The hotel industry has been quietly leading the way in tech consolidation for years, and there’s a lot that multifamily can learn from their approach. Let’s dive into how hotels have streamlined their operations and what that means for the future of multifamily technology.
From Point Solutions to All-in-One Platforms
For years, hotels relied on multiple point solutions: one for booking, another for guest management, and separate tools for loyalty programs or maintenance etc . But managing all these different systems became inefficient and costly. Over the last two decades, hotels started consolidating their tech into all-in-one platforms that handle everything in one place.
Marriott International, for example, made this shift in 2017 after acquiring Starwood Hotels. They centralized guest management, booking, and loyalty systems under one roof.
The Result
And an overall better brand!
It’s Not Just About Saving Money
While reducing costs is a major benefit of consolidation, it’s not the only one. By streamlining their tech stack, hotels gained better control over their data and operations. But more importantly, they created a more seamless guest experience.
When all the systems work together, hotels can ensure a smooth experience for guests no matter where they stay. This level of consistency became a huge part of their brand – and it’s something today’s guests have come to expect. In 2018, a survey found that 58% of hotels planned to consolidate their tech systems to improve customer satisfaction.
Building Stronger Brands and Loyalty
Consolidation didn’t just make hotel operations more efficient; it also strengthened their brand. When hotels offer a consistent experience, guests know they can rely on that brand no matter which property they visit. That consistency drives trust, and trust leads to loyalty.
Marriott’s move to centralize its systems contributed to improved retention within their loyalty programs. Guests knew what to expect, and they appreciated the seamless experience, which led to long-term loyalty and higher retention rates. In the hotel world, a smooth experience is critical to keeping customers coming back.
The Multifamily Industry Is Next
Right now, the multifamily industry is at a similar crossroads. Property management companies often juggle between 10 and 15 different tools to manage everything from maintenance requests to resident communications to resident rewards etc.
This isn’t just time-consuming – it’s expensive, too. Recent reports suggest that using disconnected systems can increase technology costs by up to 50%.
Just like hotels, multifamily can benefit from consolidating these tools into one platform. By simplifying operations, property managers can reduce inefficiencies, lower costs, and offer a more cohesive experience for their residents.
How Consolidation Drives Retention in Multifamily
Just like in the hotel industry, the benefits of consolidation extend far beyond cost savings. When multifamily companies centralize their systems, they’re able to offer residents a consistent, hassle-free experience. And just like hotel guests, residents notice when things run smoothly. They’re more likely to renew their leases and stay long-term when their living experience is easy and enjoyable.
With an all-in-one platform, every interaction—whether it’s events, maintenance requests, feedback, or amenities booking—contributes to a complete view of the resident’s experience. This connected data helps property managers understand resident behavior, preferences, and pain points, allowing them to personalize services and respond proactively, leading to greater satisfaction and retention.
A 2021 study from Cornell’s Center for Hospitality Research found that hotels with consolidated systems saw a 15% boost in customer satisfaction and a 20% reduction in operational costs. The multifamily industry can expect similar results – lower costs and happier residents who are more likely to stay.
Time to Rethink Your Tech Stack?
As the multifamily industry grows and evolves, it’s time to take a closer look at your tech stack. How many different systems are you managing? How much time and money are you spending on training, support, and licensing for all these tools? And most importantly, are these systems helping you deliver the seamless, consistent resident experience that builds loyalty and strengthens your brand?
If brand consistency, operational efficiency, and a great resident experience are important to you, it might be time to explore how consolidating your tech stack can help you get there. The question isn’t whether consolidation works – the hotel industry has already proven that.
The real question is, can your business afford not to follow suit?
Ready to Take a Closer Look at Your Tech Stack?
If this article has you thinking about the potential savings and efficiencies of consolidating your tech stack, why not take the next step? We offer a tech stack cost analysis to help you see where you could streamline operations, cut costs, and enhance your resident experience.
Get in touch with us today to learn more!
