6 Benefits of Multifamily Video Monitoring
If your multifamily complex is in a low-crime area, you may see monitored video systems as extra “bells and whistles” you don’t need. However, this couldn’t be farther from the truth. To be clear, monitored video systems can and do prevent crime—and that’s important regardless of the crime rate in your area. On top of that, there are many surprising additional benefits of multifamily video monitoring, including ones that will boost your profitability. (And who doesn’t want that?)
Before we get into these surprising perks, however, let’s take a step back and define what we’re talking about.
What Is Video Monitoring?
Generally, there are two types of video systems: unmonitored and monitored.
Unmonitored systems record and store footage automatically. However, most property managers don’t have time to watch hours and hours of video. As a result, these recordings are usually only seen by a human if something goes wrong. For example, if you suspect a staff member is up to no good, you might review a recording to see what’s happening in your complex when you’re not around. Here’s another example: If a tenant gets robbed, you’d hand footage to the police so they can catch the perpetrator.
Monitored systems have people who watch the feed, spotting nefarious activities while they’re still in progress. These cameras can be viewed remotely by yourself, a security team you hire, or a service provider like Deep Sentinel.
Though it’s certainly an investment compared to an unmonitored system, video monitoring is less costly than hiring security guards and is more effective at preventing crime. Plus, there are some fantastic hidden benefits of multifamily video monitoring.
Six Benefits of Multifamily Video Monitoring
While spotting intruders is one of the most obvious benefits of multifamily video monitoring, there are other ways a monitoring solution can help your property. Here are six of the biggest ones.
Benefit #1: Nothing Will Get Past You.
Video monitoring ensures you know about everything that takes place in your complex. In addition to catching potential vandals and thieves, these systems can also help you spot:
- Gate-hoppers and outsiders trying to freeload on your amenities
- Tenants who break facility rules—for example, using common areas like the pool and gym after hours, smoking in the lobby, or stealing packages in the mailroom
- Employees using facilities improperly
Benefit #2: You’ll Save Money on Insurance.
You probably don’t need us to tell you: General liability, property, and umbrella insurance premium rates are all on the rise. Deductibles are going up, too.
What’s behind these rising rates? In part, it’s because the courts are finding more and more multifamily property owners liable for crimes on their properties. As a result, many insurers offer discounts for enhanced safety and security measures. That includes remotely monitored video systems.
Benefit #3: You’ll Reduce Your Liability Exposure.
According to the “reasonable care” legal standard (also called “duty of care”), property owners must exercise the same degree of caution or concern for others that an ordinarily prudent person would use in the same circumstances. That means if your complex is in a high-crime area and you don’t install video surveillance, crime victims could sue you—and win. Anything you can do to mitigate legal risk is a good idea.
Benefit #4: Crime Will Drop.
This one is simple. According to the Office of Justice Programs, video monitoring lowers crime by 14% and property offenses by 16%.
Preventing crime means less property damage and liability claims. That means a video monitoring solution will eventually pay for itself in prevented damages. Every stolen item you don’t have to replace and bit of graffiti you don’t have to clean up is money in your pocket.
Benefit #5: Tenants Will Stay.
We’ve said it before and we’ll say it again: No one wants to live in a high-crime area if they can help it.
More and more police departments are offering apartment safety checkers. These make it easy for current and potential tenants to weigh the pros and cons of living in your complex. If crime plagues your complex, tenants will leave, likely forcing you to lower your rent. On top of this, your overall property value will drop, making the complex harder to unload should you decide to sell.
Benefit #6: High-Quality Tenants Will Seek You Out.
Higher-income tenants want to live in buildings with enhanced security measures. This is true regardless of the overall crime rate in the surrounding community. Monitored systems make them feel safer because they are safer. They’re willing to pay higher rents for that peace of mind.
The Added Benefits of High-Tech Systems Like Deep Sentinel
Some surveillance systems require humans to monitor every frame. Not only is that expensive, but it’s also not as effective as newer systems that use sophisticated algorithms to scan the footage. Humans make human errors, but technology doesn’t miss anything.
Deep Sentinel’s multifamily remote surveillance solution solves the problems of traditional monitoring by using AI to spot suspicious activity. The system’s technology can sort “normal” from “abnormal” much more quickly and effectively than most humans can do. Once it picks up on the suspicious activity, it can then escalate the feed to a trained live security guard who quickly intervenes and contacts the police.
The best part is that this technology is less expensive and more effective than an onsite security guard.
Want to get your multifamily property set up with live guard monitoring? Get in touch with Deep Sentinel by calling 833.983.6006.