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The word hospitality can be deceiving: to provide a friendly reception and entertain visitors. But is this still what guests on vacation and residents of rentals still expect from the industry?

A door opened on arrival, a reception desk to ask for assistance, and smiling faces at every turn may have been what was deemed five-star customer service in the past, but like everything else in this fast-paced world, things have changed. 

Is the Internet of Things (IoT) replacing the need for human service in customer-facing hospitality roles? IoT uses sensors, software, and tech to connect a network of physical ‘things’ with other devices and the internet in order to share data. This adoption of tech is not supposed to completely erase the old ways of hospitality but to support it with more efficient processes to improve the customer experience. 

3 ways IoT can transform your short-term rental

Attract more guests – Forecasts show there’ll be 350 million smart homes worldwide by next year. So, it’s likely the majority of your potential short-term rental guests are looking for a home away from home with familiar attributes to what they’re used to. 

The popularity of smart homes could be a direct result of IoT simplifying everyday tasks and offering a superior experience, for example, being able to pre-heat accommodation before arrival over physically adjusting a thermostat and having to wait for the room to reach temperature.  

Secure your assets –  Know what’s happening in your properties at all times with IoT connected technology that monitors the safety of appliances and the accommodation itself. 

For example, sensors in water or heating systems constantly monitor for inconsistencies that could indicate an issue, such as a leaking pipe or a faulty HVAC system. With early detection of these issues, you can save costs and drastically reduce damage to your property. 

Direct entry systems, such as keyless locks, take the security of your properties one step further, giving you full knowledge of occupancy in your rental. This means you’ll be informed instantly if your property has an unexpected visitor – so you can take the necessary measures to keep your assets safe. 

Monitor Energy Use – When your property sees a high footfall from short-stay guests, it’s likely to have a little more wear and tear or be left in an unsuitable state – the same applies to appliances within the accommodation. One example could be, guests checking out and leaving the rental’s temperature on high – racking up a costly energy bill.

But IoT technology means you have complete control over your properties, despite how many different guests pass through. It enables you to set temperature limits, turn off supply when properties are empty to reduce risks and unnecessary usage, and receive notifications when appliances need a little TLC so you can get ahead of an issue before it escalates. 

3 ways IoT can transform your multifamily unit 

Gather data – Installing a network of connected technology in your rentals means you can monitor and gather data on equipment, energy, and water usage. For example, with a smart thermostat connected to your HVAC, you can access meter readings at any time from your phone, even if you’re away from the property. 

An IoT system such as this will learn the habits of your residents and automatically adjust for optimal energy usage, saving costs and improving the property’s sustainability

Plus, learning about residential habits allows you to better prepare rentals by appealing to consumer demands. 

Residents will pay more – Apartment as a Service (AaaS) is the latest trend showing the rise of smart home adaptations in short-term and long-term rentals. Residents are attracted to serviced apartments as they provide unparalleled convenience and will expect a certain level of tech-enabled connectivity with accommodation. 

PointCentral’s Property Management Insights Report which surveyed 1,500 renters in 2021 found that one in five renters include smart home products in their list of must have features and close to 70% off them would pay an additional $10 – $20 per month for smart apartments.

Save on costs When you manage a high number of properties even the smallest adjustment in energy usage can save you a substantial amount of money

Installing a network of automated tech will make your rentals more cost-efficient, by avoiding unnecessary usage of water or energy – for example, detecting leaks early and shutting off the water supply to minimize damage and water loss, or learning the habits of residents and lowering the accommodation’s temperature when unoccupied.  

IoT is a relatively new concept in hospitality, but demand has shown it’s what vacation guests and long-term residents are looking for in properties. The old ways aren’t always the best ways and processes are constantly becoming outdated. Keep pace with the industry as it moves forward by installing smart home tech in your rentals.

We know trying something new can be daunting, which is why we offer a free demo – click here to get a feel of what IoT could look like in your properties.