Multifamily tech trends to watch in 2023
Running a successful multifamily business in 2023 requires many things, but one of the most important is having the right technology to satisfy the expectations of residents and your property staff.
Giving residents what they want will help your business stay competitive and maximize occupancy. Leveraging user-friendly technology that works together, separately, or alongside your existing systems will add efficiency and keep your leasing teams happy – and potentially aid in employee recruitment and retention.
What are the multifamily technologies that will help you take care of residents, business, and yourself in 2023?
1. Self-service options for residents
Technologies that enable self-sufficiency for applicants and residents is a top priority. In 2022, the use of online applications, resident portals, electronic payments, and online service request submissions continued to be well above historical norms for applicants and residents, according to the MRI Software Market Insights report. Interestingly, traffic and touring volumes declined during this time – implying weaker demand – but application volumes remained unseasonably strong through the end of 2022. Taken together, these findings likely indicate that prospects are spending more time conducting their search online before touring a property. Investing in systems that fulfill the expectation of digital engagement will go a long way in keeping your multifamily business ahead of the curve.
2. Prospect engagement
Since prospects are increasingly interacting with your community through digital channels, it’s important to keep them engaged while they move through the funnel and ideally become residents. Instead of relying on a multi-tasking leasing agent to manage a nurture campaign, you can leverage Artificial Intelligence (AI) to help. An AI leasing assistant can continue to engage the prospect by providing appropriate and timely communications, without sacrificing customer service. The use of AI to automate processes and give staff more time to focus on valuable tasks is a common thread among many 2023 multifamily tech trends.
3. Advanced fraud detection
Identifying fraud before the tour is a best practice for keeping your community safe. Fraud has become more sophisticated in recent years, making it nearly impossible for property managers to stay ahead of evolving threats. MRI’s CheckpointID team discovered that the average number of bad actors per organization per week increased from one in 2021 to 2.6 in 2022. This would have resulted in millions of dollars in bad debt if the fraudsters had become residents.
ID verification software with image comparison capabilities will take your fraud prevention to the next level. Using AI to compare the image from a government-issued ID to a selfie photo submitted by the same party can identify a match or uncover someone trying to misrepresent their identity.
Another way that AI can meet the needs of prospects and residents without adding to the workload of property staff is through chatbots. Using natural language processing to engage with prospects offers real-time answers to their questions and drives the prospect to schedule an appointment and complete an application. By some accounts, chatbots can cover over 90% of the questions a prospect may have. This same technology can also be used to service current occupants to make sure their needs and questions are being addressed.
5. Digital payments
According to MRI’s Voice of the Resident report, renters prefer to communicate with their property manager or landlord through digital channels. Like most of us, they have grown accustomed to the simplicity and speed of online payments in their daily lives, and rent should be no different. Tools such as RentPayment provide your residents with multiple channels to pay their deposits, fees, and rent — giving them more control and self-sufficiency while making rent week less stressful for your property business.
6. Flexible rent
The pandemic changed many things about how we live, work, and play, but its lasting legacy is the expectation of flexibility. Multifamily properties can leverage technologies that allow residents the option to break their payments into smaller amounts paid throughout the month. Flexible Rent by Best Egg, integrated into RentPayment, provides a resident-friendly benefit that helps you get paid on-time without burdening property staff.
AI-driven tech is at the forefront
The common thread of AI throughout these PropTech trends will likely not be noticed – most of us are using AI today and aren’t even aware of it. The multifamily industry stands to benefit greatly from the application of AI. Multifamily businesses that enable self-sufficiency and time savings for applicants and residents will come out on top.
Learn more about multifamily tech tools that can help you take care of residents, business, and yourself.
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