There’s no question that people’s values change over time, and as a consequence, the things they value in their rentals change as well. For today’s rental properties, it’s not enough to be clean, well-photographed and well-reviewed. You must also find a way to differentiate your property so that renters know that it provides an experience and sense of escapism that breaks up the routine of their daily lives.
The easiest, most cost-effective and fun way to differentiate your rental property and increase its value is by installing a smart home automation system, an enhancement that’s sure to delight your guests.
What Is Smart Home Automation
The phrase “smart home automation” is an umbrella term that encompasses the network of smart internet and wirelessly connected devices in your vacation rental. Features like keyless doors, smart thermostats, smart water management systems, video cameras and other connected devices are all included.
There are two major benefits to updating your vacation rental with such a system. First, it attracts tech-savvy renters who already appreciate its convenience as well as other renters who find it novel. Secondly, it improves your marginal revenue by saving you on costs.
Attracting Renters Using Smart Home Automation
It’s not easy to know exactly what draws a specific renter to your property, but that doesn’t mean you shouldn’t try to target different categories of renters. One of the great benefits of a property with smart home automation is that it simultaneously attracts different types of renters and helps to justify your property’s rental rate.
Technophiles see a rental property equipped with smart devices as something convenient and easy. They assume that if management has gone so far as to optimize the property with smart devices, then everything else has been carefully looked after and is in good working order. To this type of renter, the integration of smart devices into a home represents an owner who cares and will be available and attentive should anything arise during their stay. Millennials in particular value overall experience, so they are more willing to pay for a property that they think will improve their trip. It also makes the check-in and check-out processes easier for you, the property owner or manager. Of course, our smart home automation solutions also integrate with your preferred property management system to make operations a breeze.
Renters with no or little experience with home tech are also attracted to rental properties with smart home systems, but for a different set of reasons. These kinds of vacationers find smart homes to be fun, exciting and novel—an experience that differs from their everyday home life. Being able to control the property from their phone or from a touch screen is a story they can tell their friends and is something to talk about in their review.
Improving Value Also Means Decreasing Costs
Smart home automation doesn’t just help to justify the cost of your rental and make it more appealing to renters; it also saves you on rental costs. Keyless doors mean less time spent checking renters in and out of the property. Smart thermostats optimize temperature for cost savings while the property sits dormant. You no longer need to physically visit the property before and after; simply adjust the settings using the smart home automation system. Smart water management also means less waste and lower utility bills. Lastly, intelligent LED lighting saves you on electricity costs and greets your renters upon arrival.
At PointCentral, we help to curate, build and install advanced smart home automation systems for your rental properties. Not only will these systems help to increase the value of your properties, but they will also enhance a property’s safety and save you money.
To learn about how your properties can benefit from the latest smart home technology, contact PointCentral for a free demo today.