Multifamily Real Estate - Embracing Innovative Technologies
Multifamily Real Estate – Embracing Innovative Technologies
What are some of the major challenges and trends that have been impacting the Real Estate Facility Management space lately?
Currently, supply chain issues are impacting many industries, and multifamily is no different. We are experiencing delays in getting parts that our facility teams need for day-to-day repairs. Thankfully, we work closely with our vendors to understand which products might be more difficult to deliver. This helps us plan and schedule repairs at our communities.
What keeps you up at night when it comes to some of the major predicaments in the Real Estate Facility Management space?
Hiring, training and retaining maintenance professionals during a nation-wide workforce shortage is a challenge we are now facing. The multifamily industry has not attracted new talent into the field as successfully as other industries. We could do a better job to promote careers in maintenance and to build a pipeline of technical workers. Many high school graduates don’t even realize the career potential for facilities maintenance workers in the multifamily industry. At the end of the day, we still need training programs that develop a well-rounded skillset, as well as teach the theory and basics needed for facilities management. Vocational training could help develop these skills and show the next generation of professionals that multifamily facilities management is an essential occupation with a rewarding career path.
Can you tell us about the latest project that you have been working on and what are some of the technological and process elements that you leveraged to make the project successful?
We are currently testing a technology platform that predicts HVAC system failures before they happen. The platform monitors HVAC systems at multiple communities and provides alerts when systems are not running efficiently. In facilities maintenance, being able to spot issues before they become a problem is crucial. Monitoring our communities remotely gives the ability to act quickly, saving us time and money.
Which are some of the technological trends which excite you for the future of the Real Estate Facility Management space?
I am excited to see the innovative technology platforms that are being adapted for multifamily use, many of which have been used in the commercial service industry for some time.
Appliance diagnostic platforms, pool chemical balance monitoring and HVAC system monitoring are just a few advances in technology that excite me the most. Our industry needs platforms that are simple and easy to implement, while providing time-saving answers and diagnostic information. Any tool that can cut down the time our teams spend troubleshooting saves us money in the long run. Being able to anticipate our customer’s needs will help us to provide more timely responses and solutions, and therefore, keep our residents happy.
How can budding and evolving companies reach you for suggestions to streamline their business?
I am always available to discuss new technology and opportunities to share my experiences that has made us successful. Best way to reach me would be email, firstname.lastname@example.org.
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