4 Essential Budgeting Tips for AI Surveillance on Multifamily Properties
6 Mins
It’s that time of year again: the annual budget. Security upgrades often play a role, particularly in urban areas. AI Surveillance and Remote Guarding play a crucial role in deterring crime, monitoring activity, and providing peace of mind. However, budgeting for these systems can be a complex task: what do you need, and more notably, what do you need to avoid?
Here’s a guide to help you effectively budget for your upcoming surveillance needs and how to vet vendors to ensure you’re getting the best value for your investment.
1. Assess Your Property’s Specific Needs
Before diving into budgeting, it’s essential to evaluate your property’s unique security requirements. Consider factors such as:
Property Size and Layout: Larger properties with multiple buildings will require more cameras and possibly more advanced systems to ensure complete coverage.
Crime Rate in the Area: Properties in high-crime areas may need more robust surveillance systems with features like remote monitoring and high-resolution cameras.
Tenant Demographics: Properties with a higher number of families or senior residents might require more comprehensive security measures.
Existing Infrastructure: Assess whether you have existing cabling, power sources, or internet connectivity that can support a new surveillance system, or if additional infrastructure is needed.
2. Establish a Realistic Budget
Once you’ve assessed your needs, it’s time to establish a budget. Keep the following in mind:
Initial Installation Costs: Include the cost of cameras, monitoring hardware (such as a Cloud Video Recorder and speakers for Remote Guarding), and installation labor.
Ongoing Maintenance: Surveillance systems are hardware and hardware requires maintenance - particularly cameras exposed to weather. Be sure you include costs for maintenance and repairs.
Live Monitoring (Remote Guarding) Costs: If you’re using on-premises guard servies, opting instead for Remote Guarding can actually be a major money saver: you can save as much as 40% on annual guard costs. Factor in not only the recurring monitoring expense, but also compare/reduce your live guard costs to keep the budget trim.
Scalability: Consider future growth. If you plan to expand or add more units, make sure your surveillance system can easily scale without requiring a complete overhaul.
3. Vetting Vendors: What to Look For
Choosing the right vendor is critical to the success of your surveillance system. Here are key factors to consider:
Proprietary Hardware: Some vendors will insist you retrofit all your surveillance with their proprietary cameras and that sends costs soaring. Some solutions are so proprietary that the cameras cease to work if you’re unhappy with their service and change monitoring vendors. Look for vendors that will either work with your existing surveillance cameras, or if planning on buying new, the cameras of your choosing.
Contract Requirements: Look for vendors that are comfortable enough with their product that they don’t try and lock you into a hostage contract for multiple years.
Experience and Reputation: Look for vendors with a proven track record in the multi-family property sector. Ask for references and check online reviews to gauge their reputation.
Technology Offerings: Ensure the vendor offers the latest in surveillance technology, including high-definition cameras, cloud storage, and AI-driven analytics. The ability to integrate with other property management systems is also a plus.
Support and Maintenance: After-sales support is crucial. Ensure the vendor offers robust customer service and has a clear maintenance and support plan in place. Read the fine print to ensure this support doesn’t come at additional cost.
4. Learn More about Multi-family Residential Remote Surveillance
Finally, remember that surveillance systems are a long-term investment. While it might be tempting to opt for the cheapest solution, consider the total cost of ownership over time. A more expensive, higher-quality system with better support may save you money and headaches in the long run.
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