Optimizing Rental Property Management with Smart Home Technology

Merrick Lackner, CEO, Rently
Merrick Lackner, CEO, <a href='https://www.cioreview.com/rently' rel='nofollow' target='_blank' style='color:blue !important'>Rently</a>

Merrick Lackner, CEO, Rently

Smart home technology may not be the first thing that comes to mind when thinking about managing rental properties, but it should be. For savvy property managers, the connection is real, and the benefits are too.

What’s become widely known as “proptech” (property technology) includes the smart home technology that is enabling real estate operators to automate their assets for more efficient property management.

From smart locks, to smart thermostats, to smart doorbells, home automation technology is providing property managers with the tools they need to streamline operations, save time and money, and create the kind of luxury amenities that attract a steady stream of renters. Modernizing a rental property with smart home technology also increases long-term property values.

Smart home technology can optimize every step of the leasing lifecycle, from property tours to resident management to asset protection and damage prevention. In fact, property managers who utilize smart home technology solutions to accomplish their many leasing tasks quickly discover significant financial and operational advantages.

An “All-in-One” Solution

Rently’s comprehensive smart home technology solution is a busy manager’s dream come true. It empowers managers to do so much more, often without ever having to leave their desks.

 â€‹Smart home technology can optimize every step of the leasing lifecycle, from property tours to resident management to asset protection and damage prevention  

Thanks to partnerships with other leading property management softwares, our smart home platform integrates and scales smoothly into existing systems. In addition, all of Rently’s smart home devices can be easily installed and activated using cellular, Wi-Fi, or Ethernet connectivity. Rently’s device packages can be customized to fit any property type.

Using Rently’s smart home technology platform, property managers can schedule and track all property touring activity, control smart home devices in individual units, monitor properties for damage risk, as well as gather real time, portfolio-wide, energy usage data. By optimizing every step of the leasing lifecycle with smart home technology, property managers streamline their daily leasing tasks.

Rently’s smart home technology platform provides managers with remote control of the entire spectrum of leasing activity, from managing self-guided tours to managing smart home devices across an entire portfolio. In this way, smart home technology enables operators to benefit from a centralized management structure that allows for confident remote property management, a capability greatly appreciated in today’s climate of staffing shortages and off site work preferences.

Enable Self-Guided Property Tours

More and more renters prefer (or need) to tour properties outside of normal business hours. Smart home technology provides this convenience by enabling the increasingly popular self-guided property tour.

Using Rently’s smart property access solution, a combination of smart access control devices and SaaS platform, busy managers can offer secure self-guided property tours that do not require their presence on-site. These types of tours are popular and do not diminish leasing potential. In fact, adding a self-guided touring option increases overall property touring traffic by 25% and reduces unit time on market by 75%.

For those not familiar with how self-guided tours work, it’s really quite simple. Renters search listings on Rently Listings to find properties that offer self-guided tours. After they click on a highlighted button to request a tour, they receive an automated email invitation from Rently to schedule a self-guided tour. Following a multi-layer security process, renters receive customized tour instructions. And, in the case of multifamily properties, renters can utilize Rently’s new dynamic mapping feature, called “wayfinding”, to navigate them precisely to the unit they are scheduled to tour. At the door, renters enter a one-time code into the property’s lockbox or smart lock. When they’ve completed their tour, they will receive an exit code to return the key to the lockbox, or the smart lock will auto-lock. Renters can then provide immediate feedback and/or complete an online rental application from their Rently account.

Other smart home devices can be added to further increase security during self-guided tours—door and window sensors can detect when an entrance has been left open, and motion sensors can alert managers to any activity outside of touring hours.

Enabling self-guided touring is just one example of the operational benefits of adding smart home technology to rental properties. The cost savings are equally valuable.

Reduce Property Expenses

In addition to streamlining operations, property managers can also utilize Rently’s smart home technology solution to address other priorities, such as energy management and damage prevention.

Smart thermostats and smart lighting devices are very popular with renters who are concerned about energy footprints and also looking to lower their monthly bills. These same  devices also help property managers monitor HVAC units for malfunctions and provide them with the capability to remotely adjust utility usage in vacant units, reducing unnecessary expenses. With Rently’s smart home technology, both renters and managers can save up to 30% annually on utility bills!

Not only does smart home technology reduce everyday property costs, but it also helps property managers avoid new expenses. Rently’s smart property monitoring devices notify property managers via text notification or email as soon as a risk is detected. Smart water leak sensors alert property managers to address threats before they become larger, more costly problems. On average, managers report between 4-5 water leaks every year, with an average repair cost of $12,000 per leak. Detecting leaks early can save property managers tens of thousands of dollars annually! As a bonus, the asset protection potential of adding smart home technology to rental properties often makes it possible to negotiate a 10-20% reduction in annual insurance premiums!

A Smart Partner

Rently initially brought its self-touring technology to the market in 2011, and has since become the industry leader in self-guided tours and smart home technology.

With more than 16 million self-tours completed to date and 4,500 operators deploying our devices, Rently has the product expertise, deployment experience, and track record of success to help real estate operators benefit from smart home innovations.

In addition, Rently offers dedicated Client Success and Customer Care teams to help our clients quickly and easily deploy a rewarding smart home solution.

To find out more about how smart home technology can optimize your rental property management, please visit Rently.com