Technology Trends in Property Management
Technology Trends in Property ManagementTechnology Trends in Property Management

Technology Trends in Property Management

Lately there have been a number of technological advances in many industries and the property management industry is no exception. Managers of residential multifamily properties are using the latest technology to attract new tenants. What trends can managers look forward to implementing this year? Read on to learn more.

Fiber Optics

More people are opting to watch Amazon Prime and Netflix instead of regular TV. That means property owners should consider increasing bandwidth capabilities in their buildings to allow for faster content streaming. There’s a growing trend toward fiber optics installation in buildings in the hopes of attracting tenants with high streaming-capability demands.

Drone Technology

When a new resident moves in, they don’t just become a part of your apartment community they also become part of a new neighborhood. Drones allow property managers to give potential residents a panorama view of the surrounding area near the rental property, even allowing them to hover over points of interest. The proximity to public transportation, schools, and trendy restaurants could place your property at the top of a prospective tenant’s list.

Virtual Reality

The Oculus Rift and similar VR (Virtual Reality) gadgets could offer an engaging experience for prospective renters. Some management companies are using VR headsets to help transport prospective tenants to virtual copies of available properties. Users can walk around and even interact with the virtual environment. The Oculus Rift is now available commercially as are other VR devices such as Google Cardboard and the HTC VIVE.

Augmented Reality

While virtual reality creates a new world for a user to explore, augmented reality (AR) enhances the environment surrounding the user in real-time. AR can be used through your smartphone, and since almost everyone has a smartphone this is a cost effective tool for property managers to showcase their units. Using your smartphone’s screen as if it were a window, AR allows you to digitally modify the image being captured by your phone’s camera in real time.  Prospective residents can put a personal touch on the property by digitally inserting their own furniture into a room as they view the rooms through a smartphone screen. This allows tenants visualize what their new home would look like..

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Sources:

  1.    http://www.ftthcouncil.org/blog/fiber-optic-broadband-boosts-value-of-multifamily-homes/
  2.    https://www.propertymanagementinsider.com/drone-technology-taking-property-management-to-new-heights
  3.    http://www.propertymanagementinsider.com/resident-technology-in-multifamily-look-before-you-leap
  4.    https://insights.samsung.com/2016/07/28/vr-marketing-ignites-guests-imaginations/
  5.    https://www.bisnow.com/new-york/news/technology/what-is-augmented-reality-and-virtual-reality-real-estate-50994

 

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