Multifamily owners can benefit from the hard-won tips of other owners. These five tips will help managers run their multifamily businesses more smoothly and profitably. From organizational systems to virtual reality and artificial intelligence, owners have been making strides and putting new thinking into action. You could catalyze big gains in your business with small changes based on these tips. Each tip is focused on technology, and all provide crucial advantages.

‍1. Customer relationship management systems are key.

If your leasing teams are spending most of their time following up on potential leads and they aren't using a Customer Relationship Management (CRM) system, they're wasting time and resources. By tracking prospective renters and setting goals for daily activity, leasing agents are more likely to provide a personalized experience in their communication. They are also able to respond faster such as a 1- to 2-minute response rate versus 39 hours, the industry average according to LeaseHawk data.

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2. SMS messaging gives you another level of access

Your residents want quick and simple answers to their questions, and most likely, they will ask the same questions repeatedly. By utilizing SMS text messaging, you can communicate with your residents on everything from marketing to maintenance tasks and reach out to potential prospects easily. Some 81% of Americans use SMS on a daily basis. Each year in the U.S., more than 2 trillion text messages are sent. Taking advantage of this communication medium can elevate your business.

3. Social listening can lead to better prospects.

You want to know how your reputation is developing online, whether for a property or for a leasing team. Setting up social listening tools to follow the conversation helps you head off problems quicker, understand what's missing and what's working, and allow for targeting the right prospects through cost-efficient social advertising. Use it to tailor your own social media to be more engaging, which will help draw in the high-quality prospects you are looking for.

4. Virtual reality can give you an edge.

Why show someone a floor plan and photos when they can do a Virtual Reality (VR) walk-through of the unit? High-end rentals, especially with marquee architects, are moving towards a VR presentation of the building and units, so that the prospective renter can fully envision the home. It's hard to beat the unique appeal of the VR walkthrough, which could give your building the edge in a competitive market.

5. AI features make it easier to do business.

Luxury rentals have long been associated with a doorman for security. But you can save money through artificial intelligence-powered security monitoring instead, providing residents with up-to-the-second information on home safety. The tenant can use their smartphone to know if someone has entered or exited their property, with an easy option to alert the police directly regardless of where you are when you receive the alert. AI-like tools can also help behind-the-scenes, with things like automated conversational assistants that can pleasantly interact with your callers and answer their questions after hours or when your staff is unavailable. Learn five ways AI will transform the apartment industry.