3 Multifamily Tech Trends to Try in 2018

3 Multifamily Tech Trends to Try in 2018

February 26, 2018

3 Minute Read

Technology continues to move at breakneck speed. When you can shout requests for knock-knock jokes at an inanimate object and get a response, you know that things have really moved to another level.

But how do these advances affect your business? One thing is for sure — your company doesn’t grow by staying the same, so here’s a look at the technology trends that are shaping the rental real estate landscape this year.

1. Keep it human-centered

If you consider some of the hottest tech advances in the past year or so, many of them have wrapped technology around mundane human experiences. Hailing a cab, finding a place to stay and even making tonight’s dinner can all be accomplished through an app.

While these advances have mostly been centered around the democratization of these services (anyone can now be a cabdriver or hotelier), the real success of these apps is their focus on delivering a seamless customer experience. This is why these services have caught on with the consumers necessary for their success.

So, what does this mean for you? While some have taken a hard look at the apartment of the future, there’s no need to start planning for a holographic receptionist to greet tenants and prospective renters. Instead, start by creating a seamless experience for renters — from signing the lease to paying rent to requesting maintenance to renewing the lease.

By providing a great experience, you can not only make a great first impression but also keep renter satisfaction high. And while technology is an important part of the equation, the intersection of technology and the in-person experience is just as important.

Consider a maintenance request. If a tenant provides details in an online repair request, but the maintenance person asks for those same details when they arrive, it’s a broken experience. Just launching new online tools for tenants isn’t enough — your back-end systems must also make the information available to your staff so they can provide a seamless end-to-end experience.

2. Get smart

Maybe you’ve already invested in smart thermostats, locks and lights in your communities. If so, that’s a great step toward providing the smart home features that people want and are willing to pay a premium for. In fact, these features are starting to be expected entry-level technology.

More sought-after smart home features include video communications, security cameras and voice-controlled services like Google Home. Even refrigerators, washers and dryers are online. And before you think smart locks have become all they can be, a lock maker called August announced they are launching an in-home delivery service at CES this year. Of course, Amazon launched their Key service to much hubbub late last year, but so far it is only available for single-family homes with deadbolt locks.

Aside from being convenient for tenants, these features offer increased security and can save money by providing fine-tuned control over heat, air conditioning and energy-using appliances.

In a poll conducted at the recent NMHC Apartment Strategies Outlook conference, 57 percent of real estate professionals said they sometimes include smart home features in new development or renovations of their communities, and 21 percent always do. Get ahead of the curve by considering including smart features in your communities.

3. Embrace the bots

Artificial intelligence, including machine learning, continues to gain a foothold in our daily lives. But rather than thinking about it for in-unit features, consider how it can help you run your business. You’ll find ways to improve your marketing, streamline internal management tasks and even enhance how you value your property.

Something to watch, and perhaps the easiest to implement in your business, is Facebook Messenger chatbots. According to TechCrunch, Facebook Messenger has 1.3 billion monthly users as of last fall, and this number continues to grow.

Chatbots can automate tasks ranging from marketing communication with prospects to maintenance tasks. For marketing campaigns, you can use chatbots much in the same way you use email marketing, but people seem to really love Messenger, which can’t be said about email.

To create a chatbot strategy, start with a goal in mind (a single goal is best), and reverse engineer the steps to create the script. Use analytics to tweak and improve your chatbot experience until it’s just right.

As for management tasks, a chatbot can help resolve common issues the same way a phone tree can. Take stock of the most common requests you handle at the front desk or at your maintenance line, then create chatbot scripts to field them. This allows your staff to spend more time on complex tasks and giving great service to your tenants.

What tech tools is your team embracing this year, and what tools do you look forward to having in the future?

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