Smart technology can benefit property managers and landlords incredibly, making processes or tasks more efficient and less effortful. So what exactly is smart technology? Let's dive into it and how you can implement it for your rental business!
Smart is an acronym: self-monitoring, analysis, and reporting technology. Smart technology gives cognitive abilities to inanimate objects. A great example of this is doorbells. A doorbell was previously an inanimate object with an alarm attached to it, so the sound would go off when someone pushed the button. With companies like Ring, doorbells can be smart because they have a camera, speaker, microphone, and the ability to record and move.
Here's a list of smart technology that can help landlords and property managers save time on the rental application process and when managing the rental itself. Remember that these technologies constantly evolve; this is not an exhaustive list.
Smart rental applications can streamline the process, making it more efficient for you and the applicant. The application, essential documents, and screening reports are all in one spot, available whenever you need them.
Smart locks are typically operated remotely using a smartphone app, enabling landlords and property managers to grant access to service providers without needing physical keys. It also removes the hassle of keeping track of keys when you have new tenants. Smart locks may also provide detailed access logs, enhancing security and accountability.
Smart water leak detectors can detect leaks and water damage early, helping to prevent costly repairs and property damage. When a leak is detected, alerts are sent to the landlord or property manager's smartphone.
Smart thermostats allow landlords or property managers to remotely control and schedule heating and cooling systems, optimizing energy usage and potentially reducing utility costs. Some smart thermostats also learn tenant preferences and adjust settings accordingly.
Smart home security has cameras, motion sensors, and door/window sensors to help monitor the property. Landlords, property managers, and tenants can receive real-time alerts and access video feeds remotely.
Smart rent payment platforms enable tenants to pay rent online, making the process more convenient for tenants, landlords, and property managers. They also simplify tracking rental payments, generating financial reports, and setting up reminders or late payment notices.
Smart energy monitoring tracks energy consumption throughout the unit to help landlords and managers identify areas that would benefit from energy-saving improvements - potentially lowering utility costs.
Smart appliances, such as refrigerators, ovens, and washing machines, can provide energy efficiency and tenant convenience. Some smart appliances can be remotely controlled or monitored through smartphone apps.
When implementing any new processes, technology, or systems related to your rental business, keep in mind the privacy rights of your tenants. It's okay to install monitoring technology for leaks if it's sensor-based, but live monitoring with cameras is illegal.
If there's technology (smart or otherwise) you're considering implementing and need clarification on its legality, we recommend checking with a legal professional.
When showing your property to a potential tenant, point out and discuss all the smart technologies in the rental property. Although these are typically rental upgrades the tenant appreciates, they should be aware of all technology included.
