Six Ways To Stand Out in the Rental Market With Smart Homes

Online channels in the short-term rental space such as Expedia and Priceline book 70 per cent of new customers while websites such as Rentola and Daft usually dominate when it comes to long-term rentals.

It is essentially impossible for smaller property managers to outspend the leading marketing platforms and their massive budgets. Instead, they have to distinguish themselves after they start interacting with residents by offering superior amenities and customer service.

Home automation is a tool capable of delivering in both areas. Automation allows property managers to operate more economically and efficiently while residents appreciate taking advantage of these benefits without the hassle of set-up and installation.

The important thing to always keep in mind before investing in home automation if you are a landlord looking to rent a house in Ireland, is that the technologies used should be more than a gimmick and must actually bring with them tangible improvements for both residents and managers to generate a positive ROI.

Here are the areas that represent substantial potential when it comes to smart home automation technology:

1. Property Access

Property managers can allow remote access to unoccupied properties for maintenance personnel or showings.

If a renter-occupied property, unique codes can be created for family members, friends, or service providers (like cleaners); both tenants and managers will enjoy never having to lose or replace keys or even changing locks.

Property managers are also able to allow “permission for entry” services, such as a handyman that comes into the home to repair a leaky tap while you are at work. All-access is tracked in event history, which means that you can know exactly who accessed the property and when.

2. Heating Systems

Smart thermostats offer one of the most immediate returns on investment in smart home automation.

During winter, such systems reduce heat in a home when residents are either sleeping or away and can offer substantial savings on energy bills of up to 1 per cent for every degree the temperature is reduced over an 8-hour period.

A similar practice with air conditioning will produce similar results during summer. Automatic thermostat controls can translate to savings of anywhere between 10 and 15 per cent annually, on average, on heating and cooling bills in homes that are either occupied or unoccupied.

For property managers, smart thermostats in unoccupied homes help keep temperatures above freezing. This ensures that pipes never freeze and burst. It also helps keep humidity levels within an acceptable range thus preventing mould growth.

Smart home automation systems also give property managers access to performance data so that they can immediately identify impending maintenance issues before they become bigger headaches. They can even ensure that AC systems are never set outside of an unoccupied range, along with setting the minimum and maximum levels to prevent damage to HVAC systems.

3. Water Usage

Sensors capable of detecting water leaks can help both property managers and residents avoid expensive repairs caused by exterior and interior leaks, which can end up saving them thousands of dollars. According to HomeAdvisor, the average cost to repair water damage in a residential property is over €1500

A flow meter can also help users avoid massive water bills caused by sinks or toilets that run continuously, or help in sub-metering scenarios. In case of an emergency, a water shut-off valve allows for remote turning off of the water flow, mitigating damages even when residents are away or in unoccupied properties.

4. Property Awareness

Driveway and doorbell cameras are increasingly popular in occupied properties since they provide a personal form of home security by allowing users to check who is at the door from their smartphones.

Interior cameras are yet another option for residents that want to keep an eye on things while they are away. Window and door sensors can let either residents or property managers know when a door is opened while they are away, or shut off the HVAC in rentals where guests like running the AC and opening windows.

5. Lighting

A key feature of smart lighting is convenience. Smart light switches, plug-in modules, and smart light bulbs provide options for how both property managers and residents can conveniently schedule lights to turn on at dusk and turn off at dawn, adjusting automatically with the seasons. All of these devices also provide security as an extra bonus, turning lights on and off to deter criminals in unoccupied homes or while residents are away from their homes.

For extra convenience, you don’t have to use plug-in modules with just lights – you can essentially use them for controlling anything that can be turned on and off, such as a humidifier, charging e-scooters or a coffee maker.

6. User Interfaces

Smart home technologies are now more user-friendly than ever with voice assistants and apps, including compatibility with Apple TV and Apple Watch. While this may seem like just pure novelty on the surface, you shouldn’t overlook the power that these new interfaces have to help residents enjoy their time in the property – helping managers attract and retain residents as well as create positive online reviews and word-of-mouth marketing.

Gartner estimates that 15 per cent of homes incorporated smart devices by the end of 2017 and home automation will become mainstream in the next 5 years. Taking advantage of the demand for a future where everything is automated means incorporating smart home technology now. Property managers that decide to make this investment with the right partner will end up gaining marketing and operational advantages that will last into the foreseeable future.