Smart Technology Solutions That Add Value to Rental Properties
Are you wondering how to capitalize on modern technology to boost your property’s ROI? We’ve listed six incredible digital innovations that’ll attract high-paying tenants and transform your units into high-demand commodities.
Upgraded HVAC System
A constant headache for many residents is a fluctuating or inefficient thermostat. Understandably, since the weather is continually in flux, adjusting your thermostat is unavoidable. However, you can enjoy some relief with an upgraded HVAC system incorporating a smart thermostat. With a device that automatically adjusts the temperature depending on the climate, you’ll never have to tinker with the thermostat again.
Another advantage of an upgraded HVAC system is that it is more efficient and therefore, can reduce your electric bill. Rather than needlessly cooling or heating at indiscriminate times, smart thermostats help strategically time temperature changes to maximize efficiency. Thus, if you’re responsible for keeping the lights on, it could save you a ton of money. Even if your tenants take care of the electric bill, they would most certainly appreciate the savings on such a device. Besides, what better way to market your property than offering to help your tenants save money.
If you’re looking to exercise more control over your temperature and electric bill, then smart blinds might be a great investment. As the name implies, these blinds can open and close by themselves, based on the time of day. Thus, they’re excellent tools that aid your heating and cooling system.
Not only are these devices perceptive to day and night, but they’re also attuned to the weather and external temperature. In other words, they can open up to let the light in on a cold day. Imagine the sun streaming into the room on a hot summer’s day – only making the room hotter. However, with smart blinds, they can automatically close to shut out the light and heat, which helps create a naturally cooler space. That’s the kind of convenience these shades offer.
While you stand to gain a lot when you hire the right people to lease your units, you could make their work easier. Lighting is one of the cheapest hacks for landlords to boost their ROI. Marketing photos look better with enhanced lightning, which in turn attracts more prospective tenants to your listings. The best part about investing in lighting is that it’s inexpensive. You can get a couple of LED bulbs that will last years for less than fifty dollars. Since these bulbs are energy-efficient, they’re also great for landlords looking to cut their electric bills. After all, keeping the lights on in multi-family common areas such as the entry, stairwell, and shared laundry room is a landlord’s responsibility.
You know that annoying feeling when you’ve completed your nighttime routine and gotten comfortable in bed, only to realize you forgot to turn out the lights? If you take it an extra step and invest in innovative lighting options, you can dim or increase the room’s brightness from the convenience of your device.
Secure Smart Locks
For most tenants, security is a priority they will not overlook when choosing an apartment. Understandably, everyone wants to feel safe in their home. Thus, if you can help boost the safety of your tenants’ property, you attract applicants willing to pay more. So, step up your security game while boosting convenience with smart locks. For example, rather than opting for deadbolts which can be a pain when carrying four bags of groceries, a quick tap on your phone could unlock the door in seconds.
Besides saving a few minutes to find your keys, this tool is beneficial in other ways. As most landlords live off the premises, property tours can be pretty hectic to organize. However, you could generate a timed password for prospective tenants to let themselves into the house if you have a smart lock. This feature is also excellent for service technicians who need access when no one is around to let them in.
Still going off the premise that security is a priority for most residents, it may be worth investing in improved surveillance. Modern security cameras can make your property safer by literally keeping an eye on it. Remember that the more secure your apartment is, the more attractive it becomes to potential renters. Besides, burglars and other shady characters are more likely to stay away from your units if they know cameras monitor their movements. Thus, forking over the cash to buy a couple of security cameras could save you some money in the future, especially when your units are vacant. That’s because empty apartments are more likely to attract vandals or squatters. However, posting notice of 24/7 surveillance serves as an effective deterrent.
Give your tenants more control over their gadgets with smart outlets. These tools are super convenient because they allow you to switch on or off any plugged-in device remotely. That means if you hear a bump in the night, you don’t have to walk all the way downstairs and search for the lights. Instead, you can turn them on from the top of the stairs, where it’s much safer.
Besides addressing some safety concerns, it is also a conducive gadget that allows you to double-check sockets while outside the house. So, no more wondering if you remembered to turn something off. With a few simple taps, you can easily check and switch off the socket through the convenience of your mobile device.
Successful investors anticipate trends and continuously stay ahead of the curve. In other words, as we move into a more digitally inclined world, landlords can expect renters to demand more technologically advanced homes. Thus, the market is prime, and success is within reach of the savvy landlords who can deliver.
Moreover, investing in smart technologies that add value to a rental property can also save money in the long run. Many of these tools are energy-efficient and security-enhancing – making them the economical and desirable choice.
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