Let’s say you’re a landlord in Denver — your main goal is to get the highest rent possible for your property, but you’re worried that it is just not technologically up to date. You’ve read local rent reports, you know what dollar amount will earn you a profit, but now you need to make some upgrades.
Perhaps other less desirable-looking apartments have rented for more than your unit, and you are sure it is because those other property owners took a deep smart technology dive.
Let’s look at seven things you can do to bring your rental up to smart speed in a hurry.
A smart thermostat is an absolute must. If you have one of those old, round things that have a spring-loaded mechanism attached to a glass ball that contains highly poisonous mercury, your place is no better than your parents’ old house.
A smart thermostat, on the other hand, will allow your tenant to control the unit’s temperature from their mobile device.
You may even have a programmable thermostat, but if it is outdated, you may need a technical degree just to program it.
If you have lost the manual, you’ll have to download it online, and these things are just not user-friendly as adding a week’s worth of presets can take hours.
With a true smart HVAV thermostat system, you and your tenant can easily set temperatures that include multiple presets. And again, everything can be controlled remotely — even thousands of miles away.
This is simple: Get rid of as many incandescent and fluorescent lights as possible and replace those dinosaurs with LEDs. LEDs are becoming cheaper, they last for many, many years, and their hues and brilliance can be controlled by a smart lighting app that is controlled by a mobile device.
Some of the best systems will even interface with outdoor ambient light and adjust indoor lighting accordingly.
If your apartment contains any green space at all, get a smart gardening app.
This will help avoid those embarrassing situations where your tenant accidentally waters during a thunderstorm because they forgot to adjust the old manual sprinkler system in their unit. Smart apps for the garden can measure soil moisture and help keep water bills low.
Tired of charging your tenants for key replacement, or are you constantly worried about unauthorized keys? Put worries to rest with a smart keyless entry system.
The first keyless systems were great, but they had to be manually programmed and presented many of the same issues as did the ancient programmable thermostats.
New smart keyless entryway systems can be set with a mobile app and you can easily move in a new tenant without calling a locksmith as all you’ll have to do is change a code.
Motion detectors were a big thing when they came onto the scene, and smart security apps take it one step further by adding cameras. You and/or your tenant will be able to watch over your property at any time and your mobile device will even alert you when someone comes to the door.
Your smart system will also allow you to take a survey of the premises at any time, and if events like leaks and fires occur, you’ll know immediately.
As you have been told many times, carbon monoxide (CO) is a colorless and odorless gas that can kill you.
CO detectors are a necessity and may even be required by local laws. Get a smart one and you’ll know if CO levels have risen dangerously because your mobile device will alert you.
Finally, while a series of individual apps will help add value to your property, you should really consider having everything at your tenant’s fingertips on a pad or computer.
With all of the apps in one place, your apartment will be completely automated, and all of the systems in the entire unit can be easily controlled.
You already know that paint, new fixtures, and nice window treatments will go a long way toward adding to property and subsequent rental value.
Seriously consider the seven tips above as a technologically smart apartment will certainly bring you a higher monthly rent. Don’t let your competitors outpace you — get smart today, and you’ll be on the road to higher rental margins quickly.