The role of technology is becoming increasingly vital, changing the way we live and manage multifamily residential properties. This digital transformation affects all multifamily residential properties. The adoption of the right technologies has the potential to enhance the living experience for residents, streamline operations for property managers, and contribute to overall sustainability. They are significant amenities and services that residents seek to make their rental experience as convenient as possible.
These aren’t the only compelling reasons that push multifamily residential properties to adopt and integrate advanced technologies. One of the primary concerns for residents in multifamily properties is security. They want to feel safe at home. Residents also worry about their vehicles in the parking lot or garage.
Another area that matters to residents is sustainability. Companies implementing sustainable practices are growing global priority. Therefore, incorporating smart technologies for energy management becomes essential for multifamily residential properties.
And finally, efficient property management is vital to ensure the smooth operation of multifamily residential communities. These top multifamily residential technologies will help increase the efficiency of operations, reach sustainability goals, and fortify security.
Property Management Systems
The integration of property management software and automation tools simplifies tasks such as rent collection, maintenance requests, and communication between residents and management. This saves time and resources while boosting the overall resident experience, fostering a positive and collaborative community environment.
Technology facilitates seamless communication between property managers and residents, nurturing a sense of community within multifamily residential properties. The implementation of community platforms, mobile apps, and online forums provides residents with a platform to connect, share information, and actively participate in community events. This strengthens the sense of belonging and encourages a positive communal atmosphere.
Residential Communications
Communication can make or break the resident experience. If they’re not in the loop, then they may feel disconnected from the community. When a resident doesn’t feel at home, they’re less likely to renew their lease. Communication is a huge part of a residential retention strategy. Consistent communication using multiple methods increases the chances of residents feeling connected and at home.
Property management systems may integrate residential communications. But some property management systems may not have one or it isn’t sufficient. Hence, no matter what, find a way to incorporate seamless communications with residents.
It’s important to ensure the communication process is effective and provides multiple ways of communicating with residents. Not all residents want to use social media, or the social media platform used by property management. For example, a multifamily residential community may have a private Facebook group for residents. This is exclusive as not all residents have an active Facebook account.
Some multifamily residential communities may have a phone system. The system calls all the residents to provide updates. Again, not everyone wants to receive communications by phone call. They may be deaf or uncomfortable with phone calls. Technology makes it easy to offer multiple ways of communicating. It won’t require reinventing the wheel for every communication channel.
Security Technology
Implementing multifamily residential security technologies such as smart video surveillance, remote monitoring, and biometric access controls can provide residents with security and safety. At the same time, they help deter potential intruders. This centralized security can be managed by an experienced security vendor. This lets multifamily residential property employees focus on their core responsibilities.
Surveillance cameras equipped with artificial intelligence like video analytics and remote monitoring can detect unusual activities and notify authorities promptly, creating a proactive security environment that fosters peace of mind among residents.
Video surveillance with artificial technology like video analytics and trained operators can monitor the entire property from a remote location. Video analytics scans for many programmed scenarios. When it finds a potential problem, it can notify the trained monitoring operator. The operator can assess the situation and respond as needed. It may be issuing a warning overran onsite speaker, calling the police, or both.
Smart Home Technology
Smart thermostats, lighting systems, and energy-efficient appliances can significantly reduce energy consumption. Implementing these technologies contributes to environmental conservation. It could also lower utility costs for property managers and residents. This practice aligns with the growing demand for eco-friendly living spaces.
This goes together with smart home technologies that many residents want in their homes. These technologies have a dual purpose in satisfying sustainability goals while giving residents an easy way to manage their homes.
Multifamily properties that integrate apartment smart home technologies, including connected appliances, voice-activated assistants, and home automation systems, appeal to a tech-savvy demographic. This increases the property’s marketability. At the same time, it positions multifamily property as a forward-thinking and modern living space.
Virtual Tours
The pandemic drove up the interest in virtual tours. Now that the crisis is in the rearview mirror, virtual tours are a mainstay in the search for a home in a multifamily residential property.
