Multifamily real estate is generally slow to adopt new technology, however is it changing rapidly and beginning to integrating these tools at a much quicker pace.
Owners, operators and developers are now beginning to integrate new technologies as they become more user friendly and aid in increasing profits, according to Bisnow.
This technological change has been driven by the amount of investment dollars flowing into real estate.
Multifamily demand is predicted to grow over the next few years, both consistently throughout some markets and more explosively in others. It has been described as one of the most ‘lucrative and stable asset classes.’
This increase and promising combination attracts institutional capital, causing investors to treat multifamily products much like any other investment and they need a way to analyze and optimize it.
In order to improve returns on any modern market it is necessary to make use of relevant technologies. There has been evidence that there is now a focus on operational technology within multifamily.
Operational technology gives leaders within multifamily an edge over the competition.
Technology companies focusing on real estate are finally receiving more attention and attracting investors.
In the beginning of 2016, real estate tech start-ups raised over $1.8B, according to CB Insights.
By utilizing these new tools on the market, multifamily real estate is expected to finally turn around the view that it is generally slow at adopting new technologies.Tags: Multifamily, Real Estate News, Real Estate Technology