This blog will discuss how smart home technology can be a selling point for potential renters. You often judge a house by its looks. But guess what? Now you can also judge it by its IQ. Think smart thermostats, smart lighting, and app-controlled security systems. Smart home technology can up your relevance factor and make homes easier to operate, and in a highly competitive rental market, this could be the selling point.
Renters are increasingly looking beyond the location and upgrades to a home’s modernization. As smart home technology gets more affordable and easier to use, more people are adding devices.
A Home’s Technology Matters
Here comes a potential home buyer. Motion-activated lighting automatically turns on as they enter. A smart thermostat adjusts the temperature for ultimate comfort and savings. The window blinds are adjusted based on the sun’s direction. And the smart speaker is telling them about the home’s features. Impressive, right?
Four in 10 Americans have bought a smart home device since the COVID-19 outbreak and are more interested in smart home technology, according to a 2020 REALTOR.com study. How we interact with our homes is becoming different. At some point, renters/buyers will expect it.
Increasing Marketability with Smart Technology
Consumers between 18 and 34 said they would pay more for homes with home theaters, smart speakers in every room, and connected kitchens, according to the same REALTOR.com study. In the 25 to 54 age group, consumers said they’d pay more for solar roof tiles and home battery packs. And for those 55 and older, solar roof tiles, smart doorbells, and security systems would be worth extra money.
You can easily add smart home technology to modernize an older home and help it compete with newer ones. After all, many homebuilders offer smart home packages to outfit new homes with smart thermostats, app-controlled garage doors, smart lighting, door locks, and video security systems.
The Investment Is Well Worth It
Smart home technology investments can range from $20 for adding smart lightbulbs to $20,000 or more for automated solutions that connect systems in one hub for an entire house. For $1,500, you can outfit your home with multiple systems like a smart speaker, smart lighting, and a smart thermostat to increase the home’s smart tech appeal. For about $5,500, homeowners could automate the lights, door locks, and thermostat, and install a smart speaker, hub, and smart plugs in three rooms.
Regardless of how extensive your devices are, real estate professionals will typically want to spotlight them. Buyers may not have a lot of knowledge of smart home technology, but they do know and understand energy savings and cost savings.
The bottom line is that consumers are expecting these upgrades more and more. Adding them to your rental property will add to its appeal and when compared to a rental that doesn’t have these upgrades for the same price…well I think you can figure out the answer to that.
Whether you’re thinking about buying an investment property or looking for some creative solutions that will solve current rental problems, Walters & Company Property Management is here to help. We have a reputation for meeting and exceeding expectations, we are leaders in the Denver property management field and offer top-notch rental properties in highly coveted areas and we’re always happy to talk more about our rental properties, our application requirements, and our leasing process.