The coronavirus pandemic has been challenging for individuals and businesses alike, including owners of multi-family properties. The government of most states have opted for some level of shutdown, including the closure of thousands of businesses and requiring people to work from home. Although restrictions have eased in some places, many companies have decided to have their employees continue working from home at least temporarily.
More people working from home has been costly for property managers of apartment buildings. That makes sense when you consider that people who are home all day use more water and electricity than when they are away from home eight or more hours a day. They also need maintenance services more often. The good news for property owners is that they don’t just have to absorb the increased expenses. A platform designed for multi-family housing complexes that operates via the Internet of Things (IoT) can reduce expenses while improving efficiency at the same time.
How IoT Can Address Property Owner Concerns during the Pandemic
Besides the rising cost of electricity, heating and cooling, water, and other essentials, property owners must also contend with increased vacancy rates due to people not touring apartments like they once did. Some have underlying health conditions that force them to be especially cautious around others while others don’t feel comfortable going through an apartment someone has lived in just yet. One innovative way that property owners can deal with this new reality is by allowing people to tour apartments virtually from their own home.
People already living in a multi-family housing complex may have concerns about social distancing in common areas such as the mail delivery area or gym. Property owners can reassure their tenants by installing occupancy sensors that only allow a certain number of people in the same enclosed area at one time. Taking a step like this keep occupancy rates high by preventing people from moving out.
Reduce Costs with Smart Technology
Smart technology allows users much more input and control by connecting the device to the Internet. A smart thermostat is just one example. This device utilizes precise sensor systems to promote energy efficiency. It does this by automatically detecting user patterns and reducing output when the tenant is sleeping or away from home. Property managers can even control thermostats of unoccupied units remotely, saving significant money in the process.
The ability to obtain more accurate water meter readings is another benefit of smart technology. Current meters are not always efficient, which means residents are paying too much for their water bill every month. Leaking pipes can also contribute to high water bills. Smart technology for multi-family homes alerts property owners to water leaks so they can arrange for earlier repair. The technology also provides the most accurate gauge of water usage. This resonates well with tenants attempting to reduce their carbon footprint.
Work with a Property Management Company That Wants to See You Succeed
Implementing cost-saving technology is just one of many tips we provide to our clients here at Caldwell Commercial Real Estate Services. We invite you to contact us to learn more about our property management services today. Maintenance, management, and budgeting help are just some of the services available to you. During your consultation, we learn as much as possible about you and your building to allow us to provide you with customized and professional property management services.
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