Managing rental properties is a great way to earn residual income. By purchasing and renting out properties, you’ll have a way to earn money while you sleep. There are a lot of moving parts when it comes to creating a great experience for your renters, managing your time, and keeping as much money in the bank as possible. Using smart technology to improve your rental properties is, well, smart. With these smart devices and apps, you’ll be able to free up your time to do more of what you like and spend less time at your properties.
Secure Package Delivery
If you’ve ever lived in an apartment or multi-family rental unit, you know the stress of receiving packages. Either you risk the packages getting stolen by people walking by, or you have to schedule time to go to the Post Office or UPS or FedEx location. With electronic parcel lockers, you’ll be able to offer a better experience for the people who rent with you. Instead of being delivered directly to the door, setup parcel lockers in a secure, centralized location. Once the resident’s package is delivered, they will receive notification and can retrieve their things from the locker. This differs from traditional systems which rely on keys and a lot of manual input. It’s also an excellent way to offer contactless delivery for those who want it.
Online Bill Pay
Writing a check is so 1990. To make it easier on you and your residents at your rental properties, offer them online bill pay. Sure, the system will take a fee, but it’ll make the renter experience more enjoyable and keep them happier longer. The less stress they experience renting with you, the more likely they are to stay renting with you. Additionally, you can offer autopay options and even offer a tiny discount for those who set up and use this feature. Online bill pay is one easy piece of technology to improve your rental properties.
Offer Surveillance in Public Spaces
Want to help keep residents safe in your multi unit rentals? Offer them video surveillance. These videos can help deter criminals and offer corroboration for disputes and fights that happen in public. You’d be amazed at how he said versus she said the issue can be easily settled using video footage. It’s best to also disclose the use of video surveillance to your residents before they move in so that they can be fully informed.
Wouldn’t it be great to never lose a key again? Keyless entry options have come a long way. There are technologies that offer everything from swiping a card, to using biometrics, to scanning a QR code from your phone. Incorporating these technological advances in your rental properties can not only make it a better experience, but it can also improve safety and security as well. Residents won’t need to worry if they lose their key or leave it in the door overnight. Instead, they can use a personalized code or their phones to enter the building and their unit. No more late night lock-out calls to respond to. This can save you time and money.
Users get full control of their utilities using smart thermostats. With multiple different options to set manually, you can also adjust remotely. It’s estimated that a smart thermostat can save people 10-30% a year on heating and cooling costs. The apps that come with these thermostats are easy to use and they make it simple to make changes. Additionally, they track the weather and will notify you if there is a storm coming.
Tech-based Climate Sensors
As a rental property owner, you are responsible to install fire alarms, CO2 sensors, and other devices to ensure the safety of your residents. Use smart sensors for all of these and manage safety all in one place. You can also install monitors to sense water leaks and freezing before either of these causes major damage to your property. These advanced sensors provide additional information including how often they are going off, what the levels are and more. Instead of just beeping at you in the building, you can view this information in the app.
If you rent out houses, having motion sensor lights can provide safety for your tenants. People love being able to go outside in the dark and not worry if there is anyone or any animal trying to sneak up on them. These simple, but helpful devices also reduce the cost of insurance and can protect renters from injuries that happen when they go out in poorly lit environments. Motion lights can also be timed and controlled through apps and smart devices.
Security technology has come a long way in the past 20 years. Older systems were bulky and needed a phone line to notify law enforcement that there was a break in. These systems couldn’t be turned off remotely. Advanced technology has enabled intuitive security systems that help you monitor things when you’re not around. If the alarm goes off, you can talk through the device remotely.
Some systems allow you to see what’s going on. If a teen came home and forgot the code, they are no longer at risk of getting the cops sent out if you can turn it off remotely for them. These features make security systems an appealing feature of a rental property. In addition, it can reduce the cost of your insurance and add more value to your property. Meaning you can charge higher rental rates.
Incorporating technology into your rentals is a great way to reduce insurance costs, improve time management, and create a safer place for your tenants. With the right devices, you’ll make it easier for tenants to get packages, get into their home, keep themselves safe at night, and give them ways to monitor their environment. All these improvements not only make the property more welcoming, but it can also boost the rental rates you can charge. By offering these premium smart technology devices, you’ll help create excited and happy tenants who rent with you long-term.