Technology is reshaping the essence of multifamily living; is an evolving landscape. The recently released “Technology and Innovation in Multifamily, MFE 2023 Concept Community Report" sheds light on the pivotal role of proptech and trends sweeping through the industry. Don’t worry. We’ve read it all and will share the most important parts. We’ll provide an overview of industry leaders’ key takeaways and insightful quotes.
The Critical Role of Personnel in Tech Adoption
The report emphasizes that technology alone cannot drive success in multifamily. Hal Funderburk, Vice President of Construction at Sands Cos., highlights the significance of having the right personnel trained and committed to utilizing technology effectively. The training process is crucial to ensuring that the promising capabilities of technology translate into tangible outcomes.
Tech-Guided Tours: A Continuing Impact
Self-guided tours may not be as crucial as during the pandemic, but still influence prospects. Zak Swan, Vice President of Operations for RPM Living’s Dallas-Fort Worth market, suggests using CRM tools alongside self-guided tours. Self-guided tour software can help to manage the process better for prospects. Nurturing leads that opt for self-guided tours is essential. It ensures a seamless transition from virtual engagement to in-person tours.
Streamlining Leasing with Digital Agents
Kimberly Boland, Director of Digital Marketing at Morgan Properties, advocates for digital leasing agents to streamline the leasing process. Digital leasing agents can handle simple requests such as routine queries, directing prospects to virtual tours, and scheduling meetings. Automating these basic communications reduces the time between expressing interest and signing a lease. This also allows leasing agents to focus on more complex and meaningful interactions.
Accommodating Remote Workers
Developers and managers adapt to remote work by transforming spaces into co-working areas. Christina Steeg, Senior Vice President of Marketing and Communications at Waterton, highlights the renovation of properties to cater to the work-from-home crowd. Properties offer a unique advantage, allowing residents to blend work and home life. Residents can even reserve workspaces through convenient apps.
The MFE Technology and Innovation in Multifamily report underscores the transformative impact of technology on the multifamily sector. As the industry embraces these trends, stakeholders need to explore the full report for a deeper understanding of the strategies, challenges, and opportunities that lie ahead. Embracing change is not just an option but a necessity for thriving in the dynamic landscape of multifamily living. To read the full report, click here.
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