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As the demand for seamless, convenient, and energy-efficient living experiences soars, property developers and managers are presented with a remarkable chance to redefine multifamily living with smart home technology.
Smart home features can benefit multifamily properties by streamlining operations and increasing resident satisfaction, even for those who are less tech-savvy. However, the path to reaping these rewards is paved with choices – choices that can be both exciting and overwhelming.
This buyer's guide serves as your compass in navigating the world of smart home providers, offering insights and expertise to empower you in making informed purchase decisions. Our mission is to equip you with the knowledge and confidence needed to define your requirements, scrutinize features with precision, and meticulously evaluate vendors, so you can reap the rewards of smart home technology and hit your business and leasing goals faster.
Join us as we explore smart home innovation, where technology meets the multifamily domain. We’ll help you shop for the best smart home technology vendors on the market today.
What Can Smart Home Technology Do for You?
Smart home technology can be a transformative force in multifamily, offering additional conveniences for residents and additional revenue for operators.
Imagine properties where lighting, security, and climate are controlled effortlessly using touch or voice commands. Redundant work is eliminated, predictive analytics forecast potential issues, and everything is streamlined, efficient, and cost-effective. Even security features are strengthened, minimizing the risk of a data breach or other event. Smart home technology can make that dream a reality.
Here are several smart home technology devices common to multifamily apartments:
Smart Thermostat: Adjust temperature remotely for energy savings and comfort.
Smart Lock: Securely control and monitor door access via smartphone.
Smart Lighting: Customize lighting schedules and brightness levels.
Smart Plugs: Turn regular appliances into controllable smart devices.
Smart Doorbell: Video doorbell with real-time monitoring and alerts.
Smart Blinds/Shades: Automated window coverings for light control and privacy.
Smart Smoke/CO Detector: Sends alerts in case of smoke or carbon monoxide presence.
Smart Leak Sensor: Detects water leaks and alerts for timely intervention.
Smart Appliances: Refrigerators, ovens, and more controllable via apps.
Smart Hub: Central control for various smart devices in the unit.
💡 Pro Tip: Want a quick-and-easy way to explore products in the space? Check out the Smart Home category page on revyse.com to discover multifamily solutions and read verified user reviews.
Aside from offering countless operational benefits, smart home technology has an eco-friendly slant, too. With smart thermostats, residents can optimize heating and cooling settings, reducing energy waste and lowering utility bills. Smart lighting systems and smart appliances can minimize unnecessary electricity usage. In this way, smart home technology encourages residents to actively engage in responsible energy consumption practices, which in turn contributes to a greener environment for everyone.
Plus, smart home technology is key to resident engagement and differentiation. Eighty-two percent of renters say they want at least one smart home device in their apartment home. Personalized amenities like keyless entry and tailored environments respond to customer needs and set your properties apart from your competition.
When you invest in smart home technology, you're also investing in housing sustainability, operational excellence, eco-friendliness, and stellar resident experiences. The question isn't if, but how soon you can integrate smart home tech to elevate your multifamily properties into a new era of modern and efficient living.
What to Look for in Multifamily Smart Home Providers
When considering any new technology provider, it's important to evaluate their features based on your specific needs and circumstances. This ensures that whatever vendor you end up partnering with will work for both your operations teams and your residents.
When evaluating potential providers to enhance your multifamily property's appeal and efficiency, consider these essential features:
✅ - Comprehensive Integration Capabilities:
A robust smart home technology provider should offer seamless integration with existing property management systems and third-party applications.
👉 Ask: “How does the provider ensure compatibility with all of the different devices typically used by multifamily properties?”
✅ - Customizable and Scalable Solutions:
Find a provider that can customize smart home features to fit your property's unique needs. Don’t forget to ask about scalability and whether the vendor will be able to accommodate future growth and changing resident needs.
👉 Ask: “How flexible is the solution in terms of adapting to different property sizes and configurations? Can you easily add or modify features as my portfolio evolves?”
✅ - User-Friendly Interface:
An intuitive interface for both property managers and residents is very important. The technology should be easy to use and navigate, so users can have positive experiences with it.
👉 Ask: “What steps does the provider take to ensure a user-friendly interface?”
✅ - Data Analytics and Insights:
Opt for a provider that offers data analytics tools to help you gain valuable insights into resident behavior, energy usage patterns, and property performance.
👉 Ask: “How does the platform collect and analyze data? Can the provider demonstrate how their analytics tools have helped other properties make informed decisions?”
✅ - Remote Monitoring and Control:
Remote access and control capabilities give property managers the ability to oversee operations, address issues, and enhance resident experiences, no matter where they are.
👉 Ask: “Can the provider explain how their technology enables remote monitoring and control? What measures are in place to ensure secure remote access?”
✅ - Energy Efficiency and Sustainability Features:
Seek out features that contribute to energy conservation and sustainability, such as smart thermostats, energy monitoring, and demand response capabilities.
