Turn Your Rental Property into a “Smart Home” & Attract High-Paying Tenants

If you want to attract high-paying tenants, you need to realize that they often look for convenient, luxurious amenities that will improve their quality of life at home.smart-rental-property-columbia-howard-county-manager-tipsOne of those amenities is “smart” technology.

When you install smart devices in one of your properties, you can turn that property into a smart home, which can increase its value in the eyes of potential renters.

If you’re unfamiliar with the term “smart device,” it simply refers to an electronic device that is generally connected to another device or network of devices. A good example of one of these devices is a smart refrigerator, which keeps track of its contents and alerts the tenant via your smartphone when they’re running low on supplies.

Smart devices are so appealing because they give your tenants the ability to control standard home functions with the touch of a smartphone, tablet, or computer—the ultimate convenience.

But don’t worry – you don’t have to spend a lot of money on expensive smart devices like smart refrigerators.

There are several inexpensive options to consider so you can keep costs low while justifying a higher rent rate and attracting higher-quality tenants.

Let’s talk about 3 devices you can install in your properties now, and along the way, we’ll discuss ways to sell potential tenants on the value of these devices.

 

How to Turn Your Columbia Property Into a Smart Home

1. Install a Smart Thermostat

Did you know that heating and cooling accounts for more than half of the energy used in the average home, which makes it one of the largest energy expenses for most homes?

With that in mind, it’s easy to understand why giving a tenant more control over their heating and cooling with a smart thermostat makes your property more appealing – it gives them a lot more control over their energy costs.

Smart thermostats allow your tenants to remotely control their home’s temperature (and monitor energy usage) with a smartphone, tablet, or even their desktop. All they have to do is download an app onto their device to adjust their heating or cooling needs from any location.

On top of that, some smart thermostats have the ability to “learn” a tenant’s behavior patterns and make adjustments accordingly.

For example, if a tenant often desires a certain temperature at a specific time of day, the smart thermostat can learn those preferences and build a heating/cooling schedule around it.

Wondering how you can express the value a smart thermostat adds to your property?

Here’s how to sell your tenants on smart thermostats:

  • Let them know that smart thermostats can make temperature adjusting more convenient. Your tenants can adjust the temperature from the comfort of their couch or from a distant location – all they need is their phone, tablet, or computer!
  • Talk about how smart thermostats can help them save money. No more accidentally leaving the air conditioning on for an entire day – the temperature can be adjusted at any time, from anywhere.
  • Appeal to environmentally-conscious tenants. Let them know that they can receive reports about their energy usage through their smartphone to help them avoid wasting energy.

 

2. Install Smart Locks

As a landlord or property manager in Columbia, MD, you understand how troublesome lost keys can be for you and your tenants. The last thing you want is to receive a call at 2AM from tenants who have accidentally locked themselves out of the property.

To prevent that situation, install smart locks in your property. These replace traditional locks and keys with an electronic system that unlocks a door once it receives a wireless signal from an authorized smartphone.

Installing smart locks isn’t just great for your tenants – it’s also convenient for you, as you can remotely manage who is allowed to open your property’s door at any given time.

In addition, some smart locks will send you a notification when one of the smartphones you have authorized has opened the door, allowing you to keep track of who has entered your property.

To sell the value of smart locks to your tenants, let them know that the smart locks will eliminate their need to keep track of physical keys. They can easily unlock their doors with their smartphone (or tablet) so they won’t be locked out of their home if they lose their physical keys.

 

Tip: Worried about what might happen if your tenant’s smart phone dies and they need to enter their home? Don’t worry – a smart lock can still be opened with a traditional key if needed!

 

3. Use Smart Bulbs

Unlike traditional light bulbs, these bulbs give your tenants the ability to use their smartphone (or tablet) to remotely access their home’s lighting system with the touch of a button.

smart-rental-property-management-tips-howard-county-md
Smart bulbs can also include features like:

  • Motion SensorsSome smart bulbs have motion sensors that can detect when a tenant is in the room and turn the lights on and off accordingly. No more high energy costs due to a light accidentally being left on all day!
  • GPS Activation – Some smart bulbs are able to detect the GPS in a tenant’s smartphone and will automatically turn the lights on or off once they are almost home. This allows your tenants to come home to a well-lit house.
  • Dimmable Function – This allows your tenant to dim or brighten the lights in their home by simply using the bulb’s corresponding app and saves you from installing physical dimmer switches in your property.

You can sell your potential tenants on the value of smart bulbs by describing how they can help keep energy costs low and improve convenience when it comes to making lighting adjustments.

 

Final Thoughts

Making your property into a “smart home” provides tenants with more convenience and control over the functions of their home. So if you’re looking to attract higher-paying tenants, the devices mentioned in this post may be well worth the initial investment.

And if you are looking for a property management company in Columbia to help you learn more about turning your property into a smart home, contact Bay Management Group.

Attracting high-paying tenants can seem like a difficult process, but we are here to help you with your landlord tasks, including Columbia property advertisement, rent collection, tenant screening, maintenance, inspections, and more.

 


4 Cheap Investments to Improve Your Maryland Rental

inexpensive-ways-to-improve-rental-properties-in-montgomery-county

With Montgomery County rentals becoming increasingly competitive, you need to find ways to make your property standout without losing your shirt.

Many property improvements are too complex or expensive to complete between renters.

The key is to invest in improvements that are simple and have a high return on investment.

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