Technology & Tenants: 10 Ways Tech Can Help Attract & Retain Good Renters
New technology is emerging at an incredibly rapid rate. Real estate investors who leverage it when it makes sense can use it to appeal to and keep the best tenants, and boost their bottom lines at the same time.
Here are just ten of the applications for leasing and renter retention that landlords should turn to.
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Co-working Spaces As Amenities
We’re well on our way to the majority of the population working remotely. In some areas 60% of the population already does. Working on the sofa or amongst the mayhem of young kids in a small apartment isn’t going to work for everyone. This makes co-working spaces one of the best amenities to provide in multifamily housing and new communities today.
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High Speed Internet
Wifi everywhere is now the norm, and its even better when it is free. Internet speed has already proven to impact appeal for movers, residents, businesses, and local economies across the country. We’ll see another big shift in this space when we move from basic fiber to 5G.
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Smart Home Systems
This can cover everything from digital assistants to virtual doormen, delivery lockers, to more energy efficient management of appliances. It not only makes it cooler for prospective renters, but makes their life more efficient, while driving down costs.
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Green Tech
New greener materials and building practices enable renters to live and spend in line with their values. For many, this is no longer a choice, but a must.
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Healthtech
Where being green and connected is becoming the new standard, expect the next big trend to be wellness and healthtech. People are more conscious about their health and the impact housing has on the health and wellness of their families and personal productivity. We’re seeing health related amenities growing, use of new healthier materials, and even self-cleaning rooms.
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Rent Payments
The only way rents should be processed today is with online payments. It deceases fraud and risk, and makes it far easier for residents to stay on time with payments. It should be seamless and automatic for renters so there is no pain associated with having to make their rent each month. Where manual payments are needed, they should be mobile enabled. Further, new tech is also helping to break down barriers to entry with insurances in place of higher renter deposits.
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Online Applications
It should really go without saying that all renter applications should be submitted and processed online today.
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Data, Data, Data
With everything online it is even easier than ever for investors and landlords to use data, AI, and machine learning to make more profitable and accurate choices when leasing and renewing leases. Your data should help you approve renters without the hassle of paperwork, assign risk scoring, and help with fluid rates that to optimize NOI and occupancy rates.
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Digital Maintenance & Customer Service
Tenants should be able to request and navigate maintenance and repairs digitally. If your units are not smart enough to detect issues themselves yet, renters should be able to text for help or get live online chat support.
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Managing Online Reviews
From property values for investors, to lending decisions, to brand value, rental rates and vacancies, almost everything can come down to online reviews today. See this as your golden ticket to maximizing value. Have great systems and people in place to ace this.
