Tech-savvy multifamily property owners know that in order to appeal to a broad variety of potential residents, they must embrace technology innovations that will benefit both tenant and landlord alike. Looking at articles in both National Real Estate Investor (NREI) and Real Estate Tech News, we spotted some tech trends that could be a good investment and free up valuable time for busy property managers.
Both articles noted smart environmental controls as one popular choice for many properties. After installation, tenants themselves can control heating, air, as well as lighting from a smart phone app. The smart thermostats, in the case of heating and air controls, will “learn” the resident’s habits and schedule and develop a money-saving program based on times of lower usage, e.g., when the resident is away at work. RETN mentioned extending this style of apartment unit control to security features that the tenant could also control. Marketing your property based on security and comfort that the resident can customize and control is a real benefit to this type of tech.
NREI suggested that newer tech go beyond so-called smart ‘stats, and add a direct benefit to the often-hectic workload of the typical property manager. They profiled an automated system which would function in a similar way to Amazon’s Alexa, but would address work orders. By being able to directly plan work via this system, the tenant would receive the appropriate service and the property manager would gain time to handle more critical issues which require a personal interaction. Other similar tech that can benefit both tenant and property manager is a payment app; this type of service is especially appealing to the younger Millennial generation which has grown up with online payments and easy-pay options.
Tech that allows access for deliveries, or even dog-walking is also on many properties’ radar. NREI looked at one touch-screen that would allow anyone with a delivery, for example, to choose a resident from the available menu; the resident would then be notified by smart-phone and be able to see the delivery or the visitor. A dog-walking service is also a big possible boon to many properties; and with apps now pitching dog-walking services on television, tech that makes it possible for busy residents to cross the pooch’s daily needs off the list would be welcome by many.
According to NREI, it’s Class-B apartments which may benefit the most from the increased technology available in today’s apartments – since many of these features can help property managers save time and the property better streamline resources. Multifamily properties may not embrace all of the latest technology but by finding and utilizing features that will draw and help retain residents as well as benefit busy property team members, they’ll be poised to compete with other properties and simplify their own internal running!