What safeguards do you tie to your investment property

November 14, 2024 | 5 min read time Written By: Kathryn Casna

*Unless stated otherwise, all data is sourced from the Grace Hill and National Multifamily Housing Council's 2024 Renter Preferences Survey Report.

Managing a multifamily property in today's dynamic environment comes with its share of challenges. From ensuring residents' peace of mind and satisfaction to optimizing operational efficiency and protecting their investments, property owners and operators constantly seek ways to stay ahead.

Fortunately, advancements in smart technology offer a comprehensive solution to address these challenges and elevate property management to new heights.

Smart security and access control

Smart access control and security systems are at the forefront of protecting your investment while enhancing resident satisfaction and operational efficiency. One key component is keyless entry systems - instead of using physical keys that can be lost or stolen, residents and staff access the community and individual units using unique PIN codes or a smartphone app.

Smart locks take this technology even further, offering features beyond basic keyless entry. They allow for remote locking and unlocking, access scheduling and activity monitoring, giving residents and staff greater control over unit access and immediate awareness of any unauthorized entry attempts.

Smart security cameras complement these access controls, helping staff monitor the community even when they're not onsite. High-resolution video surveillance, motion detection and remote monitoring capabilities provide immediate alerts about unauthorized access. While the visible presence of cameras helps deter crime, the footage can also help identify any trespassers.

For ultimate security and convenience, these features can be integrated into a centralized system for seamless monitoring and easy remote control. The investment in these modern security features delivers clear returns through increased rent potential, as residents are willing to pay higher monthly rent for:

• Controlled access: 75% want this feature, willing to pay an additional $45.35 per month for controlled-access parking and $48.97 for controlled-access property and amenities

• Smart locks: 67% want this feature, willing to pay an additional $50.03 per month

• Video doorbell cameras: 65% want this feature, willing to pay an additional $49.07 per month

• Integrated smart security system: 67% want this feature, willing to pay an additional $51.85 per month

Preventative Maintenance and Asset Protection

Nearly half (49%) of renters say the biggest benefit of renting is the maintenance-free lifestyle. However, if your team is constantly responding to emergencies and making reactive repairs, you're not delivering on this promise to residents - or protecting your investment. Smart technology like sensors and IoT devices can help by predicting and preventing potential issues before they become problems.

Leak Detection

Strategically placed leak detectors near sinks, toilets and washing machines detect leaks early, alerting residents and staff before water damage and mold can develop. This proactive approach resonates with residents - 69% want leak detection with auto notification and are willing to pay an additional $48.71 per month for it.

Climate Control and Environmental Monitoring

Smart thermostats help detect HVAC malfunctions early, preventing costly breakdowns while optimizing energy consumption in vacant and model units. They're popular with residents too - 72% want them and 8% consider them a necessity, with residents willing to pay an additional $48.01 per month for this feature.

Environmental sensors provide an even more comprehensive view of unit conditions by monitoring temperature, humidity and air quality. This helps identify HVAC performance issues, extensive water leaks and potential safety concerns like gas stove issues.

For ultimate protection, predictive maintenance platforms collect data over time to alert you to maintenance needs before assets reach the end of their predicted lifetimes.

Remote Management and Automation

Safeguarding your property also means ensuring it delivers the ROI you need through efficient operations and low overhead costs. Smart technology enables remote management and automation of time-consuming tasks:

Access Management

Remote access control makes it easy to manage tenant, guest and vendor access while minimizing onsite staffing. Intercom cameras and access logs help monitor for unauthorized entry.

Income Security

Automated rent collection secures income through autopay and monthly reminders, reducing late payments and staff follow-up time.

Energy Optimization

Smart lighting and appliance control optimize energy consumption with automated schedules. This technology appeals to residents - 62% want smart lighting and would pay an additional $48.68 per month for it. While full smart appliances might not be in immediate CapEx plans, smart plugs can provide interim remote control options.

To maximize these efficiencies, a comprehensive remote property management system can tie everything together, delivering real-time notifications so staff can resolve issues proactively - often before residents even notice them. This prompt, proactive management is key to maintaining resident satisfaction and high renewal rates.

Transform your multifamily property

Transform your multifamily property into a modern, efficient and secure investment with smart apartment technology. From access control and security systems to preventative maintenance and automated management tools, these solutions help protect your assets while delivering the experience today's renters demand - and are willing to pay more to have. To learn more about smart apartment solutions that can safeguard your investment property, set up time to talk with our sales team.