5 Technologies Changing Multifamily Property Management

Today’s tenants are immersed in technology. Everywhere they go they are confronted with new and better ways of conducting business all because of technology. So when they choose where to live and the technology is wanting, it is a huge turnoff.

Multifamily property management is getting improved tech every day, which requires managers who know how to use that technology. Tenants expect it and in fact, revenue growth is higher for property managers who are well-versed in these new technologies. Bixby is one of the best ways to incorporate all 5 of these new technologies.

#1: Data Collection

Data collection is a tremendous tool for gaining insights into consumer behavior, but the type of data matters. New technology made specifically for property management is a must in today’s climate to figure out the best ways to attract and retain tenants, as well as how to create efficiencies and reduce waste in maintenance operations.

Collecting information through work order management software helps property managers understand historical issues and identify trends or patterns that result in better building upkeep. Reports on typical maintenance calls and complaints can also highlight opportunities to greatly improve tenant satisfaction.

#2: Productivity & Efficiency

Traditionally, property management relied heavily on paperwork both internally as well as for building occupants and tenant relations processes. Today, properties can be managed virtually paper-free. In addition to saving money, being eco-friendly helps keep information organized and enables programs to automate many of the tedious activities in property management that can and should be streamlined or automated.

#3: IoT, Sensors, and Automation

Automating everything only works if you choose the right things to automate and property managers should seek a balance between automation and that irreplaceable “human touch.” For instance, sending a generic automated response in off-hours might turn tenants off by making them feel like their management team is absent. The same message that includes the tenant’s name or details about their request makes it seem more personal, contributing to a greater feeling of being taken care of.

Smart automation requires integrated software that coordinates different operations. If the maintenance team is using a different platform than the accounting team, there needs to be a way for those systems to communicate with one another to tie work orders and charges together.

#4: Sustainability

Some of the most advanced building technology has a green component to it. Smart systems for HVAC, lighting, and security bring a new, eco-friendly approach that is not only good for the environment, but can result in significant cost-savings. For example, not only can managers control their building heating and cooling remotely or get security alerts on their smartphones, but they can also save on energy costs through sub-metering and other conservation and energy efficiency initiatives.

#5: Platforms

All businesses need a website, but for multifamily property managers, the website should be the one-stop hub for all tenant needs. Today’s renters represent the most tech-savvy, digital native community ever before and a mobile app for payments, maintenance requests, and package notifications is just as important as a web presence. Adopting a platform like Bixby not only increases tenant satisfaction, but makes overall property management much easier.

Want to learn more about how Bixby can help you accomplish all of the above for just $1/unit/month? Test out the app in our sandbox account here or email us to schedule a demo.