As we commence 2024, professionals in the multifamily property management sector will be gearing up to implement their plans for the year. Many will have contemplated where to invest their resources, such as which new solutions to acquire that can enhance revenue and efficiency. One constant will be the ongoing adoption of automated technology.
The previous year demonstrated that automated technology is no longer a luxury, but a necessity for multifamily property managers aiming to elevate their business. It’s not only cost-effective, but it can also boost resident and employee satisfaction.
Automated multifamily solutions are widely embraced, and for good reason. Here are five reasons why investing in automated technology will positively impact your business in 2024.
Five reasons to invest in automated multifamily property management technology
1. Boosts operational efficiency
One of the primary benefits of automated tech solutions is time-savings. Many administrative tasks such as communication and data handling can now be automated, freeing up your time for other tasks that demand more expertise.
For instance, the complete automation of the move-in/move-out process can transition a property from vacant to occupied without any intervention from the property manager. When a resident vacates a multifamily unit, the occupancy status automatically updates on the PMS (property management software). This action deletes the previous residents access codes and resets the property into vacant mode – energy saving settings are activated for thermostats and the unit auto-relock feature is enabled.
When a resident moves into the property, the status on the PMS changes back to occupied and the settings for vacant properties are deactivated. A system login and unique access code are generated for the new resident and an automated email detailing access information is sent.
2. Increasing occupancy and turnover speed
Multifamily property managers aim to maximize the potential of their properties, which involves increasing occupancy rates and turnover speed. Automated technology, such as self-guided tours, can ensure that prospective residents are able to quickly and easily view a property without anyone needing to be there.
Prospective residents book in a time that suits them and enter the property using a unique one time access code. They view the property and exit at their convenience. If a property manager or resident wishes to monitor the self-guided tour, they can do so by setting up notifications for scheduled appointments, no-shows, when a prospect enters the property, and when a prospect exits the property.
Automated technology can improve relations with existing residents too. Smart video doorbells can alert the resident when somebody is at their front door, while smart thermostats can reduce utility bills. Both are welcome additions to residents, as Rent.com found with 82% of renters in their recent survey stating that they want at least one smart device in their home.
3. Improving employee satisfaction
Admin related tasks can be handled by automated technology, easing the workload on employees, but what else can it do for the workforce?
Predictive maintenance empowers property managers and maintenance teams to preemptively address errors or faults in HVAC and water management systems. Teams can visit properties with an understanding of the hardware issues and can rectify them accordingly, saving time and ensuring that employees are engaged in meaningful tasks that utilize their expertise.
Automated technology systems can analyze vast amounts of data in seconds, including property performance and occupancy rates. This information can be leveraged to make informed decisions, shaping business strategy while employees benefit from having clear, real-time goals that can be evaluated against their current efforts.
4. Reduces damage caused by faults
Automated technology keeps property managers and their maintenance teams at the forefront of their properties. Sensors in smart water management systems can automatically alert property managers when there is a fault or leak. Smart water valves can then shut off water flow to the affected area while maintenance teams are alerted to fix the problem. This reduces the chances of a small leak developing into a costly issue, saving the property manager money by tending to the problem early.
Smart HVAC solutions also have this integrated feature, automatically alerting property managers of any faults with thermostats or air conditioning units.
5. Reduces energy usage and wastage
The escalating cost of energy is a concern that impacts both property managers and residents. Technologies such as smart thermostats, which can decrease bills and consumption, are a popular choice in multifamily rentals. Smart thermostats regulate temperatures to reduce energy use and can save approximately 9-16% on heating bills and 15-23% on cooling bills.
Multifamily residents are increasingly concerned about sustainability and environmental issues. The integration of energy efficient technology ensures that energy is not wasted due to faulty systems, and data reports are available to help homes maximize their efficiency. Adopting smart tech solutions that reduce energy usage and wastage appeals to residents, helping property managers to effectively market their multifamily rentals.
Want to find out more about multifamily technology? Read our trends for 2024 here.
