It’s no surprise that the rental market is now leaning towards smart homes. One of the main benefits driving this shift to more technologically advanced homes is improved security. Smart home security includes any device that makes a residential property more secure and makes the tenants’ lives more convenient. That includes gadgets such as motion detector lights, wireless security alarms, and smart thermostats. Some systems even allow you to integrate these devices to communicate and control them from a central device–like a phone or tablet.
In this article, we’ll highlight the reasons you should turn your rental property into a smart home. We’ll also share some of the devices you can install that will help you safeguard your property better.
Why invest in smart home security
1. To make your rental property safer
Safety is one of the biggest advantages of investing in smart home security. The improved security on your rental property means extra protection against burglars who will think twice about attacking a home with the latest surveillance gadgets. In the unlikely event of a break-in, they can alert your tenants promptly, who can take the proper security measures after that. Securing your property also goes beyond deterring burglars. Smart devices like smoke detectors reduce the risk of tenants suffering from smoke inhalation or your house sustaining fire damage.
Making your property safer not only protects your investment it can also bring in more revenue. Most tenants will be more than willing to pay extra for the extra security. Plus, you could also avoid spending money in a potential lawsuit should any of your residents be harmed due to negligence.
2. To Increase your home’s resale value
Another perk of smart home security is that it increases your home’s overall value. So rather than think of it as an unnecessary expense, you should look at it as an investment opportunity. Many landlords are adopting technological devices to improve their services, and homes that come pre-installed with smart devices can request more money. Smart homes will eventually take over the marketplace, so every tool or appliance you install gives you more leverage during the negotiation process.
Of course, if you don’t plan on selling anytime soon, you can enjoy the benefits of increasing your home’s value by increasing your rent. You’ll find less resistance from your tenants if you can point to the newly installed gadgets that will increase their convenience and safety.
3. To reduce your house insurance fees
Homeowner’s insurance is an essential closing cost because it provides a safer net for your investment in tragic circumstances. Elements such as wind, fire, and water could suddenly spring up and require mild to significant repairs that could destabilize your finances. You can also get insurance to protect you and your residents from break-ins. However, some property owners deem insurance as a necessary evil because the premiums can be high. This fact is incredibly annoying when the apparent risk of encountering tragic scenarios is small.
But did you know insurance companies can give you a break on your premiums if your home is safer? A significant contributor to your insurance cost is your level of risk; the lower it is the lower your rates. So you could save some money monthly by investing in smart home security.
4. To cut down your household expenses
Smart homes are one of the awesome hacks savvy homeowners use to keeping their household expenses under control. In the current technological clime, inventors make smart devices that are also energy efficient. For example, a smart thermostat that automatically adjusts the heating or cooling system of the home can save you energy and make it more convenient for your tenants. Moisture detectors can alert you to a problem before it becomes a significant nuisance that can cost you hundreds of dollars to repair.
Comprehensive smart home security systems with LED bulbs in their floodlights and motion cameras also have energy-efficient options. So you don’t have to spend exorbitant fees on electricity to feel safe.
Smart devices to make your rental property more secure
1. Smart Lighting
Proper lighting is crucial as it deters intruders and increases visibility at night. The benefit of opting for the smart lighting option is that tenants can put it on with an app or set it to automatically come on when it gets dark rather than tenants going out of the house. The latter eliminates the chances of tenants forgetting to put on the lights, which could be a security hazard. You can choose to go with lights that have motion detectors, as these could simultaneously ward off intruders while alerting the residents.
2. Smart Locks
Smart locks are convenient tools that make access to your rental property more effortless and safer. They are better than traditional lock systems because they can’t be stolen or misplaced. A landlord can conveniently generate a unique passcode for their tenant, which they can use to access the home at any time. Some lock systems even allow you to create temporary passcodes useful for plumbers, electricians, or other maintenance specialists who only need access for a short time.
3. Smart Alarms
As a landlord, one of your most critical duties is to protect the lives and properties of your tenants. Smart alarms and detectors are tech-savvy installments that make that job much easier. Smoke alarms and carbon monoxide detectors can help you avert fires or evacuate on time. Flood or moisture detectors can call your attention to potential water damage, and security alarms can deter intruders.
Smarter versions don’t only beep at any sign of trouble. Through your device, you can receive alerts that let you know when it’s time to change the battery, service the device, or if someone tries to tamper with it. You can then promptly address the issue.
Whether you own a single-family unit or an apartment building, all property owners can benefit from installing modern security devices. Smart devices such as lights, alarms, locks, and so on are excellent instruments in helping you safeguard your property. They also have other benefits, like reducing your insurance costs and increasing your home’s resale value.
If you’re not sure where to start, feel free to ask your property manager for upgrade tips that will help you attract and retain high-paying tenants.