Can Korea’s “ordinary” $1 Million apartments get a luxury upgrade?
Like most people in Korea, I live in an apartment. And, yes, it really is most: 69.6% of households live in multi-family housing according to 2020 census data (PDF).
Seoul apartment prices have spiked to $1 million on average, but most of these high-rises are hardly what you’d associate with a 7-figure investment. In fact, 42.7% of Korea’s apartments are at least 20 years old. Very few have gyms, pools, or community lounges on-site. Even fewer complexes offer any sort of housekeeping or concierge services.
Owners can remodel the interiors of their individual units, but they can’t add lifestyle features.
At MOCA, we think apartment dwellers should be able to upgrade their lifestyles without having to move.
The solution is MOCA Key, our upcoming service that lets you unlock doors using your phone. Even better: You can finally share secure, temporary mobile access with in-home service providers. This will be a lifestyle changer for Korea’s hard-working double-income and single-member households.
Ordinarily upgrading apartments for mobile access control would require replacing millions of perfectly good digital door locks. That’s expensive, wasteful, and would make scaling up impossible. That’s why we created MOCA Key Tag, a surprisingly affordable, finger-sized patch that instantly upgrades existing electronic door locks to open using your mobile phone.
It works with lobby intercoms as well as doors to individual residences, and is compatible with nearly all digital door locks already installed in Korea.
MOCA Key Tag on a standard apartment intercom.
MOCA Key Tag instantly upgrades an apartment door lock.
MOCA Key opens infinite possibilities for people living in enormously expensive apartments that offer sub-par amenities.
Secure guest access with mobile guest passes.
The simplest use is automated access for guests. Allow people you know to enter your apartment for a limited time, without having to share (or reset) a door code. The same feature makes it convenient to open your home as a vacation rental.
In-home services with timestamped entry and exit.
Of course, in addition to guests, you can give secure, time-limited access to in-home service providers like housekeepers, pet sitters, or dog walkers. While you could send access by text message or messenger, we’ve made it easy for service providers to integrate with our technology and offer automated access.
Secure deliveries at your door or just inside.
By working with delivery companies and online retailers we can get deliveries to your front door, even when you aren’t home to buzz the driver into the lobby. You’ll also know exactly when packages arrive.
The possibilities go even further. Rather than leaving groceries outside of your door, stores could offer in-home delivery – straight to your fridge and freezer – as a premium service.
Secure access for maintenance while you are away.
What do you do when there’s a leak in your apartment and you’re across the city, or even out of the country? With MOCA Key you can authorize maintenance people to enter your apartment when you are not home. Combined with smart sensors, MOCA Key can fully automate maintenance and potentially lower insurance premiums.
Access gyms, pools, and co-working close to home.
Apartment complexes without gyms, pools or shared workspaces can negotiate discounted package deals with neighborhood businesses offering these services. Rather than having to seek these services out, residents could opt in, pay as part of their monthly maintenance fees, and get access using the app for their apartment complex.
At MOCA, we’re excited about building a future where universal mobile access to apartments serves as the key to unlock greater convenience for everyone. What I’ve outlined here is just a peek at what MOCA Key can offer. Other possibilities include local loyalty points, car and bike sharing, in-complex hotel rooms and event spaces, and ideas that we can only dream of.
Phase one of our rollout is aimed at helping apartment management offices (관리사무소) manage security and cleaning staff more efficiently. You can learn more about it on the newly launched MOCA Key website. I’ll update you on our plans for phases two and three soon.