HowTechnology Can Help Improve Building Management Inefficiencies

T he real estate industry is con- stantly changing. New trends emerge as quickly as the Cleveland Browns being seen as a top playoff contender this season. However, proptech is not a new trend and smart tech is expected to be one of the six top global trends for 2019. According to a recent KPMG survey, 97 percent of real estate industry professionals think that digital and technological innovation will impact their business, and 93 percent agree that tradition- al real estate organizations need to engage with proptech companies in order to adapt to the changing global environment. A whopping 60 percent of respondents said that building management was their biggest pain point where technology could produce efficiency gains. A GROWING TREND Industry professionals agree 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 see- ing digital and technological innova- tion as an opportunity, many in the multifamily industry are turning to IoT technology for their answer. For

example, utility cost savings for va- cant and common areas are between 20-30 percent after installing smart thermostats. Access control and pre- ventive alert systems help property managers and owners develop better building management practices that maximize operational efficiency.

curity vulnerabilities property-wide.

NO. 4 Digital Maintenance Implementing a digital main- tenance work order system can improve operational efficiencies and allow staff to knowingly prioritize requests as they come in. Immedi- ate action can be taken and report- ing analytics provide insights into daily tasks. NO. 5 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 practic- es into one centralized management channel. If you want to learn more about optimizing building manage- ment 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. •


If building management is a pain point for your business, here are a few ways smart technology can help improve it: NO. 1 Preventive Maintenance Being alerted of a problem before it becomes a costly event can save thousands of dollars. Consider im- plementing IoT devices like leak alert systems and smart thermostats. NO. 2 Access Control Upgrading physical keys to smart locks will save time and money. Lock- outs are essentially eliminated and a digital move in/out system will stream- line the “rekeying” of each unit. NO. 3 Access Security In addition to access control, upgrading to a system that includes front house and community area access security monitoring will be valuable to residents and staff alike. Maintaining access on one central- ized platform will alleviate major se-

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