Property technology, commonly known as PropTech, is the integration of innovative technology within the property and real estate industry. It encompasses a wide range of innovations, from property management software to advanced security systems, fundamentally reshaping the development, management, and security of spaces. In multifamily and mixed-use developments, PropTech has become a critical component, enhancing safety, security, and efficiency.
With our unique capabilities, we are able to supply, install and support PropTech like smart locks, mobile credentials, managed access control and resident/visitor management. With our D8 and D28 capabilities though, we can fully integrate these technologies with doors, frames and hardware both in new construction and renovations.
Why is PropTech important?
Although home ownership is on the rise, younger generations are still more likely to rent homes. This means within the market we can expect to see an increase in multifamily dwellings and mixed use spaces being built or renovated in the next five years.
However, renters bring rising expectations to these spaces like mobile credentials, higher security and heightened connectivity. PropTech will play a major role in these new builds to mee these expectations of improved safety and peace of mind to residents while reducing overall operational costs to owners.
What are the benefits of PropTech from Cook & Boardman?
1. Efficiency & Cost Reduction
With benefits like mobile credential and virtual monitoring, PropTech changes the way multifamily properties are managed and secured. These technologies lessen the administrative burden and potential human error while minimizing overhead cost to operate the property (both short and long term).
Our offerings go beyond basic PropTech solutions. From Cook & Boardman, multifamily properties also take advantage of pivotal features like custom eStores, nationwide warranty support, integrated project management, and pre-installed and pre-configured solutions to reduce operational spend, shorten project timelines and eliminate the need to coordinate with multiple vendors for opening and security solutions.
2. Improved Quality & Safety
Property managers can provide a heightened level of security for residents and guests without the need for on-site staff with integrated PropTech solutions. Mobile credentials eliminate the need for traditional key or card access systems and allow for virtual management of credentials for apartment tours, guests and 3rd party vendors. This provides an added level of security to residents and creates a record in the case of an incident without the need for additional onsite staff.
Additionally, Cook & Boardman provides state of the art surveillance and advanced access control solutions to mitigate risks, reduce trespassing, quickly identify offenders and minimize time to resolutions. This can impact, and often improve, insurance rates for properties and reduce operational costs.
3. Increased Market Appeal
By leveraging PropTech solutions from Cook & Boardman, as well as our other divisional services, multifamily owners and managers increase the market appeal to tenants and can gain higher rent values by providing amenities like access control, mobile credential and common area security.
PropTech is revolutionizing the real estate industry by making it more efficient, transparent, and user-friendly while also increasing peace of mind for both residents and developers. With more and more individuals turning to renting with market shifts, the expectation that properties include these amenities also increases.
Cook & Boardman’s approach further shifts how the real estate industry approaches new construction and renovations. Our advanced purchasing power to stock materials and end-to-end project management approach (from design and build to stabilization and renovation) ultimately lowers costs to customers and streamlines the construction process.
Want to learn more about our multifamily and mixed use development capabilities?