👉 Ask: “How does the provider's technology contribute to energy efficiency? Can they provide examples of measurable energy savings?”
✅ - Resident Engagement and Communication:
Look for features that facilitate resident engagement and communication, such as mobile apps for managing smart home features, receiving notifications, and interacting with property management.
👉 Ask:“How does the provider promote resident engagement through their technology? Do they have any materials that point to increased resident satisfaction?”
✅ - Scalable Support and Training:
A reliable provider should offer comprehensive training and support resources for property staff and residents to ensure successful implementation and usage of smart home technology.
👉 Ask: “What kind of training and support services does the provider offer for property teams and residents?”
💡 Pro Tip: Need help creating a list of requirements for your smart home technology provider? Dig into our free resource on Nailing Requirements for help.
Evaluating Compatibility and Integrations
Compatibility and integrations are the linchpins of any good smart home technology ecosystem. Many multifamily properties already use a range of systems from various providers. That’s why you should consider vendors that have an impressive lineup of integrations.
When all the solutions in your technology stack are compatible, you will see fewer disruptions, less complexity, and improved operational efficiency. Because the new technology works in perfect harmony with the tools you're already using, you can say goodbye to information silos and all of the headaches that accompany them.
💡 Pro Tip: Did you know? Employees lose 12 hours each week due to information silos, leading them to neglect important tasks while they search for data. (Source: Airtable)
Assessing compatibility and integrations also future-proofs your investment. The technology landscape is ever-evolving, and the multifamily housing world can move fast, too. Your portfolio’s needs will likely change over time as you sell and acquire new properties.
By selecting a smart home platform with open architecture and a track record of seamless integrations, you give your portfolio the insurance policy it needs to stay current with emerging technologies and whatever else the future has in store – all without the need for costly overhauls.
Finally, a well-integrated technology ecosystem elevates your resident experience. Residents can use smart home technology to control their home's features and manage property-related tasks like package deliveries and maintenance requests in one place. This level of convenience and connectivity nurtures resident satisfaction and loyalty while setting your property apart in a competitive market.
Consider Cost and ROI
In the multifamily housing industry, every investment decision carries significant weight. Implementing a smart home technology platform is no exception.
Before committing to a smart home technology solution, it is crucial to conduct a comprehensive analysis of costs and return on investment (ROI). This analysis helps you make informed decisions that align with your property's financial goals and maximize potential benefits.
Assessing the cost of a smart home technology platform involves more than just the upfront hardware expenses. It requires a comprehensive understanding of the initial investment, installation costs, ongoing maintenance fees, SaaS subscription fees, and potential training expenses.
Equally important is the potential ROI. You’ll want to consider how implementing smart home technology can result in ROI by way of operational efficiency, energy cost savings, enhanced resident retention, and increased property values.
To guide your evaluation of the cost and ROI of a smart home technology platform, here are five questions to consider:
What is the total cost of ownership (TCO)?
Inquire not only about initial hardware installation costs, but also about ongoing costs such as subscription fees, software updates, and potential hardware replacement costs. Understanding whether or not the property’s current infrastructure supports the new tech is also a critical part of accurately measuring the total cost of ownership.
How does the platform contribute to cost savings?
If ROI is your number one goal, ask the provider to outline specific ways their platform helps reduce costs.
Can you provide examples of ROI in similar properties?
Request case studies from properties similar to yours that have implemented the same smart home technology.
What resident experience enhancements can translate to ROI?
Ask how certain platform features could lead to improved resident retention rates, referrals, and higher rental income.
Are there any incentives or rebates available?
Inquire about potential incentives, rebates, or grants for implementing energy-efficient smart home solutions. Some regions may offer financial support for sustainability initiatives.
Analyze Resident Experience and Engagement
In multifamily housing, the resident experience is paramount, and has a significant impact on the desirability of a property. A well-designed and resident-centric technology solution can elevate satisfaction levels, drive resident retention, and ultimately contribute to the property's overall success.
Smart home technology presents an opportunity to create a truly immersive and convenient living experience for residents. It allows them to seamlessly control various aspects of their living spaces, like temperature, lighting, and security, all through intuitive interfaces, like mobile apps or voice commands. This level of control and personalization improves convenience and comfort, resulting in higher resident satisfaction.
Not to mention, smart home technology can foster meaningful resident engagement. Platforms that provide community forums, event calendars, and other social tools make it easier for residents to connect with one another and their property management staff. Residents are more likely to renew leases and refer friends if they feel connected to their community and have access to helpful tools that enhance their experience.
Evaluating how a smart home technology platform enhances the resident experience and promotes engagement is a critical step before making a purchase decision. If you're looking for honest answers about the relationship between smart home technology and the resident experience, follow these steps:
Request Case Studies: Ask the supplier for case studies or examples from other multifamily properties that have implemented their technology. Ask questions about how the smart home package impacted resident satisfaction and retention rates.
