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Tips for Making Your Rental Properties High Tech
In a time of rapid technological advancement, keeping up with the latest trends isn’t just a luxury reserved for certain real estate investors and property owners who operate in the luxury market. It’s becoming something that every landlord has to prioritize, even in the middle-class market.
As the marketplace becomes more tech-savvy, renters become more picky. They now demand the latest tech and will opt for properties that satisfy these expectations. Do your properties fit this description?
Why Go High Tech?
The term “smart home” was so overused for many years that it’s become a buzzword lacking any real meaning. But don’t conflate the fading value of the term with a lesser desire for technology in the home. People might not use the phrase “smart home” as much anymore, but they still want high-tech properties.
For many tenants, high tech features actually make them more likely to fill out an application. Some will even pay a significantly larger monthly rent payment for a property that offers smart appliances and features.
But it’s not just about making your property more attractive to tenants. Technology can also keep your properties safer, help them run more efficiently, and give you greater control over long-term profitability and ROI.
3 High Tech Upgrades You Can Make to Your Properties
As you look for ways to improve your rental properties, here are some helpful upgrades you can make:
- Advanced Wi-Fi and Internet Systems
It’s no longer enough to have Wi-Fi on your properties. The internet needs to be fast and reliable. For many tenants, the property doubles as a home office. That means their income literally depends on reliable internet.
The problem is that many internet connections in rental properties only do the bare minimum (i.e. get people online.) They don’t actually perform well in demanding environments. To address this, consider implementing a mesh Wi-Fi system, such as Google Nest Wi-Fi or Netgear Orbi. These systems use multiple router points spread throughout the property, creating a “mesh” of coverage that ensures a strong signal in every room.
- Smart Appliances
Modern renters don’t just want a nice-looking kitchen or laundry room. They want a space that allows them to maximize their time and get better results (whether it’s cooking dinner or washing clothes). This is where smart appliances come into play.
Smart appliances, which are basically appliances that connect to the internet, give additional features beyond the basic functionalities that are present in traditional appliances. For example, a refrigerator might be able to track expiration dates or give you visibility of what’s inside the fridge when you’re at the supermarket. And a washing machine might be able to start and stop based on a smartphone app.
- Smart Home Gadgets
There are literally hundreds of different smart home gadgets that can be added to a rental property relatively inexpensively. If you’re working with a property management company, get them to help you determine which ones offer the best ROI in your specific market. With that being said, here are three gadgets worth trying:
- Smart locks. Smart locks provide enhanced security and convenience for tenants. With features like keyless entry, remote access, and even temporary codes for guests or maintenance workers, smart locks offer tenants peace of mind and eliminate common hassles like lost keys or lockouts. Brands like August and Schlage offer reliable smart lock systems.
- Smart thermostats. Smart thermostats like those from Nest or Ecobee allow tenants to control the property’s temperature from their smartphones. This feature not only offers unmatched convenience but can also lead to substantial energy savings. Some smart thermostats can even learn tenants’ routines and adjust the temperature automatically to save energy when the property is vacant.
- Smart lighting. Smart lighting solutions, such as those offered by Philips Hue or LIFX, can give tenants the ability to control brightness and color from their smartphones. Some systems also allow for setting schedules, adding convenience and an extra layer of security.
With a little attention to details like these, you can upgrade the overall look and feel of your property without a massive upfront investment.
Adding it All Up
There’s no one-size-fits-all approach to making your rental property more high-tech. However, if you pay attention to some of the upgrades highlighted in this article, you’re more likely to have some positive results. Good luck!
