Multifamily property managers can expect to deal with some challenges in their marketplace. Rising costs, inflation, and a looming recession may deter you from your goals of building your business. However, price increases are beginning to slow, and although they may not fall for some time, there are trusted tech tools managers can utilize to combat these costs.
By investing in a well-curated tech stack, multifamily property managers can pull back notable savings across multiple areas of operations. This risk could be a game changer for your business in the challenging year ahead.
Not yet convinced? Here are four ways automation tech can transform and streamline your multifamily business…
Reduce energy usage
Possibly the most impressive perk of home automation technology is its ability to reduce energy and water usage. In our current economic climate, who doesn’t want lowered bills? And with sustainability at the forefront of everyone’s minds, why wouldn’t you want to reduce their energy use? Here are a few ways you can achieve this using automation tech…
Smart thermostats and water sensors constantly monitor a rental’s energy use and water leaks, curating data that helps the tech identify inefficiencies. With this knowledge, you and your residents can make small changes to improve energy use and prevent water waste, as well as fix any maintenance needs when they first occur.
That’s not all. Smart thermostats can be programmed to automatically begin heating/cooling when the resident is a set distance from the property using geo-fencing technology. If the intelligent tech notices a drop in temperature (indicating that a door or window has been left open) it can adjust to reduce energy usage. This is one of the ways smart thermostats can help multifamily property managers cut down heating and cooling costs by up to 23%!
Cut down on operational costs
Looking for ways to cut down on operational costs? Combat increases in employee labor and staffing shortages by streamlining your team’s tasks. Smart lock technology empowers property managers and employees to reduce time-consuming tasks such as letting in maintenance personnel and being physically present for tours. Instead, you can remotely grant access to personnel and visitors with temporary passcodes. You’ll also receive alerts on their arrival and departure so you can rest assured your property is safe.
With access technology, you’ll be alerted immediately when a resident moves out and the next team will be notified, allowing for quick maintenance and a seamless workflow. This automation speeds up the rental turnover, allowing you to list the unit and have prospective residents tour it sooner, reducing vacancy time. ,
Reduce the risks of costly breakdowns
Reduce your risk of unexpected damage such as a burst pipe with automation tech. These preventative maintenance solutions are able to alert you of issues when they first arise, so you can get ahead of the problem.
Let’s say, for example, that a pipe has started leaking in one of your rental units. Usually, a small leak can go unnoticed for some time. This can cause a waste of up to 90 gallons of water a day. Beyond that, these leaks can worsen over time and lead to more serious problems, such as water damage in your properties.
Thanks to sensor-powered technology, a smart water system would pick up this discrepancy in water usage and alert you through your property management platform right away. This means instead of facing hefty damage costs and unhappy residents, you can pay a much smaller fee for a maintenance worker to address the issue now.
Reduce security threats
Installing access tech, such as smart lock solutions, to your buildings, means you’ll have complete transparency and control over who enters your properties. The tech is connected via IoT to your property management platform, where you’ll receive alerts and have the capability to grant access from afar.
Temporary passcodes set to only work during the hours you program increase building security even more. This means contractors cannot return to the property after completing their task and those visiting on a self-guided tour can only enter during their allotted time, allowing you to keep your residents and assets safe.
As operational and maintenance costs continue to rise, proptech tools designed to automate access, energy, and water use keep your multifamily business competitive and grant you greater control over preventative maintenance measures.With these tools in your tech stack, you can combat rising prices and keep operational costs low for optimized profit.
If you want to find out more about how automation technology improved resident retention, read this article written by our Head of Multifamily Sales, Mike Branam.