proptech for multi-tenant buildings

 

When investing in new proptech for multi-tenant buildings, first you have to define your target market, develop a budget, and determine all the related installation and maintenance costs. Then, you can start the proptech selection process.

In this post, we walk you through:

 

How to choose the right proptech for multi-tenant buildings

There’s a growing ecosystem of proptech providers in the industry offering everything from access control systems and smart locks to package delivery and property apps.

But how do you know which real estate technology solutions are best for your building?

Keep in mind that security and convenience rank at the top of the wish lists for residents of all age ranges and demographics. Also, solving simple problems can often yield a higher ROI than tackling complicated ones.

For example, using a smartphone to open the front door instead of having to search for your keys – a problem that everyone has encountered – is easy to fix.

Similarly, providing building access to delivery people or service providers is crucial. It can be the difference between a frustrated resident who has to take the day off from work to let in the plumber and one who brags to all of their coworkers that they never worry about missing a delivery in their new building.

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

 

Watch how ButterflyMX works:

 

The importance of proptech for building access

If you’re still not sure which proptech solutions to invest in first, a building access control system is a great place to start. And the best building entry solution is a smart video intercom system.

Smart video intercoms create a simple and seamless property access experience for residents, guests, and delivery carriers alike. Additionally, they integrate with other proptech solutions — such as smart apartment locks and property management software — to further enhance the access experience at your building.

Choose a multi-tenant video intercom that offers:

  • A mobile app for access management on the go
  • Multiple access methods, such as virtual keys, delivery PINs, and voice commands
  • A cloud-based property management dashboard
  • A log of all door entry events

 

appeal to millennials with proptech

 

Seeing the value in your proptech

Whether you’re a property developer, owner, or manager, it’s important that you and the rest of your team understand the value of the proptech you’re implementing.

 

Proptech benefits for property managers & owners

Property managers and owners who invest in proptech will see greater efficiencies.

Today’s proptech solutions can automatically report 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 mail carriers and service providers. And smart home technologies, such as smart thermostats, automatically lower the temperature when no one is home, reducing energy costs.

Additionally, if the solution easily integrates with cloud-based access control systems, then property managers and landlords don’t have to update multiple databases when a resident moves in or out. Even better, they don’t have to go on-site just to update the tenant directory.

 

Proptech benefits for developers

For developers, there’s 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 your reputation.

 

proptech for multi-tenant buildings

 

How to market your proptech and ensure resident adoption

Today, prospective renters want to live in buildings with proptech solutions that solve real problems, like package theft and cumbersome visitor access.

So, market your proptech investment as an amenity that will improve residents’ lives. Make sure they know that your proptech for multi-tenant buildings will prevent stolen packages and help them manage building access for their visitors.

Of course, you also have to ensure high resident adoption rates.

After all, if your residents don’t use your proptech, then its value declines.

As a result, you need to create a plan to ensure residents adopt, use, and enjoy any proptech you add to your building. First, consult with the provider. Chances are, they have high-quality materials to share with residents. They may also provide ongoing support.

Beyond working with your provider, consider sending out a community newsletter, hanging posters in the lobby, and sending out a message to all residents alerting them of your new proptech and how it works.

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.

— Propmodo

 

Takeaways

  • Proptech for multi-tenant buildings benefits residents, property managers, owners, and developers alike
  • If you don’t know what proptech to invest in first, consider a smart building entry system, like a video intercom. This will add both security and convenience to your building.
  • Put the time, effort, and money into properly marketing your proptech. And make sure tenants actually use the new technology.

 

ensure your proptech investment pays off

Author

Jon Tamn

I enjoy writing about real estate, property management, and proptech. I live and work in New York City.

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