industries | 4 min
Is Retrofitting Even Worth It?
By Geokey Marketing Team | March 6, 2023
The world is constantly changing, with innovations continually shaking things up. These innovations have always impacted our lives, from the creation of smartphones to the newest cars on the road. This is the same for multi-family properties, as smart technology becomes more common with new developments, especially regarding access control.
However, this raises many questions for multi-family managers using the old lock and key or fob reader system. Why should retrofitting even be considered a valid option when the old way of access control still works perfectly fine? With Geokey, there are plenty of benefits to retrofitting that will both save and make you money down the line.
In a study conducted by NMHC/Grace Hill on amenity preferences last year, over 60% of the 221,000 renters claimed they wanted smart locks as an amenity, with 62% wanting smart security in general. Beyond that, 71% of participants expressed a high interest in building and amenity access control in general.
In that same survey, almost half of the millennials and Gen Z participants stated they viewed smart tech, particularly smart locks, as a higher priority amenity than parking space. These participants even went on to say that smart tech could be a deciding factor in whether they go with one apartment or another! As technology continues to grow and evolve, more people from all demographics see it as the future of comfortable living. With such a growing number of renters seeing the benefits of smart access control and security, having your multi-family invest in it seems like a smart choice.
Less Hassle, More Security
What exactly makes smart access control solutions such an appealing amenity, given the growing number of people asking for them? For one, it makes everyday life much easier and less of a hassle. While having a large ring of keys can be challenging to manage (one for the building, one for the room, another for the mailbox, and others to who knows where), Geokey's solution allows you to simplify and manage all of the access control on a property from the security of the user's phone.
This solution doesn't just create less hassle for your tenants. With our system, you can easily grant and manage who has access to your property and at what time, making move-in and move-out dates easier. Now you don't need to waste time and money rekeying locks, copying more keys, or changing easily leaked passcodes when you feel security is compromised. With Geokey's management system, you don't have to worry about former tenants holding onto old fobs to access resident-only amenities. A mobile-based, smart access control solution makes life easier for both tenants and managers.
Save Money and Increase NOI
One of the most significant reasons to retrofit your old apartment's access control is because, for an investment in the present, you can see a substantial increase in profits and Net Operating Income (NOI) down the line. How do we know this? Well, look back at everything we've talked about so far.
Remember in the last section how Geokey's solution removes the hassle of rekeying your units whenever a tenant moves out or loses their key? Well, this solution also saves you the money of rekeying. With our all-in-one turnkey solution to access control, you can manage move-in/out days, access management, and simple yet effective security through your smart device. Because Geokey operates through Bluetooth and the Cloud, you don't need to worry about bogging down or even owning a community wi-fi or expensive server equipment to manage everyone on your property.
That's not even scratching the surface on how you can increase your property's NOI. In another survey made in 2022 by Rent., the participating 1,546 renters claimed they would be willing to pay between $10-50 more per month to have smart tech implemented. This survey matches the NMHC study that showed Millennial and Gen Z renters (who are making up an increasing percentage of those going into multi-Family apartments) would pay more to live in apartments with said amenities.
Geokey's mission focuses on more than just providing people with a secure and simple access control solution. Our main goal is to come alongside property managers and business owners to provide an affordable turnkey solution that protects your assets, keeps money in your pocket, and helps provide you with another way to generate income.
Geokey is a software company that has had the privilege of coming alongside some exceptional hardware manufacturers to help provide you with a customizable solution that fits your needs. We want to partner with you as we work to unlock the world around you.
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