You can see the technological impact in almost every sector. From ordering a ride with just a few clicks to binging on your favourite Netflix show thanks to superfast broadband, we’re becoming a world that expects instant gratification. And technology is helping us achieve such feats.
In the world of renting, the majority of renters are made up of Millennials, with a growing number also Generation Z. These demographics are some of the most tech-savvy people around, and they expect tech solutions in every part of their life – including their living experience.
From finding a home to the in-life tenancy, technology has a huge role to play in the world of renting. And in this guide, we’re exploring how tech can improve the Build-to-Rent experience for modern-day renters.
Technology speeds up the home-finding process
“Click, click, result” – that’s what most people expect from their experiences these days. Instant gratification is the name of the game, as we have all become used to getting the information and services we need with little effort.
When it comes to finding a home, renters want to discover, view and secure their next place in a matter of clicks. It’s why features like Home Walkthroughs on Movebubble have proved so popular, with renters able to view a home without physically viewing. It cuts down renting time and gets people in homes much faster.
Build-to-Rent operators can speed up their leasing by embracing technology and working with platforms that facilitate fast rentals. It goes to show how tech can play a vital role in all aspects of the renting process.
Data for the win
While renter-friendly platforms with a focus on tech can help you get people in your communities at a faster rate, the use of data can aide you when it comes to deciding the best rental prices. We’re sure that you’re a local area expert and know all about asking rents, but having smart algorithms assist you with pricing is always helpful – especially as the tech available improves.
Having area insights provided by data can also help with planning for new communities. Today, technology gives us access to vast swathes of information. And in the case of Build-to-Rent communities, data software platforms can provide enough insight that shows the difference between picking a community winner that fills up quickly or a dud that you struggle to rent out.
Improves in-life tenancies
Most importantly, technology enhances the in-life tenancy of renters. The result? Fewer void periods as you enjoy longer tenancies in your communities. Many renters have often communicated the annoyance of reporting things like maintenance issues, but having access to a portal or app where it’s easy to alert property managers of issues makes everything much more manageable.
Technology also helps improve service, and it shouldn’t be forgotten that lettings is primarily a people business. With your Build-to-Rent managers having access to tech, they can arrange for repairs and provide building updates all with a few clicks.
Then there are the communal areas to think about. Most Build-to-Rent communities allow for private booking for their areas, and being able to open up an app and book a room turns what could be an archaic process into a seamless and easy function.
There’s no doubt that technology can significantly improve every aspect of renting, from finding a home to moving out of one. Build-to-Rent is built on fostering a community spirit, and the need for people in those communities – renters and team members – is essential. But technology can prove to be a handy enabler that refines renting and creates a better overall renting experience.