Multifamily property managers are continuing to adopt smart property technology solutions to further streamline their operations. A recent report by Parks Associates provides compelling insight into how property automation is enhancing operational efficiency, reducing costs, and boosting resident satisfaction.
Here are the top 6 ways that multifamily property managers said they are benefiting from smart property technology:
1. Increase in Operating Efficiency
Multifamily property managers reported a 20% increase in operating efficiency thanks to smart property technology.
Property automation systems allow managers to optimize operations by reducing a large number of manual processes while leveraging data-driven insights. For example, PointCentral’s smart thermostats, access management technology, perimeter video and water management solution, can all be centralized into one platform allowing the remote monitoring of every area of the building in real time.
Access management solutions eliminate the need for physical keys and allow operators to grant and revoke access to certain parts of the multifamily building remotely, reducing the need for a physical presence on-site. Additionally, predictive maintenance gives managers valuable insight into the performance of hardware such as the HVAC system, reducing unexpected breakdowns.
This heightened efficiency reduces downtime and ensures that properties run smoothly and ultimately create a better living experience for residents.
2. Reduction in Operating Costs
Smart property technology lowers operating costs significantly, with managers reporting an 18% reduction. Automation and predictive maintenance catch issues early, preventing costly repairs. When using PointCentral’s smart property management platform, HVAC systems adjust automatically during resident transitions for smooth operations and reduced energy wastage, while smart locks and AI-powered perimeter video lower the need for on-site staff, driving further savings.
3. Lower Property Insurance Costs
Safety and risk mitigation are critical in multifamily property management. The introduction of tools such as smart water solutions can lower insurance premiums. In fact, multifamily property managers reported a 16% decrease in insurance costs since introducing smart building technology.
Water management solutions detect leaks in real time and automatically shut off water flow to prevent extensive damage. With fewer incidents and lower risk profiles, insurance premiums naturally decrease, making smart technology a cost-effective investment.
4. Reduction in Energy Costs
Energy management is another area where smart property technology really shines. Multifamily property managers have seen a 19% reduction in energy costs through the use of smart HVAC systems that adjust heating and cooling based on real-time occupancy data. By ensuring that energy isn’t wasted in vacant units, these solutions help avoid unnecessary expenses and reduce the strain on building systems, ultimately supporting both system longevity and the bottom line.
5. Reduction in Weather-Related Costs
Whether it’s burst pipes in winter or overworked HVAC systems in summer, extreme weather conditions can lead to unexpected maintenance expenses. Implementing property automation allows property managers to proactively mitigate risks through remote monitoring, so when needed, weather-related issues can be addressed quickly and costs can be minimized. Multifamily property managers reported a 18% decrease in weather-related costs when using smart technology.
Smart HVAC systems, such as PointCentral’s, prevent overheating or freezing by automatically adjusting to outdoor temperatures, while smart water management integrations help to avoid costly water damage caused by leaks or freezing pipes.
6. Reduction in Safety and Security Incidents
A safe living environment for residents is one of the top priorities for a multifamily property manager and 21% of managers reported a reduction in security-related incidents since adopting smart property technology. PointCentral’s latest perimeter video technology incorporates AI video analytics to detect important activity and automatically responds with an AI-generated voice and flashing lights to warn the intruder is being watched. This advanced technology can handle the bulk of security management with minimal human intervention. When AID technology is used, a complete view of property activity is provided to property managers, proactively reducing security incidents.
Smart property technology is a game-changer for multifamily property managers
The findings from the Parks Associates report underscore how smart property technology is continuing to support multifamily property management. By leveraging data-driven insights and automated systems, managers can streamline operations, reduce costs, and enhance the overall resident experience. PointCentral’s full suite of multifamily technology solutions is specifically designed to help property managers maximize operational efficiency and reduce costs while also providing residents with a seamless and secure living experience.
Want to find out more on multifamily property management technology? Our guide will help you to get your rental ready for summer by spring cleaning your tech.
