The modern property management tech stack has sprawled out of control. EliseAI data shows that most operators have cobbled together a patchwork of expensive, single-function software solutions, resulting in 71% of onsite teams using 3 or more resident-facing tools and platforms. This tech stack bloat has serious negative implications for both the employee and the customer experience, causing burnout and login-fatigue amongst property management teams and confusing, disconnected journeys for prospects and residents.
AI has the potential to be the great unifier across the fragmented tech stack, consolidating the capabilities of expensive point solutions into one unified platform centered around artificial intelligence and automation. Today, operators using EliseAI to centralize the capabilities of products like mass messaging solutions, tour scheduling widgets, external call centers, and survey tools into one consolidated platform are already realizing significant efficiency gains and cost reductions, while positively impacting the resident and employee experience.
Let’s dive deeper into the current state of tech stack sprawl, before showcasing concrete, ROI-driven examples of real world operators reducing costs and improving the customer journey with AI-powered consolidation.
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The Visible and Hidden Costs of Tech Stack Sprawl
The immediate cost of tech stack sprawl is clear: expensive monthly or usage-based subscription fees for multiple point solutions can quickly add up and make it difficult for operators, particularly third-party managers, to drive strong NOI numbers. For a larger operator like The Scion Group, each individual point solution they deployed added significant per unit costs to their bottom line. But even for smaller operators the costs can add up, with mass messaging and survey tools adding up to thousands of dollars per year in additional subscription fees.
Beyond the immediate financial impact is the impact tech stack sprawl can have on employee retention rates. Tech stack fatigue is very real, and can have a significant impact on your ability to retain top talent—something even more crucial in light of skyrocketing turnover rates, with anecdotal evidence showing attrition rates as high as 50% for onsite staff. And it’s not just the added strain on your existing staff—having a smattering of disconnected platforms adds significant training complexity and onboarding burden for new team members, adding to the workload for your Learning and Development teams.
Finally, there’s a hidden “integration tax” to sprawling tech stacks that impedes team performance and makes reporting more complicated. Data silos between different platforms prevent comprehensive analytics, making it more challenging for teams to show the data-driven impact of their work. Manual data entry workflows and the need for constant reconciliation adds time and complexity to reporting, blurring the impact the hard work your marketing teams and onsite specialists are putting in.
The answer to these challenges? Embracing the “All-In-One Revolution” the multifamily industry is undergoing, powered by the transformative nature of AI.
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The All-in-One Revolution: What Modern Platforms Offer
Today, new AI-native CRM solutions, like EliseCRM, leverage the power of conversational AI products and automation technology to unify the customer and employee experience in one central nervous hub. Combining the best of traditional CRM features like robust marketing spend reporting and ROI, centralized guest cards, and intuitive task management into an AI-first platform breaks down data silos and enables your onsite staff to focus on the human-first, high-value tasks that delight residents and bring a sense of purpose to the onsite role. EliseCRM’s unified tasks page consolidates AI handoffs, pending follow-ups, integrated work orders, ledger functionality, renewal offers, and more into one command center that serves as a single source of truth, reducing complexity and burnout.
This new, AI-powered platform technology also eliminates the need for cumbersome and pricey third party tools like external call centers and call center routing technology. With VoiceAI & Call Center, it’s easier than ever to handle high call volume and ensure the right team members are automatically looped in to handle both prospect and resident inquiries, all natively embedded into the EliseCRM platform. For operators like Mill Creek Residential, switching to VoiceAI from their existing overflow call center, which was converting leads at sub-1% rate, was a no-brainer once they saw the quality of the solution and how seamlessly it fit into their existing tech stack. For The Scion Group, cutting expensive contracts with mass messaging tools and NPS score solutions also drove significant tech stack reduction ROI while simultaneously improving the employee experience.
Real-World Success Stories: Four Strategic Approaches to Tech Stack Consolidation
Tech stack consolidation isn’t just some novel idea. It’s a real, actionable approach to improving your operations through structured role and responsibility mapping, allowing you to eliminate redundancy, cut costs, and simplify operations. The following four success stories are textbook examples of how tech stack consolidation can make a measurable impact, both by improving NOI, and by improving the employee and resident experience.
The Comprehensive Approach: The Scion Group
By taking a thorough approach to cost reduction and operational improvements, The Scion Group significantly cut their point solution tech spend through the adoption of the full suite of EliseAI’s conversational AI products. With VoiceAI eliminating their call center, plus built in capabilities replacing their VoIP, multimedia messaging, and experience management solutions, The Scion Group was able to largely offset the additional cost of AI products with strategic consolidation.
The Scale-First Approach: Mill Creek Residential
- Portfolio: 30,000+ units across 110 communities
- Focus: Lead nurturing and customer service improvement
- Results:
- Lead-to-tour conversion increased from 14% to 35%
- EliseAI nurtured almost 100,000 leads with average of 5 touchpoints per customer
- Improved customer service scores and collection rates
Mill Creek Residential approached tech stack consolidation with a change management focus, looking to unify the employee experience across their 30,000 differentiated apartment homes. By deploying the full suite of EliseAI’s conversational AI products, they cut their subscription to their overflow call center (that was converting under 1% of leads to leases) and drove conversion rate improvements across the prospect-through-customer lifecycle.
The Employee-Centric Approach: GoldOller Real Estate Investments
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By consolidating their tech stack to reduce employee burnout caused by toggling from software to software, GoldOller Real Estate Investments drove a 47.4% improvement in retention rates on office positions. EliseCRM was the focus of their tech stack consolidation success, enabling them to slash their subscriptions to an external maintenance software, call center, CRM, and ID verification subscriptions while centralizing their operations in one user-friendly, AI-powered platform. In doing so, they also increased portfolio occupancy rates by 4% with AI automating renewal, lead scheduling, tour follow-ups, and more.
The Head-to-Head Approach: Coastal Ridge Real Estate
- Portfolio: 40,000 multifamily and student housing beds
- Focus: Finding an all-in-one AI vendor
- Results:
- 58% Lead-to-Tour Conversion Increase
- Consolidation onto one AI platform
- 2% Average Monthly Occupancy Rate Increase
For Coastal Ridge Real Estate, finding the right AI partner was the culmination of their tech stack consolidation effort. They chose EliseAI over the other 9 AI vendors in their selection process due to the all-in-one, consolidated nature of the EliseAI platform that drove significant conversion rate improvements without sacrificing functionality.
The Future of Property Management Is Consolidated
Tech stack consolidation is becoming more than just a cost-saving measure—it’s a strategic level that is differentiating customer and employee-focused operators from those who are fine with the cumbersome status quo. As highlighted by these real life success stories of tech stack consolidation, early adopters are seeing significant ROI through reduced costs, improved efficiency, and better customer experiences.
If you’re looking to replicate the success of innovative management companies like The Scion Group, GoldOller Real Estate Investments, Mill Creek Residential, Coastal Ridge Real Estate, and the hundred of other operators around the country using EliseAI’s AI and automation platform, get in touch with us today.