10 Ways Smart Locks Can Make Your Multi-Family Property Run Better

 

On a daily basis, property managers are challenged to provide tenants with a convenient and enjoyable living experience, optimize property occupancy and run a more profitable and efficient operation. There are not enough hours in the day to accomplish all these tasks so managers must find a smarter, more efficient way to do their jobs.

Technology can provide many of the answers since the smartphone is capable of making a huge difference in our lives. It seems like every day we are doing more and more from our mobile devices, such as ordering an Uber ride, using Apple Pay to buy groceries, opening Grub-hub for dinner or even operating a lock -- all with a smartphone.

Mobile-enabled smart locks seem to be all the rage in multi-family trade magazines and newsletters, but – you wonder -- are they right for my property? They sound pretty cool but they’re probably expensive, so what are the benefits? Can they help me run my property better? Will they make my job easier? If these questions sound familiar, you are not alone.

1. Occupancy will be driven by Millennials

A recent survey of millennials by Freddie Mac, finds an overwhelming preference for renting as the more affordable option than owning a home. In that survey 82 percent of Millennials said renting is more affordable than buying. For plugged-in millennials, technology is a necessity rather than a luxury. This generation wants smart home technology that is customizable to their needs, in fact over 50% would prefer access to their home using technology-based smart locks that can be operated by smartphone, pin code, key fob or biometric solution. They want to control home systems, increase security, improve energy efficiency and even monitor package delivery from their smartphones

2. Millennials prioritize safety and security

The survey found that over 70% of millennials don’t feel safe in their home and that safety and security are top priorities. Smart locks offer more security than traditional locks. With a smart lock the phone becomes the key so there are no extra brass key copies floating around. Instead of handing out a key to relatives or friends, they can text or email access and be able to revoke it in an instant.

3. Smartphones become keys

We all know about the expense and hassle of replacing lost keys, and the cost to re-key a lock when tenants vacate. Today, almost everyone owns a smartphone. If a tenant’s smartphone becomes their apartment key, then managing and dealing with keys will be a thing of the past. Your property management expenses just dropped, and your job just became a whole lot easier. With the time wasted on keys now eliminated, you have more time to focus on other things.

4. Operational flexibility

Smart locks give you the flexibility of instantly making changes when tenants come and go, or when staff comes and goes. You can give access to apartments, common areas, pool gates, garages and more, all without having to worry about managing keys. Experiencing anxiety about that disgruntled employee you just terminated? Simply revoke their access when they walk out the door and you will never have to worry about them coming back and making a scene.

5. More control and more knowledge

With smart locks you are in control, you know who’s coming and going and when they accessed a lock. It’s easy to figure out who messed up the pool area or left the game room in shambles. Plus, smart locks give you an audit trail so you can check on everything that’s going on, allowing you to better manage and control your property.

6. Added convenience means happy tenants

Smart locks can be operated by smartphone, RFID card, PIN code, smartwatch, smart remote or even a traditional brass key. No matter the age of a tenant, young or old, they can operate their lock however they feel most comfortable. They can have it their way!

7. No more time wasted waiting for the plumber to show up

Smart locks let you schedule access remotely from a smartphone or your computer. You don’t need to drop everything and drive halfway across town to meet the plumber at another property. Just send him access in a text or email from your smartphone to his smartphone. He can fix the leak without you ever having to leave your desk. You can even dictate what time he can gain entry and how long he can stay.

8. Smart locks are future-proofed, and never become obsolete

The last thing you want to do is invest money in new locks and then after a couple years find out they are obsolete and need to be replaced. Today’s smart locks just keep getting smarter, they are constantly updated via over the-air firmware just like your smartphone (and for Free). That way your locks keep up with all the new technological advances without ever having to change the hardware.

9. More affordable than you think

Smart locks make access control simple and affordable, it’s nothing like the access control of yesterday. In the old days you had to pay for hours and hours of labor, pull miles of wire, install control cabinets, add a server or even hire an IT guru. Not today. Smart locks are wireless and powered by 4 AA alkaline batteries. They don’t require a big budget; they install in a flash and the software is in the cloud where you don’t have to deal with it. What could be more affordable than that?

10. Retrofits are easy and don't require door notifications

Smart locks are designed to easily replace existing hardware. They mount in the same holes as your existing locks, which makes for a quick, easy and affordable installation. The technicians are in and out quickly without the mess and confusion of a wired access control systems.

No question about it, mobile-enabled smart locks make a whole lot of sense, operationally, economically -- and they can make your job a whole lot easier too.

Today’s renters are more and more tech savvy. They are seeking out progressive living situations and smart locks may be the tipping point they need to sign your rental lease instead of the apartment building down the street.

Want to learn more about smart locks and find out if they are right for you? Contact the our pdqSMART team today and book a consultation.

 

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