The adoption of retrofit technology in the multifamily sector is rapidly increasing, with the global energy retrofit market size projected to grow from $157 Billion in 2021 to $210 Billion by 2028. This growth is attributed to the effects of the pandemic and the ongoing financial challenges many face.
Retrofitting technology serves as a bolt-on to existing solutions you have in place, providing property managers with the advantages of newer technologies without investing in a complete package. It offers numerous benefits and can offer cost-effective and timely solutions when property operators need it most.
What retrofit technology options are available for multifamily property managers?
There’s a variety of ways to upgrade your existing solutions, and reliable tech providers will ensure that their retrofit solutions can integrate seamlessly with existing technology.
Examples of retrofit solutions include:
- Smart thermostats: Thermostats are key to controlling a property’s heating. Upgrading to a smart thermostat allows for remote control of a unit’s system, enhancing energy management.
- Smart locks: Keyless entry systems such as keypads and keycards, provide residents with convenient and secure access to their homes.
- Community access: Access technology for the whole building, such as intercom takeover, can be integrated within 5 minutes. This cloud-based solution can ensure that entry is only given to those who need it, allowing multifamily managers to easily revoke access via the intercom system.
- Smart light switches: Some of these switches can be installed over existing light switches, with more advanced options allowing you to control your lights with your voice as well as the regular smartphone app or timer.
- Smart water management: Property managers can install smart water sensors, valves and meters into smart water systems to help combat any leaks or faults and keep on top of water usage.
- Property management systems (PMS): A trusted and reliable PMS integrates with various technology solutions and centralizes management. This provides property managers and maintenance teams the opportunity to improve schedules and operational efficiency.
Through IoT, all of these solutions can communicate with one another, such as smart water sensors detecting a leak and notifying the smart water valve, which in turn will turn off the supply to the affected area, or notify the property manager of the problem. This interconnectedness simplifies property operators’ tasks and offers peace of mind that they will promptly be notified of a problem, minimizing potential costs.
Top three benefits of installing retrofit technology
Increased energy efficiency
New technology is often expected to save property managers money, and many retrofit solutions pay for themselves through energy savings alone. For example, upgrading thermostats can be a quick way for property operators to optimize their heating expenses, with potential savings of 9-16% on heating bills and 15-23% on cooling bills.
More cost effective than buying new solutions
One of the main benefits of choosing to retrofit your technology rather than buying new tech outright is that it’s cheaper, especially when considering an entire property manager’s portfolio. This cost-effective approach helps businesses facing financial challenges, with many tech suppliers providing incentives or bulk discounts. Installation is cheaper too, with wireless smart tech that takes minutes to set up.
Opens new avenues
By being able to upgrade current solutions, property managers are able to access new features. Retrofitting your access technology, including smart locks, allows property operators to offer self-guided tours to prospective residents, increasing the chances of choosing that property.
Multifamily property managers choosing retrofit technology will help them digitize their apartments and make their units more desirable, all while saving them money through energy usage and installation.
For more information on multifamily technology read our recent blog on connected living.