Must-Have Software Solutions for Multifamily

We know that the day-to-day operations of any business, but especially the multifamily industry, can be daunting. Keeping track of your current renters, prospective renters, your tour appointments, rent payments, marketing initiatives, and just about everything else in between can be a full-time job on its own. But the industry has evolved dramatically over the last few years, and with PropTech becoming a category of its own, there are a number of software solutions that can help you get work done faster and more effectively. Follow along as we break down some of the must-have software solutions for the multifamily industry.

Property Management Software (PMS)

First and foremost as a multifamily owner and/or landlord a property management software will help you manage and track the number of your day-to-day operations. Using property management software will help you keep track of all your leases, your maintenance requests, your rent payment schedule, and will allow you to track when your units are coming up for renewal. A property management software can also help you track all your accounting expenses and allows for a seamless transaction from initial interest to a signed lease. Choose from one of the most trusted Property Management Softwares (PMS) listed below:

• Yardi Voyager

• RENTCafe

• MRI Real Estate Software

• ResMan

• Rent Manager

• Buildium

Multimedia software for videos

Virtual tours/3D tours have become popular with prospective renters. Being able to view an apartment instantly is a great way for renters to see the space, picture themselves in the space, and know if that apartment suits their needs without having to set foot into the building. But how do you create a virtual tour? Video software for multifamily is a key tool for your marketing needs. Using video software like Realync, will help multifamily marketers/listing agents leverage live and pre-recorded video to help create a more personal, human connection with potential prospects. You will be able to showcase special amenities or features of the unit, add voiceovers, and provide a visual of the property, both inside and out. 

Content Management System (CMS) 

Your website is a big part of your brand identity. It is the first thing a prospective renter sees when they search for you. It showcases your units, your community, your incentives, and the all-around feel of your building. If your website is not up to date or is not visually appealing you run the risk of losing potential renters. A content management system will help you to run, update, and manage your website and keep it updated. Making sure your website has proper visuals, all the necessary information about the unit, the breakdown of the rent payment schedule, and an easy way for renters to reach you is the key to attracting renters.

Chatbots

Chatbots have become quite popular over the last year, especially with the increased need for contactless communication during COVID. Leasing agents have a lot on their plates and sometimes emails or messages can get missed and may go unanswered, resulting in missed opportunities. Enter chatbots. According to a recent blog post by Robyn Friedman on Multi-Housing News, there are two different ways leasing agents and marketers are using chatbots.

"Chatbots, which pop up on the screen of an apartment community's website, come in two flavors. The basic variety gives users the opportunity to click on information boxes generated by the bot that provides basic information to the user, such as pet policies and floor plan availability. There are also AI-powered chatbots that use natural language processing and allow users to type in questions. The bots, which learn over time, then comb the website to find answers."
- Robyn Friedman.

Chatbots can help you to reach all prospective renters who come through your website. They give you the option to provide instant information and chat directly to the renter if you are available. These chatbots can help to secure more leads and help to book tours, whether in-person or virtual. 

As a multifamily marketer or leasing agent, we know time is a crucial factor in your day-to-day. With these multifamily software solutions, you can save a bit of time during your day and still reach prospective renters throughout the day/night. Implementing software solutions like chatbots or multimedia videos gives prospective clients access to your units even after hours. These software solutions are put in place to help ensure your units are rented in a timely manner and your vacancy rates are kept low.