When it comes to smart technology, many multifamily property managers focus on one thing: the upfront cost. And while that’s an understandable concern, what often gets overlooked are the hidden costs of sticking with outdated systems — systems that can quietly chip away at your bottom line.
Here’s why doing nothing might actually be the more expensive decision.
Manual key management: Time and money wasted
If you’re still relying on physical keys and traditional locks, you’re likely spending more than you realize in time and money. Lost keys, rekeying after tenant turnover, and emergency lockouts all add up — not just in dollars, but in time and operational inefficiency.
The smarter solution:
Smart locks eliminate the need for physical keys and allow for remote access management, making unit turns faster and day-to-day access more efficient.
High utility bills: Invisible budget burn
Vacant units with the heat or AC running are common in traditional multifamily operations. Manual thermostats don’t account for occupancy, which leads to significant energy waste and inflated utility bills.
The smarter solution:
Smart thermostats adjust automatically based on schedules or occupancy, reducing energy usage and lowering utility costs — often by up to 20%, according to Parks Associates.
Undetected leaks: The silent budget killer
Water damage caused by undetected leaks is one of the most expensive maintenance issues. Without early detection, minor problems quickly turn into major repairs, mold remediation or worse. These insurance claims can also lead to larger premiums and deductibles.
The smarter solution:
Smart leak detectors provide real-time alerts, allowing your team to catch issues early before they become disasters and may even help you save on insurance premiums.
Security risks: Liability and reputation at stake
Outdated security systems create vulnerabilities that put tenants and your property at risk. Break-ins or unauthorized access don’t just compromise safety — they can result in legal issues, insurance claims and damage to your reputation.
The smarter solution:
Smart security cameras and access control systems provide increased visibility and control, giving both you and your residents peace of mind.
The real cost of doing nothing
When you consider ongoing lock and key costs, high utility bills, damage from leaks, security risks and staff inefficiencies, the cost of maintaining the status quo quickly adds up. Multifamily operators could lose thousands of dollars each year by not upgrading.
Smart tech delivers real ROI
Multifamily properties that adopt smart technology consistently see improvements in:
- Net operating income (NOI)
- Resident retention and satisfaction
- Maintenance efficiency
- Energy savings
- Staff productivity
More than just a convenience, smart technology is becoming a must-have for competitive, efficient multifamily operations.
Ready to make the shift?
If you're looking to boost efficiency, reduce costs and offer a better living experience, now is the time to explore smart tech solutions. Let’s talk about how we can help modernize your properties and improve your bottom line.