Author: Tim Moegen
March 29, 2024 - 4 MIN. READ
Smart multifamily property managers work hard to attract quality tenants and keep them for the long term. As we move into 2024, technology will continue to play a pivotal role in helping multifamily management keep tenants satisfied and occupancy levels high.
Getting on board with tech in multifamily housing isn’t just a trend – it’s a must. Busy tenants demand the ease of submitting requests to management via apps rather than picking up the phone or having to visit the office in person. Keyless entry and integrated smart tech are now the default for Gen Z. It's not just about being tech-savvy; it's about making life easier for everyone.
Of course, when personal data are shared via these cutting-edge multifamily management tools, tenant privacy is at risk. The solutions you employ must enable seamless communication with tenants yet ensure the security of their personal information. Choosing the right hardware and software will help you strike the right balance.
Elevating Tenant Satisfaction With the Latest Technology
Remote Leasing and Online Rent Payments
Remote leasing is a valuable development for both property managers and prospective tenants. It is now possible for property managers to rent units without ever having met their new tenants in person. This can obviously save significant management costs. Everything from showing the property to signing the paperwork can be done online.
Tenants can find a new place to live, tour their new home, and sign a lease remotely. When they’re moving from a distance, remote leasing can be invaluable. No longer do prospective tenants need to take a long drive or pay for airline tickets when their new city is hundreds or thousands of miles away.
Once tenants are settled in their new home, multifamily management software allows them to pay their rent at the click of a button. There are no physical checks to get lost in the mail; management receives rent on time, and tenants avoid late fees. Some software allows tenants to pay rent by the week rather than by the month, increasing their control over their finances. Tenants are used to handling their banking and bills online, so why not their rent payments as well?
Instant Maintenance Request Submissions
In 2024, tenants are demanding the convenience that their resident portal offers. People are simply too busy to chase down management every time a maintenance need arises. Property tech allows them to submit a request in the time that it takes to send a text message.
While this service offers increased convenience for occupants, it also reduces your costs. Your tenants can report problems such as leaks or pest infestations before they get out of hand and require expensive repairs.
Fostering Community
Happy tenants stay put. When tenants feel a sense of community and build relationships onsite, they’re far more likely to stay past their initial year lease. This means that you save time, marketing expenses, and in cleaning and maintenance costs to prepare units for new renters.
It’s important to encourage tenants to connect through social media and apps. Neighbors can chat, share personal interests, and discover better ways to enjoy amenities such as pools, exercise equipment, and green spaces.
Increased Security
Property management software can create an increased sense of security for tenants. Real-time monitoring, access control systems, and smart surveillance enhance overall safety measures within a property. By leveraging technology, property management can proactively address security concerns, deter potential threats, and swiftly respond to emergencies, fostering a secure and reassuring environment for residents.
As the trend toward smart home technology increases, property management software can give tenants increased control over their space. They can access the heating and cooling system, allow guests or service providers to gain access to their unit, and even check what’s in their smart fridge, all from their phones.
Empowering Multifamily Management through Key Tech Use
As a property manager, you have a wide array of digital tools and platforms at your disposal. Property management software is quickly becoming essential to efficient and cost-effective operations. There are a multitude of tech options to make your life easier while improving resident experience. Consider features such as:
- Tenant portals.
- Mobile apps.
- Internet of Things (IoT) control of smart devices such as thermostats.
- Video property tours.
- 3D rendering of property layouts.
Augmented reality takes property tours to an even higher level. Prospective tenants can use their smartphones to place virtual furniture in unit layouts and plan their future living spaces.
As more businesses move toward AI-powered chatbots to answer inquiries, you may wish to do the same for tenant support. Chatbots can deal with common inquiries in real time, quickly answering straightforward tenant concerns and granting your staff valuable time to deal with matters that require a personal touch.
As previously mentioned, prompt maintenance keeps little problems from becoming large and costly ones. Machine learning takes the concept a step further, with predictive maintenance that can prevent many issues entirely.
Many tenants are concerned with promoting an eco-friendly environment through a lower carbon footprint. Two ways you can address their preferences are by ensuring access to public transportation and providing electric vehicle (EV) charging stations.
If your property can accommodate EV charging spaces, you can offer them for a monthly fee. You may also allow your residents to rent out their charging spaces when they are away from the premises, giving them a way to pay for their monthly expenses just for choosing your property.
The Benefits of Embracing Technology in Multifamily Management
The benefits of multifamily management technology are becoming impossible to ignore. Integrated property management solutions seamlessly consolidate your accounting, operations, and management functions into a singular, user-friendly application. The system ensures real-time access to crucial data, facilitating informed decision-making and enhancing communication with tenants for improved engagement.
It's now possible to streamline property maintenance with efficient work orders and self-monitoring appliances, resulting in cost savings and heightened tenant satisfaction. Multifamily management software simplifies marketing and leasing processes to optimize unit profitability while reducing bookkeeping expenses, simplifying tax procedures, and ensuring regulatory compliance.
Efficient rent collection and financial management processes safeguard against potential shortfalls, providing timely reminders and automated penalties when tenants fall behind.
Smart communities continue to grow. Keeping up with evolving technology will enable you to keep profitable tenants and attract new ones.
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