The smart living technology market is expected to skyrocket in the next few years, and fully integrated security is one of the most useful applications of smart technology in residential buildings. However, as opposed to the relative simplicity of a single-family home installation, installing smart security hardware and software across dozens or hundreds of units in a multifamily building poses definite challenges.
Namely, property access solutions are commonly seen in multifamily properties, but in-unit home security systems are often left out of the picture.
When both property access and home security systems are deployed, they are typically provided by completely different vendors. Even when vendors claim to offer both, they usually have systems that are integrated with another vendor’s products. These integrations can be clumsy and ineffective, causing a poor experience for residents and leading to property managers inefficiently managing two separate systems. Additionally, many providers of smart security technology offer a limited hardware selection or outdated hardware products — so users can’t get all of the features they want to make their lives more convenient.
The Smart Living Technology Market is Growing
In the very near future, residents will desire and require a unified and robust smart living technology. Research by Frost & Sullivan and Statista also show the market for DIFM (Do-It-For-Me) solutions is expected to more than double the DIY (Do-It-Yourself) market by 2025, with an expected $353B in spend. Residents will want their units to come fully equipped, so they don’t have to install smart technologies themselves.
What does that mean for developers and property managers?
How can developers and property managers create smart multifamily buildings and turn this rising demand into an advantage for their properties? The Real Deal had an exclusive interview with the team at Akuvox, a leading global provider of smart home security, which brings people an unparalleled smart living experience by offering a seamless intercom-smart home connection. The team — Michael Yuan (CEO), Terry Shi (Product Director), and Ken Wu (Sales Director, Americas) — talked about the benefits of smart apartments for tenants and how Akuvox Smart Security Solution brings a new level of control and safety to residents and property managers in one unified system.
Why Smart Multifamily Properties
Smart security technology gives residents the ability to control all of their smart living systems from an app on their smartphone — which is a huge step up in convenience, security, and safety over conventional manual methods. Moving beyond just property access to include a home security system, which has the ability of security scene customization, allows tenants to live better inside their home. In addition to providing sought-after convenience and peace of mind to tenants, the cutting-edge solution helps address the universal set of pain points that all property managers tend to deal with, such as increasing revenue, reducing operational costs, and enhancing management efficiency.
Akuvox Smart Security Solution
Akuvox’s smart security solution — specifically designed for multifamily buildings — combines building intercom, property access, home security, and property management into one streamlined system. The solution (which includes hardware and software from Akuvox) consists of four integrated systems, including:
- Property Entrance – A door phone (smart intercom) used at building entrances
- Communal Areas – Access control terminals installed at public areas like gyms, business centers, and package/mail rooms
- Apartments – A front door phone/doorbell, plus a home security control panel in a living room or bedroom and security sensors throughout the unit
- Remote Management and Control – A remote management portal along with property management and user apps
The user’s app can remotely control all areas of the property for access by allowing residents to:
- See and talk to visitors securely
- Access all permitted property areas remotely
- Issue virtual keys from their smartphones
- Check on home security status and receive alerts from sensors
- Monitor building entrances
In individual units, alarm sensors (including smoke, gas, carbon monoxide, door/window, motion, water leak, etc.) are all connected to the home security panel, which also serves as a hub. When the sensor detects anomalies, they trigger alerts to the app or alarm centers. The panel also serves as an in-home intercom unit for answering calls from the door phone.
Shi noted, “What differentiates Akuvox products, including Smart Security Solution, from others in the smart living market is that our quality control and personal data protection meets the most stringent requirements of high-end customers.”
Benefits for Property Managers
In addition to the tenant benefits, the solution also simplifies property access management for property managers and owners — all using a powerful cloud-based management portal. Shi added, “With the Smart Security Solution, property managers don’t need to deal with property access and home security systems that don’t integrate well because they’re made to work independently. We provide the software and the hardware, so all of our technology seamlessly integrates.”
Yuan explained, “Akuvox puts a lot of effort into market research to gain insights into users’ real needs. Our solution offers a clear value-add for renters with smart-technology-enabled units, and is designed with all stakeholders in mind. Property managers’ challenges are equally important as tenants’ satisfaction.” So, how can the solution help property managers meet their goals?
- Enhances property value and increases revenue - An Entrata study shows 57% of renters are willing to pay at least $20 more in rent per month for an apartment with smart-home technologies. Plus, Akuvox products offer virtual keys, which enable self-guided tours. These tours ease the showing process and reduce vacancies.
- Protects property units and prevents loss – The Akuvox home security panel features alarm sensors for a wide range of possible emergencies and can connect to existing building security systems.
- Reduces operational costs – Landlords no longer need to hassle with lost or stolen access cards (because of digitized access control), and deliveries are streamlined with a smart package room (couriers access room with a one-time PIN). This creates a more efficient environment for staff and reduces costs.
- Features easy installation and retrofitting - Akuvox offers 2-wire intercom products, which are compatible with existing wiring.
- Increases tenant satisfaction and renewals – When tenants feel secure and experience smart living conveniences, they renew at greater rates.
Is It Time to Add Smart Living Technology to Your Building?
“Once tenants experience how much smart living technology can bring to their lives, they fall in love with these buildings,” said Wu. “And Akuvox makes it extremely easy for property managers to bring the smart living technology to a multifamily property at scale. With our ease of installation, quality products, and consistent innovation, we create a clear value-add for property managers looking to delight tenants with this technology — all at very affordable price points.”
If you’d like to find out more about Akuvox Smart Security Solution, click here.