Uncategorized | 5 min
By Geokey Marketing Team | August 21, 2023
Geokey, a cutting-edge mobile access control platform that has revolutionized the way multi-family apartment communities manage and secure their access points, offers its clients many benefits, ranging from a complex access control system to streamlined management and automation. Geokey was created to cater to the needs of both the end users and property managers, providing an access control solution that seamlessly merges security with convenience. However, our work extends beyond this.
Going beyond comprehensive access control solutions, Geokey focuses on increasing the value of any property it becomes a part of. When Geokey integrates into a property's infrastructure, property managers can look to not only get a return on their investment but increase their net operating income. This begs the question: How does Geokey achieve this?
When people consider what access control method to invest in, pricing tends to be a significant factor. Access control tends to be one of the last elements installed in a building, and budget-wise, legacy systems, while less complex than more modern systems, are noticeably cheaper. When a property invests, they want to see a return on their investment (ROI). Why invest in an expensive modern access control system when an older system works fine and is cheaper…
Or is it?
While traditional lock and key systems might initially appear cost-effective, initial costs don't account for the long-term expenses a property could incur. Statistics indicate that multifamily properties invest significant man-hours into rekeying locks and duplicating keys, not to mention the financial outlay. Fob and reader systems aren't much better, with fobs being built to be disposable and replaced.
That doesn't even mention that legacy access control systems have lost some of their former security prowess. Keys and fobs can easily be duplicated or lost. On top of the costs to replace and rekey locks, there is little to no accountability with who can use them and access the property. These stolen or copied keys can lead to theft and other liabilities, making the financial burden worse for the property.
Geokey's access control solution remedies the continual expense drain caused by traditional access methods. Instead of constantly replacing physical keys, why not empower end-users to utilize their smartphones? Property managers are already cutting costs by transforming smartphones into both key and reader. Geokey's centralized reporting and management systems further enhance efficiency by eliminating the need for labor-intensive tasks like key copying, lock rekeying, reader firmware updates, and the challenges of move-in/move-out procedures. With Geokey, giving/taking away a Geokey is as simple as a single click. The combination of unique Geokeys for each phone and geofencing technology ensures that the unauthorized sharing of keys is mitigated.
Even as an access control solution on its own merit, Geokey can offer you much more than legacy systems: it can plug the holes properties sink money into and allows them to put their money into other projects to improve resident experiences. How does Geokey go beyond giving you ROI to increasing your NOI?
Property Value and NOI
Geokey does more than give you an amazing access control solution that helps manage your property and streamlines your processes: it increases your property value!
By installing Geokey on your property, you promise two things to current and future residents: better security that also grants convenience. Instead of fumbling with a ring of keys or fobs, the door unlocks with one tap on the Geokey app! It's simple, secure, and aims to give your residents a heightened quality of life. Combined with the declining risk of break-ins or key/fob copying, your property is likely to increase in value.
As property value rises, so will your NOI, as people will want to take advantage of smart tech as an amenity. According to NMHC/Grace Hill, residents are willing to pay between $20-50 extra each month for smart technology/access control in their units. That's extra money that you can utilize elsewhere on your property.
Geokey has a lot to offer its clients: A convenient and secure access control solution, a centralized management platform, and the ability to seamlessly automate processes that previously required manual attention, are only a few. Geokey strives to go beyond what other access control providers give and offers a solution for property managers to increase their value and revenue rather than be a hole to sink money into. We want to be more than a one-time purchase: we want to be an investment that gives property managers the tools they need to secure and grow their business.
Contact us today to learn more about how through utilization of Geokey’s patented technology and hardware agnostic platform, you can benefit from a future-proofed access control solution that prevents technologic obsolescence while minimizing their initial capital investment. Geokey can increase your revenue opportunities while decreasing operational spend which means you increase both your NOI and ROI.
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