Smart Technology Provides Access Control To Renters, Property Owners And Managers
For the last several years, property owners have been focused on how to attract millennial renters. But now, Generation Z is dominating the multifamily rental market. Gen Z was the only generation to record an increase in renting activity in 2021 — out of 3.2 million apartment applications that year, 27% were Gen Z applicants, a jump from 23% in 2020.
Surveys show that when it comes to multifamily amenities, high-speed internet and pre-installed WiFi are two things that Gen Z looks for above all else. For renters of all generations, whether they’re working on a project in their apartment or exercising at the community fitness center, they want propertywide access to different entry points using their smartphones for the convenience they offer and for added safety measures.
Cloud-based technology also offers benefits for property owners and managers by helping them automate workflows and streamline tasks. For example, the process of issuing access credentials to new residents is time-consuming and requires that the manager be on-site to update credentials in the directory. The process is repeated when residents leave. But with smart access control technology, property managers could easily automate this task, freeing them up to attend to more important issues.
However, the most important benefit is that owners and managers can control who enters the property from off-site, which is perfect for long-distance investment property owners. According to a study by Rent.com, more property owners recognize that renters are willing to pay for these added features and it can help them build another revenue stream in the buildings they manage.
LiftMaster, an access control company that develops smart video intercom systems, helps property owners and managers provide renters with a safe, secure and convenient experience. One product it offers is a resident smartphone app that allows tenants to see who wants to come in before opening the door and manage access from anywhere with convenient virtual guest passes. This is the kind of experience Gen Z renters expect, but not all multifamily properties are prepared, LiftMaster Group Product Manager Rebecca Peterson said.
“We are in a time of transition, as many multifamily communities continue to use outdated wired access control systems, such as doorbells and door buzzers,” Peterson said.
The Federal Communications Commission has freed telecom companies from the obligation to service or repair the copper wiring infrastructure that landlines use. This change took effect in August. The increased cost to support and repair telephone entry systems will motivate multidwelling communities to make the switch to either fiber-optic cable or a 4/5G cellular network as this is a prerequisite for high-speed internet and robust WiFi, she said.
“LiftMaster has a range of smart technology products designed for multifamily buildings connected to the internet, such as video intercoms, which exchange information in real time with cloud-based applications,” Peterson said.
She added that smart technology delivers the benefits of automation, collaboration and the digitalization of paper-based processes.
“This emergent technology is how we deliver modern access management solutions to properties of every size,” Peterson said.
LiftMaster’s line of smart video intercoms is an example of smart technology that allows property owners and managers to easily update resident credentials when tenants move in or out, without the cost and inconvenience of changing locks and issuing new keys. The smart video intercoms also provide live, high-definition video feeds that capture all entry events. Property owners and managers can see what’s happening in front of the building, day and night, from anywhere.
According to Peterson, LiftMaster’s decades of experience allow it to innovate its products to meet the needs of today’s residents while continuing to create timeless products that people have trusted for half a century.
“LiftMaster aims to distinguish itself from other access control brands by ensuring that we offer the most complete line of access control solutions to protect every part of a property,” she said.
LiftMaster is a trademarked product.
This article was produced in collaboration between Studio B and LiftMaster. Bisnow news staff was not involved in the production of this content.
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