To calculate NOI, all operating expenses incurred in the management of a property are subtracted from the revenue the property generates. Clearly then, one way to improve the NOI of an investment property is to find ways to decrease its operating expenses. While security technologies can represent a significant upfront investment, they can dramatically decrease ongoing property management costs by optimizing daily security efficiencies. In addition, investing in high quality security solutions, tenant retention will be positively impacted, saving further costs related to finding new occupants.
Here are some of the top security technology solutions for landlords to consider for retaining tenants and increasing their NOI.
Security technologies that matter to tenants
While some tech investments may seem to primarily support the role of building management, it’s important not to lose sight of what is most important to tenants. Attracting and retaining tenants is as much about security as it is about facilities, fitouts or decor; everyone wants to feel safe in their homes.
When landlords invest in security tech such as integrated access control, RFID (Radio Frequency Identification) readers and video systems, they provide their tenants with maximum peace of mind. RFID door access control systems can operate with access cards, fobs, or even encrypted mobile credentials for ultimate convenience. Knowing that the access permissions to their building are carefully managed in real-time provides a great sense of security to tenants.
Quality tenants expect smart intercom systems and door locks as standard, and failure to provide such security features will inevitably lead to higher tenant turnover.
Additionally, consider other current priorities for tenants, such as minimizing contact points by providing touch-free systems. The worst of the pandemic may be well behind us, but its legacy of heightened concern over viral transmission remains.
Integrated security technologies
By investing in integrated security technologies, key elements of operational security solutions merge to make the system greater than the sum of its parts; in other words, by integrating security tech solutions, such as access control and video surveillance, the level of effective security protections is vastly enhanced as the two systems work in tandem.
Further integrating such systems with property management tools and smart building management systems allows for a highly sophisticated and comprehensive approach to every facet of building management and security. Such integrations allow for immediate control over access permissions, heightened risk mitigation and response to security breaches, improved rental property management of maintenance and repairs, and much more.
Integrating access control and video technologies also assists tenants to carefully manage visitor security themselves, as they can visually identify a guest before allowing them access. This level of integrated security maintains a strong defense against would-be intruders, minimizing security staff requirements and thus, positively impacting profitability.
By investing in cloud-based technologies, it is possible to manage multiple buildings from one platform – and from a distance. These days, savvy property investors and managers leverage the latest technologies to vastly improve their management efficiencies, thus saving time and money, resulting in increased their NOI.
With cloud-based video technologies, management can keep a virtual eye on each of their buildings from remote locations, controlling access permissions and more. This level of risk mitigation and instant access to building operations gives tenants maximum peace of mind that the security of their home is a priority no matter whether the owner/property manager is near or far.
Convenient online portals
Today’s world champions convenience at every turn, and tenants are no exception. When landlords provide tenants with an easy-to-use online portal, they not only make living in their rental property more appealing, but they further decrease their output on mundane tasks and consequently reduce their operational outgoings in the process.
Online portals are typically facilitated via property management software and allow tenants to pay their rent, securely view their rental information, submit and review maintenance requests, and more. By connecting tenants to such a platform, many daily tasks related to the management of the property and the rental agreement can be streamlined, making it more convenient for everyone, and reducing the amount of incoming calls a landlord has to juggle.
Landlords must, of course, pay close attention to the needs of their tenants to retain them, while simultaneously working to always improve the efficiency with which they run their properties. When it comes to security technologies, it’s a win-win, as improving the efficiency and effectiveness of property security and management can only serve to improve landlord-tenant relations, give tenants added peace of mind, and improve NOIs by streamlining operations.