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.
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