Proptech for multifamily real estate

From maintenance requests and tenant communication to compliance monitoring and supplier selection, your daily to-do list as a multifamily property manager can sometimes feel never-ending. 

Finding the right tools to optimize and automate your workflows as much as possible is crucial to keeping on top of things and not letting the daily routine overwhelm you. 

Proptech (property technology) offers powerful solutions to manage multifamily properties more effectively, streamline processes, reduce operational stress, and anticipate tenant needs, helping you to make more efficient use of your time. But with so many high-tech solutions out there, how do you know which devices and platforms are suitable to support your portfolio’s operations and tenants’ needs?

In this guide, we’ll explore how proptech can address common challenges in multifamily property management and provide practical tips on picking and implementing the tools you need to drive your portfolio forward.

Understanding proptech in multifamily real estate

Proptech refers to technology solutions designed to streamline real estate and property management operations. 

Proptech can make daily responsibilities more manageable in multifamily settings by optimizing workflows and automating time-consuming or manual tasks. It supports your team in multiple areas, such as managing maintenance requests, ensuring tenant satisfaction, handling noise complaints, monitoring energy use, and maintaining compliance. 

Benefits of using proptech for multifamily properties

Incorporating proptech tools into your daily property management routine has several advantages, including:

• Improved operational efficiency: Automating and streamlining processes such as maintenance requests, billing, and tenant communication can make these tasks less time-consuming and reduce manual intervention.
• Enhanced tenant experience and satisfaction: When you implement solutions such as online resident platforms or portals, tenants benefit from faster response times, enhanced security, and better overall service, often leading to higher retention rates.
• Better property management and maintenance: Proptech tools can offer continuous, real-time insight into property health, from detecting leaks to monitoring structural integrity. This gives you a more detailed view of different aspects of your property, enabling you to spot anomalies or issues early and act quickly to solve them.
• Data-driven decision-making and analytics: Proptech software allows you to centralize and integrate data, allowing you to have all the information in one place and make informed decisions on aspects such as energy use, tenant preferences, and budget allocation.
• Cost savings and increased ROI: Proptech solutions can help you reduce operational costs and improve efficiency, contributing to a higher ROI.
• Compliance: Some proptech tools can assist you in maintaining legal compliance with local laws, tracking documentation, and ensuring operational transparency. For example, property management software can be essential to keeping up to date with inspection dates. Likewise, devices like Minut can help you follow noise regulations by tracking noise levels in your properties.
• Proof of issues: Proptech platforms and software often give users access to historical data or relevant events, providing evidence in case an issue escalates into a legal dispute. For example, Minut’s events log gives you the proof you need to substantiate or dismiss claims related to noise violations, showing you exactly when or if disturbances occurred. 

How to use proptech for multifamily real estate

Incorporating proptech into your property management routine is not something you can do overnight: it takes thoughtful planning and careful implementation to get it right. 

If you’re a beginner in the proptech space, you can follow these steps to get started:

1. Assess your property’s unique needs and goals

Start by evaluating the specific needs and objectives for your property and tenant community. Are you aiming to improve tenant satisfaction, reduce energy costs, or enhance security? 

This assessment will help you separate immediate needs from long-term goals and guide you toward the tech you need in each case.

2. Research and choose the solutions for your property

Set aside time to research the proptech tools available to address your specific challenges. By choosing tools that fit your property's unique requirements, you can build a tailored tech stack that optimizes operations and meets tenant expectations.

Tools to consider include: 

• Property management software: Platforms like AppFolio or Yardi automate administrative tasks, billing, tenant communication, and leasing processes. They can help you cut down on manual work and give you a comprehensive overview of the different aspects of a tenancy to gauge how it is progressing.

• Real-time monitoring solutions: Devices like Minut allow you to track noise levels, occupancy, cigarette and marijuana smoke, and indoor temperature and humidity, helping to manage tenant issues proactively, avoid property damage, and remain compliant with local regulations and property rules.

• Predictive maintenance solutions: Smart maintenance tools can anticipate repair needs before issues escalate, ensuring smooth operations and reducing downtime. Tools like UpKeep’s sensor solution can help you track different aspects of your property, including vibration and current draw, and automatically trigger work orders when anomalies are detected.

• Smart thermostats and energy management systems: Systems like Google Nest optimize heating and cooling, reducing energy costs and creating a comfortable environment. Google Nest can also integrate with Minut, creating a comprehensive solution to manage indoor climate efficiently and avoid property damage.

3. Integrate proptech with existing systems

Integrating your existing technology with new tools is vital to ensuring smooth operations, so check for compatibility before committing to a solution. Planning for data migration, software integration, and potential workflow adjustments can prevent disruptions, ease the transition between different technologies, and keep things running as usual for tenants.

4. Train staff and encourage user adoption

Ensuring your team is proficient with new proptech tools is crucial to maximizing their benefits. Provide hands-on training sessions, create user manuals, and make ongoing support available. When staff feel confident using the technology, they’re more likely to integrate it into their daily routines effectively, helping to boost productivity and improve tenant interactions.

5. Monitor performance and measure success

Set metrics and KPIs to track the performance of your proptech tools. Regularly review data insights to understand how effectively the new technology is supporting your property management goals. Continuous performance analysis allows you to make data-backed adjustments and ensures that your proptech solutions continue to deliver value over time.

Moving forward with proptech

Proptech has the potential to deeply transform the way you manage your multifamily property. It can help you achieve different management goals, such as improving efficiency, enhancing the tenant experience, and boosting overall ROI. By assessing your property’s needs, selecting the right tools, and integrating them effectively, you can streamline your operations and optimize your daily to-do list, providing an enhanced experience for tenants and freeing up your time to focus on growing your portfolio. 

Work smarter, not harder. Book a demo with our team to see Minut in action and learn how it can help streamline your operations and simplify your day-to-day.