As we navigate an unpredictable landscape, many multifamily owners and operators may wonder if adopting smart technology makes sense for them right now. Whether the market is thriving or faltering, Proptech remains one of the most reliable investments owners can make to elevate their property's performance and retain a greater share of residents. In fact, a Park Associates study revealed installing Proptech into a multifamily community increases the chances that residents renew their leases by 56%.

But why else are multifamily owners turning to Proptech? What benefits are they experiencing, and how can they use smart tech to their advantage?

Simplified Community Management

Proptech provides multifamily owners with powerful tools to streamline their operations, automate tedious tasks, and stay ahead of potential issues before they arise. By tapping into new operational efficiencies, owners can significantly improve their profit margins by reducing excess overhead expenses. In fact, 64% of owners say they reduce their OpEx  by 20% once they optimize their operations. This also means staff can manage their properties with less employees on hand, reducing payroll expenses without forfeiting productivity. From automating the scheduling of self-guided tours to adding convenience to residents' day-to-day lives, smart tech can help attract and retain more residents than ever before.

Economic Benefits of Energy Efficiency

One way to automate operations and radically cut expenses is through the adoption of smart thermostats. For example, residents can reduce 10-12% of their heating costs and 15% of cooling costs when they have access to self-regulating smart thermostats in their apartments. Owners can leverage this same technology to precisely control the temperatures in their vacant units. By doing this, they can eliminate up to 58% of their energy expenses (which can save up to $500 per unit annually) -- and without having to send staff to manually change the settings in each apartment. Owners and residents can even qualify for significant rebates when they limit their average energy expenditures.

Optimal Staffing

Smart community access control and self-guided tours provide a seamless, optimized, and contactless tour experience to prospects through a single streamlined platform. Self-guided tours, for example, require less staff to coordinate, and 83% of renters are in favor of them. This can allow properties to host more tours on average, increasing their ROI. Owners and operators have the capability to control access to different communities/units from a centralized location, while allowing residents and prospects access to common areas, building entries, and their own apartments.

Tailored Solutions For Maximum Success

62% of owners find that operations are one of the biggest issues they encounter when dealing with property management. To maximize their success, owners should look for a provider that can customize their smart tech bundle to fit their operational needs and the desires of their residents. Doing so will not only improve efficiency but can also lead to higher profit margins. Furthermore, it can help them to be more resilient in the face of a changing market.

Choosing a pricing plan that is tailored to your specific requirements is essential. Arize's Upgraded Tech+ Program is a hardware-as-a-service solution that offers financial stability, since it doesn't involve any CapEx investments, allowing for tighter cash flow management. The ideal HaaS solution includes installations, assistance, troubleshooting, and upgrades, all for a fixed monthly sum, further assisting owners in predicting their expenses and budgeting for the future.

Conclusion

Proptech is quickly becoming an essential tool for multifamily owners and operators to ensure economic longevity. By leveraging automation and smart tech, owners can create efficiencies and cost-savings while increasing retention and occupancy. With the help of hardware-as-a-service solutions, owners can scale their properties into the future with minimal upfront costs, allowing them to stay competitive and secure long-term success.