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While many properties have their reputation management processes firmly in place, new mandates from the Federal Trade Commission (FTC) have added a wrinkle. These new rules, which went into effect in October, feature an overarching theme of authenticity and transparency.
According to The New American Dream Report recently released by the property software management company Entrata, 41% of renters claim their American Dream has nothing to do with homeownership. In fact, 20% anticipate being lifelong renters, which represents a 33% increase from 2021.
Clearly, the apartment world has made strides on the technology and efficiency fronts over the past few years. Self-guided and virtual tours, centralization, and an exploratory dabble into artificial intelligence (AI) are among the recent advancements in the space.
With the exception of a visit to the community website, prospective residents can remain invisible to the community while they conduct their research and evaluation of any given property. That makes the requirement of being digitally sharp and transparent that much more important.
If we look back at how the industry operated two or three decades ago, we might realize hiring and training practices haven’t deviated much since then. So in some ways, the industry’s relationship with existing associates and potential new associates is in need of a reboot.