PART 2
The Smart Building Technologies Return on Investment
The pandemic has left professionals who manage buildings – the ones we live and work in – in a unique position. There is a new responsibility that now falls on the security and property professionals who manage these buildings: health-safety. This new critical aspect of building technology adds to the long-standing priorities of security, efficiency, and environmental sustainability.
All the demands on building technology mean that upgrades are inevitable and necessary. However, another contributing factor to the unique position of building security right now is the pandemic-created recession. How are property managers supposed to spend money on new Proptech to satisfy the growing needs when money is tight?
Take Into Account the ROI of Building Technology Upgrades
When money is tight there is an obvious immediate reaction to stop spending, but that can lead to waste and inefficiencies that cost you more. Multifamily Proptech is proven to save building money:
- For multifamily properties in particular, smart apartment technology helps both residents and property owners save on energy. “This measurable reduction in energy costs can be used as the financial basis to effectively fund the cost of building conversions.” – Memoori article, Measurable Smart Building Benefits Offer a Basis for Retrofits in Post-COVID Era
- Smart apartment technology is sought after by potential residents. When your multifamily offers smart amenities, you can command higher rent.
The topic of non-monetary ROI also comes into play. Peace-of-mind is an invaluable aspect of the Proptech available today. While occupancy tracking and control are more specific to commercial office buildings, multifamily buildings can also use access control technology to monitor occupancy numbers in common areas. They can also limit occupancy in spaces like the gym, pool, or party rooms to comply with statewide regulations. Facility Safety Features like occupancy tracking are now top-of-mind for potential residents.
Consider Your Buying Options
One of the reasons property owners hesitate to make technology upgrades is the large cost involved. It is understandable that property owners want to hold onto their cash right now during the economic uncertainty. That is why financing buying options have taken center stage.
According to a recent Memoori article, “Smart conversions will become necessary for these buildings to operate effectively in the post-pandemic era but traditional forms of funding for those conversions will be hard to come by. So, financing which depends on the predictable gains of smart technology, could be a key to survival and lay the foundation for a new era of smart buildings across the world.”
The needs for multifamily proptech and access control are only expanding. If you want your multifamily property to stay desirable and efficient, technology upgrades are a must. The good news is that you can afford it!