Centralization is rapidly gaining traction in the multifamily sector, as property managers recognize its ability to drive operational efficiency and increase employee satisfaction.
As economic pressures continue to rise, multifamily businesses are turning to centralization as a solution. This approach addresses the current challenges in multifamily while meeting the needs of both residents and employees.
What is centralization?
Multifamily centralization is the process of property managers and employees consolidating all work bases to one centralized location using technology solutions. By centralizing core processes, managers and operators have an opportunity to improve operational efficiencies, eliminate duplications and errors, and manage properties remotely.
Fortunately for multifamily managers, implementing a centralized tech stack is now more accessible than ever. Today, there are plenty of technology solutions available that can be easily integrated into a central platform, providing property managers with a wide variety of reliable solutions all in one place.
As the industry grapples with staffing shortages and cost concerns, adopting centralization emerges as a solution for multifamily managers seeking efficiency and cost savings.
Top benefits of centralization for multifamily property managers and residents
Increases efficiency and revenues
Centralizing core processes through modern technology, such as smart HVAC systems and smart water management solutions saves time and boosts efficiency. These solutions perform system health checks and notify employees of any required repairs via predictive maintenance, optimizing resource allocation and reducing unnecessary repair costs.
Data-driven technology solutions empower property managers to make informed business decisions by analyzing property performance, occupancy rates, and system health. This enables them to identify areas for improvement, and assess overall business efficiency.
Centralized technology also benefits prospective residents by facilitating convenient self-guided tours, which can be easily scheduled or canceled without the presence of an onsite property manager. According to our data, 4 in 10 prospective residents have passed on a property due to insufficient tour times. Occupancy rates, and therefore revenues, can be increased by offering more apartment showings.
Furthermore, centralized platforms allow property managers to address issues remotely, promoting a healthier work-life balance and reducing the need for constant on-site presence.
Boosts resident satisfaction
For residents, centralization automates maintenance schedules and alerts, enabling maintenance workers to plan tasks efficiently, minimize disruptions for residents, and save time and resources.
A centralized hub or platform to manage your entire tech stack is beneficial for both property managers and residents. With centralized technology, unit managers can remotely operate properties, grant remote access for deliveries, and eliminate the need for residents to wait for parcels. Video doorbells can be used to enhance security by allowing residents to remotely unlock their front doors.
Manager to resident communication is also improved through a centralized platform, bridging gaps in communication and facilitating seamless contact. By centralizing communications, unit managers can easily view, schedule, and manage maintenance requests and rent payments in one location, simplifying day-to-day operations.
Increases staff retention and attraction
Centralized technology can automate routine tasks for employees, allowing them to focus on more impactful responsibilities such as community management and the overall resident experience.
Implementing multifamily centralized technology comes with a need for employee training to ensure proficiency in using the tech solutions. Training not only equips employees with the latest skills and industry knowledge but also fosters personal and professional growth, positively impacting job satisfaction.
Want to find out more about increasing employee satisfaction through multifamily technology? Read our blog with 5 tips to help keep your team happy here.