Are you a rental property owner in Richmond who worries about falling behind the curve when it comes to offering a home that’s modern, updated, and super-desirable?
Tenant demands and preferences are shifting all the time. You have to keep up with what those residents want, otherwise you’ll find yourself with a vacant property or rental values that are well below the market average.
Lately, we’ve seen a lot of demand for smart home technology.
If you’re not already using smart home tech yourself, there’s a lot to learn, and we’re going to tell you how this contributes to tenant satisfaction and convenience. If you are already familiar with smart home tech but you never thought it was necessary in your Richmond rental property, you’ll want to pay attention to this statistic: 82 percent of tenants want and expect at least one smart home device or system in the home that they rent. That’s from a study published by Rent.com in 2022. Over the last couple of years, that demand has only increased.
You may be wondering if smart home technology is really a good idea and if it’s absolutely necessary.
We say yes.
If you’re wondering what kind of smart home tech will have the biggest impact on your investment, we’re sharing some of the latest trends so that you can prepare accordingly.
Benefits of Smart Home Technology for Owners and Tenants in Richmond
Maybe you’re worried that smart home technology is an added expense that won’t provide enough of a return on the investment.
Actually, it will. There are three specific benefits that more than make up for what you’ll spend outfitting your rental property with some of the most desirable smart devices and systems:
Better security. There’s more safety when you have smart devices, and that’s true whether your property is occupied with tenants or vacant during a turnover period. Smart locks, video doorbells, and security cameras can all provide extra peace of mind. You can prevent break-ins and theft, and tenants can have a visual on who happens to be at their front door before they decide to answer a ringing doorbell or an insistent knock.
A lot of the smart devices and systems we’ll talk about improve energy efficiency. That means you’ll save money. It means your tenants will save money. This type of efficiency is good for marketing and it makes it easier for you to attract and retain qualified tenants. Everything is more expensive than it once was; keeping electric and water bills lower thanks to green technology that happens to be a smart is a very wise investment.
Tenant satisfaction. You’re competing with a lot of other rental properties in the Richmond market. More and more of those homes are offering smart home technology. Make sure you’re keeping up.
The remote control of home functions and the convenience that’s provided is attractive to tenants. It helps you, too, as the property owner. You’ll see your property values increase, your insurance premiums potentially decrease, and your rental income stay high.
What Kind of Smart Home Tech is Right for Your Richmond Rental?
There are a few basic and immediate things you can do when you’re looking for ways to provide smart home technology without spending thousands of dollars on upgrades and installations. Here are three easy ones that we recommend you consider right now:
Smart thermostats
Smart thermostats represent the most popular sort of smart home tech, and they also provide a number of advantages. These devices can be complex and super-sensitive, but they can also be simple, user-friendly, and hover around a price point of a hundred dollars. With a smart thermostat, there are energy savings to be enjoyed and a commitment to comfortable indoor temperatures.
Some new thermostats such as the Google Nest also offer HVAC monitoring, alerting homeowners when filters need changing or there’s a repair issue to address. They get to know a resident’s pattern of being inside or outside of the home, too, which helps them to regulate the temperature intuitively instead of manually.
Smart smoke and carbon monoxide detectors
You have to provide smoke detectors anyway, so why not upgrade to a smart smoke detector in your Richmond rental property? This gives you the benefit of receiving alerts during emergency situations. You and your tenants can also monitor carbon monoxide levels.
Imagine a situation where your tenant is out of town. They might not notice there’s a fire. With a smart smoke detector, they’ll be notified. You can set it up so that you’re notified, too, which will be especially beneficial during vacancy and turnover periods. This could save you thousands of dollars in damages.
Front door video doorbell
Another extremely popular smart home technology system is the video doorbell. This is often a great security feature for tenants, and it allows you to have something in place that’s just as secure as a security camera without creeping out your tenants or triggering privacy concerns. They’re also more cost-effective than constantly monitoring your home by camera. With a video doorbell, you can invite residents to control them when your home is occupied and take over to monitor the home when it’s vacant. Not only do they allow residents to see who is at the front door, this type of tech can be a good security option to monitor for parcel theft or unauthorized access via the front door.
Smart Locks for Richmond Rental Homes
What else can you do to provide a smart home technology-enabled property in Richmond without spending thousands of dollars?
Smart locks are a good idea. These will not only prove to be convenient to your current tenants, they’ll also help save you time and frustration before, during, and after the tenancy.
Keyless entry is a technology system that gives your tenants access to their home without a traditional key. It uses digital tools such as a smartphone app or a code typed into a smart lock keypad to open and unlock doors. This smart lock is generally connected to a digital network via Bluetooth or the Internet. Your tenants will be able to open, close, and monitor the door from an app or centralized hands-free system, no matter where they are. This provides far more convenience than a physical key and lock that you have to be present to hand over to them.
The physical way in which you or your tenants will use your smart lock to lock and unlock the door makes a big difference considering how frequently tenants are coming and going. During turnover periods, you may have vendors and contractors showing up to do work. There will be cleaners who need access to the property. You don’t have to be there to let them in. With a smart lock, you can provide them with a code or an app, and they’re in. Many rental property owners are using such systems to allow for self-showings, too.
Many smart locks work directly with your phone or connect to your smart home assistants for easy locking and unlocking from your device. Imagine your tenant saying “Goodnight, Google” and then suddenly the doors lock, even if they’re already in bed.
Technology is rarely perfect, so you’ll want to shop for a smart lock that also provides a mechanical key for traditional unlocking methods and physical entry as well.
The price of keyless entry installation can vary depending on the locks you choose. It can be as low as $150 for some simple models.
Consider Customizing Your Smart Home Tech According to Tenant Preferences
You don’t want to invest in smart home tech and then have a tenant move in who doesn’t really care about it.
You also don’t want to install all the camera and security features to find out that all your current tenant really cares about is setting the coffee pot to brew their first cup before they even arrive in the kitchen.
Customizing your smart home tech is a great way to meet the specific needs and desires of your residents. When you really want to stand out on the Richmond rental market, it’s important to provide a complete rental experience that’s customized to the tenants who are moving in.
Smart home technology enhances tenant experience by providing greater customization of household systems. Here are some of the ways you can customize your technology offerings based on communication with your tenants:
Tenants can adjust lighting to match their preferences. When outdoor security is important to them, having motion lights or smart lights that turn on based on darkness can be a huge benefit.
Tenants can play music in different rooms. Smart speakers and stations that sync with a tenant’s voice-activated assistant (think Siri or Alexa) can create a huge personalized experience for your next renter.
Smart appliances can provide personalized experiences, too. For example, water temperature can be adjusted in the shower according to how hot they like their shower.
Providing tenants with the option to customize their living space makes them feel more at home and encourages them to stay in place longer.
If you’d like to talk more about smart home technology for your rental and how it can give you a competitive edge, please contact us at PMI Presidential. We’ll answer any of your Richmond property management questions.
