Article Updated May 2023
It seems like every week we see a new must-have in tech trends. You may be thinking, “How do I stay on top of marketing trends in the multifamily industry with so many advances in technology?” Not to worry, we break down the changing landscape of apartment marketing and how you can adapt and implement these updates to your marketing matrix.
What AI Means for the Multifamily Industry
Artificial intelligence is certainly making its way into multifamily. From Chatbots to ChatGPT and virtual tours, how are you staying ahead of the trends and centralizing leasing? Here are a few trends to dive into and how AI is altering the multifamily industry.
- Property Technology: Better known as ‘Proptech’, is the application of information technology and platform economics to the real estate industry. We’re seeing more conversational AI — use of chatbots, messaging apps, and voice-based assistants in combination with machine learning to automate communication with future residents. Therefore creating a more efficient workflow for on-site teams, data analysis through CRM, and seamless communication with customers blending technology and human touchpoints to ensure the resident process is authentic.
- Learn more about the Future of Automation
- ChatGPT: How does ChatGPT impact the real estate industry? While we strongly believe it won’t completely replace human content writing, we believe it will enhance productivity and improve processes, support email templates or correspondence, and support drafting articles highlighting location and points of interest.
- Watch our podcast on How ChatGPT is Reshaping the Real Estate Industry
- Virtual Tours: They’re here to stay. By simplifying and enhancing the touring process for future residents through real-time solutions such as live video tours, virtual open houses, and pre-recorded videos. This opens up opportunities for apartment seekers moving from out of state and is great for sharing videos cross-channel, from social media to your website, this allows renters to gain a deeper insight into the property, and amenities and supports the overall marketing funnel and conversion goals.
What Renters Want: Smart Features
Most renters — particularly Gen Z and Millenials — believe smart home technology should be a standard feature in multifamily housing. As technology continues to evolve, so does the demand for keyless entry, smart thermostats, energy-efficient lighting, and sustainable amenities, like EV charging stations. This will require a shift in the multifamily industry and for marketers to become anticipatory, progressive, and innovative when it comes to reaching prospective renters. And we’ll likely see more sustainable policies in place, which may vary from state to state. Not to mention more multi-use community lounges and space to foster a more personalized, flexible, and adaptable to suit the work-from-home lifestyles, and highlighting co-working spaces and features with outlets, conference rooms, high-speed internet, and private booths for taking calls — a major attraction for apartment seekers in 2023 and beyond.
How Can I Stay Ahead of Multifamily Trends?
To stay competitive and stand out to tech-savvy renters in 2023, high-quality assets, engaging content, and most importantly, authenticity. Having virtual tours that weave storytelling to capture your audience’s attention while highlighting apartment features, community amenities, and location or enlisting a chatbot to engage with prospective renters. Social Media, particularly Instagram and TikTok are gaining attention from renters, as this gives bite-size insights into life at the property. Online video content will make up more than 82% of online traffic. With summer around the corner, a quality video gives you an opportunity to show off your apartment amenities. Keep in mind that with new channels, ensure your multifamily website speed and best practices are optimal. An optimized website for property management can make the difference between filling your vacancies and spending another month scrambling to find renters.
The apartment industry must begin thinking about how to adapt to market changes or risk facing a disconnect with future customers. Embracing new tech will go a long way in standing out among potential renters. However, don’t overwhelm yourself trying to implement all of these tactics right away. Rather hone in on one or two strategies with specific goals in mind.
- Centralized Leasing: Evaluate your prop-tech strategy and processes with chatbots, efficient workflows, increased productivity for the onsite team with ChatGPT, and virtual tours to capture apartment seekers.
- Smart Features: Highlight convenience and efficiency, it’s what renters of today are looking for in their search for a new apartment. And co-working space. It’s a must-have for many renters.
- Video is Key: Tours, meet the team, and amenity highlights go a long way, and cross-channel, from website to social media, will attract future residents.
Where Do I Begin?
Wondering where to start? Need support with your holistic marketing strategy? Drop us a line at [email protected]