As budget season approaches, multifamily property managers face the daunting task of balancing essential expenses. Somehow, they need to find a way to stay on budget and hit their goals. As multifamily property managers prepare their budgets, they encounter the dual challenge of maintaining robust security measures while managing tight financial constraints.
In communities across the country, break-ins, vandalism, and unauthorized access have become all too common, leaving residents uneasy and property values at risk.
Traditional courtesy patrols often fall short, failing to provide the strong protection needed. In this high-stakes environment, finding cost-effective yet reliable security solutions is not just a priority — it’s a necessity.
Given the current market dynamics, where every dollar counts, it is imperative for multifamily property management to seek out and implement advanced security technologies. Solutions such as surveillance cameras with real-time analytics, remote monitoring systems, and smart locks can offer enhanced security at a fraction of the long-term cost of traditional security methods.
Managing expenses while keeping the property secure can be a challenge, especially with the high costs of hiring security guards. Live video monitoring offers a cost-effective solution that provides real-time monitoring and typically faster response capabilities. This technology can reduce the need for onsite guards and courtesy patrols, lower operational costs, and deliver better results.
Integrating live video monitoring into your security strategy not only can help improve the safety and peace of mind for residents but also contribute to the overall efficiency of property management operations. Moreover, adopting these innovative solutions allows multifamily properties to stay competitive in a market where safety is a key concern for current and prospective residents.
The Need for Technology in Multifamily Property
In “Multifamily Housing Trends To Watch In In 2024,” Michael Zaransky confirms that competition among multifamily residential properties is intense. To improve their renewal rates, property managers must offer more than the standard amenities. These include community and technology, such as security and home automation.
“I’ve also observed that many residents want property technology services such as smart locks, digital appliance controls, and apps for rent payments and maintenance requests,” writes Zaransky.
Additionally, Zaransky points out that residents who work where they live prefer not to work from their units. Rather, they’d prefer a coworking space in common areas. They especially appreciate multifamily communities with private rooms and an effective networking connection. This further drives the demand for security as residents spend more time in the multifamily residential community.
The Importance of Budget Optimization for Multifamily Residential
The multifamily property market is facing a period of economic shackles. Operators strive to manage increasing costs while maintaining high standards of living. This financial pressure requires a closer examination of all allocations, pushing property managers to find creative ways to stretch every dollar.
Economic factors such as inflation, rising maintenance costs, and higher demands for property amenities have further compounded the need for budget optimization. In this landscape, every expenditure must be scrutinized for efficiency and value, making it essential to prioritize investments that deliver the most significant return on investment.
Key areas for cost optimization
To navigate these economic pressures, multifamily property managers must take a strategic approach to balancing necessary expenditures with the goal of maximizing the overall value delivered to residents. The following offer opportunities to make that happen.
Energy management
Energy costs represent a significant portion of a multifamily property’s operating budget. Implementing energy-efficient solutions such as LED lighting, smart thermostats, and solar panels can drastically reduce utility bills. Additionally, these investments often come with rebates and incentives for more cost savings.
Maintenance and repairs
Proactive maintenance strategies can help prevent expensive repairs while extending the lifespan of property assets. Using predictive maintenance apps and tools — which use data analytics to anticipate equipment failures — allows property managers to address issues before they become major problems. This approach reduces maintenance costs and minimizes disruptions for residents.
Security solutions
Security remains a vital component of resident satisfaction and property value. As mentioned before, traditional security measures can be costly and ineffective. Transitioning to advanced security technologies such as video surveillance with remote monitoring, smart locks, and AI-driven surveillance can provide superior protection at a lower cost over time. These solutions reduce the need for extensive security personnel and offer more comprehensive coverage.
Strategic investment in multifamily property security
Investing in advanced security solutions is not just about cutting costs. It’s about enhancing the quality of security for the residents. Modern technologies offer scalable options that can be tailored to the specific needs of each property.
For example, implementing a cloud-based surveillance system allows for flexible monitoring and quick upgrades as new features become available. This helps ensure the property remains at the forefront of security advancements without the need for substantial upfront investment.
Furthermore, integrating security systems with other property management tools can streamline operations and deliver valuable insights. For instance, data from security cameras can be analyzed to identify patterns and optimize staffing. Also, access control systems can connect to resident management software to automate processes and improve efficiency.
