Smart Home Tech is in Demand
Technology has entered almost every aspect of property management today. The new smart home technology is enticing both landlords and property managers. We’re all wondering if it’s ready and what benefits it will offer.
Just as property managers are enjoying the convenience and power of high tech property management software, tenants are looking for similar emancipation. They actually like tech amenities and will pay more for them.
This means smart home technology is a positive for growing rent revenue and tenant retention. Better ROI and happier tenants? Yes, so take a look at some new smart home systems for landlords (list below).
The smart home market is expected to grow from USD 76.6 billion in 2018 to USD 151.4 billion by 2024, at a CAGR of 12.02% — from MarketsandMarkets industry research paper.
What is Smart Home Technology?
Smart home technology is a system using a variety of tech devices, sensors, and digitally capable appliances. These are connected to the Internet of things using iOT enabled devices and cloud based software. Although smart home voice assistants such as Alexa or Google assistant are popular, renters want real world features and benefits.
What Are the Top Smart Home Features?
Smart home systems offer more of services, hardware and apps that cater to their interests. Those interests are the esoteric such as entertainment control, to more functional safety, security, communications and cost savings related features. Then there’s 5G wireless, keyless door entry, remote video monitoring, and ioT connected smart refrigerators and furniture.
Tenants love control it seems, especially via their beloved smartphones. The popularity of the Amazon Smart Oven tells you a lot about where this is headed.
7 Top Smart Home Devices
Here’s our list of top smart home devices for 2020. Check out top landlord apps too.
- Amazon Echo Dot – allows the tenant to control hundreds of devices using their voice
- Ring WiFi Enabled Video Doorbell – Allows tenant to answer doorbell remotely and monitor the entry way or their hallway. Streams in 720 HD quality.
- Nest Thermostat – Tenant can automate temperature settings, and control remotely via their smartphone.
- Wifi enabled Smart TVS – some models use voice controls to allow adjustment of channels, sound volume, switching inputs and more.
- Arlo Pro 2 Home Security Cameras – for indoor/outdoor security monitoring Arlo Pro offers 2 1080p cameras plus free 7 days of cloud storage for your video. See more on cloud technology.
- Kasa Smart Electrical Outlet Plugs – tenants can save money on electricity usage via smartphone remote control bill using the Kasa smart plug.
- Smart Lock Pro – Allows remote entry control via smartphone app and tracks who comes and goes.
Size of Smart Home Tech Market
Graphic courtesy of Statista
And surveys show renters will pay more for these new tech amenities, including smart home technology. Safety and cost savings are the most desired smart home benefits and renters like having them.
Before you buy a smart home system, you should investigate what you’ll need and what’s available. Given the technical requirements, it’s likely you’ll need to hire a local tech company to implement it with your units.
Why Use Smart Home Tech?
The intent of smart home tech is to make life easier and more comfortable. It caters to most renters needs for modern lifestyles. And it can help landlords cut operational costs in a variety of ways. And there is definitely a revenue growth opportunity for landlords in adopting smart home solutions.
The McKinsey Survey investigated in more depth, adoption and attitudes toward home tech. The survey is a couple of years old, however it stands to reason adoption is growing faster.
Screenshot courtesy of the McKinsey Report — There’s No Place Like [ A CONNECTED ] Home
The interest in smart technology is strong, especially among younger renters.
For that reason, some enterprising companies are catering to them with products that center on smart homes. SMT features tech devices, software and systems that help with home security, climate control, home energy use, water leak detection, laundry machines, robot vacuums, 2 way video communications, and entertainment.
New digital tech amenities are in demand, yet smart home tech features do they want most? You can read up on this post on most wanted tech features renters want. A survey by Entrata suggests renters want keyless entry and smart thermostats.
Best Smart Home Features
Home Security and Video: these systems allow tenants to see who is at their door or in the lobby entry way and allow authorized visitors entry. In multifamily apartment buildings this feeling of safety is very desirable for tenants everywhere on the property from parking lots to laundry areas to hallways. It also discourages visits from less desirable unauthorized persons. Systems can integrate with television sets and separate video displays.
Smart Lighting and Climate. Systems that adjust lights and temperature throughout a home can realize significant savings. A/C units and heating systems consume a lot of energy, and that cost weighs on renters estimate of your units value to them. These features can be controlled remotely via the Internet and tenants like the confidence of knowing appliances are turned off.
Home Energy Use – monitoring energy use allows tenants to save money. From A/C usage during the day to gas fired heating and water heating, tenants want ways to lower their utility bills.
The Big 3: Safety, Cost-Savings and Comfort
Renters are practical. You can simplify their wants with respect to safety, cost, and comfort. Online rent payment and automated maintenance requests are also desirable to renters.
Where can you learn more about smart home tech for property managers?
Check out these Smart Home Vendors:
Vivint Home: https://www.vivint.com/ Vivinthome who offer complete smart home services.
Home Controls: https://www.homecontrols.com/home-automation/home-automation-controllers
iotas: https://www.iotashome.com/ – smart living for apartments
Dell Technologies: https://www.delltechnologies.com/en-us/perspectives/the-rise-of-the-smart-apartment/
Covo Smart Home: https://www.covosmarthome.com/
If you haven’t switched to a modern online apartment or rental home management solution, check out the reasons why switching to ManageCasa property management software is right choice in 2020.
Take a free trial and Take a Demo of ManageCasa. It’s smart tech property management for landlords.
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