Multifamily housing is being transformed nationwide by smart home technology. Whether property managers are simply adding smart locks to streamline property access or installing a full spectrum of amenities, the smart home evolution is happening everywhere.
Property managers have already recognized that smart technology is a good investment, and, according to the 2020 Phocus Right Report, 46% of property managers have already integrated some type of smart technology into their assets.
Today’s renters are also increasingly tech-oriented, with 60% of renters using a mobile app to search for properties, and surveys showing that 82% of renters desire at least one smart home device. The millennial generation, which comprises most of today’s rental market prospects, are especially impressed by smart access property features, with 60% of this group indicating a greater likelihood of leasing a property with keyless entry and 86% of this group willing to pay more rent for a smart apartment.
As renter enthusiasm drives the deployment of smart technologies from the demand side, property managers are also increasingly enthusiastic about the time and cost savings that they experience from their initial installment of smart technology in their communities.
In fact, many managers are discovering that just installing a limited number of smart locks on their property can result in significant, immediate benefits. For instance, smart locks allow for increased self-guided tours which accelerate leasing cycles and lead to faster conversions. And, when renters experience the convenience of smart access, it’s much easier for managers to increase rental rates based on the obvious value-add of smart home technology.
As managers recognize how easy it is to recoup an initial upfront investment, they are increasing their deployment of smart access products across more units on a single property, and even expanding deployment across multiple communities.
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As multifamily operators roll out smart home technology throughout their communities, they are discovering that choosing a single smart home technology provider has deployment advantages.
Implementing an integrated hardware and software smart home solution streamlines and accelerates expansion, resulting in positive ripple effects across the entire organization.
Flexible Hardware Options
When it comes to deploying additional smart locks throughout their portfolio, some operators may seek a single hardware option, while others may prefer a more customized approach with different smart locks for different types of communities.
Rently’s smart home platform accommodates various hardware options. We offer a choice of smart lockboxes, keyless locks, or any combination thereof, giving managers the flexibility they need to expand their smart access capabilities quickly.
And, even though the compatibility of Rently’s solution with all hardware options allows for quick deployment, managers do not have to deploy additional smart locks all at once. They can choose the pace of their property upgrades based on their budgets or leasing schedules.
Seamless Software Integrations
Another consideration for managers who are upgrading more units with smart locks is the ease with which a smart access solution integrates with their existing property management software.
Rently’s smart locks are managed from an easy-to-use platform that integrates seamlessly with most major property management systems, including Yardi, RealPage, and Entrata among others.
Rently’s smart access platform can be easily upscaled to meet increased self-touring volume without creating friction with other operational activities. Thanks to partnerships with leading listing services and property management software providers, Rently’s platform is able to immediately populate a manager’s dashboard with unit listing information, and then share guest cards and renter survey results back to their property management softwares. Once a renter signs a lease, they will instantly be granted access to their smart home devices, and vice versa when they move out.
Multiplying Operational Success
By adding smart access devices to more units within a community, managers quickly multiply operational efficiencies that save time and money. For instance, as self-touring opportunities increase, so do lease signings. In addition, enhancing more units with smart locks streamlines vendor access across multiple units, reducing the need for return trips and/or management involvement. Similarly, adding smart access to more units, allows for more independent unit conversions via contactless move-ins/outs.
Choosing a single smart access solution also enables easier onboarding of new management staff since they only have to learn to manage one platform for all units, or all communities.
Expanding smart locks throughout a property or across communities can also add value from a renter experience perspective. Using the same touring process ensures every prospect has the same experience for every unit they tour. Similarly, upgrading more units with the same smart home products ensures that all residents share an equitable living experience.
Another key advantage of choosing one smart access solution across an entire property (or across communities) is the ability to evaluate leasing activity data using consistent metrics. The more units or communities that are connected to a single data platform, the better the data analysis potential.
Rently’s platform includes a manager dashboard that provides an instant overview of property inquiry/touring/leasing ratios. Up-to-date statistics inform managers about leasing trends and measure market demand (wait list features) that could affect occupancy rates.
The ability to view the same metrics across an entire property portfolio gives managers the advantage of being able to identify strengths and weaknesses in their leasing processes and standardize successful processes.
Once managers utilize self-showing metrics to enhance community-wide leasing activity, they quickly recognize other benefits of community-wide property monitoring. Deployment of smart home products such as motion, window & door, and leak sensors, and smoke detectors increases the early detection and prevention of potentially major property damage.
Scaling Up Smartly with Rently
The good news for all multifamily property managers is that any investment – small or large – in smart technology pays big dividends in the long run.
The more units you upgrade with smart home products, the better the leasing experience for your renters, the greater the cost efficiencies for operators, and the smoother the management of your entire community or portfolio of communities.
From choice of hardware through the customization of software tools, Rently’s capabilities prove helpful to the accelerated deployment of smart home technology throughout multifamily communities.
Rently offers property managers an evolutionary platform with easy upscaling potential. Whether you only add a simple self-touring solution or roll out a full suite of smart home products, enhancing your properties with Rently proves to be a very smart investment!