4 Ways Technology is Improving Business for Multifamily Apartment Operators
By Gordon Robbins @ Real Estate Daily
October 31, 2017
Recently, technology has been making waves in the commercial real estate industry. From the internet of things to a variety of individual smart...

Recently, technology has been making waves in the commercial real estate industry. From the internet of things to a variety of individual smart devices, landlords and tenants are both feeling the effects of this new technology. While new tech can create a huge appeal and quality-of-life upgrade for tenants, it can also be a great way to increase profit margins to commercial property operators.

Building operators are seeing the benefits of this new technology in a few different areas. Among other benefits, smart technology that’s connected throughout the building allows operators to seamlessly gather and analyze data regarding tenant habits. Ann Matheis at Multi-Housing News recently wrote an article giving some more insights into technology and multifamily real estate. Below, we’ve excerpted her article for your convenience.

Remote Access for Service Calls – Implementing amenities that are controlled via smart devices allow residents to grant remote access to their apartments for service calls. This also helps apartment owners, managers and operators save money by eliminating the need to rekey a lock if a resident loses their credentials or moves out. With keyless solutions, staff members and property managers can simply revoke the previous resident’s access and set up a new resident’s credentials using a mobile device or computer, without ever going near the lock itself.

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Important Facilities Insights – Outfitting a property with an electronic access control system not only frees up staff time, but can give apartment companies unique insight into which amenities and features of a building interest both prospective and current residents the most. For example, operators using these systems can gauge resident use of common area amenities, such as a common outdoor space, work out room or movie theater, by looking at the access logs that are automatically generated for these systems.

Ease of After-Hours Services – Another advantage is the ability for companies to service multiple properties within a given geographic region with fewer staff. For instance, an off-site concierge working from a central location may be able to serve residents at multiple properties after hours within a given geography for lock outs and access to other areas, such as mail rooms. This type of centralized service also ensures quality control and uniformity in the level of service residents receive.

Enticing the Millennial Market – It should come as no surprise that Millennials are one of the biggest audiences for the multifamily property market today. More and more, multifamily property owners are finding smart home amenities to be an especially attractive option to millennial residents and that many are willing to pay for the convenience and prestige that comes with. In fact, data from a recent Allegion study among college students shows that once a millennial resident has experienced the convenience of a keyless lock, 40 percent prefer them over mechanical locks and tend to worry less about safety and lock-outs.

Read the full article at Multi-Housing News