Smart home technology optimizes every step of a property’s leasing lifecycle.
From vacancy – through residency – to unit turnover, using smart technology creates positive experiences for both renters and managers.
Smart home technology allows managers to speed through their daily checklists.
Similarly, renters are learning that smart home technology enhances their daily lives and saves them money.
Using smart home technology throughout the entire leasing lifecycle attracts renters, benefits residents, streamlines operations, lowers utility costs, protects assets, and generates new revenues.
Step One: Vacancy
The leasing life cycle begins with vacancy. Managers want to keep this phase as short as possible because the property does not generate income.
Attract Renters
During vacancy, managers strive to attract renters, keep costs low, and protect unoccupied assets. Smart home technology helps managers achieve all of those goals.
For both renters and managers, leasing activity begins online with a property listing. Listings with smart home technology receive more attention from renters.
Rently offers a popular listing service that receives more than one million visitors each year. Rently Listings (homes.rently.com) highlights properties with smart home technology. These properties receive higher renter ratings and generate more interest than regular listings.
A recent Zillow study revealed that 73% of renters searched for properties on a mobile website, and 60% used an app.
Interestingly, however, even after finding a property online, most renters (83%) still want to tour a property in person. Although, they don’t always want to be accompanied by a manager or agent. Since 2020, there has been a 63% increase in renters who prefer self-guided touring options.
By connecting renters’ mobile devices with smart access technology, traditional property tours are easily transformed into self-guided tours. Managers simply need to install a smart lock programmed with self-guided touring software.
Renters can request to tour a property once they arrive onsite (or book ahead). Meanwhile, managers can quickly screen renters, give them access to the property, and follow up with them after the tour.
Rently’s self-touring solution increases overall property touring traffic by 25% and reduces time on market by 75%.
Improve Operations
Managers can also use smart home technology to achieve operational and cost benefits during the vacancy phase of the leasing lifecycle.
For instance, smart home technology helps managers enhance security when properties are not occupied. By installing video doorbells, smart motion sensors, window and door sensors, and siren alarms, managers are immediately notified if a property breach occurs.
Smart home technology also helps managers control expenses during vacancies. By installing smart thermostats, managers can remotely adjust temperature settings and avoid energy usage in unoccupied units. This lowers annual utility costs.
Overall, smart home technology optimizes the vacancy period by attracting new renters, enhancing security, and lowering the costs of unoccupied properties.
Step Two: Move In
Once a property is leased, the vacancy phase ends and managers’ attention turns towards welcoming residents to their new home.
Smart locks make properties immediately ready for a contactless move-in.
New residents are automatically invited to the Rently Smart Home app via integrations with your property management system. No need to coordinate on-site meetings for key exchanges. Renters can move in at their convenience. They can control their new smart home immediately.
Managers avoid scheduling hassles and the extra expense related to re-keying a unit at each turnover.
Rently’s smart home app has a rating above 4 stars. It can even be white-labelled with your company or community’s unique branding.
Once renters have access to the app, they are in control of property access and security. However, managers can still enter in case of emergency or to fulfill work orders and inspections.
The smart home app provides renters with an easy way to enter their new residence and control their smart home devices, making the move-in process smoother and simpler.
Step Three: Leased
Residency begins once a renter has moved into a property. During this phase of the leasing lifecycle, smart home technology saves renters money and creates new revenue for managers.
Retain Residents
Smart thermostats and smart lighting devices are very popular with renters. According to a 2017 Buildium survey, 30% of renters consider energy efficiency to be an important consideration when renting. 70% of renters show a strong interest in smart thermostats.
Smart thermostats are attractive to environmentally conscious renters because they minimize renters’ energy footprints. They also lower monthly utility bills by as much as 30% annually.
Reduce Expenses
While renters enjoy saving money with smart home technology, managers benefit from the income generating potential of installing smart devices.
Because smart amenities are so popular with renters, managers can increase rental rates without much resistance. In fact, 86% of millennials, who are driving rental housing demand, are willing to pay more for a smart property. On average, renters are willing to spend an additional $37.65 in rent to have smart amenities.
Smart home technology can lower annual property expenses. By installing smart sensors, smart leak detectors and smart smoke/CO alarms, managers can monitor property damage risks. They can use these devices to prevent small problems from turning into costly ones.
Similarly, managers can monitor HVAC performance using smart thermostats. If there are unusual fluctuations in unit utility costs, they can easily identify and replace the responsible unit.
The asset protection benefits of smart home technology make it possible to negotiate a 10-20% reduction in annual insurance premiums.
Smart home devices protect assets which saves managers thousands of dollars each year.
Rently’s Smart Home Kits
Rently offers a comprehensive portfolio of smart home technology devices to optimize a property’s residency phase.
Rently’s “Essential Smart Home Kit” provides managers with a low-risk starting point for smart home deployment. The smart home devices in this starter kit include a smart lock, a smart thermostat, and hub to connect all devices.
Once these basic smart home devices are installed, Rently offers various kits to achieve different property management goals.
Our “Self Touring Kit” adds window & door sensors and 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.
During the residency phase of the leasing cycle, smart home technology provides renters with premier amenities that provide significant savings. Smart home technology creates satisfied residents who frequently renew their leases, creating satisfied managers.
Step Four: Move Out
Once a renter moves out, smart home technology can facilitate property turnover. The same keyless entry solution that allowed for a contactless move-in also allows for a contactless move-out.
Once a lease concludes, renters’ access to the smart home app is revoked and their access codes deleted. There is no re-keying expense ($150 on average).
During the make-ready phase of the leasing cycle, maintenance teams and vendors can access the property with unique access codes. Managers see a complete activity log of access history and can even set access schedules to stay in full control.
The operational and cost benefits that smart home technology makes possible, recur with every repetition of the leasing lifecycle.
Repeat Successful Leasing Cycles with Rently
Smart home technology enhances all leasing activities for both renters and managers.
Rently’s automated smart home solution is ideal for managers who want a single, easy-to-use platform for all their leasing needs.
Rently provides managers with oversight of all property touring activity and control over smart home devices in every unit.
Our system integrates smoothly with leading property management software and captures portfolio, community, and unit specific data.
By partnering with us, you can optimize your operations with industry leading smart home products supported by our deep technology expertise.
