Commercial property management isn’t what it used to be.
Today, the business is taking on a completely new face - and it’s all thanks to advances in technology. Property management teams all around the world are integrating cutting-edge technologies into their workflows helping them streamline the management process.
This is specifically true for the multifamily sector.
Multifamily management is more complex than other CRE sectors since there are far more tenants involved in the process. The sheer number of residents makes it clear that multifamily management is more complicated than other commercial arenas - and in today’s world, the only way to keep up is by employing technology.
In 2020, these 4 property management trends will be changing the way multifamily property management gets done.
You Guessed It - More Tech Integrations
If you thought 2019 saw the apex of tech adoption for multifamily property management, you couldn’t be more wrong.
2020 is gearing up to be a year full of never before seen technological expansion in multifamily management. Its capacity to streamline the management workflow makes it imperative to the business.
From advanced IoT systems to more mobile integrations, tech will continue being a big part of the management process.
A Switch to All Things Smart
The experts are expecting to see a lot more Smart technology involved in the multifamily management process.
Smart Technology allows property managers to have total control of the building’s features, covering everything from utilities to emergency alerts. Besides making the job more convenient, it’s also saving multifamily properties money and helping maintain an eco-friendly operation.
Smart Tech lets users track their utility usage and make changes accordingly, helping to cut back on wasted energy and shave off expenses from the utility bills. Another benefit is that property managers can be alerted when things go wrong, helping management teams adopt a preventative maintenance module. Smart Technology helps catch issues before disaster strikes instead of suffering the consequences.
Another huge perk is safety. Smart Technology improves a building’s security system by establishing 24/7 surveillance and real-time alerts in case something is suspicious. Not only does this alleviate some of the burdens from the team, but it also helps maintain a safe multifamily community.
Digital Marketing is a Must
Multifamily property managers will be expanding their online presence in 2020.
Digital marketing will be the new norm for attracting new tenants - but it goes beyond simply posting a listing. Instead, much of the process will be done online. Everything from marketing to tenant screening and even leasing will be completed digitally.
This way, the once paperwork-heavy job of filling vacancies will become a hands-off process. This transition will limit the instance of human error and help keep everything organized, simple, and stress-free.
Bigger Management Teams
Just because technology is taking on more responsibilities in the multifamily management process doesn’t mean the teams are getting smaller.
On the contrary, we’re actually seeing a shift towards building bigger property management teams. While technology takes care of all the busywork, a team of experienced and tech-savvy professionals can deal with interpersonal relations with residents. Bigger teams will be the new norm this new year.
Don’t take your eyes off of these 4 multifamily property management trends in 2020. Keep up with the latest commercial insights on our blog.