It’s safe to say that we now live in a technology-first society, and while the real estate industry isn’t often seen as an early adopter, it’s important for owners and operators of single-family rentals to make the transition.
At airEkey, we know there are tons of smart home tech solutions on the market, and we know the search can sometimes seem overwhelming.
DO: Invest in technology that meets your needs
With so many options on the market, it's easy to not know where to start. To fix this, it's important to keep your current needs in mind. Start your research by asking yourself what problem you are trying to solve. For example, do you need help with marketing? Self-service travel technology may be the solution. Is your property team struggling with day-to-day efficiency? In this case, a robust platform with an easy-to-use dashboard might help.
DO: Adopt smart home technology that protects your assets
Alliance with a partner who also provides solutions to effectively manage and protect your rental and vacant properties. Whether it’s security features, water leak detection or HVAC, solutions that help manage these features can save you thousands of dollars in the long run. For example, water leaks are notoriously expensive and often go undetected. Typically, homeowners have 3 times the cost of insurance claims compared to others. Incorporating a small but powerful leak sensor can prevent these disasters, saving money and headaches in the process.
DO: Find solutions that can help improve ROI
Research shows that renters are willing to pay higher rents for homes equipped with smart home devices. For example, millennials are currently flooding into the single-family rental market and are interested in homes already equipped with smart devices. They're looking for items that enhance security features, such as security cameras and smart locks—even paying up to 20% off monthly rent. So including these can certainly make your home more marketable and increase your ROI over time.
Don't: Invest in Everything Just Because It's Available
There is a plethora of smart home technologies out there today, and more are appearing every day. So while the options may seem endless, that doesn't mean you should invest in everything. Instead, look for solutions that integrate with your current technology stack and can easily integrate with other technology stacks. You want to create a seamless experience for your tenants and teams, not fragmented due to a lack of integration.
Don't: Quickly abandon your solution
As with any technology, there is always a learning curve when getting started. Don't be discouraged if some people on your team are having trouble with the software or are taking longer than expected to troubleshoot. Legacy software takes time to get rid of, so be sure to choose a smart home technology partner who can provide a lot of support to guide your team through these growing pains.
DON'T: Surprise tenants with smart home devices
Not all tenants are tech-savvy, and not all are even interested in smart home devices in their homes. That's why it's important to make sure all tenants are aware of the upcoming changes and educate them about them as much as possible. Make sure to partner with a solution that trains and supports yours so they can navigate new technologies with ease, ultimately making their lives easier.
As with any technology, always do your research before making any decisions. Find a partner who offers more than one solution that ultimately helps you grow your business in the future, while also providing quality support.
At airEkey, we pride ourselves on being able to do both. Our customers and their feedback are at the heart of our solutions. If this matches what you're looking for, we might be the solution for you. Schedule a quick demo with one of our experts and see how we can help you join the world of smart home technology.