MHN Executive Council: More Multifamily Trends & Tech for 2023
Additional tech suggestions for property managers and marketers.
Though the multifamily industry is sometimes thought to be slow to adapt to new tech trends, there is actually a lot of new and innovative technology used. The MHN Executive Council previously shared some of the top trends to follow, and here are even more! Are you incorporating any of these at your multifamily communities?
We will continue focusing on deepening our research and data analytics capabilities to inform and enhance our business decisions and performance. We have been investing in data analytics for years and have a well-recognized industry leader running this business group. We have also developed a proprietary dashboard resource, which gives us real-time, detailed information, leveraging our own information with external research, so that we can create and adjust our business plans. —Lili Dunn, CEO & President, Bell Partners
One of significant trends in 2023 is putting EV charging stations in multifamily properties. Many properties report that they are not seeing any demand for EV charging stations and are reluctant to put them up, or spend precious capital to put them up. However, EV owners are using technology to find the properties where they can refuel their vehicles, and if you do not offer EV charging, then they will pass you by, without you even knowing. EV charging stations attract residents that drive electric vehicles. —David Aaronson, Founder & CEO, ReFuel EV Services
Follow the Lead-er
A high priority in 2023 is solidifying our strategy for lead nurturing to improve both the prospect and team member experience. A successful lead nurturing strategy would drive lead conversion by providing prospects immediate answers and relevant information via the desired channel of communication. The efficiency this creates allows team members to dedicate resources to high-intent prospects and personalized experiences, particularly through the incorporation of video into our prospect journey.
This strategy includes a chat bot component, consistent follow-up cadence and KPIs to measure success. Providers in this space have varying focuses and strengths, and we are currently assessing the product mix to determine the best fit solution for our organization. —Diana Norbury, Senior Vice President, Pillar Properties
Designing the Future
We are an architecture and design firm so we are focused on innovation in design and construction of commercial, multifamily and mixed-use projects. We are diving into sustainable design with Mass Timber, Net Zero and Passive House and incorporating wellness strategies through Well and Fitwell. We also fund internal research through iLAB, which includes our micro-grant program for staff to explore topics of interest, and directed research, which comes from those of us out in the marketplace—looking for what’s next. One of the outcomes of this effort is a patent-pending design platform called FRAMES. It organizes the building structure, vertical transportation and MEP paths into a predictable and efficient design system that can be implemented now through traditional construction methods and paves the way for component (walls, floors, ceilings), pod (kitchens, baths) and full modular unit construction. We believe this is a wave of the future that will also allow us to build structures that can accommodate many uses at one time and/or over its lifetime. —Yolanda Cole, Co-Senior Principal, Hickok Cole
Tech-powered and smartphone-driven access control is big for 2023. Residents do everything on their smartphones, and they carry them everywhere.
Think about it: Everything starts at the front entrance. Delivery carriers need to get through the front gate. And prospects can’t take a self-guided tour if they can’t get into the building. —Cyrus Claffey, Founder, ButterflyMX