From Zillow and property management software to IoT (Internet of Things) devices, the multi-family rental industry has an abundance of options when it comes to choosing technology solutions. For property owners and managers, the process of launching and maintaining those solutions can feel overwhelming — and at times, it may seem all problems can be solved by implementing as many of them as possible. Since 2012, PropTech (Property Technology) startups have raised over $43 billion in funding worldwide, and since 2013, annual investment in PropTech startups has grown at a rate five times that of investment in all other U.S. businesses. The benefits of PropTech for multi-family could form a list a mile-long: increased efficiency, reduced operating and labor costs, increased occupancy — but one element that technology can’t replace is rapidly growing in value: the human element, which can only be fulfilled by human-led property management teams.
As automated technology continues to proliferate all industries worldwide, the markets that require human empathy and thoughtfulness to operate, such as multi-family rentals, will need to choose solutions that support human skills and capabilities rather than replace them.
Before exploring PropTech options to roll out across your properties, use our graphic below to help determine which commonly-used solutions will have the greatest impact on your business, your tenants, and your property management teams, and download our full report for an in-depth guide to forming a human-centric tech strategy.
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