Just the Peaks

  • We’re wrapping up our deep dive into small efforts with big portfolio impact

  • Everest expert Sam Fine gives out the secret ingredient to stronger NOI

  • Our pros break down ways to use tech to your best advantage

Beyond the Books: How to Boost Multifamily Profit

(Hint: it’s not raising rent)

As we wrap up our “Beyond the Books” series, we’re zeroing in on a pressing question for multifamily property owners: How do I increase revenue without raising rent?

Let’s be real for a second (actually, aren’t we always?)… 

In today’s economic landscape – where inflation, maintenance costs, and shifting resident expectations collide – raising rent isn’t always a viable or sustainable solution. After all, you want your tenants to keep renting from you, right?

Well, here’s the good news: rent payments are far from the only path to multifamily profitability. Many forward-thinking owners are finding innovative ways to improve their bottom line without putting added pressure on tenants. In fact, some are actually doing more for their tenants while earning more.

The secret? Smart technology.

 

A Smarter Path to Revenue Growth

 

Smart tech is more than just a flashy upgrade; it’s a strategic investment that streamlines operations, enhances the resident experience, and opens up new income streams. 

 

“From automating maintenance to enabling premium services, smart technology features deliver a powerful return by doing more with less,” explains Sam. “Less time, less effort, less headache for tenants. It can also save you money on other expenses.”

 

Here’s how multifamily owners are using technology to boost profitability – without touching the rent roll:

 

  1. Self-Guided Tours – Gone are the days when a representative needed to meet every tenant at the door. Self-guided tours make it easier for prospective tenants to visit units on their own schedule, which can improve lead conversion rates.

  2. Community Automations – Mobile entry, app-based amenity reservations, and digital bill pay all create a modern living experience that clients love—and want to stick around for. 

  3. Communication Tools – Responsive communication between residents and building management ensure that requests and concerns are resolved efficiently. This boosts resident satisfaction and increases lease renewal rates.

“The bottom line is: the right technology can result in fewer vacancies,” Sam explains. “This lowers turnover costs and creates a stronger NOI for multifamily property owners.”

 

Click Your Way to Streamlined Operations

 

We know that operational inefficiencies chip away at profit – but you might be surprised at how much. Let smart tech take over and see how supporting your team, and your tenants, can yield more lucrative results:

 

  1. Work Order Systems – Automated work order processing makes it quicker and easier to coordinate maintenance and other property management tasks. This way, tenants can notify you immediately if something needs to be fixed—and you can pre- schedule and preventative maintenance in the same place. 

  2. Sensors & Alarms – Leak detectors, appliance efficiency monitors, and other predictive maintenance tools notify you of any serious issues before they become costly emergencies. 

  3. Smart Utilities – Energy management systems adjust lighting and temperature based on occupancy and preferences, cutting down on utility costs. This is especially helpful in community buildings, but it can also be a great feature for individual units, to increase tenant satisfaction. 

 

“There are many modern tools to help you operate your buildings more efficiently. Each of them come with their own set of benefits,” says Sam. “But, most importantly, they free up your time to focus on building your business.”

 

 

Start New Streams of Income

 

Modern renters value convenience – and many are more than willing to pay for it. Thankfully, technological advances allow multifamily owners to offer competitively priced, value-add amenities such as:

 

  1. Package Handling Services – Smart-access mail lockers with secure, subscription-based package handling. 

  2. Upgraded Laundry Rooms – High-efficiency machines with pay-per-use laundry monitoring systems.

  3. VIP Parking Options – Reserved smart parking with premium pricing,

  4. The Royal Treatment – Unit upgrades and concierge-style services available by subscription.

“These kinds of luxury services are win-wins,” explains Sam. “Residents get convenience that they can access based on their preferences and budget. And owners generate consistent revenue from diversified streams.”

 

 

It’s Not Just About the Tech

Smart technology can only help you stay competitive if you’re using it to build a resilient, revenue-positive strategy.

“The best tools in the world aren’t going to do you any good if you don’t know how to use them,” says Sam. “In order to truly maximize profitability, property owners need a clear, intentional approach.” 

To avoid overspending on tech you don’t need, try this strategy:

  • Assess inefficiencies in your current operations

  • Choose tech that truly enhances the resident experience

  • Integrate systems that work with your existing infrastructure

  • Track ROI from day one – retention, savings, and revenue

 

When it comes to new approaches like this, don’t be discouraged if you don’t see immediate results. Like anything, it takes time and experience to maximize your property owner’s toolbox. 

 

But, no matter what, you can always count on the Everest team to be in your corner. 

 

Everest says: We’re sourcing the knowledge to 

help you enhance your multifamily experience.

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