Every property owner or manager wants the best tenants for their buildings. And since the majority of renters practically entered the world with smartphones in their hands, property managers are turning to technology to attract and retain tenants in today’s modern climate.
From smart locks to online payment portals, today’s top tenants consider several spaces before selecting their final option, and these technology amenities are key to attracting the younger crowd. Technology presents property managers with the chance to differentiate their properties from the competition, and also draw renters in for longer tenancy periods.
Attracting tenants means more than new flooring and stainless steel appliances. Today, modern properties include tech like smart thermostats, energy efficient lighting and WiFi connected outlets, to name a few.
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These additions can appeal immensely to renters, who, in turn, are willing to pay higher rates to have them.
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“Everything you used to do with physical things has gone digital, and what we saw as the last physical infrastructure in your pocket … was the key,” says Ali Hussain.
Hussain, who provides smart locks to property managers and renters, is among the believers of installing technology-driven amenities in apartment buildings. Tech like smart locks provides residents easier access and better security, and eliminates the need for management to be on-site to to re-key tenants who get locked out.
As property manager and owner of My Place Realty in Winnipeg, Canada Kris Thorkelson can attest to the use and ease of technology applications in retaining renters. As Thorkelson explains, My Place Realty recently launched a resident services portal for tenants. Through the online app, tenants can make rent payments online, check the status of those payments and review their payment history.
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To make the service effortless, tenants can download the app right on to their smartphones for access at any time.
Since safety is always a concern, it’s no surprise tenants are interested in options that allow them to protect themselves and their property. Installing technology like smart video monitoring is an attainable way for property managers to keep tenants safe. With video monitoring, renters can make sure their children, pets, or valuables are safe and sound from anywhere.
In addition to the obvious benefits, the implementation of smart technology in rental properties also has a range of economic perks.
James de La Salle of CIL Management Consultants speaks to these benefits by stating: “However, as property managers build a stronger economic case for smart technologies, we predict a sector of high growth and strong margins, with clear benefits for commercial real estate.”
No matter the reason; for relatively affordable costs, managers can outfit their rental properties with one or two of the smart technology options above which will lead to less turnover, less vacancies, and higher tenant satisfaction.
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