Prospective residents may have office hours that don’t allow them to visit properties when they’re open. Virtual tours help close that gap. However, it would be wise to have one day a week or a weekend to allow prospects to come visit the place in person.
Sometimes residents plan to move from another city or state. It’s not possible for them to see all the properties in person. Instead, they go on virtual tours of as many places as possible. This helps them narrow the list.
It’s very important to do virtual tours that reflect the property. Some multifamily residential properties only post a tour of their best unit. If someone arrives to find the unit is nothing like the virtual tour, it could cause problems. On one occasion, a resident looked at temporary furnished apartments. They looked at photos, videos, and reviews.
When the person arrived at the apartment, they smelled marijuana in the hallway outside of their unit. The property’s website and front desk sign indicated it will not tolerate marijuana. Yet, it still happened. The unit had torn sheets, broken curtains, stains, and other problems. Be sure to inspect all units after they’ve been emptied to avoid this situation.
It’s possible to work around the limited hours for touring a property with self-guided tours. The prospect could receive a temporary digital key through an app. Then, they could tour the unit on their own time without a salesperson hovering. An advantage of this is that the staff would not deal with no-shows.
In cases like this, live video monitoring can help ensure the safety of the property. Cameras can be monitored in real time to keep an eye on activity as it happens to help deter theft and damage.
Data Analytics for Better Decision-Making
The multifamily residential sector is experiencing a significant surge in data collection. The implications of this influx are nuanced. It presents opportunities and challenges contingent upon the strategic use of this overwhelming amount of information. Navigating through this sea of data can be a formidable task. However, when consolidated into comprehensive reports, this data metamorphoses into an invaluable asset, empowering management with a potent tool for astute decision-making.
Multifamily residential property management must take a multifaceted approach to data acquisition and take advantage of various channels within their technology stack. From resident surveys to social media monitoring, the array of sources is vast. It’s imperative to recognize that trends within the multifamily landscape can vary by geography. What resonates in one region may not necessarily find relevance in another, emphasizing the need for a region-specific understanding.
In an era propelled by artificial intelligence and machine learning, the trajectory of data-driven insights is poised for accelerated growth. To ensure a multifamily property remains at the forefront, it must strategically apply data analytics and predictive modeling. The adoption of these advanced technologies becomes not just a choice but a necessity. It will offer a competitive edge and support informed decision-making.
Adopting Multifamily Residential Technologies
The adoption of current technologies is no longer a luxury. It has become a strategic necessity for multifamily residential properties. From enhancing security to streamlining property management and fostering community engagement, technology plays a key role in shaping living spaces.
As the real estate landscape continues to evolve, properties that embrace and integrate the right technologies are better positioned to meet the demands of a tech-driven society, providing residents with a more comfortable, secure, and modern living experience.
They have already become prolific with high-performing owners and operators who have benefited from these cost-saving, value-building technologies.
Moreover, multifamily residential property managers and owners have a responsibility to create a safe place for residents, employees, vendors, package delivery, and visitors. Video surveillance with remote monitoring and access control system technology can do that in one fell swoop.
The key is to partner with a security vendor that has multifamily residential security experience. For example, working with a company like Stealth Monitoring can help improve your property’s chances of getting a faster response from the police, fire, and other emergency services.
Stealth has partnerships with first responders across North America. When emergency services hear from Stealth employees monitoring the property, they know it’s a real emergency and typically send the right people in an instant.
Stealth clients often yield a return on investment within months. Besides, the property can gain more cost savings from retaining residents who feel safe and secure. Integrated security adds multiple layers to a company’s security posture.
The multifamily residential industry has different security needs than other industries. To ensure a multifamily residential property maximizes security, use this video surveillance checklist to find a partner with experience in your industry To learn more, pick up this free Complete Guide to Securing Your Apartment Building or contact us.
Texas Private Security License Number: B14187
California Alarm Operator License Number: ACO7876
Florida Alarm System Contractor I License Number: EF20001598
Tennessee Alarm Contracting Company License Number: 2294
Virginia Private Security Services Business License Number: 11-19499
Alabama Electronic Security License # 002116
Canada TSBC License: LEL0200704
