Think about your market, budget, and installation costs
We had a lot of technology in our buildings, but no interoperability between the various systems. We wanted those various silos to be able to communicate with each other and share data.— Michael Rudin SVP, Rudin Management Company
- Letting residents see who is at the front door.
- Effortlessly opening locked doors.
- Providing secure access to guests, service providers, and couriers.
- Recording all activity in a cloud-based database.
- Remotely updating the resident directory on the building’s intercom.
- Seamlessly integrating with other cloud-based technologies.
Seeing the value in your PropTech
Property managers and owners will see greater efficiencies
Today’s PropTech solutions can automate the reporting of building issues almost as soon as they occur. They can also reduce the amount of time and effort it takes to grant (or restrict) access to third parties such as couriers and service providers, and to accept, store, and distribute packages. And smart technologies, such as smart thermostats, automatically lower the temperature when no one is home, reducing energy costs.
Additionally, if the solution can easily integrate with cloud-based property management system (PMS) software, then property managers and landlords won’t need to update multiple databases when there is resident turnover, or worse, come on-premises to update something as insignificant as the tenant directory.
Developers will see reduced material and labor costs
For developers, there is a simple formula for success: The less you spend on development, the more you make when you sell the property. When hardware, installation, and maintenance costs are kept at a minimum, there’s a better chance to reap a profit. The caveat, of course, is to ensure high quality; otherwise, unexpected expenses can destroy your expected return – and possibly reputation.
Marketing and adoption
Many prospective renters are actively looking for properties with solutions that can solve real issues such as delivery and visitor access. Market your PropTech investment as an amenity that will improve the lives of future residents. Show them how easy it is to get their Amazon deliveries or give temporary access to their friends visiting for the weekend.
But don’t stop there. If residents don’t use the system – or aren’t making full use of it – then the value of the solution decreases. Therefore, it’s critical to implement a plan to increase adoption.
Once the system is installed, put together an onboarding plan. If you’re working with an established PropTech provider, they will be able to assist you with the onboarding and support of new residents.
Tech-enabled real estate companies will capture the majority of market share over the next 10 years. The next crop of companies will introduce solutions to digitize workflows and elevate transparency for every stakeholder in the ecosystem so that better decisions can be made at a fraction of the cost.
Above all else, it’s important to remember that you’re making this PropTech investment to improve the lives of your residents. Why? Because people have no issue leaving their rent payments behind. But leaving their homes behind? That’s difficult for anyone to do. Your goal is to create a living experience that your residents call home.
Start by understanding your residents’ needs, then get internal buy-in from upper management down to property staff, always stick to your budget, and find a trusted provider with a simple installation process and a strong support team. By following these steps, you’ll be well on your way to seeing a positive return on your PropTech investment and delighting your residents.