Smart home technology is quickly becoming more affordable, more ubiquitous and more in demand from tenants and prospective renters. Both short-term guests and multi-family tenants expect the level of control and convenience offered by smart home products. But for property managers and developers, it’s not just about improving the resident experience. It’s also about saving money and seeing a return on your investment. Here are just a few examples of how smart home and apartment solutions can improve ROI for developers and property management companies.
Smart locks do more than just improve security. They can also be a great way to improve operations and resident experiences while producing strong ROI. For one, with an advanced access management system like RemoteLock, you can alleviate much of the burden placed on individual property managers and other staff. Companies that use RemoteLock to manage doors on multi-family properties can save thousands of hours per year that were previously spent managing physical keys for residents, maintenance workers and delivery personnel. This may allow you to reduce your on-site staff and free up time for property managers to focus on more profitable activities like conducting apartment tours.
Improved access management has other benefits as well. With people ordering more things online than ever before thanks to the COVID-19 pandemic, being able to control access to outer doors for delivery drivers is a strong value-add for residents. Remote access for cleaning services is also a plus. Having these kinds of capabilities enhances the tenant experience and can reduce turnover among residents while ultimately allowing you to increase rent in the future.
Smart climate controls
Climate change is creating more and more unpredictable weather patterns, and higher temperatures are driving up energy costs. But with smart home climate controls, you can better manage energy consumption to cut down on energy bills. Whether you install smart climate controls in common areas of your buildings, or invest in smart thermostats for individual units, you will likely see a significant ROI in your energy-related costs. In fact, according to some estimates, smart thermostats can "reduce utility costs for vacant units by nearly 75 percent, while decreasing the time spent on maintenance tasks by up to 50 percent." With the general public becoming increasingly concerned with climate change and more conscious of their individual energy consumption, many renters will also appreciate having greater control of their surroundings. Here again you can improve the tenant experience to reduce turnover and maintain strong revenue.
Similar to smart climate controls, smart lighting technology can also produce strong ROI in the form of reduced energy bills and an improved tenant experience. Installing a system that can automatically shut off or dim lights when people aren’t present is an environmentally friendly way to save on energy costs. Smart lighting can also enhance a tenant’s sense of security in common or outdoor spaces, particularly in parking garages or garbage and recycling areas.
Many people are becoming more familiar with automated lighting and climate controls. But water usage is one area that many people struggle with, simply because it’s more difficult to gain visibility into how much they’re actually using. But smart showerheads can eliminate this problem for tenants while helping property managers cut down on water bills.
Although models differ slightly in their functionality, some of the most popular devices accomplish these savings by using an LED display to convey information about both gallons of water used and water temperature. Users can then track that data over time to reduce their water usage overall and the amount of energy it takes to heat water. Investing in advanced technology for bathroom spaces is still relatively uncommon, adding a touch of class and sophistication to your property to create the type of overall experience that can help attract high-end tenants.
Because they can carry a fairly significant price tag, appliances aren’t the first place to look for a strong ROI. But smart appliances can provide the type of premium experiences required in luxury buildings, while cutting energy costs along the way. Smart dishwashers, for example, can actually alter cycle settings by automatically detecting the size of the load and how dirty the dishes are. Likewise, smart washers and dryers can automatically adjust based on the size of the load as well. This helps cut energy usage automatically while saving tenants time. Being able to control appliances via smartphone and make sure a stove was actually turned off also gives tenants peace of mind that their unit is safe when away from home. As they say
Smart home technology is not just a fad or a gimmick, and it’s not going to go away anytime soon. For property managers and developers, smart apartment solutions represent a real opportunity to cut costs, increase operational efficiency, deliver the type of experience tenants demand, and ultimately charge higher rent. With all those benefits combined, property management companies can enjoy strong ROI while positioning properties for the future of multi-family living.
To learn more about how RemoteLock’s innovative access management software and hardware could produce strong ROI for your multi-family properties, contact us today or schedule a demo to see for yourself how our powerful system could help transform your business.