Why the Future of the Multifamily Industry Requires Location Intelligence April 26, 2019 Home Building, Multi-Family Homes By: Jason Holte Share: TwitterFacebookLinkedInEmail As the multifamily industry embraces new building methods, builders must be able to find suitable land for new projects faster. Could the affordable housing crisis be solved by manufacturing apartments in a warehouse? Brad Taylor, Chief Development Officer of Texas-based developer JPI, sees the potential for new building techniques to enable multifamily developers to build more homes faster. Speaking to Bisnow, Taylor and JPI CEO Bobby Page expressed that within the next few years, it will be possible to fabricate apartments in offsite facilities and ship the resulting pieces to development sites for assembly. According to Taylor, this process (called modularization) would “make it much quicker to build a project, which in effect brings down the cost of the overall project.” A significant reduction in building costs could then be passed along to future residents, allowing for a dramatic increase in housing affordability. If the multifamily industry is only 5-10 years away from embracing modularization, as Taylor and Page estimate in the interview, then the site selection process for multifamily developers will need to be able to keep up with the speed of completing modular developments. If building becomes faster (and less costly), then builders must be able to quickly find, evaluate, and acquire sites for their projects. This means embracing not only new building techniques but new technologies as well. As savvy home builders already know, location technology and data allow developers to rapidly identify properties that meet their unique criteria without costly, time-consuming site visits. Here’s how our map-based real estate application, LandVision, positions multifamily developers to capitalize on future production methods. How the Multifamily Industry Can Find Sites Faster With LandVision Assess Your Markets and Competition The detailed demographic information available in LandVision empowers developers to understand the characteristics of the population surrounding a property or group of properties. Overlaying points of interest, traffic data, and school attendance zones can also help multifamily developers differentiate between multiple promising sites. For developers specifically targeting Qualified Tax Opportunity Zones for their upcoming projects, LandVision gives users the ability to narrow their property searches to only these zones. And to survey the competitive landscape, multifamily developers can overlay Builder Sites to instantly visualize active developments within their map view. Search for Land That Meets Your Criteria – All of Them LandVision’s powerful search capabilities allow developers to locate parcels that meet all of their base requirements, including land use, lot size, assessed value, and more. Multifamily home builders can also conduct an aggregate acreage search to identify groups of adjacent lots that add up to their desired lot size. These search filters help developers reduce unnecessary visits to unsuitable sites, and when they do go into the field, our mobile application gives them the ability to access property details on the go. Developers can also attach any notes and photos they capture in the field directly to the information panel for the property they visited. Understand Surface Ownership and Evaluate Owner Portfolios LandVision gives multifamily developers access to complete ownership information for a property, even if a parcel is held in an LLC or trust. For a full understanding of a property owner’s holdings, developers can use the owner portfolio functionality in LandVision to review every parcel associated with a particular owner. This can be especially helpful for developers researching multiple projects at once who may be interested in negotiating with a single entity. Multifamily developers can also review the complete transaction history for a parcel they are researching as an indicator of whether a particular property owner may be receptive to a competitive bid. Learn More Home builders and land developers of all sizes, including many that specifically focus on the multifamily industry, rely on LandVision to support their site selection process. To learn why, schedule a demo today! You can also read our recent customer success story to find out why award-winning residential developer Trumark Homes relies on LandVision™ to provide accessible location information at all stages of the development process.