Choosing the right smart home devices is important if you want to maximize the benefits of your investment.
As we mentioned in our previous blog, the decision about whether or not to upgrade your property with smart home technology should be based on the potential for it to both enhance your daily operations and create new revenue-generating opportunities.
You can then use those same considerations to determine exactly which specific smart home devices are right for your property.
Smart Home Devices to Streamline Tours
If you choose to upgrade your property with smart home technology in order to offer (or increase) self-touring activity, then you will want to focus first on installing a “keyless entry” or smart property access solution.
Smart locks are the easiest and most secure way to create a property access solution for self-touring. They only require a one-time installation and they make every unit “tour-ready.” Smart locks also eliminate the cost, hassle, and risk of providing physical keys for property showings.
Rently’s smart access solution has shown to increase self-touring activity by 25%. Rently’s solution combines a web/app experience, and top-tier smart locks, with an innovative software platform. We have created an integrated software-hardware product that is easy for self-touring renters to use and for managers to control.
Smart Home Devices to Attract Renters
If you decide to upgrade to attract renters and satisfy residents, then you should align your devices to renter preferences.
Renter surveys show that the most desired smart home technology device is the smart thermostat, with 44% of apartment residents and 46% of rental home residents desiring that amenity.
Similarly, studies show that 60% of renters are interested in smart locks.
Showing properties with smart locks and smart thermostats impresses renters and provides a positive preview of living in a smart home. Properties with just these basic smart devices spend less time on the market and earn more lease renewals.
Smart Home Devices to Prevent Property Damage
If your goal is to monitor for property damage risks, then you will want to install water leak sensors and/or smart smoke/CO alarms that connect to smart sirens.
Smart water leak sensors and smoke/CO alarms will alert you to potential risks before these become larger, more costly problems. On average, managers report between 4-5 water leaks every year, with an average repair cost of $12,000 per leak. Detecting these leaks early can save you tens of thousands of dollars annually!
Rently offers a smart property monitoring solution, including water leak and smoke/CO detectors, that will notify you via push notification or email as soon as a risk is detected.
Smart Home Devices to Manage Energy Usage
If you need to better manage your utility costs or monitor HVAC performance, then you will want to install a smart thermostat and smart light switches/outlets. These devices allow you to remotely control and adjust energy settings to avoid unnecessary usage.
Smart thermostats and smart lighting devices are very popular with renters who are concerned about energy footprints and also looking to lower their monthly bills. Similarly, managers can adjust smart thermostat settings remotely to reduce unnecessary energy usage in vacant units. Both renters and managers can save up to 30% annually on utility bills by using a smart thermostat.
In addition, smart thermostats can be used to monitor the performance of HVAC units. If managers detect unusual fluctuations in utility costs from one month to another, they can easily identify which unit is responsible and replace the associated HVAC system.
Smart Home Devices to Enhance Property Security
If you decide to upgrade your property with smart home technology in order to enhance the security of your property, then you will want to install smart monitoring devices, such as a video doorbell, window & door sensors, motion sensors, and a smart siren.
Smart monitoring devices will send you real time alerts via push notification or email if they detect any suspicious activity, such as a breached door or window. Sensors also enhance security during vacancy as they can be programmed to monitor a property specifically between tours.
Smart Home Devices to Facilitate Access to Common Areas
If you need to manage access to common areas, then you will want to install a common area access panel.
Common area access panels allow for keyless entry to shared amenities, such as pools, gyms, and conference rooms.
Smart access panels provide you with the ability to create durational codes that allow residents, guests, and staff to enter a common area only during specific times. Activity logs show who accessed a common area and when.
Check out our webinar regarding Rently’s Access Panel 3.
Generate Revenue
Choosing smart home solutions based on operational requirements is one way to decide which devices to deploy. However, another approach is to consider which devices will generate additional revenue.
Tech-savvy renters are willing to pay on average $37.65 more in monthly rent to have smart amenities.Therefore, the popularity of smart home technology easily justifies rental rate increases.
If you see smart home upgrades as a means to increasing your renters’ rates, you will definitely want to install devices that residents value.
Studies have shown that most renters desire smart locks and smart thermostats. Keyless entry is viewed by most renters as an impressive luxury amenity that is worth paying more for.
Similarly, smart thermostats appeal to renters’ practical desires to reduce utility bills. Renters quickly understand that any rental increases are quickly offset by the potential to save 30% in annual utility costs.
Installing smart home technology devices that uplift rental rates is an effective way for managers to quickly recoup upfront investments while simultaneously upgrading their properties with smart home technology.
Lower Operating Expenses
It’s easy to see the revenue-generating potential of certain smart home devices. Likewise, many smart home devices can positively affect your bottom line by lowering your net operating expenses.
For example, installing smart locks eliminates costs related to re-keying units, which averages between $50 – $150 at every turnover. Similarly, installing smart monitoring devices can reduce repair bills by thousands of dollars and lower insurance premiums by 20%.
Your Smart Home Device “Mix”
You have many choices of smart home devices and many options for combining devices to achieve maximum returns. However, in most cases, it makes sense to start with essentials and then add devices that support your specific goals.
Rently’s “Essential Smart Home Kit” is a low-risk starting point for smart home deployment. The starter kit include a smart lock, a smart thermostat and, hub to connect all devices.
Rently offers various kits that compliment the basic smart home devices. Our “Self Touring Kit” adds contact/motion sensors. The “Damage Prevention Kit” adds leak sensors and smoke/CO alarms. Our “Smart Monitoring Kit” adds a video doorbell, window & door sensors, motion sensors, and a smart siren. Finally, the “Energy Management Kit” adds smart light switches and smart outlets.
Rently can quickly upgrade any property with smart home technology. However, we always remain focused on our customers’ best interests. Just as we have taken sound financial steps to grow our own business, we apply that same philosophy when recommending deployment options. Thus allowing for stable, low-risk expansion, rather than financial or technical over-extensions.
Smart Choices
Creating a smart home is the best way to optimize your leasing operations, generate revenue, and satisfy your renters.
With so many device options, it’s important to match your choices with your property management goals.
Once you have chosen to create a smart property and chosen your smart devices, ensure your success by also choosing to partner with Rently, a leader in self touring and smart home technology. We look forward to partnering with you to apply our deep product expertise and stable deployment approach. Let Rently meet and exceed your expectations for your smart home deployment.
