Using PropTech to Improve Resident Satisfaction in your Community

PropTech, which is defined as technology that optimizes how people rent, buy, sell, and manage property, improves every facet of a residential building – from building access, to common areas, to overall resident safety. Owners, developers, and property managers have set their sights on the installation of this kind of technology to boost resident satisfaction, promote a green-living environment, and meet ever-changing demands. After all, resident retention revolves around their living experience; high retention rates depend on happy renters.

Throughout the past year, in particular, effective PropTech solutions have helped enable social distancing practices, contactless living, and allowed property management teams to prioritize the health and safety of both staff and residents while continuing to operate.

And for those communities that have not yet adopted an IoT-driven solution, a recent survey by Deloitte found that 56% of industry leaders have planned to increase their technology investments this year.

Let’s take a look into three of the major resident-focused benefits PropTech provides:

Increased Security

Devices like Smart Locks provide secure, convenient ways for residents to access their unit through digital access credentials – avoiding accidental lockouts and reducing the risk of physical keys being misplaced or even stolen. Smart lock features also allow residents to easily and securely grant or revoke temporary access to guests through a convenient app on their phone, eliminating the need to meet up in person and exchange keys.

Optimal In-Home Comfort

Second to the smartphone, Smart Thermostats are quite possibly the most popular smart device out there. Almost all modern living spaces are now equipped with one, providing residents with the convenience of being able to monitor and maintain the temperature in their home via a smartphone app. The ability for residents to remotely control energy usage within their unit not only optimizes comfort levels, it empowers them to reduce their utility bills. Everybody loves to save money where possible. Smart Thermostats also provide actionable HVAC data, so in the instance that a unit is having trouble reaching the set temperature, this would automatically trigger an alert that something isn’t right – meaning resident’s don’t have to go days without knowing there’s an issue with their HVAC.

Quick Turnaround Time of Service Calls

Real-time proactive maintenance alerts are sent directly to management in the event that abnormal conditions are detected within a unit, so maintenance issues are often detected and addressed before a resident is even aware one has occurred. Staff no longer need to wait for residents to reactively call in to report a problem. This proactive approach to maintenance problems helps catch issues before they worsen, and conveniently keeps service calls within normal business hours. No resident wants to be making an after-hours emergency call to the maintenance department and having to wait up late for them to arrive. The ability for staff to tend to problems in a timely manner also avoids the need for temporary tenant displacement while any repairs are being conducted.

While these resident-focused benefits help to improve the living experience within communities, residents aren’t the only ones that benefit from IoT-driven solutions. Upon installation, property owners and operators are seeing a significant reduction in costs associated with utilities and maintenance, which optimizes budget planning and increases their overall property NOI.

If you’re interested in learning more about the TrustHab Solution and what it can do for your community and residents, reach out to us for more information.

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