The multi family technology is witnessing tremendous changes due to numerous trends that are being accepted in this sector. Technology has set free a wide range of options for potential buyers and sellers.
Over the past few years, the demand for multi family technology has increased leaps and bounds. Also, the change in technological landscape and the implementation of latest and better tools in this sector enable buyers to surpass customer expectations.
More relevant technological tools have replaced traditional methods in the multi family market.
Some multi family trends of 2017 are listed below:
Technology as an Amenity
Every house buyer or tenant expects Internet connection as they move in to a new home. Internet connection is no longer a luxury but a necessity like any other basic amenities such as electricity, water supply, gas connection, to name a few. The latest entrant to the multi family market is the Multiple Dwelling Unit WiFi (MDU WiFi) that transforms a multi family housing unit to a WiFi zone. Multifamily WiFi is increasingly viewed as a basic amenity. Apart from multifamily WiFi, other hi-tech amenities such as Google Fiber, Internet of Things (IoT), rooftop decks, etc are sought by many tenants and house buyers. Hi-tech amenities can enable sellers to attract more clients, close sales easily, or command higher rent.
Augmented Reality has emerged as a significant trend in the multi family market in 2017 as it enhances the real-time observing experience by offering several options digitally. By using augmented reality, potential tenants or house buyers can add a personal touch to the house they are planning to buy by digitally adding furniture, décors, fittings, appliances, among others. This will enable to envision the interiors of their homes after they begin to live inside the house. Augmented reality can assist a lot in the decision making process to the potential tenants or house buyers.
Virtual Reality offers immense help to interested house buyers or tenants who intend to buy or rent houses in a different city or far from where they stay and are not able to visit frequently to view the houses. Using Virtual Reality, interested buyers and tenants can view a house and navigate through it by putting on virtual reality headsets that will provide them similar experience to actually visiting a house and viewing all the rooms. Virtual Reality digitally creates the entire space of a house and transforms the house viewing experience into a remarkably engrossing one. Several property companies have begun experimenting with Virtual Reality technology. Virtual Reality enables property buyers and tenants to make faster purchase decisions and design their living spaces as per their needs and requirements. Virtual Reality technology also allows the buyers to make some important changes to their living spaces before the construction of the buildings that saves money and time for buyers.
Technologies to monitor sales
Technology has made it possible for property sellers to keep an open line of communication with tenants and prospective buyers. Sellers can now monitor their sales, send notifications with regard to the property to tenants and buyers, etc by using several technological tools. By doing this, sellers can generate more revenues and leads for their business.
Using drone technology, potential buyers and tenants can get an idea about the neighborhood and surrounding areas of the apartment. Potential buyers can view the surroundings and locality of the housing project by viewing the images taken by drones. By the help of drone technology, tenants and prospective buyers can measure the distance between their apartments and the nearest school, college, hospital, shopping mall, bus stop, metro station, coffee shop, gym, etc.
Even though this technology is nascent to the multi family market, it has a lot of potential to be accepted in the sector in the near future. Using beacon technology, property sellers can provide unique leasing offers to prospective buyers or tenants. Beacon technology can enable sellers to provide attractive perquisites and offers to a potential buyer or tenant for downloading the seller’s app.
The above mentioned technology trends in the multi family market will not go away anytime soon and will transform the sector. Hence, businesses are required to make the required changes in their strategies to make sure that they remain ahead of the curve.
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