Smart technology, and the benefits it brings to residents, property managers, and owner operators in the Multifamily industry, are here to stay. Here are just a few benefits that are becoming the norm.
Operational efficiencies
Streamlining processes by implementing smart technology helps remove monotonous tasks from the on-site team, freeing them up to focus on doing what they do best – leasing apartments.
Smart technology gives property owners more control over their assets and gives them lower costs due to improved operational efficiency, resource management and dependability.
Embracing smart homes not only proves cost-effective and convenient, but also plays a vital role in safeguarding our planet for future generations.
What residents want
Smart access devices that prevent break-ins and detect intruders are most important to MDU residents. Features that monitor activities outside the premises are next, followed by those devices that provide convenience, including “hands free” access.
Recent surveys show renters want smart security and home automation technology, and they’re willing to pay extra for it.
What property managers and owners want
Many communities turn to smart solutions to increase operational efficiencies, improve staff productivity, reduce costs and preserve and protect assets.
But rental rate increases are the most significant benefit of installing smart home devices.
In a recent white paper from Parks Associates*, 95% of property managers perceive smart home devices can increase rental fees between 5% and 30%.
Integration is a key concern for property managers and owners. As properties adopt more and more technologies, fragmentation is leading to frustrating user experiences for both residents and staff. Integration is essential in resolving this challenge.
Property managers and owners considering smart home devices are often concerned about the length of time needed to realize ROI. Device and platform providers must have clear insight into the potential margins and operating savings that can be achieved from smart home device implementation. This will help property managers evaluate profitability potential more quickly and more favorably.
Resident interface that can grow with and manage your other technology needs
Today’s technological needs for your properties are the beginning, not the end. With so many more technologies coming, your residents will need an interface that can grow and expand with all those new features. Start with an app that manages residents’ access to common areas and unit control and expand as new products become the new normal.
Impact on ESG
Smart homes offer a transformative opportunity to address environmental concerns and promote sustainable living. The data collected and analyzed by smart home systems empowers residents to continuously enhance their energy and resource management, enabling them to make informed decisions that contribute to their sustainable lifestyle. Major multifamily developers and property managers have already factored environmental, social and governance considerations into their plans and projects.
Looking ahead
The high value that residents place on smart home devices and the willingness to pay for living spaces with smart home technology can help meet property managers’ requirements for ROI while also creating a frictionless experience.
ADT, the most trusted name in home security, has innovative, fully integrated technology solutions that bring the future of smart apartments to property managers now.
*What Property Managers Want: Opportunities for Tech in Multifamily," Parks Associates, 2022