How To Bring Technology To Mature Portfolios

How To Bring Technology To Mature Portfolios

By / Communities, Cox, cox business, Cox Communities, Technology

Tips from the Pros on Upgrading Older Properties

When it comes to meeting the ever-changing needs and demands of Multifamily communities, keeping up with new tech is key for property managers and owners. In a recent episode of Open Door by Cox Communities, host Valerie M. Sargent sat down with two industry pros: Tony Sousa, VP of Marketing Relations at RPM Living, and Jerrod Smith, VP at Cox Communities. They talked about the latest trends and the challenges of retrofitting older communities with smart home technology, and a whole lot more.

Staying Tech-Savvy

As the conversation began, Tony Sousa pointed out how crucial it is to stay on top of technology to meet residents’ rising expectations. People today want instant access to information and quick fixes for any issues. Property managers need to be ready with the right tools and know-how. Jerrod Smith added that understanding things like infrastructure, integration, wiring, and construction is vital when upgrading properties with smart tech. Getting these details right can make all the difference in how well the new features work.

Tackling Retrofitting Challenges

Retrofitting older Multifamily communities with smart tech can be tricky. Tony and Jerrod talked about the need for a thorough analysis before starting any project. Jerrod emphasized that it’s essential to consider the impact on ROI, resident satisfaction, staff operations, and overall efficiency. Communication is key during this process, as well as sticking to the plan while being flexible enough to handle any hiccups along the way.

Boosting ROI and Resident Satisfaction

Adding smart home tech to Multifamily communities brings many perks, like better resident experiences, increased efficiency, and cost savings. Tony and Jerrod discussed how an understanding of what residents want is crucial when introducing new tech. They also highlighted how these innovations can help property managers run things more smoothly, like getting alerts for potential issues before they become big problems. This way, staff can focus on delivering top-notch service.

Embracing Innovation and Lifelong Learning

Innovation isn’t just a bonus; it’s a necessity in the Multifamily industry. Jerrod encouraged everyone to embrace tech to improve residents’ lives and streamline operations. Tony talked about the importance of staying educated on new technologies to be ready for future changes. Continuous learning is essential for property managers to stay competitive and provide the best experience for residents.  Tony stressed the importance of providing continuous education and training for staff, even beyond any initial project rollouts. Investing in staff training ensures that everyone is up-to-date and can effectively help residents with any tech-related questions or concerns.

Knowing Your Market and Residents

Tony mentioned the importance of understanding your community and market when bringing in new smart home tech. It’s crucial to present the benefits clearly to residents and stakeholders. By proactively addressing residents’ needs and preventing issues, property owners can save money and avoid bigger expenses down the road.

Choosing the Right Tech Partner

As new technologies emerge, it’s important to pick a partner who can keep your systems up-to-date. Jerrod stressed finding the right partners to help you stay ahead with the latest advancements. Tony added that partnering with experts is key to making informed decisions and staying on top of industry trends.

While there are challenges in retrofitting older properties with smart home tech, the benefits—like better resident experiences, improved efficiency, and cost savings—make it worthwhile. By understanding these challenges, partnering with the right tech providers, and prioritizing ongoing training, property managers can successfully implement smart home features and stay ahead in a competitive market. As the Multifamily industry evolves, it’s crucial for property owners and managers to stay proactive, adaptable, and open to new technologies. With the right approach, they can create thriving, efficient, and future-ready communities.

The Open Door Podcast by Cox Communities
For those craving more thought-provoking content, remember to like, follow, or subscribe to Open Door by Cox Communities wherever you tune in to your favorite podcasts.
Click  to Listen
Latest posts by Cox Communities (see all)

Related Posts

Scroll to Top