Tenant turnover has always been a costly and time-consuming process for multifamily property management, much due to the in-convenience of physical keys. The moment the tenant is gone, the search begins: collecting keys, estimating security risk from sets not received, and most commonly the in-convenient and costly rekeying of locks. Aside from depriving resources, this ancient practice is also a source of security risk and undue stress in a sensitive transition process.
The digital age is, however, substituting for this old system an era of "effortless tenant turnover." With high-quality access control systems that in most instances are being integrated with state-of-the-art video intercom technology, buildings are now doing away with physical keys altogether. This is rendering property managers capable of electronically, remotely, and in real-time accessing and controlling, transforming the process of tenants moving in and out, securing property, and greatly improving operational efficiency.
This piece addresses how tenant turnover is made easy by digital access solutions, how benefits from giving up physical keys, the power of instantaneous credentialing and revocation offsite, and monumental operational efficiencies through automation are narrated. It narrates in plain terms how such a technological leap slices key headaches, trims money, and streamlines the entire tenant lifecycle, giving residents and management hassle-free experience.
Effortless Tenant Turnover: The Digital Shift
Turnover in apartment rentals has been a haystack of physical keys for decades. Removing a tenant was not only cleaning and preparing a unit but also the frustrating and insecure job of wrestling with keys. Missing keys, partial sets, and just plain sheer logistics of dealing with all the locks were a headache, often necessitating expensive rekeying of unit doors and public areas as a way of remaining secure. An extensive time- and labor-consuming process, this was an expenditure of property management resources and time.
Along comes the digital revolution, a sea change made possible by high-end access control systems that make physical keys obsolete. No metal keys or plastic fobs these days, but digital credentials – smartphone access, PIN code, or even biometric means like face recognition, usually accessed from a master cloud-based hub. These systems are integrated with the master entry video intercom several times, and what is originally a communications device becomes the command center of a home access control.
This revolution enables an era where tenant turnover is smooth. The painful labor of physical pickup and drop-off of keys is rather facilitated by electronic process. It not only conserves the cost and hassle of rekeying but also securely protects the building by being able to instantly and completely remove leaving tenants' access with no lingering security risk of outstanding old keys still in circulation in the community.
Beyond Keys: Managing Access Digitally
Aside from the use of traditional keys is adopting a vast array of digital access credentials that offer uncompromising flexibility and power. Owners are able to access their buildings through phones using cellular apps, specialized PIN numbers, or even advanced technology like facial recognition, as offered by Teman GateGuard among others. These digital credentials are then extended to common areas, amenity spaces, and even the front door of the main building, all under video intercom control, delivering an integrated and secure experience across the property.
The wonder of digital access is in how easy centralized management is. Property managers are able to use a strong cloud-based dashboard where they can control and monitor all of their access points across their portfolio. This supersedes the tangible function of inserting or taking away keys so that managers are able to insert or take away access on the spot wherever there is an internet connection. This kind of remote capability is an enormous boost in productivity and responsiveness, especially for large properties or multi-property sites.
Aside from that, electronic access also has the advantage of being secure. All, like accesses, access attempts, and change of credentials is carefully logged with dates and times, and typically images or video snapshots from the relevant video intercom system. This resolution-capable audit trail provides property managers with unparalleled visibility, necessary to track events, resolve conflicts, and be properly prepared for security, well beyond what can be achieved with legacy physical keying systems.
Instant Credentialing & Remote Revocation
By far the most forward-looking aspect of digital access for tenant turnover is immediate and remote granting and revocation of access credentials. At move-in, their digital access can be granted in mere clicks of the management interface, probably even before they step into the building. It does away with no more waiting for keys to be cut, no surreptitious passing of keys, and a whole lot more convenient move-in fitting for the times.
Its tenant move-out procedure is equally simple and more secure. When a lease expires or a tenant leaves, virtual access credentials of such a tenant can be remotely terminated at one time. This eliminates the ongoing security risk of misplaced physical keys, e.g., expensive rekeying operations to keep the property secured. Property managers are confident when a tenant's electronic access has been turned off that they will no longer be able to enter.
