We were not surprised at all to read about the efficiencies and cost savings of deploying smart door locks and electronic access control systems reported by Parks Associates from their survey of multifamily leaders. After all, we get anecdotal feedback from happy properties all the time. But it was still nice to see it there in black and white with some specific numbers around it.
Any property managers working to convince ownership of the ROI now have the ammo they need to make their case. Any owners still wondering about the return they can expect now have some reliable numbers to plug into their models to see the expected impact on their business.
The two areas of savings are lower maintenance costs and reduced capex associated with lock replacement.
Regarding maintenance costs,smart door locks and access control systems mean fewer maintenance requests tobegin with. Specifically, the Parks Associates report indicates an average decrease of 10% in maintenance requests overall. In addition, any other type sof maintenance requests are now handled faster because the maintenance teamdoes not have to pull keys. One key property management company said that this saved their techs 10 minutes per job. Given today’s labor costs, that adds up fast. It was estimated that this represented a 20% improvement in efficiency.
Smart lock properties also reported an average of 3% reduction in CapEx post-deployment as they didn’t have to replace as many locks. One of our vendor partners, STRATIS, notes, “Properties see as much as a 99% reduction in time spent on key management and creation with Smart Access."
If you are one of our connectivity partners still on the fence about the ROI of installing smart locks and electronic access systems, let’s talk about what it would take to start taking advantage of these very real savings at your community. We wouldbe happy to answer any questions you have and put together a quote.
Reference: Parks Associates has a link to the white paper on their website if you want to get the full details. (Heads up, you will need to provide your full information for download.)
Link: www.parksassociates.com/products/whitepapers/smart-tech-mdu-white-paper#form,
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