Long-term financial benefits of multifamily property security
The long-term financial benefits of optimizing security investments extend beyond immediate cost savings. Advanced security measures can lead to higher resident retention rates and attract new residents, boosting occupancy levels and overall revenue.
A reputation for robust security justifies higher rental rates, as residents often will pay a premium for peace of mind. Additionally, reducing incidents of crime and vandalism can decrease the associated costs of repairs and insurance premiums along with community reputation.
The Current Landscape for Multifamily Property Security
In multifamily properties, security remains a top concern for both residents and property managers. Break-ins can result in the loss of personal property as well as instill a sense of fear and vulnerability among residents.
Vandalism, ranging from graffiti to property damage, undermines the aesthetic appeal and reputation of the community. It can lead to potential declines in property value and resident satisfaction.
Unauthorized access further exacerbates these issues by allowing uninvited individuals to roam freely. In doing so, they increase the likelihood of criminal activities and compromise the safety of all residents.
Security measures, such as courtesy patrols, have long been a staple in multifamily property management. These patrols typically involve security personnel conducting scheduled or random checks around the property to deter criminal activity and ensure general safety. However, the effectiveness of courtesy patrols is often limited.
First, the presence of security personnel is not constant. Criminals can easily exploit the predictable patterns of patrols. They time their activities to avoid detection. This intermittent coverage leaves significant gaps in security, allowing for incidents to occur undeterred and undetected.
Additionally, the reliance on human observation means that certain activities or threats may go unnoticed, particularly in larger properties where thorough monitoring becomes challenging.
Second, the cost associated with maintaining a team of security personnel can be prohibitive. More so for properties operating under tight budget constraints. Salaries, benefits, and training expenses add up. They don’t deliver proportional improvements in security outcomes.
In many cases, the financial burden of traditional security measures outweighs the benefits. Therefore, property managers search for more efficient and economical alternatives.
Finally, traditional security measures often lack the technological integration necessary to respond quickly and effectively to incidents. In today’s digital age, real-time monitoring and quick response capabilities are vital. Without these features, courtesy patrols can fall short of providing the level of security that modern multifamily properties require.
The need for more comprehensive, efficient, and cost-effective solutions has never been more apparent, setting the stage for the adoption of advanced security technologies that can better protect residents and property assets.
How Video Surveillance and Monitoring Solves These Challenges
Deterring crimes requires proactive security. Video surveillance and real-time remote monitoring services have this capability. These come with integrated multiple layers of security to help maximize multifamily property security and safety. Together, they put human and AI eyes on the multifamily property.
Artificial intelligence helps trained monitoring operators survey the property and catch things early. Instead of waiting for someone to break into the building, it can help spot an intruder who is approaching the building. This gives the monitoring operator the opportunity to send a verbal warning remotely as they’re not on the premises. If this doesn’t compel the brazen suspect to leave, then the operator can contact the police.
Artificial intelligence is essential to the monitoring process. It takes on a lot of the operator’s load in watching hours of video simultaneously. However, AI isn’t as effective as humans in determining the difference between a real and a false alarm. Monitoring operators also know what to do in an actual situation. This helps speed up response time.
Multifamily residential property management has a responsibility to create a safe community for residents, employees, visitors, vendors, and delivery personnel. Accidents and injuries that occur in the community can result in a liability claim. Fortunately, video surveillance with remote monitoring can help lower liability.
As multifamily property managers wrestle with the demands of budget season, the strategic optimization of expenses, particularly in security, emerges as a key factor for sustainable financial health. By adopting innovative multifamily property security solutions, management can help protect their communities, increase resident happiness, and stand out in a competitive industry.
Video surveillance with remote monitoring is more affordable than you might think. ECAM’s multifamily residential clients often obtain a return on their investment within months and increase their net operating income.
To find the right centralized security solution, refer to this list of questions to ask a security company. In choosing ECAM as your security partner, you’ll work with security pros who have experience in helping protect multifamily residential communities of every size.
Want to talk to someone about your specific security needs? Contact us.
Texas Private Security License Number: B14187
California Alarm Operator License Number: ACO7876
Florida Alarm System Contractor I License Number: EF20001598
Tennessee Alarm Contracting Company License Number: 2294
Virginia Private Security Services Business License Number: 11-19499
Alabama Electronic Security License # 002116
Canada TSBC License: LEL0200704
