Smart technology is a term that describes devices that automate or communicate information to make life easier. It’s been around longer than we probably realize in items such as programmable coffee pots or thermostats. Most of today’s smart technology rely on the internet and smartphones (and even some voice commands!) making devices easier to operate (pretty smart, eh?). There are pros landlords should consider when investing smart technology in rental property.
Savings with Smart Technology in Rental Property
Smart technology commands an initial upfront cost. The devices themselves and installation are expenses landlords incur when up fitting rental property with these devices. In the long run, though, landlords will achieve savings with smart technology while attracting tenants looking to rent a smart home. An Entrata survey concluded tenants are willing to pay higher rents for a “smarter” home. These higher rents will offset the initial cost of the devices and provide savings for landlords.
Further savings can come directly from the devices. For example, installing cameras or a security system to the exterior of the rental property can give tenants peace of mind (and a desire to rent your property!). At the same time, landlords may realize some savings if insurance companies reduce premiums because of the security systems. Another example of savings can be from smart door locks. They eliminate the cost of locksmiths for new tenants or lost keys.
So should landlords install smart technology? Yes. With the initial cost of these devices, landlords can easily record these expenses and related receipts in RentalIncomeExpense.com – the free income & expense tracking software designed for landlords. Landlords can pocket the savings and continue to invest in their rental properties.