Demo the User Interface: Experience the technology's user interface firsthand. Test its ease of use, accessibility, and how well it empowers residents to personalize their living spaces.
Review Resident Feedback: Research online reviews or testimonials from residents of properties using the same technology. Search for any positive feedback that mentions improved living experiences and increased engagement.
Evaluate Community-Building Features: Does the platform include tools that encourage resident interaction, such as an integration with your current resident app, review solicitation functionality, or digital bulletin boards?
Get Feedback from Peers: Read reviews from property managers in your professional network who have used the technology you're evaluating. Determine if the platform improved their communities’ living environment.
💡 Pro Tip: Finding unbiased reviews about smart home tech vendors can be hard. Revyse provides authentic reviews from industry users who have installed smart home technology themselves.
Understand Privacy and Data Security Concerns
Implementing a smart home technology platform can involve collecting and processing sensitive resident data. When choosing a smart home platform for your properties, prioritize security features like encryption and secure data storage to prevent data breaches. A data security breach not only jeopardizes resident trust but may also result in legal and financial repercussions.
It’s not enough to sign an agreement with a vendor who says that they’ll keep all necessary data secure. Residents must also have confidence that their data will not be exploited by the vendor or shared with third parties without consent. Trustworthy vendors will provide things like transparent privacy policies and clear communication regarding data usage and storage practices to put residents and property employees at ease.
Privacy and security concerns are important issues for multifamily providers who want to maintain their reputation and attract renters. By proactively addressing privacy and data security concerns, multifamily managers can ensure that the integration of a smart home technology platform not only enhances the resident experience but protects their sensitive information.
To properly assess privacy and data security risks, ask these five key questions to every smart home tech vendor you speak with:
How is resident data handled and stored?
Inquire about the platform's data handling practices, including encryption methods and data storage locations. Ensure that resident data is securely managed to prevent unauthorized access.
What security measures are in place?
Ask about the security measures the provider employs to protect resident data from cyber threats and breaches. Look for features such as multi-factor authentication and regular security updates.
Do residents have control over their data?
Understand how residents can manage and control their data. Ask if the platform allows residents to opt out of certain data collection and manage what type of information is shared with the vendor.
How transparent are privacy policies?
Request detailed information about the platform's privacy policies and terms of use. Ensure that they are transparent, easy to understand, and readily accessible to residents.
Is data shared with third parties?
Inquire about any data-sharing practices with third-party vendors and partners. Verify that resident data is not shared or sold without explicit consent.
Clarify Implementation and Training Support
The journey toward smart home deployment involves more than just acquiring the right hardware and software to pull off a portfolio-wide installation - which, in and of itself is no small feat. You’ll also need to make sure that your vendor offers seamless implementation and professional training so that everyone involved can maximize the benefits of smart home tech.
💡 Pro Tip: Smart home installation can take several weeks to several months for larger properties. Don’t take our word for it, though - be sure to confirm the timeline before you get started.
Having a good idea of when your deployment will be finished also helps you align the installation process with property operations and resident communication and marketing strategies. Instead of being forced to take a “hurry up and wait” stance, you can plan your amenity rollout according to each phase of implementation. That way, neither residents nor team members will be caught off guard when it comes time to use the technology.
Speaking of residents and team members, you’ll want to ensure that your vendor has adequate training support. There’s little to no chance that everyone will know how to use the smart home technology at first, so vendors must offer ongoing support and training materials as needed. For implementation to be successful, the vendor must use appropriate training to drive user adoption and satisfaction.
To ensure a seamless implementation and optimal utilization of smart home technology, multifamily tech buyers should seek clarity on the following things:
Implementation Timeline: Inquire about the expected timeline for hardware installation, software setup, and integration with existing systems. Seek to understand what happens if there are any unexpected disruptions or service downtime during the installation.
Training Resources: Ask about the training resources provided to property staff, such as instructional materials, video tutorials, or on-site training sessions. Decide whether the level of support given will be enough for your staff to properly learn about the tools.
Resident Onboarding: Understand how the provider facilitates resident onboarding and training. Inquire about the tools available to educate residents about the new smart home features and how to use them.
Ongoing Support: Is there any support offered after implementation? An ideal vendor will have a clear process for addressing technical issues, troubleshooting, and obtaining assistance post-installation.
Customization for Specific Property Needs: Customized training can be very helpful for multifamily portfolios with unique needs. Determine whether the provider can offer tailored training programs that are designed to fit your requirements.
Embrace the Future of Smart Living
The future is here, and it's filled with possibilities driven by multifamily smart home technology. From programmable thermostats that curb needless energy spending to smart locks that help residents monitor who is accessing their unit, smart home technology features are redefining multifamily living.
Investing in smart home technology is a wise move for any multifamily company looking to stay ahead of the game. By implementing smart home technology, multifamily companies can improve energy efficiency, security, and convenience for both themselves and their residents.
Happy smart home shopping!
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Team Revyse