The current boom in technology is having an enormous impact in wide areas of businesses, including the multi-family real estate industry. Various tech solutions have been developed and availed to the market where they are positively impacting the way real estate managers in multi-family business settings go about real estate management.
Among the notable impacts evidenced in the recent past include the incorporation of innovation in the management and running of such properties as well as the enhancement of operational efficiency. Here are some of the common technological tools and platforms that are positively affecting multi-family property management.
Property owners in multi-family settings have embraced artificially intelligent devices and technologies capable of giving customers an enhanced experience. AI, for instance, enables property managers to give potential customers a three-dimensional tour of the entire property, thereby increasing chances of lead generation and successful conversion of potential clients to active customers.
Artificial intelligence is also applied in various other avenues such as voice-controlled services and diagnosis of potential issues such as severed utility connections. AI is also actively used in facilitating and controlling security services, lighting services, televisions, as well as thermostats that enhance tenants’ experience.
The entire concept of communication between property managers and customers has been significantly revamped by the introduction of cutting edge communication tools. Property managers can remotely administer services to clients without the need to travel for physical meetings. For instance, electronically generated and transmitted contract forms can be assented to using e-signatures.
Marketing and Analytics
Multi-family property managers have an easy time marketing their properties, especially given the various marketing tech solutions and analytics. At the click of a button, a property manager can analyze the performance of the business vis a vis the marketing inputs made. Necessary adjustments can be incorporated into the various property marketing options in order to increase the potential return on investment. For example, the manager can visualize properties’ performance in terms of which kind of apartments are particularly famous across a given demographic group.
These analytics can then be used to help the property company to adjust its investments in order to fetch better returns. If, for instance, two-bedroom apartments are more famous among tenants with families than three-bedroom apartments, then the managers can be appropriately advised on the strategic direction to take.