The coronavirus pandemic has disrupted virtually every industry in the world, and multifamily real estate businesses are certainly not an exception. Property managers — whose work relies on showing units in person and other face-to-face meetings — are now met with new safety concerns, the changing preferences of tenants, and the need to social distance and minimize human contact.
While surmounting these challenges is difficult, if you’re managing a multifamily property during these uncertain times, you might want to use smart property management technology. This technology allows you to remotely manage, show, and monitor their properties from afar. By “future-proofing” your multifamily property business with smart tech, you’ll be more equipped to weather the storm of the pandemic.
Let’s look at how smart property management solutions can help multifamily property managers in 2021 and beyond:
Cater to Younger Demographics with Smart Home Technology
One of the most important elements of future-proofing your business involves paying close attention to the changing attitudes of your tenants. In the coming years, we expect to see more millennials purchasing homes — which means that Generation Z will become one of the largest groups of renters in the multifamily space. Therefore, you may want to adopt new technology that caters to the Generation Z demographic.
According to a recent survey, 73% of Generation Z would pay more for eco-friendly products. Also, Generation Z tenants are attracted to convenience-boosting smart technologies, like keyless smart locks that help them with getting locked out, voice-activated controls, smart thermostats, and smart lockers for receiving deliveries and packages. Incorporating smart home technology into your multifamily units is a great way to appeal to the Gen Z demographic.
With a PointCentral smart home system, your units will include voice-activated smart home assistants, keyless smart locks, smart thermostats, and smart HVAC systems. These features offer the convenience and environmental-friendliness that Gen Z is looking for.
Remotely Monitor and Control Your Properties
Another way to future proof your business is to use a smart property automation solution like PointCentral to manage your daily operations and maintenance tasks. By allowing you to monitor and control a large network of multifamily properties from afar, PointCentral helps you get more done with less labor and staffing requirements. This makes you more competitive in your business, and you’ll be able to eliminate the need for many in-person meetings during virus conditions.
Here are several ways that PointCentral technology allows managers to remotely monitor and control their properties:
- Smart HVAC systems: Smart HVAC systems monitor the performance of HVAC equipment and notify managers and maintenance staff as soon as a problem needs to be addressed. This allows you to repair a simple problem before it becomes an expensive one.
- Smart thermostats: Property managers can control smart thermostats remotely for all of their units, which means that they can make remote climate-control adjustments to protect vacant units from climate-related damage during the summer and winter months. Managers can make these adjustments from home during quarantine times.
- Smart water valves: Smart water valves automatically shut off the water supply and notify you when there is a major water leak. This is an asset if you have many vacant units during COVID times as it allows you to prevent the serious water damage that can happen when a water leak goes unnoticed.
- Smart locks: Keyless smart lock systems allow property managers to remotely grant access to anyone. That means if cleaning or repair staff need to enter the property, you can grant access from a distance without risking virus transmission. You can also use smart locks to grant temporary access to prospective tenants — allowing them to view a property without you or your staff needing to meet them.
- Workflow management tools: The PointCentral smart property management system also includes intelligent workflow management tools that allow you to remotely assign tasks and coordinate the activities of staff members, cleaning staff, and repair people. This helps you achieve greater workflow efficiency, better organization of tasks, and improved staff member accountability.
- Monitoring key metrics: PointCentral also gives you a bird’s-eye view of key metrics related to your large-scale multifamily property business. By analyzing and interpreting this data, PointCentral can help you gain key business insights to make better, data-driven decisions.
Future Proof Your multifamily Real Estate Business with PointCentral
If you’re committed to keeping your multifamily property business relevant in the years ahead, you might want to future proof your business with PointCentral smart home and smart property management technology. At PointCentral, our smart property automation systems — and advanced smart home systems — will help you organize your business more efficiently while offering the smart tech and energy-saving amenities that your tenants want.