As an apartment manager, you want to ensure that your property is always secure, and your tenants are safe. However, one of the challenges that come with managing an apartment complex is maximizing revenue. Fortunately, there is a solution – investing in access control and smart hardware. Access control helps you limit unauthorized entry into your property, while smart hardware devices automate various tasks and reduce operating costs. The following blog post will cover how investing in access control and smart hardware can increase your recurring monthly revenue.
Increases Property Value
Access control devices provide not just security, but convenience, as well. This convenience is particularly important for potential new tenants who view your property. Apart from the increased security, the availability of keyless entry, mobile access, and monitoring systems signals to potential tenants that your property is ahead of the curve. As a result, it will attract a higher quality tenant, leading to increased property value and higher rents.
Reduces Overhead Costs
Smart locks and other smart hardware devices automate tasks that would typically require manual labor, leading to reduced operating costs. For instance, installing smart thermostats will allow you to automatically regulate the temperature in your apartments, leading to lower utility bills. Moreover, using connected appliances such as lighting and surge protectors reduces the risk of electrical fires, minimizing insurance premiums.
Generates a New Revenue Stream
Smart home devices allow you to create an additional revenue stream by charging tenants for the connectivity options you provide. Many smart hardware devices such as Wi-Fi routers and smart locks come with features like visitor logs and remote monitoring, which can be used to generate additional revenue. Therefore, instead of solely relying on rental income, property managers can supplement their revenue by tapping into this new market.
Minimizes Maintenance Expenses
Smart hardware devices such as water leak sensors and smart thermostats reduce the workload of your maintenance staff by alerting beforehand when potential damage might occur. For example, in the case of a water leak, the sensor will notify your maintenance staff long before any significant damage happens, saving them significant repair expenses.
Improves Tenant Retention
Access control devices make it easy to manage tenant access to common areas, making it easier to identify issues before they escalate into disputes. Smart sensors can also detect when tenants are having issues with their apartments or appliances, allowing maintenance staff to handle problems before tenants put in a request. This leads to enhanced tenant satisfaction and helps reduce turnover rates.
Investing in access control and smart home devices has several benefits for apartment managers. It improves property value, reduces operating costs, provides a new revenue stream, minimizes repair expenses, and improves tenant retention. Overall, these benefits translate to a significant increase in revenue, enabling you to maximize your return on investment while keeping your property secure and comfortable. It's time to consider investing in access control and smart home devices for your property, leading to a better bottom line. Contact Turnkey today to increase your RMR.