The more properties you have under management this summer, the more a simple tweak could affect your bottom line. From a profit-boosting perspective, some of the more favorable property upgrades relate to smart technology and home automation.
With a specific focus on smart technology for the summer months, here are some smart technologies that have the best chances of increasing your rental profits this time of year.
Smart Thermostats and HVAC Systems
By some estimates, the installation of an inexpensive Smart Thermostat from Alarm.com (we use these units in our PointCentral smart home automation designs) can save up to $900 on energy bills per residence, per year. If you’re an enterprise-level operation and have 10,000 properties under management, that’s a savings of $9 million per year!
Both You and Your Renters Will Save With a Smart Thermostat
Of course, the amount that you or your company benefit from these savings depends on whether your renters pay the utility bills or not. But what about your vacant units?
A smart thermostat allows you to control the temperature in your properties remotely—to prevent heat damage during the summer months. At the same time, it allows you to cool your properties more efficiently and prevents the risk of a thermostat being left too low in a vacant residence.
Smart Thermostats Benefit Vacation Property Owners, Too
The ability to control thermostats remotely—and set limitations for air conditioning—is particularly valuable to the owners of vacation property rentals during the summer months. For example, a smart thermostat monitors whether someone has left a door or window open, automatically turning off to prevent the ridiculous costs of inadvertently “air conditioning the neighborhood.” It will also reset itself periodically throughout the day to the minimum cooling parameters, so that vacant units don’t continue cooling at the same levels as occupied units.
Boost Savings and Profits More With Smart HVAC Units
A more extensive upgrade would involve the implementation of a smart heating, ventilation and cooling (HVAC) system. Smart HVAC systems give owners complete control over the way their properties are cooled and ventilated during the summer, therefore minimizing the energy required to cool and dehumidify your vacant properties. In addition, these systems will help you solve potentially expensive HVAC problems before they grow into serious and costly repairs.
Keyless Locks, Smart Security Systems and Video Doorbells
There are many theories that explain why crime spikes during the summer. However, what’s important for property owners is to remember that the Department of Justice found a direct relationship between the summer months and increases in property crimes. According to the DOJ:
“Seasonal patterns existed in household larceny and burglary victimization rates. Rates of these household crimes tended to be higher in the summer than during other seasons of the year.”
Since property crimes can be costly, property owners should take specific measures to boost security. Here are some excellent “fixes” in this regard:
Smart keyless locks: Install keyless smart locks—at the very least—on the primary entrances to all units under management. Remote smart locking mechanisms offer the following benefits:
- Grant or revoke access to anyone (renters, maintenance personnel, etc.) at any time no matter where you happen to be.
- Monitor who is entering and exiting your property, and when.
- Eliminate physical keys and the chances of lost/stolen keys getting into the wrong hands.
Smart Security and Alarm Systems: Another easy way to prevent property crimes is to install a smart security system. A smart security system allows you to monitor your properties via your internet-connected devices. If you incorporate video surveillance into the system, you can also keep visual tabs on your property to evaluate threat levels if you suspect there is a problem. When there’s a problem, you can dispatch police at the touch of a button.
Video doorbells: A video doorbell is an extremely easy fix to keep your guests and properties more secure. Allowing guests access to a video doorbell will give guests a way to reach out to you if they need assistance. A video doorbell also gives you an additional way to know who is entering and exiting your property during the day.
Ultimately, all of these security-improving smart technologies will reduce your chances of liability in the event of a crime, help keep your guests and units safer, and decrease the potential for costs caused by criminal activity.
PointCentral: Helping Property Managers Save Money and Increase Profits
At PointCentral, we design systems to help property managers save money and time through smart home automation technology. If you’d like to learn how our systems can increase your business profits—while making your job easier – schedule an appointment with the PointCentral team today!