Operating in the digital age means businesses have to be ready to adapt quickly to new technologies. Whether that means letting renters get apartment insurance electronically with tools from companies like Jetty or uploading your product catalogue to Amazon, every business owner needs to be open to integrating emerging trends.
This is as true for multifamily property management as it is for any other industry. The businesses that recognize the coming trends and prepare for the necessary adjustments are going to be in a better position to succeed when new technologies change the way companies operate in their industry. Here are a few trends multifamily property managers can start preparing for today.
The Rise of Online Leasing
The signing and processing of lease agreements used to be an in-person process. But, more property managers are now turning to online leasing systems to save money and to make the process more convenient for prospective tenants.
While having a reliable online leasing system is one part having success with this new digital alternative, there is more you can do to provide a better experience for consumers. Instead of just having the online forms and some explanations of the terms and what they can expect from the community, you can now use technology to create resources like 3D virtual tours of rental units.
Expanding Digital Landscape
People now have access to more information than ever before. The modern renter expects to find information about a property on multiple platforms before they ever go see it in person. If a prospect can’t find information on the platforms they use, they’ll be less likely to give it the same consideration as they would a multifamily property that’s present on more platforms. This means that multifamily property managers are going to have to spend more time building out their online presence.
Increasing Cost of Advertising
Digital advertising has been a valuable resource for property managers, and this is not going to change any time soon. One thing that is going to change, however, is the cost of advertising online.
As more marketers compete for attention on the internet and advertising platforms change the way they operate, the cost of effective advertising is expected to rise. According to a report from Adobe Digital Insights, the cost of digital advertising went up 12% in two years.
Focus on the Resident Experience
More multifamily property businesses are starting to compete by creating better experiences for tenants. Features like Wi-Fi hotspots and lobby coffee bars are becoming more common.
As an additional strategy, many property managers are starting to organize community events to help establish connections between residents. These events have great value because they help to establish a sense of community among residents instead of just feeling like they are people who happen to live near each other.
Gamification and Bots
Gamification and chatbots are already having a significant impact on other industries. For multifamily property managers that want to stand out, these technologies could make a real difference. Now that products like Google Cardboard are making VR more accessible, property managers could leverage this technology by developing gaming experiences that encourage prospective tenants to investigate different features of the property.
With advances in Natural Language Processing, chatbots are becoming a popular customer service feature in many industries. By developing a chatbot for the website or a popular messaging platform, a multifamily property manager can provide prospects with a convenient way to get information. It also serves to ensure that there is always a way for people to interact with your business.
Following the latest trends can be one way to gain an advantage in an already competitive field. By recognizing these trends and making the necessary adjustments, you can help your brand stand out and attract more new tenants.
Rae is a graduate of Tufts University with a combined International Relations and Chinese degree. After spending time living and working abroad in China, she returned to NYC to pursue her career and continue curating quality content. Rae is passionate about travel, food, and writing for Jetty, of course.