2 Pieces Of Technology That Are Essential In Multifamily

While gyms and rooftop pools have long been used to draw in top multifamily tenants, those amenities are not nearly as important to modern renters as technology. Tenants want high-tech homes to match their high-tech lifestyles, which can feel intimidating to some owners and developers who are unsure of what they need to install.

But according to Brivo Senior Director of Sales Lee Miller, if an operator gets two pieces of technology right from the beginning, the rest will follow. 

“Five years ago, the smart apartment arrived and interest in technology blew up,” he said. “Everybody was looking at smart thermostats, lights, even shades. Since then, people have pulled back to focus on the most important implementations: reliable internet and smart access control.”

Operators are starting to focus on these two elements because the way people access a building ties into many other elements of both the resident experience and property management, Miller said. Take, for example, the link between the rise in deliveries and building security concerns.  

“Since the pandemic, the number of deliveries to homes has rocketed, as has the number of people ordering food deliveries,” he said. “Drivers need to access buildings, but people are becoming more concerned about security. Smart access control can provide peace of mind.”

Smart access control can also be a crucial element of how residents use building amenities. If an operator provides amenities such as a coworking space or golf simulator, residents need to be able to book and access these spaces at their chosen time. 

“Data collected from these activities can then be fed into an operator’s strategy moving forward,” Miller said. “By analyzing when residents access an amenity, they will know whether to invest in installing a golf simulator in their next multifamily building.”

From a property management perspective, operators are looking to reduce costs and improve efficiency. The cost of managing a multifamily building is still rising, while rents have plateaued and, in some locations, even fallen. Owners are turning to technology to help.

One way to improve efficiency is to centralize property management and leasing, Miller said. If an operator has four sites, they might not need a maintenance team for each one. By using technology such as smart access control they can easily deploy site maintenance teams.

“If a plumber needs to fix something in an empty unit, they can just let themselves in,” Miller said. “This saves time for the property management team which might not sound like a lot but it all adds up. Rather than waiting for a plumber to finish in order to lock up the apartment, they can better use their time to do something more productive.”

The same goes for leasing. A leasing team can set up viewings for potential tenants, giving secure access for a self-guided tour without needing to be present themselves. 

Deploying technology that improves both resident experience and maintenance processes will speed up the process of leasing an apartment considerably, Miller said. The right staff can make sure an empty unit is ready to be leased, and residents will enjoy the smooth process created by smart access control. 

As the supply of new apartments across the U.S. is increasing, so is competition to secure tenants. More than 1 million apartments were under construction in November, the highest in more than 50 years. 

This makes it even more important for an operator to create the best experience possible for residents, Miller said. Not only can technology provide the level of amenities tenants are seeking, but it can also be a negotiation tool in the face of stagnating rents.

“Rather than dropping the price of a unit to secure a tenant, you could offer a period of free access to certain technologies,” he said. “Instead of asking for $100 a month for internet and smart access control, which costs you $40 per month, you could give three months’ free. This appeals to residents and means you don’t have to reduce rent, which is hard to increase later.”

Miller said Brivo is experiencing an influx of customers looking to retrofit properties, installing the systems needed to bring their buildings up to today’s standard. This isn’t only to meet resident demands, but to seamlessly collect and analyze data across portfolios and compete with even the newest properties on the market. 

This article was produced in collaboration between Brivo and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.