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Should I Install Smart Technology in My Rental Property?

15th May 2019

Category: Property advice

Tagged:Landlord Advice, Technology, Property Tech, Smart Tech

Advances in home technology are coming thick and fast. From Eco Home solutions to security systems and entertainment devices, you can now conveniently and efficiently control your whole property at the push of a button. But is there any point in landlords installing smart systems in rented homes? We look at some of the advantages and pitfalls to help you decide…

ADVANTAGES

Marketing Edge

Offering smart home technology gives your property a massive marketing edge. The market is crowded and standards of rental properties are rising. It’s important to find innovative ways to make yours stand out if you want to get the best price possible. For those bringing property to the high end, luxury market, technology is essential and will be expected by tenants paying that bit extra.

Goodwill With Tenants

Smart technology is more than just fun gadgets. It has the potential to seriously cut the cost of living and enhance the quality of life of its users. By showing that you have thought of your tenants’ needs and put a plan in place to make them comfortable in their home and reduce their costs, you will win a lot of good will. Tenants will be more likely to take good care of your property if they feel you have taken good care of them. It comes down to the basic principle: Happy tenants equals happy landlords!

Bringing Down the Cost of Your Bills

All-inclusive rental packages are becoming ever more desirable for tenants who don’t want to bother with the hassle of managing the bills themselves. In the student market it's now the norm. If you want to offer a package like this, devices which are more likely to bring down the cost of bills are of course a brilliant idea. Consider technology such the NEST Smart Thermostats which allow tenants to control their heating from their phones. Even if you don’t provide all the bills for your property, landlords should be looking to ways to improve energy efficiency to ensure they comply with EPC regulations.

Technology Saves You Time.

Clever security tech can be a game changer for landlords. Improved security locks make managing your property easier. Getting rid of keys allows contractors to access the property more easily and means you won’t get any of those early morning calls from locked out tenants after a night out! It’s a small change which can make a big difference to how efficiently you manage your property.

Pitfalls

Cost

New technologies do come with a cost implication and landlords are often reluctant to pay for items which they don't perceive will increase their income. If cost is your main concern, we’d encourage you to think about the above points. For example, will the time saved by new technologies balance out the upfront cost? It’s worth considering the overall impact before writing it off!

Security

Tenants might be worried that increased technology in the home could mean increased security issues. With smarter technology comes smarter hackers and there are concerns around the use of data collected in smart homes. Our advice is everything in moderation. Concentrate on providing a couple of key devices which will truly add value, rather than attempting to overhaul the entire property.

Keeping Up With Changing Tech

Technology is always changing! How can I know that what I install today will still be desirable and effective tomorrow? Concentrate on future proofing and invest in products you can enhance in the future. It's also important to concentrate on the things that tenants actually want. While a surround sound system might seem cool, it's far more likely to feel dated quickly. A practical solution to help cut the cost of living will remain desirable for years to come.


Hannah Walkden

Marketing Assistant

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