The summer season is a busy time. Vacation rentals get booked up early and families often use the summer break opportunity to move properties before school starts again. So, whether you manage short-term or long-term rentals, it’s likely going to be a crazy few months ahead.
Even more so since we’ve reached the era of Great Resignation where every industry is struggling to maintain employee levels. But this doesn’t have to affect your business – not when you can improve the efficiency of the employees and processes you already have with the Internet of Things (IoT) and smart home technology.
The rise of smart home accommodation
Globally it’s estimated the smart home market will grow 16% this year (that’s approximately 380 million) and will double by 2026.
This accelerated growth is attributed to the increased use of IoT devices by people in their everyday lives. Through a network of sensors, tech, and software, IoT has the ability to connect appliances and send data via the internet for radically increased efficiency, security, and sustainability of a property. This is how IoT adoption is supercharging the smart home market.
It’s easy to be a part of this global movement, here’s how to get started:
4 tips for boosting rental efficiency with IoT
1. Free up employees from menial tasks
As we previously mentioned in our last IoT blog, five-star customer service in hospitality is no longer greeting visitors at reception. Your employees don’t need to sit behind a desk or stand next to a door all day – utilize their skills where your business really needs them by automating these menial processes.
For example, install smart locks for direct keyless entry and join the 26% of rentals that already use this tech. Connect the smart device through IoT and gain complete access to the monitoring of your property’s occupancy from anywhere, giving you greater control and security.
It’s also a bonus for your guests and residents who likely don’t want to be confined to check-in times or have to interact face-to-face with employees. There’s also no risk of losing keys, being locked out, or leaving the rental open to unwanted visitors. And you can eliminate the need for those costly (and unattractive) lockboxes!
2. Automate processes you waste time on
We know – there’s never enough time in the day when you’re a property manager. So, why waste time on something like analyzing energy and water usage in your properties, when smart home technology can do it for you?
Did you know that the average time spent by short-term rental managers on calls/texts for status updates is 8 hours per month! Receiving a notification right to your phone on turn days for guest checkouts, cleaning crew arrivals, inspections and new guest arrivals is much more efficient. Smart locks also save unnecessary time on sourcing replacement keys.
For multifamily rentals, self-guided tours take away the need for leasing agents to meet potential residents. On move out days, time can be saved by using smart tech solutions to turn off lights, re-set thermostats and lock doors from your device.
Long gone are the days spent scrutinizing bills for how to cut costs in your short-term or multifamily rentals – with innovative tech such as smart thermostats which automatically adjust based on preferences, habits, or occupancy, and water management systems fitted with sensors for early detection of leaks or over usage – your rental can become efficient all on its own.
This means you can resource your valued time and focus on building your business, all the while knowing your properties are in safe hands.
3. Reduce your carbon footprint
Efficiency in a business is made up of several parts. One often forgotten aspect is sustainability in terms of eco-efficiency. And although mainstream talk of carbon footprint reduction includes less plastic and more recycling – there’s a much simpler way to lower your property’s impact on the environment: optimize energy and water usage.
You can achieve this by connecting smart tech hardware such as shut-off valves and sensors for better water management. The same goes for minimizing energy consumption with a smart thermostat connected via IoT to your HVAC machine. These systems will monitor and optimize household usage, collecting data accessible via app for you and your residents/guests.
Many guests/residents are switched on to global issues, especially Millennials, and will appreciate your business’s awareness and the opportunity to change their habits based on proactive reporting from IoT data.
4. Spend your money where it counts
When it comes to household usage, cost and consumption come hand in hand. Now is more vital than ever to be careful of where you spend your money, with the energy cap possibly increasing by up to 54%. You don’t want to pour your hard-earned money down the drain (literally) when you could be investing profits into bettering your business.
Instead, use a network of smart tech to reduce inefficiencies and cut down on these increasing costs. For example, occupancy monitoring technology synced with smart thermostats can reduce heating and air conditioning costs by up to 23%.
They say you can’t prevent damages – but with automated monitoring systems, you can predict them. This technology sends a notification as soon as any abnormalities are noticed so you can repair issues before they damage your property further.
Start improving your bottom line today by adopting IoT solutions for lowering costs and improving the overall efficiency of your rental business. Save on spending, employee resources, and management time – all while being eco-friendly. What is there to lose?
If you’re ready to join the smart home tech revolution, try our demo here, and learn how IoT can boost your business.