The COVID-19 pandemic finally brought about the much needed technological change in the multi-family real estate market. Previously, the apartment industry avoided taking any risks associated with innovation and would only solutions once they’ve been tried and tested. The economic recession, combined with the pandemic-related restrictions like social distancing, staffing limitations, leasing office closures, etc. forced operators and owners to change their status quo.
The following points prove that by sticking to outdated practices and showing reluctance to switch to new technology, real estate professionals had not done justice to multi-family real estate. Let’s find out how multi-family real estate is currently modernizing:
During the coronavirus pandemic, innovative property maintenance workflow platforms have become increasingly popular. Thanks to these applications, anyone among executive leadership, property managers, residents, and technicians can track and check the status of service requests in real time. No more inefficient calls to the leasing office and filling out paper forms. The change has not only led to a more efficient workflow and improved response times, resident satisfaction has also improved as a result.
Self-Guided and Virtual Tours
Before the pandemic, self-guided and virtual property tours were somewhat an alien thought that was hardly considered by prospects when looking for vacant properties. As social distancing measures were enforced, the same thought became both, a need and the norm.
To support self-guided tours, more tech adoptions such as enhanced tour tracking and property mapping capabilities have been made. Prospects can now guide themselves around the property and at the same time, leasing professionals can remotely track the precise locations of visitors during their tours.
With Bluetooth access controls, prospects using smartphones to conduct tours can now access select homes and amenities. This has given them the flexibility to tour on their own terms. Lease conversion rates have drastically increased as a result.
Move to Lease Insurance
The unprecedented unemployment levels related to business closures meant that a large number of renters could no longer adhere to previous security deposit requirements. This prompted property owners to amend the traditional practices and consider lease insurance and other AI-based deposit replacement solutions.
Under this system, rather than paying an upfront deposit, residents pay an insignificant monthly fee. Until now, lease insurance has proved to be an affordable move-in process for prospective renters. Thus, a large number of companies have already started marketing their low-cost move-in process to accelerate leasing and generate leads.
Multi-Family Real Estate In New York City
The COVID-19 pandemic has affected our lives in unprecedented ways. Every industry has sustained impact in one way or the other, and multi-family real estate is no exception. The new model leveraged during the pandemic includes both completely novel ways to conduct business and integrations and additions to the existing platforms. As seen above, property owners and managers have responded quickly to the evolving needs of their clientele.
If you’re a prospective renter, you might be looking for safe ways to search and tour apartments and other residential real estate. This is where Milbrook Properties specializes. To explore our vacancies, contact us today.