This immediate nature of control translates into increased efficiency and security of operation. No waiting for staff or locksmiths to finally rekey locks after hours. The property is secured the moment a tenant vacates, and the new tenant is welcomed in just as easily. This continuity saves turnaround time and offers high security in turnover to the bottom line and reputation of the security of the property.
Automating Tenant Onboarding and Offboarding
True painless tenant turnover wizardry happens when digital access systems are integrated with Property Management Software (PMS). This critical integration automates most of the onboarding and offboarding, taking much of the drudge work out of property managers' hands. Each time a new resident is added to the PMS, the digital access credentials of such resident are automatically provisioned in the access control system, for example, his or her mobile access, PIN codes, or even his or her facial recognition registration if the system, for example, Teman GateGuard, is capable of doing so.
This automation frees up enormous chunks of staff time that were otherwise taken up by mundane administrative work. Property managers no longer need to keep directories updated manually, exchange physical keys or fobs, or call locksmiths for every tenant move. As demonstrated by Meridian Property Management, by incorporating their access system as part of the Yardi platform, they cut in half the time formerly used for directory updates, releasing manpower hours to focus on higher-level tasks and tenant interaction.
Aside from the company cost savings, automated offboarding and onboarding really boost the tenant experience. The new tenant enjoys easy, electronic instructions to activate their access, and their move-in is convenient and current. For the moving-out tenants, it is convenient and efficient as well, enabling professional and secure exit. This streamlined, technology-based solution not only improves convenience but also perceived value and building professionalism.
Operational Efficiency: Time & Cost Savings
Digitization to digital access for tenant turnover makes concrete and quantifiable operating efficiencies that are instantly translated into recorded cost and time savings to property management. Perhaps the most apparent financial benefit is the elimination of rekeying requirements. Once the occupant leaves, the cost of needing to call a locksmith, rekey physical locks, and labor is well-purchased cheaply over multiple units, generally in thousands of dollars annually in a portfolio. Digital access fails to solve this ongoing expense whatsoever.
Aside from rekeying, total time savings for property managers are staggering. The immediate de-provisioning and provisioning, and remote revocation of access, liberates employees from time spent managing physical keys, directory management, or scheduling service calls to re-key locks. Case studies in companies like Advanced Property Management (APM) have logged yearly cost avoidance in the elimination of telephone lines, lower maintenance call placements, and the "unbelievable time savings" through simple remote control of tenant access. This heightened efficiency gets people free to focus on value-add work, leading to improved overall property performance.
In the long run, these operating efficiencies lead to a more solid bottom line and a more competitive building. Greater operational friction reduction, security, and ease of tenant experience lead to higher tenant satisfaction and, most importantly, enhanced tenant retention rates. By eliminating vacancy hours and the costly overhead of excessive turnover, web access not only saves immediate dollars but also assists in creating long-term profitability and marketability of the multifamily property itself, and is an investment well worth considering today in property management.
Those physical keys and the hassle that accompany them are rapidly becoming a thing of the past. Electronic alternatives for access, particularly paired with next-gen video intercom and access control technologies, have fully re-written the playbook for "effortless" property ownership. Embracing mobile credentials, PIN numbers, and other electronic forms of access, buildings are eliminating the need for rekeying cost, security risk, and tedious manual effort.
Granting new residents access immediately and remotely disabling it for departing residents ensures unparalleled security and efficiency. Coupled with automation through integration with Property Management Software, this ensures the entire tenant life cycle process automated, freeing staff time to be spent more productively, and operational costs reduced significantly. The result is a professional and seamless experience both for the management and residents, which results in higher satisfaction and retention levels.
As multifamily properties grow smarter, interconnected communities, electronic turn-over access will remain the signature of operations efficiency. It's not convenience for convenience' sake; it's a more secure, quicker, and ultimately more profitable property. For every property manager who wants to improve operations and bid adieu to key headaches once and for all, the digital revolution is not a choice, but a business imperative of tomorrow.