Why Multifamily Property Owners Should Upgrade to Mobile-Enabled Electronic Locks

If you own or manage multifamily properties, you know how important it is to keep your residents safe, happy and loyal, while also managing your operational costs and maximizing your return on investment. One of the simple things you can do that will help you achieve these goals is upgrading your existing properties with mobile-enabled smart locks, like the Schlage Control Mobile Enabled Smart Lock. Electronic locks offer many benefits for both property owners and renters, such as:

Attracting and keeping more residents
Saving time and money on your operations
Boosting your net operating income and property value
Enhanced security for your property, residents, and staff
Future-proofing your property with interoperable and flexible locks

In this article, we will explore each of these benefits in more detail and show you how mobile-enabled smart locks can help you take your multifamily properties to the next level.

Attract and retain more residents.

Save time and money on maintenance and operations.

Another challenge for multifamily property owners today is managing the operations of their properties, which can be time-consuming, labor-intensive, and costly. For example, managing keys, lockouts, rekeying, and repairs can take up a lot of resources and create inefficiencies and security risks.

Electronic locks can help you streamline and optimize your staff and maintenance operations, by enabling you to:

Eliminate the hassle and cost of managing keys, which can be easily lost, stolen, or duplicated, and require constant inventory, tracking, and replacement.
Reduce the frequency and cost of lockouts, which can inconvenience your residents and staff, and require emergency locksmith services or overtime pay.
Simplify the process of rekeying, which can be expensive and disruptive, and require coordination with tenants and staff. With electronic locks, you can remotely delete or change the access codes or credentials, without having to replace the locks or keys.
Automate and monitor the lock status, battery level, and activity, which can help you prevent and resolve issues faster, and ensure the proper functioning and security of your locks.
Integrate with consolidated proptech and other property management systems, such as HVAC, lighting, and security, which can help you improve the energy efficiency, comfort, and safety of your properties.

These benefits can help you save time and money, improve your staff’s productivity and performance, while improving your resident experience and satisfaction.

Boost your net operating income and

property value.

Net operating income (NOI) is a key metric that measures the profitability of a multifamily property, by subtracting the operating expenses from the rental income. NOI is used to determine the value of a property, estimate future cash flows, and assess the potential return on investment (ROI).

Mobile-enabled smart locks can help you improve your NOI, by increasing your rental income and reducing your operating expenses. As mentioned earlier, smart locks can help you attract, retain, and delight more renters, who are willing to pay more for the convenience and security of electronic locks. This can increase your occupancy rate, rental rate, and revenue. Moreover, electronic locks can help you cut down on the costs of key management, lockouts, rekeying, repairs, and energy consumption, as discussed above. This can decrease your maintenance, utility, and labor expenses and give those team members time back to focus on revenue-generating projects.

By improving your NOI, smart locks can also help increase the value of your property, since NOI is one of the factors that determines the capitalization rate (cap rate), which is the ratio of NOI to the property’s market value or sales price. A higher NOI means a lower cap rate, which means a higher property value.

Enhanced Safety and Security

Safety and security are absolutely essential for any multifamily property, as they affect the well-being of your residents and staff, as well as the reputation and value of your property. Unfortunately, multifamily properties are often vulnerable to crimes such as burglary, vandalism, and trespassing, which can cause property damage, tenant turnover, and legal liability.

Smart locks can help you enhance the safety and security of your property, by providing:

Stronger and more durable locks, that can resist picking, bumping, and drilling, and alert you of any tampering or forced entry attempts.
Better access control and management, that can prevent unauthorized access, track and record who enters and exits your property, and allow you to revoke or change access remotely and instantly.
Higher renter and staff accountability and responsibility, that can deter and reduce theft, damage, and fraud, and encourage your tenants and staff to take care of the property and report any issues.
Greater peace of mind and confidence, that can make your residents and staff feel safer and more comfortable, and improve your property image and reputation.

These benefits can help you protect your property, residents, and staff, from potential threats and risks, and avoid costly and stressful incidents and consequences.

Future-proof your property with

interoperable locks.

One of the lesser-known advantages of smart locks is that they can help future-proof your property. Interoperable locks with an open architecture can adapt to changing technologies and evolve with the changing needs of your property. Interoperable locks are locks that can work with different types of software and credentials and integrate with different types of smart apartment technology, such as access control, HVAC, lighting, and more.

Interoperable can help you future-proof your property, by allowing you to:

Leverage your existing credential investment, by using the same credentials that you use for other systems or applications, such as smart cards or mobile credentials.
Embrace open architecture and standards, by using locks that are compatible with different brands and platforms, and that follow industry best practices and guidelines.
Adopt new technologies and innovations, by using locks that can support new features and functionalities.
Meet evolving customer expectations and demands, by using locks that can offer more convenience, security, and personalization for your residents and staff.

By using interoperable smart locks, you can ensure that your property stays relevant and competitive in the market, and that you can take advantage of the opportunities and benefits that new technologies and trends bring.

The bottom line.

Mobile-enabled smart locks are a sound and profitable investment for multifamily property owners, as they offer multiple advantages for both property owners, managers and residents. By upgrading your existing properties with smart locks like the Schlage Control Mobile Enabled Smart Lock, you can:

Increase your renter acquisition and retention, by providing convenience, flexibility, and personalization for your tenants.
Improve your staff and maintenance operational efficiencies, by streamlining and optimizing your key management, lockout, rekeying, and repair processes.
Boost your net operating income (NOI), by increasing your rental income and reducing your operating expenses.
Enhance your safety and security, by providing stronger and more durable locks, better access control and management, higher tenant and staff accountability and responsibility, and greater peace of mind and confidence.
Future-proof your property, by using interoperable locks with open architecture that can adapt to changing technologies and needs.

Attract and retain more residents.

Boost your net operating income and

property value.

Enhanced Safety and Security

Future-proof your property with

interoperable locks.

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