Mar 5, 2021
Smart apartment technology, also known as PropTech, provides opportunities to improve operations and profitability for property owners. There are multiple ways to leverage technology to increase a property’s value and NOI. Kyle Finney joined the business development team at Arize to bring emerging technology to real estate.
One of the questions for investors is will renters pay for smart technology? Amenities and services like smart locks, lighting, and thermostats have the ability to improve a resident’s experience. In addition, water leak detectors protect owners from unnecessary costs. Kyle is seeing smart technology adding an additional $30-60 per month per unit.
Kyle has worked alongside commercial real estate professionals in both Phoenix and Las Vegas, heading up initiatives for gaining insight, adopting new tech, and carrying out marketing and sales strategies aimed at helping companies stand out while increasing revenue and attracting & retaining tenants.
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Key Insights
- Emerging multifamily real estate tech and Arize
- Understanding smart apartment technology (PropTech)
PropTech is the idea that technology is disrupting the real estate market
- Adopting smart apartment technology
- The impact smart technology has on a multifamily investor's bottom line (ROI!)
- How smart technology can increase your multifamily property value
- How water leak detectors add value to apartment owners
- Breaking down the costs of smart technology
- Are renters willing to pay a premium for smart technology?
- The most popular proptech for residents and investors
81% of millennials are willing to pay more for a unit that is equipped with a smart lock.
- How to use smart technology to stand out with marketing
- Understanding the different smart apartment technologies that work well with Class-B and Class-C properties
- PropTech in the marketplace today and where it’s going
- Increasing the value of your multifamily property with PropTech, no matter your budget
AI and complete interconnectivity is the future of multifamily
Bullseye Round:
Apparent Failure:
I
launched my first business when I was 18, determined to do
everything myself. That didn’t work out so well, but it taught me
the importance of working and surrounding myself with smart,
like-minded people.
Digital Resource:
News outlets
Most Recommended Book:
Originals (Adam Grant)
The Four Agreements (Don Miguel Ruiz)
Daily Habit:
A morning and evening routine
Current Curiosity:
Where life is going to be in the next 50 years
Wish I Knew When I Was Starting Out:
Trusting people and asking for help.
Best Place to Grab a Bite in Phoenix:
Bitter and Twisted
Get in Touch with Kyle: