The following Q&A was completed as part of our conversational Commercial Real Estate FAQ Interview Series, we hope you find it helpful.
The biggest innovations in apartment building investments today come in the form of new technology. Today prospective residents are able to inquire about a property, tour the residence, sign a lease, and make first payments without ever stepping foot on the property in person. From marketing, to managing portfolios, to your resident experience, technology is making a big takeover.
Richard Wilson: Where do you think the most innovation right now is happening when it comes to apartment building investments?
Brian Burke: Technology, without a question. The most innovation right now is in technology, and that could be property management software, property management software platforms are getting increasingly sophisticated, enterprise grade solutions are out there that provide the ability for sponsors and operators like us to have full integration out into the portfolio, and easy transparency to investors. I think that’s a big one. Portfolio analytics, the ability to look at your portfolio, either at individual property level or as a whole, and look at it’s performance, KPIs, and measurements to see how things are performing. There’s a lot of leaps being made there technologically. Market data is another big one, there’s a lot more data out there to be able to study now when you’re analyzing investments, of course it comes at a cost. Operational stuff like maintenance tracking, online leasing, online payments; now we can actually have a prospective resident could see our property online, do a virtual tour online, sign a lease online, and do everything required and never even have to step foot on the property until they’re there with their moving truck to pick up the keys. That was unheard of a decade ago.
Richard: Right. For sure it was.