More Rentals, Better Retention? The Surveillance Solution
The role of property managers is evolving. As noted by National Real Estate Investor, for property managers to find new tenants and retain existing clients it’s now critical to “embrace innovation and technology” and leverage this technology to stand out from the competition. But what do tenants want? While new property features and regular maintenance always rank high on the list, security is also a paramount concern: Tenants need to feel safe and secure in their homes.
For property managers looking to balance increasing overhead with ROI while raising the profile of current rental suites, video surveillance technology offers the ideal starting point. Here are four ways to help increase building security, improve tenant confidence and invest in the long-term value of rental properties.
Add Cameras to Public Spaces
Start simply: Add surveillance cameras to shared public spaces. Tenants are already familiar with cameras in entryways as a means to ensure only approved guests enter the building, and it’s possible to build on this confidence by installing WiFi-enabled cameras in other public areas. This could include often-used walkways between buildings, recreational areas such as outside pools or playgrounds, main entryways and stairwells. Installing these cameras both communicates that management takes resident safety seriously and helps protect companies from liability in the event of theft or injury — if cameras show that property staff took all reasonable precautions, the threat of civil litigation is significantly reduced.
Add Cameras to Buildings Located in Less Desirable Neighborhoods
The one thing property managers can’t change about their buildings? The location. And if rental suites are in less desirable neighborhoods where property crimes are higher and other buildings aren’t well-maintained, it’s challenging to convince renters that suites — even at reasonable rates — are the right fit for their family or lifestyle. Surveillance cameras can help mitigate these concerns since criminals are far less likely to damage or steal property if they know they’re being watched. For renters, the added safety of cameras — especially if rents are within their price range and comparable to other nearby buildings — makes them more likely to sign leases and stay longer.
Add Cameras to Designated Security Booths
On-site security booths are a great way to help residents feel safe. Cameras offer a way to improve the efficacy of these booths without increasing total spend — instead of hiring more personnel or increasing the total number of security booths, strategically placed cameras make it easier for security personnel to spot potential problems and quickly take action. The addition of cameras at security booths also lets renters know that property managers are serious about keeping them safe, especially if managers opt for digital, WiFi-enabled solutions that eliminate the hassle and complexity of traditional tape-based systems. Bottom line? Adding cameras to security booths lets tenants know that property managers aren’t just paying lip service to the idea of building safety — in turn fostering a relationship of renter/manager trust.
Add Signs Making Visitors Aware
The most cost-effective way to leverage new security cameras? Put up signs everywhere. On front doors, on windows, on elevator doors, and in stairwells. Make sure both valued renters and would-be criminals know that they’re always on camera — this gives tenants a sense of security and community in their building while it puts potential trouble-makers on edge and sends them looking for another building that isn’t so well-protected. Even if property managers can’t afford cameras everywhere they want in the building, buying technology from a reputable security provider and advertising that fact wherever possible can help bridge the gap.
Seeing the Benefit
Property managers face the triple challenge of increasingly competitive rental markets, shrinking budgets and growing owner expectations. WiFi enabled surveillance cameras speak to all three outcomes: Better safety for renters, moderate cost outlay for big returns and improved long-term tenancy rates.
Ready to embrace the surveillance solution for rental properties? Call us at (888) 993-0313 for a free quote.