How Smart Technology is Reshaping Multifamily
Technology serves a dual purpose in the multifamily market. On the front end, automation that makes for a more seamless living experience is taking shape through payment portal applications, package locker systems, learning thermostats, and virtual reality. On the back end, smart marketing campaigns are leveraging AI, data analytics, digital advertising, and SEO to turn leads into leases.
Smart technologies will become an essential part of the real estate buyer’s journey in the coming years, and customer satisfaction from search to lease will depend on amenities and offerings. The new generation of renters and buyers expect homes equipped with automated or connected devices – and they’re willing to pay for it.
Here are a few use cases for how technology can assist buyers in their journey.
Get a foot in the door
To reach a customer in the beginning stages of their research, a company must not only exist online but should hold an impactful presence. For example, companies need to make sure they:
- Provide accurate, up-to-date company information on Google My Business and other local listings
- Have introduced themselves into the industry conversation
- Have a strong presence on the search engine results page (SERP)
According to 2018 Google research, more than 60% of people expect brands to provide consumers with the information they need when they need it. If a business doesn’t clearly provide relevant information, or their page takes too long to load, that prospect will bounce to a competitor’s site. This is why it is important to partner with a website provider that takes care of all of this for you.
Seventy-three percent of clicks originate on mobile devices, giving brands just nanoseconds to make an impression. This makes dynamic advertising vital to audience reach. Dynamic ads update and maintain campaigns in real time, customizing content for each user so they see the most relevant ads first. An example of this would be ads which specifically highlight one-bedroom apartments for rent with up-to-date pricing that aligns with the information in your property management system. Instead of mass producing and abandoning digital advertising efforts, marketers need to focus on meeting a customer in the mere micro-moments prior to click-through.
After securing a lease, it is time for tech to shine. Obsolete processes such as paper leases are being replaced with digitized apps and portals where residents can quickly and easily make transactions and view their lease at any time. Additionally, artificial intelligence is playing a significant role in apartment automation, with preventative maintenance monitoring, automated call answering systems, energy efficiency, and much more.
With the right, innovative technology, converting leads to leases can be achieved at the touch of a button. Next generation living involves providing the renter with a tech-savvy, connected, personalized experience at every stage along their customer journey, discovery, leasing, and the rental experience.
This article was written by Meggan Shaw-Butler, Senior Director of Multifamily Strategy with G5.