The Ongoing Digital Transformation of Multi-Family Management
Learn how technology is transforming multifamily management
4 MIN. READ
The multi-family market is changing at a rapid pace as increasingly products and services go digital. Demand for units and rent increases are on the rise, and there has been steady industry growth across major cities in the United States. Tenants today expect connected homes and units that have all the technology bells and whistles. If a unit is lagging in the technology space it may not get attention from renters.
The Covid-19 pandemic has bolstered the work-from-home trend. This means smart homes that have connected devices and high-speed internet are highly desired. Properties that emphasize these attributes will get more attention.
We will explore some trends that are leading the way in multi-family digital transformation.
Smart technology trends
The Internet of Things (IoT) has transformed the way people interact and communicate with their homes and buildings. The ability to control devices remotely via mobile apps has revolutionized the resident and living experience.
Smart meters, thermostats, and automated lights are now mainstream. The desire for smart devices and homes has jumped dramatically, as more than 70% of homeowners have at least one smart gadget.
The tenant experience has already gone fully digital with chatbots, automated customer service, apartment mobile apps, maintenance, etc. So, it is vital that new multi-family developments and construction projects incorporate these aspects into their design and operation.
Smart technology is here to stay and staying with or ahead of tech trends can mean more occupancy and less turnover for your team.
Smart technology and automation go complement one another. Automation refers to the centralization of a building's mechanical, electrical, and access systems. The ability of smart technology to control lighting, HVAC, and door access systems remotely from a computer has dramatically improved building operations from an efficiency standpoint.
Building systems are connected to a network. Sensors are installed throughout buildings to gather data and to initiate devices into action. Think motion sensors for lighting. This improves the resident/tenant experience, saves money and streamlines building operations.
Data has become an increasingly valuable commodity. It provides useful information for building owners and can help improve operations. It can show utility usage, time spent in certain areas, and temperature settings — all useful information for multi-family owners.
Mobile apps have made building and maintenance automation easier and more accessible. The ability for technicians to view, monitor and control certain systems via an app has helped shaped the multi-family digital transformation process. Someone from the comfort of his or her home can control settings in a building miles away with the use of mobile apps.
Automation and the digital age have elevated building operations to new heights. Having control and access to useful data has allowed multi-family owners to change their operating model and even reduce the need for employees.
Changing views on multi-family technology
The multi-family property business has experienced great transformation. It is not the old and traditional business of the past. It has the potential to fully embrace technology and automation for the benefit of owners, renters, and employees.
Studying analytics can help owners predict future occupancy, utility bills usage, and purchasing trends. This information is vital and helps multi-family owners plan for projects and forecast their budgets more accurately.
The use of drones in marketing and for building inspections are becoming more widespread and even expected by potential tenants. Virtual reality also has changed the nature of property tours, freeing up time and resources for owners of multi-family dwellings, while also providing another way for your property to stand out.
Property managers are accustomed to buying technology. Instead, think of technology purchasing as hiring services to automate workflows. Technology can make your job easier, so use it to get the best out of your business.
The multi-family property management business is growing, so it is important to position your property as the go-to place for renters and employees. Embrace technology and software to raise your game.
Raiven offers a host of technology solutions
Raiven uses sophisticated algorithms to help you manage procurement and supply chain management across your properties. Take advantage of Raiven’s vast Marketplace, which gives you access to thousands of supplies from the best suppliers, including HD Supply, Ferguson, Grainger, Graybar and more. Purchasing supplies at steep discounts and the ability to quickly and easily purchase from a centralized software platform can elevate your business and save you time and money.
To learn more about how technology benefits your multi-family properties, contact Raiven today.