For decades, when multifamily operators required a technology solution, they typically had to source it from outside the industry. While many innovations designed for other business sectors could be modified for use by the apartment industry, they often didn’t work as well as operators hoped. The reasons for the product shortcomings were simple: they weren’t designed for multifamily and, perhaps most importantly, they weren’t developed by multifamily.

Fortunately the winds have shifted, with technology companies now focusing on multifamily’s innovation needs. However, there is a subset of best-of-breed solutions currently found in the industry that were conceived, designed and developed by suppliers with real estate experience and a deep knowledge of multifamily’s unique challenges and nuances. Operators are no longer stuck with one-size-fits-all solutions, but are now empowered to introduce technologies specifically designed for apartment communities.

The Powerful Combination of Experience and Technologies

Property technologies better serve their intended purpose when built specifically to address the multifamily version of a problem. For example, self-guided touring systems must recognize and account for current prospect preferences and staffing shortages. Access controls are better designed with an in-depth understanding of the key management burden created when guests, vendors, package carriers and team members all need access, or the significant expense associated with rekeying an apartment unit, or an after-hours call when a resident locks themselves out. Mobile maintenance platforms developed with direct knowledge of workflow, response time expectations, resident communication requirements and on-call needs are more effective and efficient. Package management solutions have greater impact when the designer is familiar with on-site storage restrictions, e-commerce projections and the workload created for on-site associates by the current package volume. With an understanding of renter preferences and residential energy optimization, smart home devices can deliver enhanced results. People who have first-hand experience with crowded parking facilities and resident frustrations know what’s required to make a smart parking system function in the real world.

That industry knowledge and experience is invaluable.

Finding the Right Partner is Key

There are a growing number of multifamily supplier partners founded by individuals who not only understand the multifamily industry, but have personally worked in apartment operations. These vendors are developing solutions with only rental housing in mind. These companies understand the considerable demands placed on on-site associates and the vital need for systems that are efficient, intuitive and easy to adopt.

Just as important, these supplier partners understand the need for integration with other property technologies and operations systems. The inability to play nice with other solutions creates redundancies, duplication of efforts and broad operation inefficiencies. Multifamily-specific suppliers recognize that true integrations – open APIs and not just parallel interfaces – enable property technologies to complement one another and collectively exceed their individual product values. Apartment industry insiders also acknowledge that the greatest benefits and efficiencies are derived when site teams can access all technology solutions through a single interface.

Not All Innovations are Created Equally

It's exciting to see so many proptech products entering the market, but it’s also important to remember that not all innovations are created equally. The apartment industry requires technologies that target multifamily-specific pain points, but that also integrate seamlessly with other solutions in the community to create ancillary benefits. Suppliers with a background in multifamily are uniquely qualified to tailor technologies that serve the industry, drive property performance and improve the resident experience.