![]() ![]() This technology serves as an upgrade from the virtual touring software that is currently utilized by competitors such as AvalonBay. Upon entering a Lennar property, potential tenants have the ability to view all available apartments and floor plans at the selected location through a virtual leasing wall. Location-Enabled Tenant Smart Phone Application: STLT App.Fully-Integrated Mobile Energy Controls.Lennar is taking that same model, and applying it to the luxury multifamily sector by allowing potential tenants to virtually inspect their listings, and as tenants, digitally connect in many more ways than before.Īt the property-level, Lennar has launched a pilot program at their West Covina, CA location that incorporates the following features: All of these organizations currently utilize MLS data and aggregate listing sources for homebuyers and renters to search at their leisure. Companies such as Zillow, RedFin, and Trulia have been instrumental in making data only previously available to professionals now accessible to the general public. Lennar’s efforts have enhanced the community experience required by technology-oriented tenants while generating additional revenue sources through its proprietary STLT (pronounced “satellite”) software and fully integrated whole-home technology, Lutron.Īdditionally, Lennar has created a new division: Software Engineering. Having devoted nearly a million dollars to the project, Lennar Multifamily, at the direction of California Divisional President JJ Abraham, has decided to forge ahead in developing electronic solutions for both the property owner and tenant. ![]() This trend of technological development geared to conveniencing consumers has arrived to multifamily real estate. In the morning when one wakes up and walks out of the front door, they can simply ‘summon’ their car with another button click” 1 Musk expects that within two years people will be able to call their vehicle to drive itself from their home to meet them anywhere in the country, and stop to charge itself or switch batteries along the way. The only required human intervention will be to click a button. A 2016 software release for Tesla’s Model S and Model X vehicles indicates that the cars will feature “the ability to open your garage door, enter, park, and shut down.” For one, Tesla founder and CEO Elon Musk has spearheaded the integration of standard automobile hardware that meets the desires of the technology-oriented consumer. Real Estate Companies & Technological Developmentįrom financial service organizations like American Express to automobile manufacturers such as Tesla, corporate strategies have increasingly revolved around technology development. However, to what ends must they go to create electronic and technology-friendly communities? This article looks at the recent technology employed by Lennar in their Multifamily Division in Southern California to find out. With current tenants demanding more use of technology within their daily life, multifamily real estate developers must either fulfill the need themselves, or miss opportunities to maximize occupancy levels and rent premiums. For those able to utilize the available computing power, technology has somewhat lessened the anxieties associated with real estate. Millennial-generation renters have even gone so far as to program sensors to chart how often the temperature in their apartment changes in order to prove to incredulous landlords that the air-conditioners were not functioning properly. Online apps such as and PadMapper have proliferated, and replaced the more frustrating process of finding an apartment through print listings and phone calls. Young, wired professionals use the internet and other high-tech solutions to deal with a myriad of home-life challenges, from finding a new apartment to receiving information from afar about security, lighting, and whether or not heating and cooling is functioning optimally in their home. Like Moore’s Law – the observation that the number of transistors in a dense integrated circuit will double approximately every two years – the use of technology in multifamily properties must equal both the pace and demand of present and future tenants. The use of programs like Yardi and MRI for both property management and accounting have become the standard. ![]() As multifamily homebuilders progress into the 21 st century, they have looked to integrate electronics and technology to simplify and enhance their businesses. ![]()
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