As commercial real estate (CRE) technology becomes more affordable, how can landlords use it to attract tenants, facilitate tenant relationships, reduce operating expenses, and improve bottom lines? There are many options currently available on the market. Here are some that directly benefit both tenants and landlords.
Some people don’t even have checkbooks anymore, so accepting digital payments is becoming a must. In addition to automated electronic transfers, many banks provide remote deposit capture devices for use at onsite property management offices. Apps are also available to monitor and track payment history including security deposits. This satisfies the growing need for instant access to information by tenants and provides convenient reporting mechanisms for landlords too.
Modern Security Systems
Modern wireless security systems are a huge value-added feature for tenants and landlords. Tenants benefit from convenient access to rental units and other building amenities through key fobs and/or phone apps. They can also easily grant immediate or scheduled access to visitors. It is one of the most popular ways of using CRE technology to attract tenants.
These systems are also a plus for landlords. Wireless systems are less expensive to install and repair. There’s no need to hard-wire door buzzing mechanisms from individual units all the way to the front door. Furthermore, replacement parts are easy to troubleshoot and/or replace. Security systems can function on phone apps, eliminating the need for copying keys or providing other hardware. Whether you have a new building or an older one, modern security systems can be a game changer!
Electronic Service Orders
Electronic submission and management of repair orders alleviates a common pain point for tenants and landlords. Rather than tracking building issues through phone calls and emails, there are CRE apps built specifically for this purpose. Tenants can login to a website or app to report issues. Property managers can monitor and assign tasks to maintenance personnel. All parties can communicate electronically and have access to the full history of an issue and its current status. This also provides landlords with visibility on the types and extent of repairs associated with a property, which is helpful for budgeting and planning purposes.
Smart building technology can be used to add convenience, improve comfort levels, and save on utility expenses. For instance, motion sensor lighting can illuminate spaces when needed and avoid the hassle of flipping light switches. Shades can go up and down based on sunrise and sunset hours or manual user inputs. Thermostats can be programmed to adjust automatically based on time and other conditions, creating a pleasant environment. Systems can be programmed to adjust to seasonal changes and tenant preferences. This type of automation can attract high-tech tenants who value the effective and efficient use of technology. As a landlord, you will benefit from lower operating costs.
Advanced Service Offerings
Building amenities are a growing trend in commercial real estate. Mixed-used buildings and availability of on-site services attract high-end tenants, build a sense of community, and reduce vacancies. Read our blog post on this topic for additional information on the importance of building amenities in commercial real estate properties.
Summary of Using CRE Technology to Attract Tenants
As the world becomes more technology driven, using CRE technology to attract tenants is becoming more important. In many cases, the cost of integrating such systems is offset by the added convenience and savings to landlords. For newer buildings, consider technology during the planning process. For older buildings, think about what options you can integrate this year and develop a plan for continual improvement of your systems and offerings.