Over the past few decades, the multifamily housing market has experienced many changes, from tenant demographics to new technologies.
As millennials become the majority of the rental market, the demand for multifamily housing is more significant than for single-family.
In addition, as millennials value the flexibility of renting versus buying, multifamily property managers and leasing agents should anticipate an increase in long-term tenant occupancy.
This article lists the top multifamily property management techniques professionals use to keep up with technology trends and market demands.
Asset Tracking Project Scheduling
Multifamily real estate owners, operators, and managers know the complexity across a building, a region, and a portfolio.
Keeping track of all those assets outside of paper and pencil can be a real challenge. Scheduling planned replacement projects outside of typical peak leasing season and peak HVAC season allows you to get better contractor rates, labor rates, a healthier supply chain, and happier contractors.
The idea here is to shift from being reactive to being proactive in your typical break/fix HVAC work by using asset tagging.
Managing Home Automation
Recent stats show that about a third of households in the US have some form of home automation technology today.
One of the main challenges in rental housing units is getting that technology if you’re a resident.
There are questions about how you install it, how you manage it, and what the property manager/landlord will think or the asset owner.
That penetration rate in housing units is below the national average.
That technology is excellent as a resident amenity. Still, there’s also an opportunity to take that same piece of hardware and provide valuable services to the property manager, such as water monitoring, HVAC monitoring, access monitoring, energy management, or property awareness.
At the end of the day, when you bring these two worlds together, both the resident amenity and the operational efficiency that home automation brings, it drives, in every case we’ve been, it should be driving a minimum ROI of 20% for property managers.
Install Energy-Efficient Fixtures
Though products such as low-flow toilets and faucets, EnergyStar-certified refrigerators, and LED light bulbs might cost more, they will significantly lower your rental property’s costs in the long run.
In addition, these products benefit the environment and will help you stay compliant as more environmentally-conscious laws are enacted. Finally, using energy-saving products will attract more potential tenants since it helps them save on their utility bills. All of this is sure to keep your clients happy.
Preventative Maintenance
Regular preventative maintenance is one of the essential risk management strategies a multitenant property owner and the operator can take. Building operators can help prevent sudden repairs and replacements through preventive care, boosting resident satisfaction and making the property manager’s job easier.
Regularly cleaning and inspecting equipment not only helps promote safety and prevent malfunction, but it also helps to promote occupant wellness, reduce energy bills and extend the life cycle of the equipment.
Motili HVAC Multi-Family Technology Solutions
Motili’s platform is one of the latest innovative solutions that allows property owners and managers to efficiently manage HVAC multi-family technology projects for multiple property types like apartment communities and commercial buildings.
Sustainability, automation, and data management are core values upheld throughout the HVAC process.
The Motili solution includes a web platform that provides detailed work status and reporting, automated scheduling and contractor dispatching, text and email notifications, and a mobile app for contractors. It can easily integrate with existing client systems. Our finely-tuned process boosts efficiency, reduces cost, and can ultimately improve customer satisfaction.
Motili’s cutting-edge technology will help property owners manage their HVAC and hot water systems through technology, proactive and reactive repair, and replacement projects.
The experts at Motili possess the knowledge and tools to properly guide you through all types of HVAC projects.
