Smart-home technology is growing rapidly in the multifamily space with no signs of slowing down. In fact, according to Statista a Hamburg, Germany-based provider of market and consumer data with offices in New York, usage of all smart home technologies—home monitoring and security, smart speakers, lighting, thermostats, and others—is expected to double by 2022.*
You want in? Great. First, you need to identify a smart-home technology provider with the solutions, support, and innovation to meet your needs and your residents’ expectations.
Here are some things to keep in mind when evaluating potential partners:
Find the right technology.
There are various smart home technology providers aiming to serve the multifamily industry. Which one is right for you, your communities, and your residents? For starters, look for providers offering solutions that not only meet the current needs of your properties and residents, but that are designed to evolve with a changing industry. While adoption may be the key today, staying relevant will be the key moving forward.
Unsurprisingly, inferior or short-sighted technology causes tension between residents and on-site teams, as well as between you and your service provider. At the end of the day, if you're not offering quality solutions backed by top-notch service, resident retention will suffer.
Be sure you’re comfortable with these aspects of a potential partnering company and its products:
- Company history and stability
- Future-proof equipment
- Flexibility to install single units or entire buildings
- Ongoing service capabilities
- Resident app ratings and reviews
Teamwork makes the dream work.
Because residents can use their smart-home technologies as often as five times per day, or more, you need to take a 24/7 view when it comes to service and not simply make it the responsibility of your maintenance and property management teams.
When considering smart home partners, identify precisely who will install the system and who will manage and respond to service issues. Most on-site maintenance teams simply aren’t trained for smart home upkeep, and third-party contractors who aren’t direct employees of the supplier partner can’t always deliver the reliability you and your residents will demand.
A collaborative partner that offers installation and ongoing support directly from their employees is better positioned to deliver world-class service. This can give you and your residents the comfort of knowing their home is being managed by real experts who care.
Don’t be afraid to talk security.
Any good service provider should be open about its security best practices. So don’t hesitate to ask. Because when it comes to security, you should never settle.
Some smart-home providers operate all systems on a single network, which can leave the entire system—and your residents—vulnerable to privacy and security breaches. Find a partner that treats each unit as its own network to deliver a much higher level of security to residents.
Today’s smart-home technology adoption reflects a dramatic shift in the multifamily space. Apartment automation will continue to be a driving force that attracts all renter demographics, while enabling operators to find new revenue streams.
*Statista, Oct. 10, 2018