Source: US News —
Owning a few rental units can be a great way to establish a passive income stream, but it can be hard to be a landlord on your own. You can’t be in several places at once, and even if you hire a property manager, you may still find that you’re being called out a lot more than you’d like. Fortunately, there are increasingly more technology solutions to help you better watch your properties while minimizing your time on-site.
The Benefits of Smart Tech for Landlords
Smart technology is gaining ground in rental units across the country. Although it may be easier to install in new construction, it still can have a huge benefit for properties that are older and even reduce their impact on the environment.
“In cities across the country, our buildings are getting older,” says Aki Karja, director of Proptech at Fairstead Ventures in New York City, New York. “When you are doing a ground-up new development, you can build it to the latest standards to make it sustainable and efficient. But what about the buildings that already exist? Smart technology interventions are key to reducing the carbon footprint of our buildings, especially as cities introduce new sustainability and carbon reduction benchmarks that real estate owners and operators need to meet over the next few years.”
Even if you’re not as concerned about how sustainable your building is, it’s hard to deny how useful some of these smart devices can be to helping solve common problems landlords experience.
“Smart technology can solve a lot of problems for property managers,” says Mike Branam, director of multifamily sales at PointCentral in Littleton, Colorado. “Water management solutions help identify leaks and issues, which can be resolved quickly through intelligent technology, stopping the problem before it becomes costly. Another example would be keyless locks that can help with access issues, allowing specific people like cleaners or maintenance to enter properties using a one-time code.”
What Types of Smart Technology Are Common?
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