by Todd Katler
For years, the multifamily industry bore the tech-averse label. Multifamily was seen as devoted to traditional methods, clinging to its analog ways despite all of the technology available. In its defense, I will say that the conventional processes that became so sticky in the industry had served it well. The value of multifamily buildings and the rent that supports those valuations has been steady for decades. If it ain’t broke…right? But then the pandemic hit, and every process the industry had relied on had to be rethought. As COVID asserted its control, it became obvious that the traditional ways of business would have to change. The multifamily sector, known for being a person-to-person industry, had no choice but to embrace the technological advances it once spurned.
For the most part, the industry performed exceptionally well during the pandemic, rising to the challenge of a procedural reorganization that required things like lead management and lease signing to continue without the traditional human touch. Multifamily embraced and condensed 15 years of technology in just a few short years to mitigate the health risks associated with the pandemic. These investments in technology during COVID permitted onsite teams to continue to be able to communicate with prospective residents and nurture deals. Leasing agents were forced away from the old ways and into an era of video conferencing, self-guided tours, and digital signatures. In hindsight, it forced great waves of change and showed the industry what’s possible.
Read Todd Katler’s article in Propmodo.