Smart apartment technology is becoming much more commonplace within multifamily apartment communities in 2018. Whether it’s remote accessing a thermostat, creating automated stories for your lifestyle or using voice control to enjoy all the tech. “These technologies can save owners and residents substantial time and money,” said Sce Pike, CEO at smart home technology provider, IOTAS. Pike, together with Johnny Gregorio, asset manager at GoldOller Real Estate Investments discussed how integrating smart technology into GoldOller communities has impacted their investment strategy.
GoldOller “Nation” has property in 17 states concentrated in the Midwest, Northeast, and Southeast and a growing portfolio of about 40,000 managed units including approximately 13,000 owned and operated units as well as a full breadth of capabilities including acquisitions, large scale principle investments, development, and property/asset management.
As GoldOller expands, we had some time to sit down with Asset Manager, Johnny Gregorio, to discuss GoldOller and their smart home technology direction:
Tell me about GoldOller and your role
GoldOller is a vertically integrated real estate investment and management firm. As an Asset Manager, I manage a portfolio of assets through their lifecycle, from acquisition through disposition. My group is involved in investment, corporate and operational strategy, as well as investor reporting and management.
How is GoldOller differentiating themselves in the market?
GoldOller has created a culture of integrity, both for our residents and employees. We create an experience on our properties that tells a story to the people who call it home.
How are you positioning smart technology in your property outreach?
We’re using Iotas in our site branding, online marketing, leasing office and model units as we roll out smart technology retrofits at our properties. Prospective residents walk into our office, pick up a tablet or use their voice and can experience the technology themselves. Our onsite team controls vacant units and creates Welcome Home stories to showcase the automation tools right out of the gate.
What kind of IOTAS experience do the on-site teams expect and receive?
From first introduction of IOTAS to our on-site teams, there is ongoing training, support and marketing collaboration. They help direct installations and pairing and ensuring the residents are completely taken care of. The service and support is of utmost importance.
What kind of IOTAS experience do the residents receive?
We have been using thermostats, smart light switches, dimmers, smart outlets, and have recently incorporated smart locks and Amazon Echo voice control. The residents move in and the app they download is plug-and-play ready with all devices on a floor-plan view while connected and communicating to each other. The residents don’t really need to do anything as all apartments are paired prior to move-in. If they have questions, the IOTAS team has a full support team ready to assist, which is fantastic for our site team!
How does smart technology fit in your amenity stack?
We are finding that the smart technology is becoming one of the most desired amenities, which makes it surprising that many of our assets are still so differentiated after we install it. We are rolling this out nationally.
How do you best gauge ROI with this investment?
We determine ROI within specific assets or markets, but ultimately it is as much a marketing and retention tool as it’s something to measure premium rents.
Is this a fad or the future?
The smart home is here to stay – residents want the amenities and conveniences that homeowners have access to. The ability to ensure a seamless interface and resident experience not only benefits our tenants, but our staff as well. The entire market is only going to be improving and we’d like to have that foundation to roll with it.