Recurring monthly revenue (RMR) improves your cash flow, your bottom line profits, and determines the valuation of your company. So it’s no wonder that security integrators look to add new sources of RMR whenever they can.
While most security companies receive RMR through alarm monitoring, it’s by no means the only way to get paid by your customers every month. There are additional revenue streams you can add to your existing offering, while better serving your customers, expanding (or potentially not even expanding) your current product line, and improve the value of your company.
Let’s take a look at some additional sources of RMR for your company, and how you can best be prepared to take advantage of them.
Service and Maintenance Contracts
Once you install a security system for a client, you have the opportunity to charge a monthly fee for servicing and maintaining that system.
From cleaning the components of the system and ensuring that cameras remain pointed in the correct direction to software upgrades and required inspections, service and maintenance contracts provide some of the easiest RMR after you install a system.
NTS’s Troubleshooting, Service and Maintenance (TSM) course teaches the fundamentals needed to support your service and maintenance contracts, including:
- Repairing intrusion, fire, video surveillance and access control systems
- The troubleshooting mindset
- Inspections of intrusion, fire, video surveillance and access control systems
If you’ve installed an access control system in a commercial building, are you also providing ongoing service of that system?
From 24/7 support of opening/closing doors to adding/editing/deleting users from the system, you can offer continuous service to your clients and receive a monthly payment from them for it. Your clients don’t want to/don’t know how to use the system – they need your service.
Electronic Access Control (EAC) from NTS focuses on the design and installation of access control systems, including a focus on what the tech can accomplish and working within national electrical and life safety codes. While the course is more geared toward the installation and design, it provides the know-how you need for updating and maintaining the system – where you can generate the real RMR results.
Newer plays from Alarm.com, ADT Pulse and Honeywell TotalConnect are allowing integrators to generate RMR by offering interactive services, such as remote management of their system from any web-enabled device – a smartphone, laptop or tablet.
These systems are also proving that RMR can be generated from home automation and energy management, which traditionally have not been attached to monthly payments.
Fire Alarm and Code Inspections
If you’ve installed a fire alarm system that requires inspections to pass code, you should be doing the work and receiving RMR for it. It’s an easy sale since the work needs to be done anyway, so why shouldn’t you be the one doing it?
Fire Alarm Installation Methods (FAIM) from NTS not only teaches you how to design and install fire alarm systems, but also how to service and maintain them so they stay code-compliant. You’ll learn about the National electrical code and how to test the systems when they need to be checked.
Alarm monitoring has been the bread-and-butter source of RMR for security integrators throughout the years, and now you have the opportunity to expand your offerings to include new revenue streams.
You can’t afford to miss these new RMR opportunities. So what are you waiting for?