As technologies continue to become more integrated thanks to the internet-of-things, most of us have become familiar with “property tech” (proptech) solutions like the digital intercom and smart-lock, but there are a host of other technologies transforming the residential space. This is especially true in the multifamily property management industry, where proptech has taken major metropolitan markets like New York City by storm.
The new property management industry in NYC demands a higher level of attention to detail to keep up with the discerning modern renters, and property managers are turning to proptech solutions to stay competitive. Read on for a detailed breakdown of some of the latest emerging trends in proptech that the best property managers – in New York or otherwise – will be integrating into their resident experience.
AR/VR lets you see what could be
The pandemic may have been a difficult time for both apartment managers and residents with face-to-face business being restricted, but as a side effect many emerging technologies developed rapidly in order to satisfy the new demands of the market. Augmented and virtual reality technologies were at the forefront of this growth.
While AR and VR were previously often looked at as entertainment products, the pandemic made unrealized applications for these technologies obvious to many new audiences, including multifamily property managers. As in-person touring options were limited in places like New York City, property managers needed an efficient and accessible means to allow potential residents to inspect floor plans and envision themselves in the space. Companies like Matterport – which had launched before the pandemic – were now seeing massive new interest in their product, and the concept of 3D unit models became virtually synonymous with multifamily leasing websites.
Most of the current virtual tour offerings rely on 360 degree scans of the apartment units and amenity spaces, and can be explored by clicking through the various rooms, or rotating your phone if you are viewing mobily. Thanks to the spike in interest around AR and VR applications, apartment residents may soon be able to dawn their virtual reality headsets to experience the sensation of really “walking” the space, and will be able to decorate it with 3D furniture models of their choosing.
E-signing makes leasing easier
Gone are the days of having to make an appointment with your property manager in order to sign or resign your lease agreement. The pandemic made virtual signing the new norm for all sorts of contracts and agreements and the trend does not appear to be slowing down even though many restrictions have been lifted.
Property managers who have not adopted the e-sign model are quickly realizing that this technology saves their onsite leasing and management team members valuable time that can be re-committed to serving established residents. The convenience factor also seems to be preferred by ever-busy leasing prospects as compared to the traditional experience.
As products like Google Drive and Dropbox continue to push the e-signature market even further, these time and organization saving technologies will become even more accessible.
Automation reduces resident request turnaround time
CRM (Customer Resource Management) platforms have long been the predominant means by which top property management companies process their resident requests, work orders, and contracts. While traditional CRM platforms offer many advantages to spreadsheet record keeping they often require manual data entry, report generation, and file sharing.
As this industry has matured, many smaller more specialized CRM platforms have been developed for specific industries. These specialized CRMs are developed with input from industry experts to create “automated workflows” which represent a specific set of highly repeatable tasks performed by the industry’s workers.
Companies like Appfolio have been building automated workflows within their multifamily property management platform for years and the time-saving features continue to impress. These workflows automatically pass on critical information to-do with resident requests or maintenance items to the relevant parties and incorporate the task into their checklist.
Sustainability insights at your fingertips
Proptech supports energy saving efforts by giving renters access to usage data in real time, and also extends the ability to change the usage remotely from any location. As modern renters become increasingly concerned with their personal sustainability footprint, they will expect these features to be included in the next apartment whether it be a Nest unit or a more sophisticated control system from companies like GE.
These control systems can also be remotely accessed by the property manager in order to ensure energy isn’t being wasted in vacant units or unoccupied amenity spaces, helping to lower the overall footprint of the community as a whole.
To learn more about which proptech solutions might be right for your next multifamily project, visit our contact page to submit your information. One of our experienced multifamily advisors will help you to select the right proptech products to elevate your resident experience.