In collaboration with SKBM Smart Technology, Parks Associates recently unveiled a compelling white paper titled “Smart Tech for Multifamily Properties: Understanding ROI.” This essential resource, crafted from interviews with property management industry leaders, provides vital insights into the deployment of smart technologies within multifamily settings.
The white paper serves as a practical guide, offering metrics and strategies that have proven effective in enhancing returns and operational efficiencies. For instance, the introduction of smart thermostats in communal areas has slashed energy costs by 18-20%, a significant margin that underscores the potential of smart upgrades.
Kristen Hanich, Research Director at Parks Associates, emphasizes the challenges faced by properties in identifying optimal strategies for smart tech investments. She points out, “Deploying smart building solutions can be daunting due to the difficulty in measuring ROI. However, our research indicates that when these technologies are correctly implemented, they substantially boost operational effectiveness and resident satisfaction.”
Cris Kimbrough, Chief Strategy Officer at SKBM Smart Technology, reflects on the transformative impact of this data, noting that it aids in refining customer understanding and tool selection to maximize ROI.
The research highlights several key benefits of smart technology implementation:
– Smart door locks and access systems have improved maintenance efficiency by 20%, eliminating the need for physical keys.
– Advanced energy management via smart thermostats has cut annual costs and energy consumption by 20-30%.
– Approximately 39% of residents in multi-dwelling units view property-provided smart devices as a decisive factor in choosing their next home.
“The most significant returns are realized when the right smart solutions are tailored to specific property environments,” Hanich adds, signaling a strategic approach to technology deployment.
At PropTech IQ, we recognize the critical role that smart technology plays in the evolution of property management. As the industry continues to evolve, Parks Associates’ insights offer a blueprint for property managers eager to enhance their ROI and NOI through smart technology.
Industry professionals are encouraged to contact Parks Associates for more details on the findings or to engage with the insights from this white paper.
To delve deeper into how smart technology can revolutionize your approach, Learn More Here!
