The term “smart apartment” is more than just fancy jargon within the multifamily industry. It’s an essential must-have for exceptional resident experiences using building automation, impactful Proptech, and seamless property access and security. However, property managers may feel hesitant about taking on smart apartment technology. Here are four clear reasons to upgrade your property with smart apartment technology.
1. Increase Resident Attraction & Retention
Quickly fill units by delivering convenience, amenities, and security to your residents. The benefits of smart technology are crucial. Research shows that 61% of millennials are likely to rent an apartment specifically because of its electronic access features, including keyless entry doors.
Millennials are also willing to pay about 20% more and stay longer in buildings that offer modern lifestyle conveniences. This includes controlling thermostats, lights, and smart locks using their mobile devices. Creating an integrated experience for residents via their mobile app can be very useful. It allows residents to open lobby doors, garages, pay rent, submit work orders, and grant guest access.
Another major benefit to increasing resident attraction for property managers is providing self-guided tours to potential residents. This is especially helpful to keep your staff and potential residents safe and secure, but still provide a thoughtful and positive apartment showing experience as you manage the pandemic.
2. Manage Your Property Efficiently and Remotely
As property managers, you deal with numerous daily demands. This includes collecting rent, coordinating property maintenance, setting budgets, and screening potential residents. You should feel empowered to manage your property and keep residents safe with the best technology.
Safeguarding your property remotely and managing your property with real-time video from any connected device will increase overall efficiency.
3. Increase ROI and Save on Costs
Do you remember those fancy smart apartment conveniences we talked about earlier? Well, you can pass those costs to residents by charging more for rent. Investments like these allow you to increase the unit rate and building rent, leading to a higher overall property value.
ROI can also be proven in saved costs. Issues like water damage to a unit are a nightmare for property managers. Smart apartment technology can actually save on costs by preventing water damage using sensors and monitoring energy use. According to VITA Residential, they achieved a 40% ROI from their investment in smart unit technology and rent price adjustments.
4. Improve Resident Safety
Safety will always be a priority for residents. According to Schlage and Wakefield Research, 63% of U.S. multifamily renters would move out of an apartment due to lack of security. Give them peace of mind with smart access control solutions, including smart locks and improved common area access control. With these features, you allow them to enjoy their smart apartment community safely and securely.
Brivo’s Smart Apartment Solution automates access control and apartment functions to create an enhanced experience for residents with value-adding benefits for your property. The Brivo API also integrates with property management software, including top companies like SmartRent and Rent Manager.
Smart apartments are only becoming more desirable as we advance and adapt to new technology. Let Brivo help you find a balance between property security and resident convenience today.
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