In recent years, the concept of ‘smart homes’ has become a prominent topic in the world of residential property management, bringing with it the promise of increased convenience, improved efficiency, and enhanced security. However, in the context of multifamily businesses, the term ‘smart home technology’ can sometimes seem limiting., It may bring to mind images of isolated, siloed technologies rather than a well-integrated, cohesive ecosystem designed to benefit the property management team rather than causing added complications. It’s time we shifted our perspective and embraced a broader, more holistic term: ‘smart property technology’.
The move towards ‘smart property technology’ is more than a change in semantics; it represents a shift in how technology providers and their clients, asset owners and property managers, approach implementing smart home devices into their communities. Instead of thinking about adding individual devices to rental units and common areas, it’s better to think about how an ecosystem can be implemented at the enterprise level— taking a comprehensive view of all the community parts and how these devices and software integrations can help property managers operate it more effectively.
One Unified System
Then – Isolated Solutions
In traditional smart home technology applications, devices tend to work in isolation or in loosely connected frameworks. These piecemeal solutions, while innovative, pose challenges for multifamily businesses. They struggle to adapt to and maintain these devices, often leading to frustration and decreased efficiency. In worst-case scenarios, the value initially added by these smart home devices diminishes over time as managing them and ensuring they all work together becomes a burden.
Now – A New Era of Connectivity
In contrast, smart property technology approaches the property as an integrated ecosystem. It is not about simply adding smart thermostats, locks, or lights to units within a community. It goes beyond and focuses on how all these devices and more can work together to deliver operational efficiencies, asset protection, and better resident experiences at the community.
This integrated approach helps realize more efficient operations. Property managers can monitor and manage all devices centrally from a single property automation platform which can also be integrated with access control, video, and their property management software. For example, during resident moves or maintenance requests, they can save hours with automated access management that’s customized to their community’s needs. Leasing teams can improve their leads-to-lease conversion rates by adding self-guided tours, that are best enabled by having smart locks and integrated access control. Additionally, owners can better protect their assets thanks to device alerts that help the onsite teams be more proactive, in cases like catching water leaks before they turn into unforeseen operating expenses.
The shift from ‘smart home for multifamily’ to ‘smart property technology’ is a shift to a new mindset, urging multifamily businesses to go beyond simply adding siloed smart devices and thinking about how this technology can transform their properties into efficient, sustainable, and intelligent communities. As we find ourselves in a world driven by interconnectivity and smart solutions, ‘smart property technology’ becomes an imperative for multifamily businesses seeking to future-proof their assets and deliver the best experiences.