Multifamily Minute Reader Reflections: What's the Most Useful Tech for Your Property?
Amidst all the new technology to hit apartment buildings in recent years, which solution stands above the rest? Check out our latest polling.
Start Your Application and Unlock the Power of Choice$5.6M offered by a Bank$1.2M offered by a Bank$2M offered by an Agency$1.4M offered by a Credit UnionClick Here to Get Quotes!Technology is obviously a critical component of running a multifamily portfolio. That's true whether you own a duplex or a dozen 20-unit buildings.
But what tech is the most important for your operations? I asked you this question last week, and you answered. Check out our results below.
Survey Results
Type of Tech | Percent of Respondents* |
|---|---|
Online rent payment platforms | 73% |
Digital comms/maintenance request platforms | 55% |
Financial analysis/investment modeling tools | 43% |
Property management software geared toward smaller assets | 27% |
Advanced data tools for market trend analysis | 19% |
Virtual tour technology | 12% |
Smart home technology | 9% |
* The percentages do not add up to 100%, as respondents could select up to three choices.
Paying rent online is a huge benefit. Not just for property owners, as we see in the results, but for renters as well. According to a report from iPropertyManagement, online rental payment adoption accelerated during the pandemic, but all signs point to it staying around as a preferred method.
This is totally unsurprising to me. Who wants to take time writing, mailing, or depositing checks these days? Paying by card is far more secure, more convenient, and — critically — more in line with the digital lifestyle that most renters have become accustomed to.
That's not to say there won't be any pushback from renters. Some prefer the old ways, but it's pretty easy to make a strong case for not accepting checks or wads of cash in envelopes.
There's nothing to say that you need to only accept online payments — making it an option, however, can significantly streamline your bookkeeping and make life a little easier for your residents.
Of course, this convenience doesn't come for free. Consider that renters who can pay online are more likely to pay, though, and there's a great business case for giving it a shot.
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So go on, pop your email address in the field below. I'll keep you up to date on the latest multifamily trends, and you'll take 10 to 15 seconds per week to share your valuable opinion as an investor.
Our Previous Survey
Our previous lightning survey was about financing — specifically, what the most important aspects of multifamily loans are for you. Check out our analysis, and see how it aligns with your perspective.