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

Technology Trends in Property Management

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 increasing bandwidth to stream content faster. There’s a growing trend toward fiber optics installation in buildings to attract 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. Nearby walking and biking trails, public transportation stops, schools, and trendy restaurants or coffee shops all add to their impression of what life is like in the neighborhood and increase the likelihood of them signing a lease.

Virtual Reality

Virtual reality is one of the most interesting multifamily technology trends, and devices like the Oculus Rift offer an engaging VR (Virtual Reality) experience for multifamily prospects. Once a visitor to your property puts on the VR headset, they are immersed in a digital recreation of the residence. The user can walk around, look up and down and 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 what they see in real-time. AR can be used through smartphone technology, and since almost everyone has a smartphone this is a cost effective tool for property managers to showcase their units. Prospective residents can put a personal touch on the property by digitally inserting their own furniture into a room as they’re looking through their smartphone screen while doing a walkthrough. This allows them to visually see what their new home would look like so they are more likely to sign a lease.
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