A KPMG global proptech survey showed that performance measurement and tracking, and data management, security and privacy are seen as two of the three top issues in the industry, and 60 percent of respondents said that building management was their biggest pain point where technology could produce efficiency gains.
The survey, conducted in June and July of 2018, also found that lease renewals and transactions were the least worrisome, with 48 percent of industry respondents saying those could be solved with technology. Property owners and developers made up the largest portion of respondents for the survey.
A Growing Trend
As seen in 2018, property technology investment continues to grow, and smart tech is expected to be one of the six top global trends for 2019. In fact, 97 percent of industry incumbents think that digital and technological innovation will impact their business (an increase from 92 percent on the 2017 survey), and 93 percent agree that traditional real estate organizations need to engage with PropTech companies in order to adapt to the changing global environment.
That’s a huge percentage of industry professionals agreeing that an update to current practices is needed. In the multifamily industry specifically, building management concerns continue to plague many property owners and managers. Operational efficiency is suffering without proper implementation of building management practices, like access control and preventative alert systems.
With 73 percent of companies seeing digital and technological innovation as an opportunity, many in the multifamily industry are turning to smart technology as their answer. Smart tech provides insights to daily operations and a way to improve maintenance inefficiencies.
Improving Building Management
If building management is a pain point for your business, here are a few ways smart technology can help improve it.
Being alerted of a problem before it becomes a costly event can save thousands of dollars. Implementing a leak sensor alert system will be the most efficient and easiest way to prevent damage. Additionally, smart tech will alert management if batteries are low on devices preventing reporting and access errors.
Upgrading physical keys to smart locks will save time and money. Lockouts are essentially eliminated and a digital move in/out system will streamline the “rekeying” of each unit.
In addition to access control, upgrading to a system that includes front house and community area access security control will be valuable to residents and staff alike. Maintaining access on one centralized platform will alleviate major security vulnerabilities property-wide.
Implementing a digital maintenance work order system will improve operational efficiencies and allow staff to knowingly prioritize requests as they come in. Immediate action can be taken and reporting analytics provide insights into daily tasks.
Analytics and Reporting
Making a decision without data to back it up is nearly impossible. Smart devices and software implementation will help owners and managers make informed decisions about the health and status of their property.
The next step is finding a platform that incorporates all of these practices into one centralized management channel. If you want to learn more about optimizing building management practices and follow industry growth, contact SmartRent for an in depth look at how we’ve helped nearly 100 multifamily properties nationwide upgrade their building management systems.