Colorado Springs tenants are more sophisticated than ever before. They know what’s available across the rental market, and they know what they want in a rental home. If your competition is offering something that you’re not, you can forget attracting the best residents and the highest rental values.
Lately, tenants have been looking for technology. With more and more remote workers setting up shop in their own homes, great technology is a necessity. Tenants want strong, fast Wi-Fi. They want a dedicated workspace. They want ease and convenience.
They want smart home technology.
Rental property owners and real estate investors are continually looking for ways to improve their tenants’ experiences to retain them for the long term. One of the ways to achieve this is through implementing innovative technologies such as smart home technology. Let’s talk about how smart home technology can enhance tenant experience in your Colorado Springs rental home.
What’s So Smart About this Tech?
Still texting from your iPhone 4? Typing calendar items into your BlackBerry?
If you’re not an early adopter, you might be wondering what we’re talking about when we talk about smart home technology.
Wrap your head around smart home technology by thinking about your smartphone. Is it especially educated? Wise? Learned? No. It’s smart because “smart” is an acronym.
The acronym “Smart” comes from “Self-monitoring, Analysis, and Reporting Technology.”
We’ve had this technology for years (you’ve used GPS and Google for decades, now). When we talk about smart home devices and technology, we’re talking about building maintenance systems that are automated. We mean adjustable thermostats, security cameras, door locks, digitally capable appliances, lighting and music systems that sync to phones, and more.
When internet-enabled appliances and devices can be controlled remotely using a networked device, you have smart home technology. More and more homeowners are using this type of technology to make their lives easier, more convenient, and even more comfortable.
Tenants want the same access.
Deciphering the Different Types of Smart Home Technology
You have options when it comes to how much smart home technology you make available to your tenants.
This isn’t required. Smart home tech does not equal habitability.
But, if you want to be more competitive in the Colorado Springs market, and if you want to attract great tenants and increase what you charge in rent, you’ll think about making at least some of this available in your rental home.
What should you install and how can you prioritize?
Let’s take a look at some of the most common smart home devices found in rental properties:
- Smart Locks
Smart locks are a benefit to you as an owner as well as your tenants. They allow you to grant access to tenants remotely or with a code. You can change the code between tenants or when you have a vendor showing up to complete work. There’s no need to worry about lost keys or rekeying the property between tenants. Smart locks can be especially valuable when you’re leasing your home. Self-showing technology is extremely beneficial to tenants and owners because it moves the leasing process along more efficiently. Look for a smart lock that includes a programmable keypad or a lockbox. You can also download an app to unlock doors.
Tenants will appreciate a digital keypad or a lock that opens by app because it’s less metal for them to carry around. They don’t have to keep track of their keys. It’s a modern, convenient way to get in and out of one’s own home, and when guests and family members have the same access code or PIN, fewer keys to your property are floating around out there in the world. Smart locks are more secure and it’s incredibly attractive to new and current tenants.
- Video Doorbells
Drive through any residential neighborhood in and around Colorado Springs, and you’ll notice video doorbells on a large number of front doors. They’re incredibly popular, and we’re seeing them in multifamily properties as well. This is for safety, security, package tracking, and ease.
With a video doorbell installed on the front door, tenants will be able to see who is outside of their house and who might be approaching the property. Exterior cameras like those on a doorbell can also help keep a home secure when it’s vacant. Video doorbells have been used to catch criminals and to avoid solicitors. Tenants appreciate the technology, and owners can benefit from this as well. When your property is vacant, you can keep an eye on the property.
- Smart Lighting
With smart lighting technology, your tenants can set the lights in the home to timers or control them on their smartphones. Exterior lights can also be motion-activated. This is good for the security of your property and your tenants, and the interior lights will help tenants keep electricity costs down. It’s a more intuitive and greener way to keep the lights on in your rental home.
- Smart Thermostats
Like lighting, the smart thermostats you install can help tenants conserve energy, reduce their electric bills, and live greener. Smart thermostats can intuitively decide when to cool or heat a room, depending on its temperature and whether anyone is home. These can be programmed for time of day as well. Settings might change depending on what time it is, and whether it’s a Saturday or a Tuesday.
- Smart Security Systems
Security is important to you, your tenants, and your property. Investing in smart home technology that makes your building or your property safer will really pay off in the long term. Not only can you increase the rent you charge, but you also have a chance to reduce your operating expenses. During vacancies, the security systems you’ve installed can ensure your property isn’t a target for criminals who sense an opportunity.
Security systems can also be great for a tenant’s sense of security. A lot of the available security systems are expensive to install and they often require long-term contracts. You may want to offer the system but require the tenants to pay the monthly charge or activation fees. Making the tech available is often the extent of a landlord’s responsibility. Tenants can take it as far as they want. They’ll appreciate having the option.
- Siri and Alexa
Voice-activated assistants have become completely normalized. No one thinks it’s strange to hear someone say ‘Hey Siri’ or ‘Alexa, turn down the music.’ Amazon’s Alexa and Apple’s Siri are features that many tenants are already using. Including them in smart homes can help streamline and centralize all the other technology that may be available.
Smart home technology can also extend to things that tenants might want to move in with. Consumers are buying smart vacuums, smart blenders, smart toasters, and other smart appliances that seem to think for themselves.
Each tenant might have their own preferences when it comes to smart home technology. If you provide a hub, or a central command center for all smart home devices, your tenants can bring their own. Voice commands and remote controls through phones and apps will sync the hub to the various speakers, tablets, televisions, and computers that the tenant moves into your rental home.
Customizing Smart Home Technology for Colorado Springs Tenants
When you really want to stand out on the rental market, 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’s why smart home tech attracts tenants who are looking for a personalized rental experience:
- Tenants can adjust lighting to match their preferences.
- Tenants can play music in different rooms.
- 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. Moreover, providing customization can help property owners differentiate their rental properties from the rest of the rental market, providing a competitive edge.
Smart Home Technology Can be Cost-Effective
Implementing smart home technology is an excellent investment for rental property owners in Colorado Springs because, although the technology itself requires an investment, it’s actually cost-effective to install and maintain in the long run. You’ll increase rental value, and you’ll also increase the overall value of your property. Additionally, the enhanced security and energy efficiency features of smart home technology can help to reduce maintenance and utility costs, making rental properties more profitable in the long run.
Smart home technology can enhance tenant experience in Colorado Springs rental homes through automation of home systems, advanced security features, mobile control and remote access, greater customization, and cost-effectiveness.
As a real estate investor, you want to offer the market a rental property that meets the needs of tenants and provides them with a comfortable living environment. Smart home technology is an innovative solution to improve tenant experience, attract and retain better residents, and increase the value of rental properties.
If you’d like to talk about smart home tech or our Colorado Springs and Pueblo property management services, please contact us at Muldoon Associates.
