Just this week, I said that one of the mistakes a real estate investor can make is not seeing the property in person before buying it. I said that so I could eat my words today, at least with regard to buyers of finished properties. I still think it is unwise for an investor to buy a property to fix, flip, develop, or fund without inspecting it in person. However, Multifamily PRO is reporting that augmented and virtual reality technology is expected to increase the number of residents willing to sign leases without visiting the property in person because they will be satisfied with viewing the property using virtual self-guided tours.
New technologies are and will be changing the apartment-buying, apartment-selling, apartment-living and apartment-operating experience. Considering this, investors, builders, and remodelers need to focus on communications and electronic infrastructure to support these new technologies when planning, budgeting for, building, and marketing multifamily housing. A few areas to focus on include:
Excellent Internet Connections
The first things to think about are internet connections, their quality, number, location, and security. Smart-home technologies like smart locks, lights, thermostats, as well as visual monitors for pets, children, and deliveries will be expected in the new high-tech apartment unit. These will impact the way the resident interacts with facility operators. For the resident, chat bots may make routine maintenance requests on behalf of the resident, reserve facilities, and schedule hair and dining appointments. For the facility operator, chat bots may provide routine information to residents and collect repair orders and rent payments. All these electronic interfaces will require excellent internet infrastructure in the multifamily complex.
Numerous Charging Stations and Outlets
The demand for electric cars, electric scooters, and electric-motor-assisted bicycles will drive the demand for charging stations and charging outlets at multifamily properties. Planning, budgeting, and locating these facilities for convenient access, exit, and safety will be important.
Locating Autonomous Vehicle Dropoff Points and Parking
Autonomous vehicles, both driven and flown, will need places to park and drop off clients, meals, and other products. This will affect the size of the parking area you will need and the layout of delivery sites around the building. Robots and drones may deliver and pickup within the apartment. A drone may deliver to a dropoff point with directions for a robot that will complete the delivery inside the apartment community. Conventional vehicles will also be expected to make deliveries and pickups and need space to maneuver.
Artificial intelligence technologies will enable facial recognition for customer identification and for criminal background checks, and these facial recognition systems can track a person as they move around a property. This will improve security but raise privacy concerns.
Planned Office Space in Apartment
People working from home will need an excellent internet connection and may want an office available as part of their apartment.
An electronic interface between operator and potential buyer may be a way to design flexible space for the customer with the hope that they will stay longer in a space that fits them well.
These ideas, with some speculations added, came from the NAA Apartmentalize conference in Denver through reporter Andrew Stephens on Multihousing PRO.
REI Capital Resources built its reputation on finding private funding for investors for quick turn purchases and difficult situations.
Give me a call or send an e-mail and share with me your plans and needs, and I’ll see what lending solution I can generate for you.