, firms are addressing customers’ needs the moment they arise — and sometimes even earlier. It’s a win-win: Through what we call connected strategies, customers get a dramatically improved experience, and companies boost operational efficiencies. For multifamily operators, that means creating effective digital connections that anticipate needs and feel personalized. As a result, businesses will be able to free up onsite property staff for more meaningful in-person interactions. Connected businesses At the Yardi Advanced Solutions Conference (YASC) that took place in Washington, D.C., in May 2019, Anant Yardi spoke to clients about continuous connection and how it can be beneficial for real estate business relationships. “This day and age of continuous connection doesn’t necessarily mean we are communicating all the time. But it does mean that we are available, and we respond,” said Mr. Yardi. “Our goal is to provide a connection between the business, the consumer and the property. As we think about continuous communication, the basic way we do real estate doesn’t change. But the way we transact business may change,” he added. For Yardi, this means thinking about the user experience of all parties involved, from stakeholders and leasing staff to prospects and residents. How can we innovate the way people connect with their homes and management...

Invoice processing services also help property managers monitor costs in several ways, says Brad Chandler, industry principal with Santa Barbara, Calif.-based Tech Choice Award winner Yardi Procure to Pay. Since invoices are digital, Chandler says, property managers can view them at any time without needing to search across various desks to assess property budget impact. This is key to financial decision-making throughout the month, and it also saves money, as there are no invoices to consume scarce office space. “The workflows that guide each invoice to the correct approvers eliminate the need to mail invoices to regional managers or headquarters for eventual payment,” he adds. According to Chandler, “Property managers are also able to view budgetary impacts prior to payable creation, to support future purchase decisions and also track service contract invoices against defined budgets as they are processed. “[This] provides insight of actuals against contract terms to ensure the budget continues to support the execution,” says Chandler. In addition, invoice processing can identify potential problems before they become actual problems, Chandler reports. Linking invoices to service contracts provides insight into execution actuals versus planned budgets, with each invoice eliminating reactionary steps when the budget is exhausted and the contract is not completed. Invoice processing systems can also identify duplicate invoices to prevent potential duplicate payments, which can impact cash availability. “Further, invoice workflows can be reported on when delays occur that could impact timely payment and payment discounts,” adds Chandler. “Property managers can assess the timing of payments to available cash and avoid insufficient funds and/or late fees. With electronic invoices, property managers can easily research vendor or client questions, no matter what workflow status the invoice is in.” According to Chandler, they can also expediently provide an invoice image and data, approval...