Technology is available to make practically every aspect of your life easier and more efficient.
You can monitor your daily calories burned or the amount of sleep you get, set reminders for social events, and communicate with friends located across the country – all from your smartphone. A lot of people reading this might be thinking this isn’t exactly news, but the truth is that for multifamily investors and their residents, there is a lot of new technology.
You can remain competitive by being informed and staying ahead of the curve.
Resident technology that keeps you competitive
Your online strategy: Ten years ago, social media looked like a good area for multifamily investors to focus their marketing efforts. However, the recent NMHC/Kingsley Apartment Resident Preferences Survey found that only 13 percent of respondents chose social media as their preferred method of communicating with property managers. However, almost 70 percent said they check apartment ratings and reviews sites when researching properties. Fifty-four percent said these sites influenced their decision, and fifty-two percent said a bad review prevented them from even visiting a community. Monitor how your properties compare to others on these sites.
Online bill pay and other services: Many millennials want to sign leases electronically, make rent payments online, and be able to report maintenance issues 24/7. To attract busy people under the age of 35, you must accept online payments. Digital records are also easier for you to search, access, and manage. Adding these amenities for your residents also saves you money and helps you operate efficiently.
Smart home technology: While it is of little value to many older residents, tech-savvy millennials appreciate the benefits of smart thermostats, smart lamps, and outlets with USB ports. Smart technology features are not yet a must-have, but they do help you stand out from the competition.
Internet access: It is becoming a necessity these days for every home to have access to broadband internet. To help Americans of every income level achieve their fullest potential, the Obama administration introduced the ConnectHome initiative. Children with internet access do better in school, and families need a strong connection for everyone’s devices. Consider installing routers throughout your buildings and providing Wi-Fi in your common areas. A good internet connection alone is not enough to attract tenants, but having a bad internet connection or no internet access will cause them to move out.
When you use technology to empower your tenants and enhance their lives, you also enable yourself to focus on other business areas and better manage your real estate investments.
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