There’s a saying in multifamily that references the reach and influence of crime: “Crime doesn’t live in a specific zip code.” It simply means that no community is immune to crime and unwanted resident behaviors. Things like loitering, littering, cleanliness, theft, drugs, harassment, property damage, arson, and violence can lead to complaints, poor reviews and move-outs. All which can negatively impact profitability.
As the industry searches for better results to pressure from investors, regulators and criminal elements, the time is ripe to find a more robust security solution to help keep residents and visitors safe. When it comes to investing in security solutions, there are cost/benefit decisions that need to be made, all of which can certainly influence your net operating income (NOI).
An effective solution can have a positive impact on these multifamily operating fundamentals:
- Risk Mitigation
- Leasing/Retention Management
- Ancillary Revenue Growth
- Expense Management
How do safety and security influence each of these disciplines? This paper will go in depth into this topic, as well as how legacy security solutions are providing lackluster ROI. Finally, we’ll answer the questions:
- How do you balance convenience with security?
- Where should multifamily operators look to improve safety and security?
- What is the difference between a reactive and proactive security solution?
- What are the financial outcomes of implementing a proactive security solution?
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