For any new innovation technology to pick up and really get adopted by the masses, it has to meet three simple conditions; people need it, they need it now, and they have money to pay for it. In essence, it really needs to solve a pressing problem or at least fill in a missing gap. Smart home technology and the fact that it has gained popularity at an accelerated speed means we are solving some major problems, and are efficient at it!
With the proper sophistication within your buildings, you can give time back to your residents as an amenity. All building asset classes can benefit from building intelligence. You can increase your bottom line, preserve energy and keep costs down for your individual resident’s overhead. Not only does your building’s sophistication help your residents, It also helps the assets bottom line through energy efficiency and controlled management reporting.
It is very important for investors to set themselves apart and achieve continued growth by making sure you are up to speed with AI and building technology. It has a huge impact on all of our constituents—whether it’s what technologies residents are looking for in their homes, what our investors need to better communicate with us or how we internally use technology to become more efficient and utilize data to predict trends—we have to remain really open to being innovative and constantly bring new initiatives to the table. Technological advances literally impact every single aspect of our industry. To stay on top of it is vital to advancement. Owners who invest in their network infrastructure are not only proactively planning for next-generation technologies that they will need to support, but are also developing a competitive differentiator that sets them apart.
In the case of Millennials, Generation Z renters, which we have a huge influx, future-proofing technology is the key to future-proofing your business. The rise of social media, the changing nature of the way content is consumed and mobility are all key features of “Technology as an amenity”. Recent advances in technology have created new business models that suit current tastes, with prominent examples that include subscription-based and on-demand services, like smart home technology IoT interfaces. These models have forced companies to reassess how they offer services and have created a massive opportunity for businesses to capitalize on a major market opportunity. It is important to believe in the long-term fundamentals of the multifamily industry and continue to provide and be a step above to the tech savvy renter.
Don’t just think that innovation is for new development or type A product. Your asset can be a pioneer for innovation within the market and set the stage for others to launch. Innovation is often used to simplify business practices, solve problems, save money and save time. Time is our only non-renewable resource, striving to create a streamlined living experience for your residents that allows them to get time back will 100% set you apart. There are many platforms you can bring into your multifamily deal to help control expenses, reduce overhead, save on energy and provide safety to your residents and building as a whole. Some examples are: Brivo locks, Butterfly MX, Nest thermostats, Lutron lighting, GE appliances, Alexa and Google home smart compatibility and much more.
It is important to use a main IoT provider that communicates with your smart home plug ins so your residents can access their controls through one intelligent platform hub; an easy button. This will allow them to set their preferred scenes and chosen operating points. Your property management team can also have credentialing where they can control maintenance, vendors, access, lighting more. This is proven to save 15-20% on expense overhead.
You can also utilize platforms like Hello Alfred, an online, personalized concierge service that allows residents to choose from a menu of curated services. Your fitness studios can even be a step ahead, featuring the latest in on-demand cardio equipment used by professional athletes, and mirror wall work out stations like the Lululemon studio platform. By leveraging your use of innovation, no matter your asset class, you can sand out from our competitors, creating the perfect dream home catered to your demographic.
Fewer building systems are as mission critical as access control. This is especially true to the multifamily world, where safety and security are top concerns to residents. Smart locks are a cloud access control solution (also known as smart access control) that leads the way in both security and user experience. It provides access control, Mobile management communication, video surveillance, visitor management and elevator control if you have one. The heart of smart access control is helping management save time by automating access schedules and managing permissions. It helps give a birds-eye view of your entire property with real-time event monitoring, video surveillance, and powerful reporting. They also give a floor-by-floor or Door-by-door control over access, a critical function of best-in-class security. The best thing is, all you need is the locks and internet to set up your intelligent IoT system.
ButterflyMX is pervasive in our industry and has been around for a while providing a seamless building or property entry experience. Your operational team will also get the added security and convenience as it not only provides video calling and virtual keys, but also resident management and audit trail notifications. Renovators and developers have ease with the system integrations, as there does not need to be building wiring or in-unit hardware. ButterflyMX provides a smart intercom, which only requires an internet connection, power and a door strike.
Smart lighting provides the best smart lighting scene management throughout your units and amenity spaces. Being able to control your lights and shades right from your smart device and provide that “home to sofa” easy living environment. You can integrate smart dimmer switches in each living space as well. With smart lighting you are able to set the lights to turn on or off at a given time. Control one or multiple lights at the same time by creating a scene — so you can transform a room from “Game Night” brightness to “Movie Time” mood. And when it’s bedtime, your residents can turn off all the lights right from their phone. The best aspect is, your operations team can control all vacant light with one switch. Imagine the cost savings here.
All in all, technology has become an essential amenity in multifamily buildings because it aligns with tenant expectations, provides a competitive edge, enhances convenience and efficiency, contributes to sustainability, improves security, fosters community, accommodates remote work and learning trends, increases resale value, enables data-driven decision-making, and future-proofs the property.