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How Proptech Can Assist Multifamily Property Owners in Overcoming Today's Obstacles

 

Housing for over 100 million American citizens who live in apartments, care homes, moderate housing, as well as other rental units has never been as simple as some outsiders may believe. Compliance with housing regulations, municipal codes, preventive maintenance, and entire risk management systems have long been potential landmines for returns on investments. 

However, as a result of Covid-19, property management companies now have a whole new set of duties and obligations. They must protect not just the safety and health of its inhabitants, but rather the safety and health of the site's workers.

The apparent requirement to more carefully monitor and record cleaning procedures, staff temperature checks, and possible onsite outbreaks is part of this new high-stakes job of creating and complying with Covid-19 safety measures. 

Landlords must also manage packages and facilities, as well as display apartments in contactless settings, all of which increase the strain for landlords who are often unable to collect rent. Residents want high-speed internet and, in certain instances, a socially distant co-working area on-premise but outside of their own residences as the work-from-home trend grows.

Multifamily real estate must now be more than simply a place to live and making investment in multifamily property should be an easy choice; it must also be a proven sanctuary from the outside world while also supporting full-time employees in unprecedented ways.

Proptech Can Be Used in a Variety of Ways by Real Estate Executives

Many proptech companies have come forward to fill the void and fulfil market demands. Here are a few alternatives for multifamily real estate executives to consider as they work to enhance their properties:

  • Some applications help an apartment building's social media by allowing residents to sign up for times to use the pool, weight room, and other facilities. Apartment building owners that use such an app have a tool to guarantee renters maintain social distance, enhance crowd management, and simplify onsite activities.
  • Several businesses are attempting to address a common landlord and tenant complaint: package delivery. Residents and workers alike want frictionless methods to receive and distribute goods since they are stolen, never arrive, or arrive in bad shape. Some of these businesses utilise centralised lockers, while others, like Amazon Key, enable workers to store goods within apartments. Others take a different method, accepting tenant items offsite, notifying the tenant through the app, and then scheduling delivery for when they will be home.

 

  • Because many renters are afraid of coming to the office, communicating with property managers through digital means may be challenging. Property managers may use communication channels to send out news, respond to concerns, and develop resident trust and loyalty.

 

  • One of the most pressing concerns during this epidemic is how to keep individuals safe while sharing the air with their neighbours. Robots, artificial intelligence (AI), and air filtration devices (not only HEPA filters) are examples of technology that may assist in maintaining germ-free workplaces. 

Advantage of PropTech To Scale Real Estate And Drive Efficiency

The pandemic has served as a catalyst for digital entrepreneurs to grasp the opportunity and use their tools to address new multifamily real estate issues. As a consequence, a number of solutions are now available to assist landlords in better managing their properties. 

Many current technologies may be repurposed to better serve key tasks during Covid-19 while still achieving their original goal of making life better and simpler for owners and operators.

Multifamily housing is an amazing example of what can be accomplished when the technology community joins together to address these issues. Technology, of course, is just a part of the answer. Face coverings, social distance, and resource sharing are all humanistic, not technological, endeavours.

During critical circumstances, digital entrepreneurs have a duty to quickly deploy existing technology to help communities and consumers. When considering technologies like these, however, it's critical that owners and operators do their homework to make sure the companies with whom they're considering partnering have a proven track record of successful and timely deployments, strong ongoing customer support, and a feature set that truly addresses the critical pain points.

Property managers in apartment complexes are often overworked, so any tool that may alleviate a source of frustration is essential. It's a waste of time and money to launch a solution that either delivers a poor end-user experience or fails to completely alleviate the pain.

However, as businesses strive to adapt a new era of remote management and contactless operations, the fast pace of innovation over the last year has resulted in a flood of innovative solutions that may assist provide a good ROI and are worth the effort for a thorough due diligence study.

Challenges in multifamily property and proptech resolution

1. Getting a loan

Proptech is revolutionizing the loan process. Depending on the bank, mortgage applications may take up to a month to complete. The procedure may take up to three months in certain places. Many homebuyers, on the other hand, choose to complete the whole mortgage procedure online, rather than visiting a conventional bank.

Online mortgage platforms may cut the time it takes to get a mortgage down to just a few days. Better Mortgage also streamlines the mortgage application process by assisting customers in locating the lowest rate available online. Homebuyers may use these internet tools to have a fast and transparent mortgage process.

2. Displaying properties from afar

Agents may display potential renters and purchasers homes from all around the world using augmented and virtual reality. Brokers may even take you on a tour of a property that hasn't been built yet. This technology enables agents to market to prospects all around the globe. Agents can offer customers the assurance that they are purchasing or leasing precisely what they want.

3. Taking care of renters

Proptech has offered a slew of useful tools to assist brokers in attracting new clients, and it's also making it simpler for landlords to manage renters after they've signed a lease.

Managing renters has a lot of tiresome aspects to it. Tenancy management software reduces communication mistakes by allowing tenants, contractors, and brokers to communicate instantly.

4. Looking for a roommate or a flatmate

Finding a suitable housemate and finding a rental may be daunting chores, but proptech is addressing both of these issues. Those looking for or renting a place may find their multifamily home from the convenience of their own couches.

Conclusion

PropTech cannot be dismissed. It's here, and it's here to stay for the time being. Being complacent or pretending that PropTech isn't a factor in the business may be an expensive error. Smart investors and builders will take advantage of PropTech's cost-cutting capabilities while enticing renters and/or purchasers with the smart living features they want.

We anticipate to see additional possibilities for the multifamily sector to leverage its advantages and offer tenants with great living experiences as tech keeps developing and evolving, and our cities become smarter.

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