Technological Advancements in the Multifamily Industry

Multifamily is evolving. Here’s what you need to know about where the industry is going.
October 23, 2018
Tech

Technological advancements and other developments are constantly changing the multifamily leasing industry. LeaseHawk CEO, Mike Mueller, shares insights into the next big opportunities. From shaking up market automation to the cutting edge of artificial intelligence, find out what Mueller is seeing as the new wave of advancements come—and discover what’s already proving invaluable in converting prospects to residents.

 

1. Invest in AI Now

Mueller emphasizes machine learning or Artificial Intelligence (AI) as the single biggest disruptor in the industry. AI has the potential to predict which listings to show in an initial search, or to predict which renters will be renewing their leases. LeaseHawk is at the forefront of the AI revolution, thanks to the call transcription and machine learning of its lead scoring system, which Mueller sees as "[improving] customer satisfaction with the whole leasing process."  

 

2. Streamline Your Responses

Mueller highlights the gap between what owners and managers believe the customer expectation to be and reality. "The perception is the customer wants high-touch when in fact they typically want information and immediate responses instead of hand-holding," Mueller says. He suggests sorting inquiries or leads by required response time as well as by need. "The use of automatic call routing or having an IVR (Interactive Voice Response) up front will accelerate the response time to prospects," he explains.

 

3. Personalize Your CRM

Mueller believes that the next evolution of leasing technology will revolve around CRM (Customer Relationship Management).“When those systems get ‘smart,’ then the human element comes into play because the response will be calculated and specific to the issue based on a history or experience with that customer that the CRM will help to identify,” he says. Then inquiries can be auto-filtered, sorted and listed by customer type for faster and easier human response.

   

4. Learn to Be Flexible

"I think the biggest trend in our industry is all about embracing lifestyle choices," says Mueller. Today's renters want flexible housing choices, such as being able to rent out their homes through Airbnb and not feeling as tied down in general. Mueller believes that new expectations open a world of possibilities. "What if your smart apartment automation app allowed you to reserve an apartment in another location and immediately get digital access to that unit because you’ve been prequalified or part of a renters' lifestyle service?"  

5. MakeSmart Tech Expected

"Home automation or apartment automation has finally arrived, and it will be an expected amenity, like having Internet access," says Mueller, pointing to the quick adoption of high-speed Wi-Fi. With the vast majority of residents using smartphones, Mueller believes connected apps could be a game changer for areas like package delivery. While he admits there are still bugs and issues with devices, he feels they will be ironed out in a few years. "In the meantime, those companies that leverage this amenity will have a competitive advantage."

Learn more about LeaseHawk's cutting edge technology solutions, from CRM to Business Intelligence, all designed to help your multifamily business grow efficiently and profitably.

Learn More

Ready to see LeaseHawk in action?

Fill out this form to learn more.

Related Posts

Tech

How AI is Changing the Leasing Experience

In this guest post written by Mike Mueller, LeaseHawk CEO and Multifamily Industry Innovator, you’ll be challenged to rethink the way you lease apartments by learning how to embrace technology—particularly AI—and how it can make an impact on your bottom line.

January 29, 2018
Tech

Tech Trends in Renting: AI-Powered Leasing Assistants

Discover two common types of conversational assistants powered by AI (Artificial Intelligence) and how they can help improve your current leasing experience.

January 29, 2018
Tech

Apartment Tech That’s Heating Up This Summer

It’s summer time and people are on the move and looking for apartment homes. However, apartment tech is not taking a vacation this summer—in fact, it’s raining down on the multifamily industry. Learn how you can work smarter, not harder with technology made for multifamily this summer.

January 29, 2018
People

Apartment Call Centers – Weighing the Pros and Cons

Leasing offices are bursting with activity from property tours, the phone ringing constantly, and residents coming in with requests. It is nearly impossible to answer every call that comes in. Consider these pros and cons before hiring a call center or answering service to help your properties.

July 15, 2019
Marketing

Lead Scoring 101: How to Prioritize Follow-Up Activity

Learn the basics of lead scoring! You’ll be surprised at how a simple lead score for each of your phone calls can unlock a wealth of knowledge to reveal your most effective ad sources and organize your leasing team’s follow-up activities.

July 12, 2019
People

The Mystery Shop is History

For decades, mystery shops have been the go-to method for measuring employee performance. But, do they really give you the concrete data needed to help determine training, hiring and termination needs? Learn new methodologies to measure how effective your employees are at leasing apartments.

July 9, 2019

Join Our Newsletter

Get the latest multifamily news, how-to's, infographics and more delivered right to your inbox.