In today’s competitive self-storage market, owners and operators are looking for innovative ways to maximize revenue while enhancing security and convenience for tenants. Smart lock technology, like Nokē Smart Entry, offers more than just keyless access—it provides multiple revenue-generating opportunities that can significantly impact your bottom line. Here are seven ways to monetize smart locks in your self-storage facility:
By integrating Nokē Smart Entry, facilities can leverage higher revenue splits from tenant insurance, with potential splits as high as 75-80%. Why are so many tenant insurance and property protection companies willing to offer additional revenue split for facilities protected by Nokē smart locks? The answer is simple: units secured by Nokē see up to 95% fewer theft and break-in claims than traditional units. This increases profitability while offering tenants added security for their belongings. Estimated Annual Value: $7,500
Automating facility access reduces the need for on-site staff. Many self storage owner operators using Nokē smart locks have optimized labor by having one virtual or remote manager cover up to 10 facilities. While those results are on the high end of optimized labor savings, many facilities with Nokē have been able to eliminate the need for a relief manager or been able to have 1 manager : 1.5 stores. This can lead to significant labor cost savings while still maintaining top-tier customer service. Estimated Annual Value: $30,000
Facilities using Nokē Smart Entry can often qualify for commercial insurance discounts ranging from 20-25%. These savings can be reinvested into other areas of the business, improving overall profitability. Estimated Annual Value: $2,500
Smart access control can justify the introduction of a monthly technology fee or premium. Many operators charge an average of $5.99 per tenant per month, generating a steady stream of additional revenue. Estimated Annual Value: $35,000
With access data from Nokē Smart Entry, facilities can identify high-usage tenants and implement targeted rent increases. Studies show this can lead to 10% higher revenue from tenants who frequently access their units. Estimated Annual Value: $15,000
Automated move-ins allow facilities to accommodate tenants 24/7 without requiring staff on-site. With 50-75% rentals beginning online, Nokē can increase fully automated, after hours move-ins by 20% or more, helping to improve occupancy rates, lower customer acquisition costs, and enhance the customer experience without the need for onsite interaction to fully move in. Estimated Annual Value: $12,000
For retrofit projects, smart lock systems can be leveraged for cost segregation benefits, potentially providing tax savings in the range of $25,000-40,000 retrofit. This is a significant financial advantage that makes investing in smart locks even more appealing. Estimated One-Time Value: $25,000
These seven strategies demonstrate how Nokē Smart Entry isn’t just about security—it’s a powerful revenue-generating tool. With potential benefits reaching $100,000 annually, smart locks are a must-have investment for self-storage operators looking to future-proof their facilities and maximize profitability.
Want to learn more about how Nokē Smart Entry can add value to your self storage facility? Click here or the image below to access access the National Self Storage ROI case study>>
