Owning a multifamily property is a big responsibility. Not only do you have to worry about the property’s condition, but you also have to keep up with the latest technology. As the market changes and technology improves, property managers and landlords must be proactive at adapting to new tech in multifamily leasing.

By adapting new technology, multifamily complexes can improve their overall efficiency, making the work of property managers and landlords much easier.

The Current Market of Adapting New Tech in Multifamily Leasing

The current leasing market is increasingly competitive, and multifamily operators are looking for new ways to set themselves apart. Adapting new technologies can help make life easier for both property managers and tenants.

Some of the most popular new technologies being adapted by multifamily complexes include:

1. Online leasing and rent payment platforms
2. Smart home devices
3. Package delivery systems
4. Fitness tracking devices
5. Security systems
6. Automated maintenance request systems
7. Tenant screening services
8. Chatbots

Each of these comes with specific benefits, and property managers should consider which would be most applicable for their situation.

What are the advantages of Adapting New Tech in Multifamily Leasing?

Considering implementing new tech in your multifamily complex? As a property owner, it’s important to stay up-to-date on the latest trends – after all, your tenants expect it. Implementing new technology can help you improve resident satisfaction, improve communication and better manage your property.

Here are four reasons to consider adapting new tech in your multifamily complex:

1. Increased Tenant Satisfaction

Your tenants expect you to provide a modern living experience, and that includes having the latest amenities and technology. By staying up-to-date on the latest trends, you can ensure your residents are happy with their living experience.

Implementing new tech can also help you attract new tenants, as many people are looking for apartments that offer the latest and greatest.

Tenant management software programs offer several features that can help residents, such as online rent payment and maintenance requests. You can also use these programs to communicate with your residents directly, which can help resolve issues more quickly and improve the overall tenant experience.

2. Improved Tenant Communications

Communication is key to maintaining a successful multifamily complex. By adapting new tech, you can improve communication between yourself, your team and your tenants. For example, you can use a property management app to send important updates, announcements or requests directly to your tenants’ phones.

Centralized leasing tools make it much easier for both tenants and landlords to keep track of what’s going on. For example, online maintenance requests can be easily tracked by date, status, and unit. Online portals give tenants the ability to see their payment history, as well as any upcoming charges or late fees.

Communication through a centralized leasing process is not only more efficient, but it’s also much easier to keep track of.

3. Increased efficiency

New tech can also help you increase efficiency when it comes to maintaining your complex. For example, if you use a property management app, you can keep track of all your maintenance requests in one place. This way, you can easily see which repairs have been completed and which ones are still outstanding.

Another way new tech streamlines efficiency is through the use of work order management software. With this type of program, you can create digital work orders and track their status in real time. This is a great way to keep tabs on which vendors are working on which repairs, and it can help you ensure that all your repairs are completed promptly.

4. Cost Savings

Adapting new tech in multifamily leasing can also help you save money in the long run. For example, if you use an energy-saving app, you can lower your utility bills. You can also save money on repairs by using a preventive maintenance app to keep track of upcoming maintenance needs.

An important area you can save money is marketing. By using a tenant engagement app, you can keep your current tenants happy and reduce turnover. This can save you the cost of having to constantly market to new tenants and thus reduce your vacancy rate.

Ready to Start Adapting New Tech in Multifamily Leasing?

Here are a few things for you to keep in mind when beginning the process:

1. Define your needs. What exactly are you looking to accomplish with new technology? Is it increasing communication among team members? Is it improving your marketing or collecting data on resident satisfaction? Once you have clear goals, you can choose which tech will help you achieve them.
2. Consider the costs. Technology can be a significant investment, so you’ll want to make sure you’re getting the most bang for your buck. In addition to the initial purchase or subscription price, also factor in costs like set-up, customization, training, and support.
3. Get buy-in from all stakeholders. If you’re planning on implementing new technology at your multifamily complex, get everyone on board – from the property manager to the leasing staff, to the residents themselves. Explain what you’re hoping to achieve and how it will benefit all parties involved.
4. Take your time. Adapting new tech in multifamily leasing is a big undertaking, so there’s no need to rush into it. Give yourself (and your team) time to get comfortable with the new system before making a final decision.

When you’re ready to start, we at DashQ are ready to help you. Our team will be there every step of the way to make sure your transition is as smooth as possible. From providing you with the latest technology to training your staff, we’re here for your success.

When it comes to multifamily complexes, property managers and landlords have a lot to consider when adapting new tech, but with the right tools and support, the process can be seamless.