Home Automation Steps Beyond Tech-Savvy Renters by Delivering Critical Data to Multifamily Operators
Technology is more than mere luxury these days— it has become the be-all and end-all of our human experience, and in relation to the multifamily housing industries, it is what residents not only want, but also expect. In order to build a trusting relationship with your residents and retain their future business, it is imperative to keep an active stride with the ever-evolving technological landscape, which is ultimately, a valuable approach in taking your apartment community to the next level. If you’re currently seeking the next “big thing,” home automation is the answer.
Already common in large-scale buildings, home automation is anticipated to continue growing over the next few years, becoming a major must-have item in both the housing and rental markets. These cutting-edge technologies hold many benefits for prospective renters and has the potential to become an efficient marketing tool for property owners and management companies as well.
Despite all of the exciting progress being made, one concern about technology remains—it always seems to be moving faster than the imagination and budget of apartment operators. However, when considering tactics of your retention strategy, one aspect seems to be a given: adhering to the needs of your residents once the lease has been signed.
Again, the difficulty lies in staying afloat with the rapidly changing needs of modern renters. In terms of reamenitization during what is being called “The Digital Age,” the bar is continually being raised. The days of set-it-and-forget-it amenity programming is now a thing of the past as annual redecorating and reamenitizing costs are on the rise.
With that in mind, today’s top brands have invested so much time, effort, and money into user experience because they know tech savvy home owners and apartment residents aren’t interested in products that make them work in any capacity. Although the elimination of that “work” can sometimes come with a hefty price tag, it’s ultimately unavoidable for apartment communities, who wish to succeed in attaining the business of next generation of renters.
It’s no stretch of the imagination to see why smart-home automation is so popular among these emerging demographics, either. Smart-home automation allows the renter to be in complete control of their apartment’s environment even when they are not at home, which for Millennials and Gen-Z, is quite often. Renters can seamlessly control temperature, lighting, security, and more from a single device such as a smart phone.
While the value for residents is quite clear, many operators are left scratching their heads in pondering which way they benefit from this unique technology—aside from marketing their brand-new assets. As these rising rental demographics drive tech innovation, forward-looking executives can create value with new technologies as well, and these very technologies were specifically designed to provide operators with competitive advantages in streamlining costs. For example, in the multifamily industry, a leak in one unit can easily spread to other units, exacerbating the problem and increasing overall repair costs. While someone in an occupied unit might spot the problem early, a small leak could go undetected for weeks or even months in an unoccupied apartment home until it becomes an insurmountable problem, making the damages, and in turn, the problem itself much more detrimental.
With the average cost of a home water damage insurance claim being nearly 7,000-dollars, it’s no wonder Multifamily Property Managers put this issue near the top of their concerns when recently surveyed.
“93 percent of water damage is preventable by simply detecting the leak early enough,” explained Sean Miller, President of PointCentral, a leader in smart home technology in the multifamily housing industry. “Just a 1/8-inch crack in a pipe can spill 250 gallons of water in a day, damaging carpet, floors, furniture, electronics – you name it. The earlier the leak can be detected and fixed, the less the damage and the costs associated with it.”
Fortunately, there is a reliable, cost-effective solution for multifamily housing operators, through Property Automation. By installing small water leak sensors, you will be automatically alerted when as little as 0.0003 inches of water is detected. Since they are low cost, you can easily afford to place one of these sensors in those areas most susceptible to water leaks – under kitchen sinks, in bathrooms, and around water heaters.