Balancing a budget for a multifamily property is no easy feat. It's a constant balancing act while companies try to curb spending and maximize their ROI, while also offering a pleasant working environment focused on efficiency and customer service.

Most of the time that's easier said than done.

But a little research can go a long way, at least in terms of finding the right technology partner to help you reach your goals.

So let's take a look at a few multifamily proptech trends that can help you make informed decisions this budget season.

We learned in the latest 20 for 20 report and from a survey conducted by Multifamily Insiders that centralization is not being implemented across the industry as previously predicted. According to the survey results, many companies are experimenting with different technology, admin roles, and operation processes to achieve their own version of centralization that suits their community and property group.

While most agree that operating processes need to change, the traditional definition of centralization (where all leasing positions are moved off-site to a centralized location), is not a one-size-fits-all solution. Instead, property management companies are using a combination of centralization solutions in addition to an efficient onsite team.

Additionally, ROI for technology solutions will be placed under a microscope, so it is important to ask the right questions, and implement the solution that will help your team operate efficiently.

With that in mind, all signs point to all-in-one platforms and AI automation reigning supreme in 2024.

Despite the pandemic and economic uncertainty, the multifamily industry continues to thrive…especially on the vendor side. Innovation has not slowed down, but remember, it's important to distinguish between vanity features, and ones that will improve the leasing experience.

Expect these trends to have an important impact on the industry in the next 12 months:

• Demand for data: By digitizing every aspect of property management, from prospect communications and resident surveys, to reviews and amenity usage, you can take advantage of a huge collection of data to make more informed decisions.
  
  
• AI and machine learning: AI can help make sense of all the data you've collected. AI leasing assistants were built to analyze and review prospect and resident data to provide actionable insights for your team.
  
  
• All-in-one platforms: By implementing a marketing and leasing platform you limit the number of point solutions your team needs to navigate every day, and many all-in-one platforms have simplified workflows to improve efficiency.
  
  

Many property management companies consider capitalizing on technology investments to be a top priority this budget season. This can mean investing in new technology that has a comprehensive list of benefits, or utilizing more features of existing technology to improve operations and efficiency.

Here are a few things to consider if you're hoping to get more out of your budget this year:

1. AI leasing assistants are more than auto-responders. Take advantage of the tools and automations to streamline workflows: Multifamily AI chatbots have come a long way since they were introduced to the industry. Now AI leasing assistants are the baseline for prospect communication and nurturing, and continue to improve data reporting and analytics to provide actionable insights to your team.
   
   AI leasing assistants have proven to double conversion rates, reduce lead-to-lease times, and can save your onsite team an average of 15+ hours per week.
   
   
2. Centralization might not be right for your community, but the technology can still save you time and money: Even if you're not quite sold on the idea of centralization, it's still important to investigate the technology available. For example, a centralized leasing calendar can help your onsite team save time and frustration while managing daily tours and meetings. Not to mention all of the prospect information and interactions via the AI leasing assistant is saved in the interface for easy reference.
   
   
3. Find a solution to analyze prospect and resident data, like a smart CRM: What's the purpose of collecting all of this prospect data without a way to analyze it? With a Smart CRM, analytic models can communicate across features, like AI leasing assistants, surveys, social media engagement, and more, to provide in-depth insights and predictions, helping leasing teams make decisions with confidence.
   
   
4. Ditch the expensive point solutions and save money with an all-in-one dashboard: Having to log into multiple different applications each day takes so much time. Not to mention the hassle of dealing with multiple vendors.
   
   By ditching the expensive points solutions and embracing an all-in-one platform, you can save considerable time, money, and frustration—all while improving your team's communication and workflow. Plus, you don't have to worry about integrations or connections, as all-in-one platforms were built to communicate, and operate efficiently from product to product.