Technological Trends In Multifamily To Consider For 2020

Technology has long been intertwined with change, adaption, and evolution. This is why it is time to consider the technological trends that will impact the industry in 2020.

What kind of technologies will affect your multifamily the most? How will you use them to engage potential and existing tenants?.

You can easily get overwhelmed by all the new and upcoming tech that a few property managers are already indulging in. However, you only have to focus on the most critical trends that should guide your strategy for the year:

Data analysis

It’s wise to invest in technology that delivers relevant data on tenant input, superior marketing strategies that bring in high-quality leads, and insights for making the best decisions.

Using data analytics, you should be able to have a thorough understanding of what prospects look for and which markets offer the best possible opportunities. However, adoption may take some time to fully realize the value that analytics tools can bring. Nonetheless, investors will have to make the transition to data-driven decision-making somehow.

Connection anytime and anywhere

Your tenants will most likely be expecting the comforts of having connectivity anywhere and at any time. As such, there will be a need to cater to the demand for higher connectivity by ensuring that multifamily assets are equipped with high-speed internet.

Millennial renters who mostly work as freelancers will need to stay in places offering seamless connections.

Lead acquisition

This year will see many multifamily asset owners focus more on acquiring quality leads. So, from a marketing perspective, consider using platforms that identify users who are very likely to rent out.

This technology should also analyze how your other marketing, such as ads or newsletters, for example, are performing. That way, it will be easier to make cost-effective adjustments to your efforts.

The future seems bright for Multifamily. It’s only a matter for investors and property managers to upgrade their current arsenal of tools and platforms and open up new opportunities for growth.