Smart Tech: Top Lure for Tenants

There is no question that technology is deeply embedded in our daily lives and — in competitive rental markets — it is an important influencer when it comes to tenants’ choices. This shift presents property managers an excellent opportunity to distinguish their properties from the others. Whether you manage homes, apartments, offices or commercial spaces, “smart tech” is the smart way to lure potential tenants (who, by the way, are willing to pay higher rents for these amenities) and encourage them to stay longer. Here are some ideas to consider:

Smart thermostats

According to the Department of Energy, heating and cooling comprise almost half of our energy use. A smart thermostat provides an excellent solution for cutting back on energy bills. Your tenants can control temperatures in their unit or office from their phone. For example, if someone accidentally leaves the air conditioner on before a long weekend, they can turn it off directly from an app.

What’s more, your tenants won’t be the only ones to enjoy lower energy bills. With smart thermostats, you can easily control the temperature of vacant units and common areas. Even easier? If you install thermostats that “learn” or have motion sensors, you won’t even have to worry about adjusting the temperature.

Smart lighting

Heating and cooling may make up the majority of energy usage, but lighting takes up its fair share. In fact, the U.S. residential sector and the commercial sectors used about 232 billion kilowatt-hours (kWh) of electricity for lighting. This was about 6% of total U.S. electricity consumption. Imagine how much power you and your tenants could save by using smart lighting!

Much like smart thermostats, equipping your properties with smart lighting allows you and your tenants to control lights remotely. If, for instance, a tenant rushes off to work without turning one or more of the lights off. With a smart lighting system, they can turn the bulb(s) off from their smartphone. Or, if you forgot to flip the switch after showing a unit, you can turn it off instantly.

Smart security video monitoring

It a tough reality, but car break-ins, purse-snatching, fights, apartment break-ins, and vandalism happen at even the best properties, which is why it’s smart to install security cameras. With new HD video surveillance camera systems, you can easily monitor your property from anywhere. Push notifications and emails can be sent to you when an alarm occurs or someone enters a restricted area. You no longer have to be constantly monitoring your security cameras to catch someone in the act. You can even allow the residents themselves to monitor the cameras. Having numerous “eyes” on the public grounds helps minimize crime and theft — creating a safer, happier community for your tenants.

Smart outlets

Smart outlets connected via Wi-Fi are an additional way to increase energy efficiency in your units. Small appliances in nearly every home, apartment or office — TVs, Blu-Ray players, and computers — continuously consume energy, even when they’re turned off.

With a smart outlet, tenants can set timers for their appliances and turn them on and off from anywhere that offers Internet access, which means any appliance plugged into a smart outlet turns into a smart appliance. Some outlets provide feedback regarding energy usage, which may encourage tenants to change their daily usage. After a while, it’s likely they will see a dip in their energy bills.

Smart locks

While tenants and property managers may not agree on much, one thing is for certain: Dealing with keys can be a pain. They are easy to lose, and getting locked out is a common problem for renters. In addition, property managers have to keep track of keys for new tenants, people moving out, maintenance staff and leasing agents.

Smart locks easily take care of this issue. Much like with the lighting and thermostat systems, you and your tenants can manage smart locks from a smartphone. Also, some locks can be unlatched using a fob, card or code. Locks designed for the property management industry sometimes allowing property managers to control locks from a central hub, getting rid of the necessity to track of multiple passcodes.

While these may sound like expensive changes, in reality, it doesn’t take a huge amount of money to offer smart home technology. Adding just two or three smart elements can be a cost-effective opportunity to gain a competitive edge over competitors, lure new/longer-term tenants and save on energy costs — everyone wins!