Pros and Cons Of Installing Smart Technology In A Rental
Pros and Cons of Installing Smart Technology In A Rental – For decades, real estate has been a reliable source of income for owners and investors alike. However, technology is rapidly reshaping how we interact with our rental properties, from using social media to generate real estate leads or leveraging virtual tours to boost your market reach.
Are you trying to attract more tenants by bringing your rental into the 21st century? If your answer is yes, this post is perfect for you. This article tackles the pros and cons of installing smart technology in a rental.
What Are the Best Smart Upgrades for a Rental
One of the easiest ways to transform your investment into a smart rental property is to change your lights. Smart lighting involves installing programmable LED lights that are energy-efficient and easy to control.
Different sensors can make living on your property easier and safer. Motion detectors can alert the residents when someone is snooping outside, while moisture and fire sensors can help you avert a crisis.
Allow tenants to exercise greater control over the room temperature with a smart thermostat. These devices collect weather information and adjust the internal temperature accordingly. They can also be a lifesaver when a tenant goes on a trip and forgets to lower the heating. They can reduce the heater or set it to come on when they’re close to home with a few taps.
Eliminate the frustration of searching for your keys while juggling a full grocery bag with smart locks. These devices allow you to generate a password tenants can easily input when they’re going out or coming home. Many of these also let you create a temporary code for repairmen that might need access when no one is home.
Several other updates make tenanting easier, so discuss these upgrades with a property manager.
Pros of Investing in Smart Home Upgrades
One of the most significant advantages of investing in smart home upgrades is improved safety. You can ward off unwanted visitors through services like smart lighting, cameras, and security systems. Burglars are more likely to think twice before invading your property because they’re more likely to get caught and endure repercussions.
Asides from immediate safety from vandals, smart sensors also protect your investment by alerting you when something is wrong. Fire and water can cause severe damage to your property, and technologically advanced detectors could save you a lot of money with their warning system.
Lower Energy Consumption
Another benefit of smart upgrades is that they tend to be energy-efficient. In other words, they consume less power than their analog counterparts. Thus, your digital update could also help you cut back on your electric bill.
Efficient Tenancy Transition
In real estate, tenants always come and go. With an average tenancy length of 3 years for SFUs and more minor for other rental types, a good landlord has to adopt efficient transition strategies between each occupant. Aside from the routine inspection, it’s common practice to change the locks for safety concerns. Rather than calling a locksmith every time a renter moves out, smart locks let you change the security code from your mobile device. That saves you a couple of bucks; it also saves you the time supervising the change.
Cons of Adding Smart Technology
Although most smart upgrades are pocket-friendly to investors, some of them are still quite expensive, especially if you want to install the best. Despite the crushing prices of such updates, some upgrades can put you out several thousand dollars. That increases your upfront expenses and often means less cash in your pocket. However, they tend to pay themselves off with lower energy consumption and increased ROI in the long run.
The compromise for increased ease is often a loss of privacy. Some tenants might have reservations about renting your home when considering how integrated the system is. For example, you can essentially control all the cameras, lights, and detectors from a single device with a smart hub. If a landlord can’t effectively convince a family that their privacy isn’t at stake, it could mean losing a high-paying tenant.
Dependence on the Internet
Lastly, another concern with adding smart technologies is their dependence on Wi-Fi. In other words, without a strong internet connection, your devices are unlikely to respond or act as they should. Not only can that be frustrating, but it can be dangerous. The best way to avoid such circumstances is to install different Wi-Fi options to have a backup. Alternatively, you can also put your upgrades on different frequencies. That way, devices that require less connection can still work when the Wi-Fi is weak.
With smart technologies, you and your tenants can exercise more control over your rental property. Although that often guarantees greater ease and safety, it also has downsides. Some upgrades are expensive, depend heavily on Wi-Fi, and raise questions about the renter’s security. If you’d like to get the best out of the pros and mitigate the cons, contact a local property management company to help.
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