As tech adoption rates are rising in the multifamily sector and industry leaders have begun using various platforms to reduce costs, streamline workflows and enable communication, companies slow to adopt tech will soon find themselves at a competitive disadvantage. Technology solutions for multifamily CRE cover a wide gamut, solving a variety of logistical tasks from accounting to tenant invoicing to project management.
As we at Honest Buildings have been preparing for our launch into the multifamily vertical, we have been studying the capabilities of other tech platforms that address the needs of the multifamily industry. Here are 15 platforms that will help you interface with tenants, track data, and manage buildings and projects across your portfolio.
Identifying property acquisition opportunities and tracking leases are key to successful growth in multifamily real estate. Market intelligence platform Rescour aggregates public data, news, listings and property information to provide teams with crucial data. The platform also allows owners to keep track of their own property information including zoning, tax information, and land/property value.
A CRM platform is the best way to build, maintain and track relationships with customers, and web-based services make it easy to centralize and organize data about contacts, leases, and listings. For landlord reps, tenant reps, investment sales specialists, or generalists Apto is a CRM platform specializing in managing contacts, deals and administrative and financial reporting. REthink CRM, another brokerage platform platform, manages contacts and clients and provides tools for automatically matching listings.
Project Management + Procurement
When you have multiple projects taking place across your portfolio, it is necessary to have a centralized solution especially if your portfolio is spread over different verticals or locations. Honest Buildings is trusted by leading commercial and multifamily owners to keep projects on time and on budget. The platform allows you to reduce costs by enabling projects to start and finish sooner and leverages historical data to make better decisions on each project and acquisition to maximize asset value. The software also integrates with automated payment systems like Avid and accounting systems like MRI.
Accounting is integral to any business operation, and MRI offers solutions for planning and budgeting, accurate accounting, reporting, and tenant relations. The software provides robust data and reporting that is readily available when needed to facilitate asset management. Yardi is another comprehensive platform offering services for multi-family, commercial, and specialized markets. RealPage and Entrada are other enterprise accounting services that, like MRI and Yardi, offer suites of other services for tasks like interfacing with tenants and dealing with leasing processes.
To analyze accounting data, business intelligence platform Rentlytics tracks information on rents, occupancy, and delinquency.
The minutiae of the day-to-day operations of a property or a portfolio of properties practically begs for a computerized maintenance management system (CMMS), and multifamily property managers have plenty of options in this category. Systems like SERVUS specialize specifically in multifamily while other services like FacilityONE offer multifamily features, and even Yardi has maintenance tracking built into its systems.
It’s important to manage work orders, but being proactive about building maintenance and efficiency will reduce work order costs and save money in the long run. Platforms like Switch Automation will consolidate and track data from various monitoring and metering systems within a building. Being able to view all of the HVAC, electrical and mechanical systems in a centralized location allows managers to make proactive decisions and automate systems to mitigate excess expenditures.
Building management platform BuildingLink offers a suite of features that start with maintenance management and also covers things like packages, amenity reservations, and employee management. Another platform, Hemlane, focuses on providing property marketing, applicant screening, lease tracking, rent/payment management, and maintenance management.
At a recent Multifamily Executive Conference, Director of Applied Innovation at Waterton Residential Eric Potter spoke about the importance of ensuring that your company is supported by a strong backbone of innovation driven by CRE tech platforms. Industry leaders are using these tools to streamline workflows and improve tenant relationships, and those who are adopting at the front of the curve are going to be more successful as a whole.