Smart Home Technology Takes Off at Right Place and Right Time in Pandemic’s Wake
Covid was a catalyst in driving the need for new efficiencies in both the home and workplace, and while much has been made of the digital amenitization of offices, the technological streamlining of the residential experience is becoming a major boon for owners and facility managers. SmartRent, a proptech company that offers a comprehensive platform of smart products for property owners and managers as well as their individual tenants, was able to see the demand and the necessity to deliver the ROI property owners and developers needed by providing a scalable solution that will enable owners to make better decisions year-over-year and create lasting value for tenants for the long term.
“This is modern living,” said Lucas Haldeman, CEO of SmartRent. “Residents have been waiting for this type of change and SmartRent is able to provide bespoke curb-to-couch services for those demands.”
Coming in at the right place at the right time was pivotal to SmartRent’s success. While the idea of frictionless home experience existed prior to the pandemic, Covid made the long-term value proposition clear for owners. SmartRent has been able to provide adaptability for property owners and individual residents that permit the integration of thousands of smart products across a line of major manufacturers and distributors. The platform is continuously being redeveloped with their R&D team to keep up with demand, shifting market needs and IoT trends, which has been a major draw for owners looking to develop long-standing relations with real estate stakeholders.
“We were already on our way to a future that revolves around digital efficiencies in the home and office,” said Haldeman. “The pandemic expedited the process significantly. What differentiates SmartRent is the ability to scale up to meet the needs of everything from single buildings to fully integrated portfolios across states and countries.”
His prescience has resonated with owners, who realize that they need more than a high-grade internet connection to stand out to potential renters.
“Renters are increasingly looking not just for a great place to live but a great living experience,” said Haldeman. “A big part of that is removing frictions by delivering a seamless, modern way of living.”
Owners and asset managers are seeing real results. The technology creates consolidation of operations, cost efficiencies and transparency that reduces risks, protects assets and extends the life cycle of units and buildings–all major drivers for ROI from better insurance rates to reduced utility bills and proactive monitoring of leaks and extreme temperature before they become a major problem. Additionally, SmartRent can reduce operating expenses by creating digital transparencies and reaggregating bill functions for efficiency. This extends beyond owners to the renters as well, who save money on utilities through smart monitoring, one of the many reasons SmartRent is demonstrably lowering tenant turnover rates for customers.
Buildings across 46 states, Canada and the UK are all realizing the benefits. “From dense urban areas like New York and Chicago to outlying suburbs of Dallas and L.A. to rural areas like Iowa and Missouri, our ability to help empower resilience and livability has been transformative for owners and managers.”
This purchase with renters across geographical reaches offers a great deal of opportunity for multi-property owners and investors through the ability to streamline portfolios and consolidate functions across borders with the ability to customize as needed for individual buildings.
“Knowing the popularity of this platform across the country also helps owners break into new regions with the confidence of knowing they can deliver what renters want,” said Haldeman.
From a property management perspective, owners and managers can meet tenants’ needs and address certain maintenance issues immediately, while the transparency of the platform brings invaluable insight and the ability to be proactive.
Much of this functionality comes from the valuable partnerships that SmartRent has made. There are now more than 2,000 compatible smart devices–with the number continuously growing, while tenants enjoy an eCommerce site where they can add on new devices that their buildings may not offer to customize their living environments.
“From SmartRent’s end, we are constantly evolving our service offerings to ensure we are anticipating what tenants will want,” said Haldeman. “When a resident says, ‘I wish there was an app for this,’ we want to ensure that functionality exists through SmartRent.”
Whether it’s access codes for when you’re locked out to cameras and smart locks at your front door to smart devices and setting controls to parking management, SmartRent empowers tenants to control their world. More than this, though, the platform also acts as a community manager for properties, integrating property management customer relations through seamless access to resident data.
This smart home technology has even changed how people buy and rent in the first place. Brokers, forced to pivot to virtual showings and self-guided tours to allow for minimal or no in-person interaction, have embraced these changes, particularly as a wave of corporate relocations and the desire for life changes are driving long-distance moves.
“Virtual tours will remain an option for the long term,” said Haldeman. “Self-guided digital tours and virtual showings allow landlords to expand their base of prospect exponentially.”
In fact, data shows more than 60% of prospective renters are searching for self-tours through their mobile devices. SmartRent’s self-guided touring technology allows property managers to be free of constricted broker schedules by allowing prospective residents and homeowners to tour communities and homes safely with no interaction from property staff needed. Whether through remote tours via app or in-person tours coordinated digitally with smart lockboxes, smart locks, or camera verification, the process maximizes staff efficiency and keeps current residents safe.
“Crisis precipitates change,” said Haldeman, “because efficiency becomes a major business and lifestyle differentiator for properties. These efficiencies become the norm because they ultimately free up time, energy, and resources for people. The building owners and operators that can offer comprehensive, digitally streamlined experiences for residents are going to be the ones that are best positioned for the future.”
SmartRent’s technology is only improving and offering more functionality and efficiency for owners through its platform. For owners looking to elevate the value of their properties, maximize ROI and win new tenants at a time when many are looking to upgrade their living experiences, there is no more opportune time than now to adopt SmartRent.