What makes a resident say, “Wow, I need to live in this apartment community and I never want to leave?” As a property manager you have to balance that wow factor for residents with budgets, infrastructure capabilities and management needs.
What if you could deliver them all without a complete renovation of your property?
Installing the right technology can drive the outcomes you want. For Kromer Investments, those outcomes were staying ahead of the competition, increasing property value and improving resident and leasing experiences. The right technology was Brivo Smart Apartment and Brivo Self-Guided Tour.
Being Forward-Thinking Pays Off
“We wanted to establish an advantage that most of our competitors do not offer. We felt installing smart technology would not only drive a new selling point, but also allow us to operate differently.” -Damien Romero, Director of Asset Management, Kromer Investments Inc.
Kromer Investments realized the best way to improve their property value was investing in smart technology for each unit like smart locks, thermostats and lighting. Then they brought it all together with the Brivo app that allows residents to open doors, control in-apt features, pay rent and submit work orders. Kromer Investments was able to establish a $50 increase in rent for every unit with a forecasted $200K+ yearly added property value.
“Residents love it and resident retention has increased because of it. Residents get accustomed to it and do not want to move to another location. This allows us to decrease expenses because we don’t have to turn around as many units as we did in the past.” -Damien Romero
Smart apartment features attracted residents during the ‘normal’ state of the country and they became even more important to create a healthy building during the pandemic. Kromer Investments never planned for an environment like COVID-19 but they were able to adapt quickly with the help of Brivo.
“Without Brivo, we would have fallen behind, had to play catch up, and reduce our price points to stay competitive. We would also not be as prepared to handle the COVID-19 pandemic and create a safe environment for our employees and residents.” -Damien Romero
The Best Experience Starts with the Leasing Process
Before someone becomes a resident, they need to tour the property. Coordinating schedules between a prospective resident and the leasing agent to view the unit is the biggest challenge. Self-guided tours are not necessarily new to the multifamily market, but having access to data that tells a complete story makes a big difference in success.
Having insights into what prospects were most interested in during their self-guided tour means leasing agents can still follow up in a personal way and engage with the prospects most likely to sign a lease. Kromer Investments is able to allow prospects to run their own tour while improving customer service and meeting management goals. “Self-Guided Tours have increased our closing ratios by 25% to 40% across our different properties. Our offices have been closed to the public since March and we have been able to maintain operational goals.” -Damien Romero
Having a Collaborative Smart Apartment Provider Puts You over the Top
The multifamily market is constantly evolving and now needs to adapt to environmental challenges and health considerations. Property managers need to have a plan to keep their property safe, healthy, desirable and profitable. A multifamily property solution grounded in physical security that also attracts and retains residents with smart apartment technology is the future of the industry.
Brivo and Kromer Investments have a partnership where new ideas are cultivated, expertise is shared, training is a priority and creating unique solutions is the goal. “I love the collaboration and the expertise Brivo brings to the table. Together, we are able to discuss ideas, challenges and experiences to establish the best solutions. This is the environment Brivo brings to the table and what we depend on.” -Damien Romero
Check out Kromer Investments properties:
- 1st Smart Apartment Community Completed in Reno, NV
Sierra Vista Apartments – http://www.sierravistaapt.com/ – Live Where You Play
- 1st Smart Apartment Community in Progress in Carson City, NV
Carson Hills Apartments – https://www.carsonhills.com/ – Where Home Means the Hills