A Tech Cheat Sheet for Multifamily Property Managers
81% of property managers credit technology with keeping their residents satisfied.
In today’s multifamily property management landscape, the adoption of technology has become an integral part of operational success. In fact, a staggering 81% of property managers credit technology with keeping their residents satisfied, making it an essential component of daily operations.
So, as the number of multifamily developments continues to rise, it’s worth noting that the range of smart devices now commonplace in these properties serves as a valuable reminder that technology increasingly differentiates one apartment or operator from another in the eyes of residents.
The options available to operators are growing all the time, and it can be difficult to know what level of investment is necessary to remain competitive. Here are the ten technology essentials that should feature in every multifamily operator’s plans for new developments and upgrades. By incorporating these technologies, operators can enhance their residents’ quality of life, optimize their operations, and position themselves for long-term success.
- Smart HVAC solutions
Automated heating, ventilation, and air conditioning (HVAC) solutions feature in almost every development, but they are not all born equal. The level of smart technology and integration will vary considerably, with some systems being more advanced and efficient than others. These systems use smart thermostats for real-time monitoring, increased temperature control, and energy savings. Adding this kind of technology to your multifamily tech stack can help residents save between 9-16% on heating bills and 15-23% on cooling bills. It can also alert property managers to HVAC unit maintenance issues before they escalate into significant problems.
- Building access technology
Access technology has become a critical component of modern-day multifamily property management, providing an extra layer of security and freeing up property managers by unlocking self-guided tours for prospective residents. An intercom system is commonplace in multifamily properties, but not many people are aware of smart intercoms. These solutions link a video feed to smartphones, providing property managers and residents with extra identity verification before granting access to visitors.
Visitors, delivery services, and maintenance workers can come and go as required using digital access codes, and the technology also records each time someone enters a property. This creates an audit trail that potentially reduces operator liability in the event of an incident. Having the cameras built into smart intercoms at the main entrance also deters vandalism.
- Self-guided tours
Self-guided tours have become a popular way for prospective residents to tour multifamily properties at their convenience without the need for a property manager to be present. To facilitate this process, smart locks and building access technology have become an essential aspect of multifamily property management. When used together, they offer the greatest efficiencies for property managers and enhance the security of the property.
Tech solutions, such as CheckpointID, will ask for a government-issued ID and portrait photo when prospects are scheduling a self-guided tour. The collected information is then scanned and cross-referenced against global databases to ensure that applicants are who they claim to be. This allows property managers to rule out fraudulent applicants before the tour. Once confirmed, the prospect will be provided with a one-time access code — the property manager need not attend and is notified when the tour begins.
- Noise monitoring
Some residents worry that noise monitoring solutions listen in on conversations, but this isn’t the case. This technology is a valuable addition for property managers who want to know they are providing a calm and hospitable environment for all residents. These noise monitors are not intended to infringe on residents’ privacy. Noise monitors only measure decibels in communal areas to identify when noise levels exceed a certain threshold, alerting property managers to noise disruptions and break-ins.
- Water management
Water management solutions can save property managers thousands of dollars in damage to property and hours of time spent arranging for maintenance workers to make repairs. Water sensors constantly monitor pipework for leaks outside the plumbing, helping to detect a leak in the early stages and prevent costly damage. Smart water valves look for anomalies in the volume of water being consumed and allow the system to shut off the water supply when a serious problem is discovered. Water damage is a huge issue for properties, with an estimated 14,000 homes damaged by water every day. In 2020, the average insurance claim for water-related damage was $9,700.
- Smart lighting
Some may see smart lighting as a luxury, but this would be another misconception. Smart lighting helps operators and managers to optimize energy bills, prevent accidents in communal areas, and give residents the power to control lighting remotely, even when they’re at home. It can also make an unoccupied home look occupied for greater security when residents are away.
- Resident experience tools
It’s important for property managers to engage with residents and keep satisfaction high. Resident experience tools can support this without being intrusive. Virtual assistants, for example, can improve the living experience of residents. This technology has come a long way in the past decade. Virtual assistants act as go-betweens, allowing residents to submit customer service and property management requests that are automatically scheduled into a PMS/CRM using powerful AI.
- Security solutions
IoT-connected cameras take building security one step further. When installing such devices into your properties— at front desks/lobbies and property entrances — you’ll have footage to fall back on in the event that something does go wrong. Modern solutions work in real-time, so rather than constantly filming, they’re activated by action, and in some instances, can take the place of security through remote concierge and entry management.
- Smart mail lockers
The traditional method of receiving mail and packages in multifamily properties has been undergoing a transformation with the introduction of smart lockers. Packages are deposited by delivery drivers in these lockers, which residents can access via a fob, passcode or QR code — depending on the provider. Multifamily employees save time, residents don’t have to be in for deliveries, and the environment benefits because delivery drivers don’t have to make repeated visits. Residents are also no longer at the mercy of porch pirates when delivery drivers leave parcels on display.
- IoT hub
If you’ve bought all of these solutions from a trusted and reliable provider, you’ll be able to connect all devices and solutions via an IoT hub. Having a centralized platform for the smart tech solutions in your inventory simplifies your property management duties and makes it easy to access and analyze data. It also means the tech solutions can work together for peak functionality, such as smart lights connecting to access technology and security solutions. This tech ecosystem provides you and your residents with the best experience that technology can offer. Quality IoT hubs use WiFi, cellular, and Z-wave to ensure your devices can communicate at all times, no matter the circumstance. With the ability to collect and analyze data from various solutions, property managers can gain insights into property performance, enabling them to make data-driven decisions that can improve operations and increase resident satisfaction.
Source: globest.com
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