We love technology. Our children are addicted to it. We can hardly function without it.
Landlords, if you want to maximize your rental income and significantly decrease your vacancy rate, then consider adding smart home technology.
Adding smart technology will make your property stand heads and shoulders above the crowd. The additional premium rental rates can quickly offset installation costs. Tenants that see how your properties save them money and make their life easier are much less likely to leave. Installing smart technology can also enhance the resale of the property.
What is Smart Home Technology?
Smart home technology utilizes the internet to allow appliances, lighting, heating, air conditioning, TVs, computers, entertainment systems, and security systems to communicate with one another. It may also provide the user remote access.
How to Turn Your Rental into a Smart Home
Homeowners and tenants alike want to save money – especially when it comes to paying utilities. Installing a smart thermostat is an excellent way to do this. A smart thermostat can be programmed to adjust the temperature when no one is home or at night when everyone is sleeping. Being able to access the thermostat remotely allows even more control. The cost: Between $150 and $250. Reviews.
If you want to take it a step further, consider a complete smart home automation system. This gives your tenant control over lighting and security. Your property manager can also have the ability to unlock the door remotely to provide access to maintenance personal. No more lost keys. Reviews.
If you want to increase security on a budget, consider installing remote door locks such as Kwikset Smartcode 916 Touchscreen Electronic Deadbolt. The old house keys will still work or you can open the house using a keypad. To make sure burglars can’t guess the code from fingerprint smudges, two random numbers need to be entered before typing the passcode. Cost: Around $220. More Information and Reviews.
Another easy-to-install smart home feature that ensures your property stays safe is the Roost Smart Battery that plugs into any existing smoke or carbon monoxide detector and alerts a linked smartphone when the alarm goes off. It is a great way to improve on an existing smart smoke/carbon monoxide detector. Cost $35. More Information.
There are a lot of gizmos and gadgets out there. Some add value while others not so much. By far, the best upgrade you can offer your tenants is by installing a smart thermostat in all of your units. Not only can you advertise that your units save hundreds of dollars annually in utility costs, but you can have the peace of mind that your HVAC system will last longer. If you would like to explore the pros and cons of upgrading your rentals to include smart technology, check out this recent article from Realtor Magazine.