In this day and age renters want the luxury of smart features. This includes things such as security systems, sound systems, lighting options and more. These amenities bring comfort, convenience and efficiency. This can all be made possible through one smart home system. This will increase the value and desirability in the eyes of potential renters.
This industry of smart home technology has become increasingly competitive. You may be wondering which system and company is the best option for you and your investment. We don’t have that answer for you but we do have some info on what to look for in your home system so you can find the best fit for your property.
What is a “Smart” Home?
The term smart home refers to a property where devices or appliances can be controlled through one central point. For example, things like door locks, security systems, thermostats, lights, or even appliances can be accessed via a smartphone or laptop. These interconnected devices use the internet or mobile device data to allow users to control functions virtually anywhere. Thus, creating a significant selling point for future or potential tenants.
Top Smart Home Upgrades for Your Rental Property
Home technology systems can range from the simple to the advanced, but there is no need to go overboard in an investment property. In fact, there are several affordable priced options to help keep costs low while still attracting quality tenants. Some systems we recommend based on the return of the investment include:
1. Install Smart Thermostats
2. Add Smart Locks
3. Switch to Smart Bulbs
Smart Thermostats
Heating and cooling accounts for more than half the energy use in your home. A smart thermostat can provide more control over heating and cooling to maximize efficiency and boost your monthly savings.
On top of that, some smart thermostats can “learn” a tenant’s patterns and adjust accordingly. For tenants, the benefits of a smart thermostat are –
• Valuable Energy Savings
• Easily Monitor Energy Usage
• Control the Temperature from Anywhere
For landlords, a smart home thermostat is one of the easiest smart home upgrades to install. For some investors with electrical experience, this could be a DIY project.
Smart Locks
Smart locks are smart home upgrades that benefit landlords and tenants in different ways. Smart locks replace traditional locks with an electronic key system. This system uses an electronic signal from an authorized device to lock and unlock doors instead of the standard key.
For more information on switching your investment properties locks read our previous blog on the topic here.
Smart Bulbs
Smart lights are LED bulbs with added software that allows them to connect via apps or a home automation system. Unlike traditional light bulbs, smart bulbs allow tenants to remotely control lights at the touch of a button. In addition to remote connectivity, smart bulbs offer the following conveniences for tenants –
• Motion Sensors
• GPS Activation
• Dimmable Function
• Added Energy Savings
While adding these advanced lighting features is one of the most desirable smart home upgrades, it does come at a cost. Although they provide long-term savings, each bulb can cost up to $20 a piece.
Return on investment
When it comes to investing in any smart home upgrades, evaluating your return on investment is vital. While adding smart technology can help attract quality tenants and rent the property faster, landlords need to know if the rent they can charge will offset the initial costs.
Things to ask:
• Is the upgrade ideal for a rental?
• How does the property compare to other local listings?
Make the Smart Choice for Your Investment Property
Turning a rental property into a “smart home” provides tenants and landlords with convenience and control. So, if you are looking to attract higher-paying tenants, the devices mentioned above may be well worth the investment. Another smart investment for landlords is to invest in a professional property management company.
All County Property Management Group is DFW’s number 1 management company! With over 30 years experience in the industry, Our team of professionals will maximize an owner’s investment by providing property marketing/advertisement, rent collection, tenant screening, maintenance, inspections, accounting, and more. So, if you are looking for a property management company to help increase profits, contact All County Property Management Group today.