Integrated Multifamily Systems for Improved Resident Experiences

by Podcast

In this episode of the Multifamily Innovation® Podcast, Patrick Antrim, Founder and CEO of Multifamily Leadership, and Chairman of the Multifamily Innovation® Council speaks with Konrad Koczwara, CEO and Founder of Elevated Living and Multifamily Innovation® Council Partner about leveraging technology to optimize multifamily operations.

This discussion explores the trajectory of Elevated Living from its inception to its role in growing nationwide. The conversation delves into the company’s initial focus on fitness services and its strategic pivot to a tech-centric solution for operational inefficiencies in the multifamily industry.

This episode emphasizes the importance of integrated systems to streamline operations and improve resident experiences, as part of the Multifamily Innovation® Council’s focus on industry advancements. Konrad outlines how Elevated Living addresses the challenge of multiple resident portals by creating unified access to various amenities, demonstrating the company’s commitment to enhancing property management processes and resident satisfaction.

The podcast also previews future trends, including Elevated Living’s recent innovations like automated grocery delivery and food ordering systems tailored for multifamily residents, offering practical solutions with reduced fees. These developments are presented as part of the conversation at the Multifamily Innovation® & AI Summit, highlighting the event as a key platform for industry leaders to explore technological advancements and strategic partnerships.

This episode is a valuable resource for multifamily executives interested in adopting technology to enhance operational efficiency and resident services. It provides insights into how companies like Elevated Living are pioneering changes in the multifamily industry, making it a must-listen for those aiming to maintain competitive advantage in a rapidly evolving market.

About the Multifamily Innovation® Council:

The Multifamily Innovation® Council is an executive level membership organization dedicated to the pursuit of the profitable Multifamily Company. We focus on the intersection of multifamily innovation, AI, technology, and leadership—emphasizing results and collaboration for business leaders determined to discover internal value, providing better experiences, and boosting company profitability.

To learn more about the Multifamily Innovation® Council or to join, please visit https://multifamilyinnovation.com/council.

For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/. The platform and its events, including the Multifamily Innovation® & AI Summit, continue to drive critical discussions and innovations in the multifamily industry.

Connect:
Multifamily Innovation® Council: https://multifamilyinnovation.com/council/
Multifamily Innovation® & AI Summit: https://multifamilyinnovation.com/
Patrick Antrim: https://www.linkedin.com/in/patrickantrim/

Multifamily Innovation

How to Get Smart Home Tech Without Breaking the Bank

by ArticleSponsored
multifamily innovation article

There’s a great misconception that providing smart tech for your multifamily assets can only be done with ease on new developments and lease-ups. 

Multifamily owners and operators think the learning curve is to high for staff, the startup and maintenance costs will be too high, smart tech only belongs in Class A multifamily properties, installation is a burden and you’re already understaffed, and there are too many providers without a single-source for cross-app integrations.

The list is long. The list is wrong.

Most multifamily owners and operators are thinking about the cost of utilizing smart tech rather than the cost of not utilizing smart tech.

Consider the cell phone in your pocket or on your desk right now. Remember how big and clunky they were in the 90s? Remember having to hit the buttons multiple times to scroll through the alphabet and numbers? They were a commodity. Something for rich people (remember when you had to pay per text?).

Look at where we are now. The sheer computing power of the modern mobile phone has grown exponentially year over year.

According to Pew Research Center, 97% of Americans own a cell phone now and that is because it has become a deflationary asset. As technology advances, cell phones become smarter, more powerful, and more affordable.

multifamily clients arize smart tech

Our research partner and client, Arize, states that by “2023, 53.9% of homes across the United States will feature smart tech (that’s 20% more smart homes than in 2019).”

Do you see that? That’s over half of all the homes in America that will be using smart tech.

Whether you like it or not, these smart devices are now a dealmaker or dealbreaker for your residents.

In fact, residents are expecting multifamily properties to have these features for security and cost-efficiency and will go as far as to rent an apartment based solely on those amenities.

Not only are residents choosing the smart apartment, they are staying longer and paying more for it.

According to Arize, “91% of renters believe home intelligence is a necessity, and 66% of current renters are willing to pay at least an extra $20/month for a smart device package.”

multifamily clients smart home

Certain smart technologies have the ability to perform climate control activities and avoid wasteful utility usage through water leak detection and other services.

This allows properties to distinguish where they are losing money on unnecessary expenses while giving them a tool to prevent this all together.

All of the sudden, those objections to smart tech in apartment communities become obsolete because of the necessity for this technology. 

Additionally, smart tech is a deflationary asset that is now benefiting stabilized properties. Most owners and operators think it is too expensive, but companies like Arize are coming up with innovative ways for operators to fund and get smart tech into existing apartments.

Arize believes that by providing a personalized experience along with unique services like competitive payment plans and customization, they are making it possible for all properties to have smart technology in their portfolio without breaking the bank.

Those multifamily owners and operators who choose to provide smart tech for their communities will scale faster, stay competitive, retain residents, and thrive through any impending real estate bubble pop.

Download the Report

This report on Smart Apartment Tech Trends will explain the statistics behind smart home technology and how increasing demand has moved beyond solely Class A properties.

Download the Report