Managing a multifamily property is an exercise in juggling competing priorities. You want to provide residents with a top-notch living experience while reducing operating costs and maintaining a strong NOI.
Fortunately, advances in technology make it easier than ever for property managers to tick all of the boxes. Smart apartment solutions allow building managers and owners to delight residents, increase safety, and reduce operating costs. Here’s how it works.
Enhance Security
Security is a significant concern for residents, property managers and owners alike. Smart apartment solutions allow greater control over building access and provide detailed information for property managers about who has entered and exited the building.
Keyless entry solutions allow residents to control access for family and guests. They can provide codes to visitors, dog walkers, house cleaners and others–granting entry to their unit at specific times.
Similarly, property managers can control access levels for each resident, building employee, and service provider. They also have entry and exit logs for the entire building so they can retrace events if a security situation arises.
These security features contribute to NOI in several ways. Residents are willing to pay more to live in a building where they feel safe and secure.
Additionally, building owners may be able to lower operating costs by installing security features. Some insurance providers offer discounts when properties incorporate additional security measures. And with a decreased risk of unauthorized entry, there is a reduction in costs associated with reimbursement or replacement of lost or stolen items.
Manage Building Systems More Efficiently
Smart apartment solutions do more than offer additional security; they also provide residents and property managers greater control over building systems.
Each resident has a thermostat and lighting control from an app on their phone. This means they can lower the heat or cooling system while they’re out of the home and turn it up right before they return, thereby reducing energy usage in an empty apartment.
At the building-wide level, property managers can see current systems and energy usage data. These reports allow property managers to identify potential issues in systems like the HVAC unit. When you can catch problems in their infancy, you can fix them before they become major costly repairs.
With information on energy usage, property managers can track trends and identify areas to reduce operating costs.
Attract New Residents
Many buildings have safety and security features, but smart home solutions put your property at a distinct advantage. Providing residents with comprehensive control of their apartments via an app is a selling point when marketing your building.
Residents feel peace of mind when they have control of their homes from afar. When a day turns unexpectedly warm, a pet owner can turn up their home A/C from their office to ensure their dog remains comfortable. A dad can check entry logs to confirm that his kids got home safely after school.
A survey from Caldwell Banker Real Estate shows the value of investing in smart apartment solutions. The survey asked respondents to picture two homes that were identical in every way–except that one had smart tech. Fifty-four percent of people opted for the smart home; among millennials, that number was 61%.
Eliminate Additional Costs
The right smart apartment solution integrates with your existing systems, making it a cost-efficient way to upgrade your building. Secure 215, in partnership with PointCentral, offers a smart home solution that works with over 20 common PMS systems, including Yardi, RealPage, Resman, Entrata, and HomeAway.
Once the system is installed, you can do away with certain other costs that are a regular part of building management. With a keyless entry system, you no longer have to contend with physical key management, lock replacements, and the hassles that come with revoking access when a resident moves or building employee quits.
Smart apartment solutions are the way of the future. The technology is a win for property managers, building owners, residents and guests on many levels. From peace of mind to cost savings, there are tangible and intangible benefits to everyone living and working in a tech-enabled multifamily property.
Want to learn more about how your property can benefit from smart apartment solutions? Contact 215secure today at 866.809.1022 for a free consultation.