It’s safe to say we’re now living in a technology-first society and while the real estate industry isn’t typically seen as an early adopter, it’s important for owners and operators of single family rentals to make the shift.
At SmartRent, we know there are tons of smart home technology solutions on the market, and we understand that the search can sometimes seem overwhelming. This is why we’ve put together a quick guide on the Do’s & Don’t of getting started with smart home technology for your residential properties.
Do: Invest in Technology That Solves for Your Needs
With so many options on the market, it’s easy not to know where to start. To remedy this, make sure to keep your current needs in mind. Ask yourself what you are trying to solve and begin your research with that. For example, do you need help with marketing? Self-guided touring technology may be the solution. Is your property team struggling with daily efficiency? A robust platform with an easy-to-use dashboard may help in this case. This will narrow down the options and make finding the right solution so much easier.
Do: Adopt Smart Home Technology That Protects Your Assets
Align yourself with a partner that also offers solutions to manage and protect your rented and vacant homes efficiently. Whether safety features, water leak detection or HVAC, solutions that help manage these can save you thousands of dollars in the long run. For instance, water leaks are notoriously costly and often times go undetected. Typically costing owners 3x as much in insurance claims compared to others. Incorporating a small but mighty leak sensor can prevent these disasters from happening, saving money, and headaches, along the way.
Do: Find a Solution Who Can Help Increase ROI
Studies show that renters are willing to pay higher rent prices for homes equipped with smart home devices. For instance, millennials are currently flooding the single family rental market and are interested in homes already equipped with smart devices. They’re looking for items that promote safety features like security cameras and smart locks - even paying up to 20% more on rent per month. So including these can certainly make your homes more marketable and increase your ROI over time.
Don’t: Invest in Everything Just Because It’s Available
There are tons of smart home technologies at the moment and so many more emerging every day. So while the options seem endless, that doesn’t mean you should invest in everything. Instead, look for solutions that integrate with your current tech stack and can easily integrate with others as well. You want to create a seamless experience for your tenants and teams, not one that seems fragmented from lack of integration.
Don’t: Give Up On Your Solution Quickly
As with any technology, there will always be a learning curve when getting started. Don’t be discouraged if some of your team is struggling with the software or troubleshooting takes longer than anticipated. Legacy software takes time to move away from, so be sure to select a smart home technology partner who offers substantial support to guide your team through these growing pains.
Don’t: Surprise Tenants With Smart Home Devices
Not all tenants are tech-savvy, and not all may even be interested in smart home devices for their own home. That’s why it’s important to make sure all tenants are aware of upcoming changes and you educate them on these changes as much as possible. Make sure to partner with a solution that offers training and support to your them so they feel comfortable navigating the new technology that will ultimately make their lives easier.
As with any technology, always do your research before making any decisions. Look for partners who offer more than one solution that can eventually help scale your business in the future, while also offering quality support.
At SmartRent, we pride ourselves on our ability to do both. Our customers, and their feedback, are at the core of our solutions. If this aligns with what you’re looking for, we may be the solution for you. Schedule a quick demo with one of our experts to see how we can help you join the world of smart home technology.