The multifamily market has been facing fierce competition owing to the various trends that are being increasingly adopted in this industry. Technology has opened up a variety of options for sellers and prospective buyers.
The demand for multifamily housing has risen over the years in various regions. With the evolving landscape of technology, new and improved tools are being implemented in this industry to help buyers exceed customer expectations. Traditional methods have been replaced by more relevant technological tools.
Here are a few trends that are propelling the multifamily market.
Technology as an Amenity
It is no surprise that technology has brought a new wave of innovation to the multifamily market. We rely on the benefits of technology to complete a major portion of our daily activities. Every tenant or buyer expects to be connected to the Internet regardless of where they are. Therefore, technology as an amenity is expected to be on the rise with various services to offer.
One of the most important amenity is providing apartment WiFi. The concept of a Multiple Dwelling Unit WiFi (MDU WiFi) involves turning a multifamily residential unit into a WiFi hotspot. This is even more vital because WiFi has turned out to be a basic amenity.
In addition to that, other technology amenities like online rent payment, Internet of Things (IoT), Google Fiber, access to fitness centers, rooftop decks, fully furnished apartments with modern kitchen facilities and so on could enable sellers to close sales more easily. Amenities have the power to attract more clientele and fetch higher rent.
Property viewing experience has come a long way from the conventional methods to various new and innovative ones. Virtual reality is one of these. With virtual reality headsets on, visitors can view the entire apartment and navigate through it as if they are present inside the space. This technology recreates the entire space digitally and turns the property viewing experience into an extremely immersive one.
Various companies have already started experimenting with this technology.
According to Robert Kendall, who is involved with an app that turns designs into virtual reality scenes,“We have found that VR leads to property buyers making quicker decisions on purchases and also empowers them to make changes to living environments to better suit them before properties are constructed and changes come with significant cost.”
“I think for overseas property purchases it’s going to be a necessity,” Neo Zhang, analyst associated with a market research company pointed out, “If they want to choose a house from Australia or the United States or Japan, they’re probably going to choose from the VR and then decide to fly to that country.”
Following closely in the footsteps of virtual reality, augmented reality has turned out to be a major trend in the multifamily market. While virtual reality creates an entirely new world for buyers to explore, augmented reality improves the real-time viewing experience by providing various options digitally.
For example, with the use of augmented reality, prospective buyers or tenants can add a personal touch to the apartment by adding furniture, curtains and other elements digitally. This will help them understand how the space will look like once they start living in it. This can help immensely in the decision-making process.
In addition to the interior space, buying decision also relies on the surrounding and the neighborhood of the apartment. Images taken by drones allow prospective buyers to view the locality and the surroundings of the apartment. The drone technology helps potential buyers or tenants get an idea about the neighborhood, view the distance of the apartment from the local hospital, schools, fitness centers, shopping malls, coffee shops, bus stops and so on.
This helps in selling the multifamily units quickly.
Technologies to Track Sales
It is important for sellers to maintain an open line of communication with the potential buyers and tenants. Technology has made it possible to do so. With the help of various tools, sellers can now track sales, send notifications regarding the property to the buyers and so on. This will eventually help in generating more leads and revenue for a business.
These technology trends in the multifamily market are here to stay. Therefore, businesses need to make the necessary tweaks in their strategies to ensure that they stay ahead of their competition.