How Smart Apartment Technology Can Make Multifamily Property Ownership Easier and More Profitable

In the ever-changing world of real estate, technology can be a real game changer. Smart apartment technology is becoming increasingly popular in multifamily property ownership, offering an abundance of benefits for both property owners and residents. Smart apartment technology can help to make multifamily property ownership easier and more profitable. It can provide property owners with convenient access to their multifamily properties and residents with a better and more user-friendly living experience. Smart apartment technology can also help property owners save money on both energy and maintenance costs, making it a valuable addition to any multifamily property portfolio. With the right smart apartment technology, owners can be assured of a better return on investment and residents can have the enjoyment that comes with living in a modern, tech-savvy apartment. What is Smart Apartment Technology? Smart apartment technology is the incorporation of various technologies into new or existing multifamily property that allow for the management, automation, and control of lighting, HVAC, security, and other building functions. These functions may include, but are not limited to, turning on and off lights, opening and closing blinds and shades, adjusting thermostat settings, controlling security cameras and access points, and other similar functions. The smart system connects these disparate systems together, allowing for the management, automation, and control of these systems from one central location. The ability to remotely turn on and off lights, adjust thermostat settings, and control security systems from a smartphone or computer is a huge convenience for both residents and property owners. With smart technology, residents can control their own schedules, turning on lights when they want to go to bed and turning them off when they want to wake up. For property owners, smart technology allows them to remotely control their building functions, ensuring lights are always on when they need them, adjusting the thermostat to ensure a comfortable temperature in the apartment, and controlling access points, security cameras, and other functions. Benefits of Smart Apartment Technology for Property Owners Better Return on Investment - One of the most important benefits of smart apartment technology is the ability to make better use of available asset value. With smart technology incorporated into a building, properties can be more efficiently utilized, leading to a better return on investment. When putting a portfolio of multifamily properties together, it’s important to consider not only the rents but also the asset value of each property. When smart apartment technology is used, the combined asset value of each property is higher than it would be without the technology because of the increased rent and efficiency. Better Visitation Control - Another benefit of smart apartment technology is the ability to better manage visitor control. With location and access control, building owners and property managers can better control who enters the property and when. This can help to ensure residents are receiving the privacy they deserve and offering the security they desire. How Smart Apartment Technology increases Profitability Smart apartment technology can really help property owners maximize the return on their investment. With the ability to better control energy consumption and more efficiently utilize existing assets, smart apartment technology can help to bring down the overall cost of owning and operating a multifamily property. Additionally, the use of smart technology has been shown to increase the occupancy rate of a rental property by creating an environment that residents are more likely to want to live in. By creating a comfortable living environment, residents are more likely to choose to stay in the apartment and typically pay higher rent. What types of Smart Apartment Technology are available? Gate/Door Control Systems - This type of smart apartment technology allows residents to operate their own access and door functions from their mobile phones. This means residents can open and close their own doors, lock and unlock their own apartment, and control their own thermostat settings. Building Automation Systems - The automation of common building functions like lighting, HVAC, security, and plumbing can also be incorporated into a smart building system. These systems can be integrated with building management systems, allowing for the automation and control of these functions from one central location. With smart apartment technology, security systems can be integrated with building automation systems. This can allow users to manage and automate security functions from a central control panel. These systems can provide notifications such as when the door is opened, when motion is detected, and when a camera captures motion that might be out of the ordinary. The use of Video Intercoms is also becoming more prevalent and are now being tied into the Smart Apartment Tech platforms. How to Get Started with Smart Apartment Technology It’s important to keep in mind that implementing smart apartment technology is a decision that should be made carefully. Choosing a partner that understands your business and one that can guide your through design, implementation, installation and ongoing support is needed. Examining current pain points in your current operation and having clear objectives for what your organization hopes to attain with the technology is extremely important. Assembling a virtual team of Property Managers, Maintenance Techs, Community Coordinators is highly desirable. This way you can define the goals of the technology assign accountable owners to various parts of the project. What to Consider When Choosing Smart Apartment Technology It’s important to keep in mind that any type of smart apartment technology is only beneficial when it’s incorporated into a building that already has a functioning mechanical system. This means that before implementing smart apartment technology, it’s important to make sure the building is up to code and is well maintained. Smart Apartment Technology certainly won’t fix an ailing HVAC system or fix a faulty plumbing system, but it certain can alert you to problems before they become severe and costly to repair. A well implemented system with proper alerts and notifications can be a game changer because unplanned maintenance events or the inability to react to resident needs end up costing time and money. How to Implement Smart Apartment Technology Incorporating smart apartment technology into a building requires will require some level of ongoing maintenance and upkeep on your part. Understanding the ongoing support that your team will need to provide, the ease of use in your daily interaction with the system, reports that the system will generate and whether your vendor provides support to help you run the system optimally are important considerations. It is also important to think about who needs access to the system, what security levels you will define based on job role and who will receive and respond to alerts that the system generates. Tips for Maximizing the Benefits of Smart Apartment Technology Less is more. Instead of trying to choose a solution that handles specific pieces – i.e. one solution for door locks, one for access control, yet another for HVAC. Look for a unified suite where within one piece of software you can navigate between functions. In doing so the learning curve for personnel that have to interact with the system is greatly reduced and can be streamlined. The Future of Smart Apartment Technology The use of smart technology in multifamily properties is only going to continue to grow as new technologies are released and become even more cost-effective. The main types of smart apartment technology that are expected to continue to grow in popularity are building automation systems, access control, video surveillance, lighting control and water sensors and shutoff valves. Many buildings are also looking to implement resident experience applications, electric vehicle charging stations and managed Wi-Fi. The apartment of the future will be an amazing place to live because virtually all of the creature comforts that are now available in private owned residences will make their way to rental communities. If you would like to learn more about our unique approach to Smart Apartment Technology feel free to reach out to me a jeff@epropertycare.com or call me at 516-660-0776 Also visit www.epropertycare.com to learn more.

#smartapartments #smartbuildings #iot