thermostats also alert people to problems early — before they cost more to repair and upset residents. SMART DOORBELLS Smart doorbells offer residents a heightened sense of safety because they can see who is at the door no matter where they are. In the age of e-commerce, smart doorbells also can monitor packages and help residents ensure that “porch pirates” don’t make off with them. This tech is useful for property managers because it allows them to keep track of contractors and maintenance personnel as they enter and exit properties. Lost keys are a major security concern, but rekeying locks every time a key goes missing can be very expensive. Smart locks make SMART LOCKS keys under the mat a habit of the past, and a variety of programmable codes allow residents and property managers to know who is coming and going and when. Smart locks also provide remote access, meaning residents and managers can use their devices to let someone into a property from anywhere. All properties could benefit from a single smart switch at the front door. These tools can turn porch lights on from dusk to SMART LIGHT SWITCHES dawn or from evening to bedtime, adding an element of safety and convenience for residents. Smart switches also can be programmed to simulate occupancy, which can help to deter break-ins when occupants are away for extended periods. SMART LIFE SAFETY Whether it’s a standard amenity or an optional add-on, adding monitored security to rental properties can provide a differentiated experience for resi-
erties are often created by different builders and are of varied ages, so finding technology to fit each scenar - io can be challenging. With these thoughts in mind, building smart property tech into existing single-family rentals is pos- sible. However, it requires a compa - ny to have clear goals that drive net operating income along with strong partners who can help work through the variability that will inevitably come from installing tech in exist- ing homes. Adding smart home tech during the construction of build-to- rent single-family homes, on the oth- er hand, simplifies the process and accelerates the NOI impact by allow- ing owners and property managers to better implement these tools on a quicker timeline, leading to more savings earlier on. Although implementing smart property tech at scale might not change the use case, it accelerates the benefits you receive from amen - ity, operational efficiency, and asset protection value drivers. BENEFITS OFADDING SMART PROPERTYTECHNOLOGYTO BUILD-TO-RENTHOMES Not all smart property tech is cre- ated equal, however, and investors should be deliberate about installing tech that will benefit their bottom lines and make their properties more attractive to renters so they stick around. Here are some of the most promising: CONNECTED THERMOSTATS According to Energy Star, smart thermostats can save about $100 per year, and features such as remote adjustment when residents are away can push that number even higher. The HVAC analytics gathered from smart
Smart property tech offers a host of benefits to investors.
SEANMILLER
dents who want the benefit of fire, medical, or police services being automatically dispatched in the event of an emergency. Owners will also benefit from having an additional layer of protection, especially in vacant properties, in the event of a fire or burglary. Smart property tech offers a host of benefits to investors. When imple - mented strategically, it can save money, boost operational efficiencies for property managers, lower fees for owners, increase a property’s NOI, and even make the property more valuable when it’s time to sell. At a time when the need for rental properties is high, build-to-rent sin- gle-home investors can take advan- tage of technology to attract more renters and encourage them to stay for the long haul — even after the housing market regulates. •
Sean Miller is president of PointCentral, a subsidiary of Alarm.com and the leader in enterprise property automation solutions for long- and
short-term managers of single-family and multifamily rental properties.
thinkrealty . com | 69
Made with FlippingBook Online newsletter