Common Multifamily Technologies
Electric vehicle ownership has increased in recent years with many millennials preferring to purchase an electric vehicle for urban use over the traditional hybrid/gas powered models. EV charging technologies allow tenants at MDU communities the convenience of charging their Electric Vehicle while still living in a community; removing the need to purchase a home in order to be able to charge vehicles during their non-driving time. Many EV charging companies allow for the charging of all Electric Vehicles regardless of proprietary charging technologies or physical interface differences.
Three Dimensional Modeling technologies bring blue prints and flat floor plans into the three dimensional world. Being able to see a building in a 3D representation before construction begins can help save time and money from costly mistakes or miscalculations. Coupled with 3D printing technology developers can physically see their project at a smaller scale, this helps ensure that conceived placement and aesthetic match real world applications.
With an increase in remote and work from home employment options along with the ever expanding online world, having a reliable internet connection is important to any prospective tenant. Community Wi-fi technology reduces the reliance on multiple providers and the limitations of having access only within a unit. With a single provider tenants can enjoy the use of a reliable and fast internet connection anywhere on the property. This technology can increase revenues for the owner as well as increase tenant satisfaction.
Access Control Systems are bringing the technology of access systems into the 21st century with a minimal footprint. Coupling video call capabilities with building access, both residents and visitors can access a secure building with the use of smart phone apps, pin codes, or single use QR codes. Access can also be audited with the related software. Resident management can also be integrated with a PMS system to automatically provide or remove access at move in or move out.
Green LEED Technologies are designed to reduce energy consumption as well as reduce the assets overall carbon footprint. Technologies such as solar panels, energy efficient appliances and low cost but high efficiency insulation materials can help reduce utility costs which saves both owners and tenants money. These technologies also reduce the strain on the power grid which lowers the risk of black outs during high usage times of the year. Green LEED technologies allow for additional income generation through unit premiums, increases savings through government subsidies, and helps increase prospect interest and tenant retention due to their desirable status as high efficiency, low cost solutions.
Alternative package delivery and management systems have proven to enhance security and increase staff efficiency. Dedicated package lockers allow safe storage and pickup for resident packages 24 hours a day. Residents can worry less about package theft or having to pick up their packages during office hours. Properties can regain valuable office space as well as reduce the amount of time spent managing packages for residents.
Property Management Software (PMS) increases both lead and resident management and reduces unnecessary paper waste. PMS enables lead management to become more efficient by eliminating costly and wasteful paper forms and allows prospects to complete all applications, signature documents, and leases online. It also increases property staff efficiency by allowing for electronic communication with prospects and residents. Many have built in features such as online rent payment options, lease renewal alerts, and financial management that help streamline processes on both the prospect and resident sides of the business.
The business world has shifted over the last decade with customer data becoming one of the biggest commodities in the market. Big Data can be confusing to even the most savvy business owners with a lot of variables and forms of information to choose from. Business Intelligence (BI) has been one of the fastest growing areas of the MDU industry for good reason. BI helps to parse Big Data into useful data sets and reports that help identify trends in customer habits, spot areas of opportunity for growth, and help to predict potential demands for certain goods and services. Having this information can help drive traffic and increase revenue by putting businesses one step ahead of the competition in terms of information.
Increase work order efficiency and accountability with work order management technologies. This technology allows staff to be able to manage routine maintenance, unit turns, and emergency maintenance requests electronically. Completions can be marked electronically giving both real time maintenance status as well as reducing physical paperwork. These technologies can also include functions to easily shut off utilities in effected areas and allowing for electronic resident notification of ongoing repairs or maintenance issues.
Increase overall community efficiency with Smart Building technologies. This area includes some of the most popular technologies in the Internet of Things (IoT). Smart lighting and heating & air conditioning management help reduce utility consumption and smart leak detection can help prevent emergency repairs and damage. Smart locks and secure building access create safer communities as well as reduces the cost for lock and key replacement. Other areas of smart building technologies includes enhancements in utility management such as smart water regulation and solar technologies.
In the world of increased social distancing and non-standard work hours Virtual and Self Guided touring technologies can help increase a community's online footprint to prospective tenants by allowing the convenience of being able to tour your property any time instead of being limited to the property hours. Virtual Tours are largely embedded into the property website and allow for prospects to experience an immersive visual touring experience without leaving the safety of their current home. Self-Guided tour technologies help potential tenants tour a property physically at their convenience by allowing prospects to tour a model unit outside of office hours and includes additional security features such as ID verification and digital footprints that allow you to see when the tour started, how long it took place, as well as when the prospect ended the tour and left the property. These technologies also increases staff efficiency and safety by reducing the number of in person tours.
Website chatbot technologies add convenience for prospects by allowing them to ask questions about the property outside of office hours. These technologies have come a long way in just a few years with the help of AI and Machine learning technologies, so much so that most prospects can’t tell the difference between a chatbot and a live representative. Answers are no longer limited to a standard list of pre-programed FAQ’s and become more refined the longer the system is in place.
Deposit elimination reduces the uncertainty that comes with prospects that may have less than ideal credit. Instead of relying on expensive security deposits, surety bonds, or finding a suitable guarantor, deposit elimination services removes the requirement for a large deposit and replaces it with a small monthly fee included in the lease that provides the asset owner coverage for any potential damage.
ID Verification technologies are helping reduce fraud attempts by allowing the quick and accurate determination of whether an ID or document is authentic, fraudulent, or doctored. I.D. verification services can help improve tour safety for staff and reduce bad debt and other financial impacts that evictions have on an assets’ books.
Identity theft and financial fraud are on the rise in the increasingly online world. Financial Fraud Detection technology helps protect an asset by increasing the detection of fraudulent financial documents. This technology can help potential tenants move in faster by decreasing the amount of time required for screening. This can increase staff efficiency by reducing the amount of time spent evaluating documents and dealing with eviction related paper work.
Resident apps allow for many basic functions of residents to be performed anywhere. Residents can pay rent, submit work orders, reserve amenities, and cultivate community groups through message boards. These apps also increase staff efficiency by reducing the daily resident management and concierge services and automating them. Staff can also notify residents of community events, repairs and package deliveries all in one place.
Smart home automation puts the control of installed smart building technologies in the hands of tenants. Smart apps allow control of temperature, light brightness, and unit access remotely. This technology increases tenant satisfaction by allowing them to control their personal environments to meet their needs.
On-Demand amenities can help differentiate a community in the local market and increase resident retention. Service amenities such as dog walking and pet washing, dry cleaning/laundry pickup, relocation & storage services, and furniture placement and large electronic wall installation can help to reduce the stress associated with move-in as well as the daily routine.
Residents that live in Urban areas may not own a vehicle due to the availability of public transportation, however, not all activities are suited for a bus or ride share service. With Electric Vehicles on Demand (EVoD) vehicles can be reserved in advance or same day through mobile apps which creates no extra work for the property staff. EVoD technologies allow residents the convenience of the use of a personal vehicle without the expense of purchasing one and reduces the area’s overall carbon footprint. This technology can increase revenues for the owner through revenue share agreements.
Monitored Home Security technologies help increase the safety of both the tenants and the asset as well as generate additional revenue through unit premium packages. This technology allows access and connection to the individual IoT devices within each unit on a resident level as well as a community management level. Technologies included in this area are devices such as video doorbells, smart locks, climate and lighting devices, and centralized hubs for control.