Should You Add a Smart Doorbell to Your Rental Property?
There’s no denying that today’s technology has a lot to offer both property owners and tenants. As a property owner, you might be wondering whether you should be the one to add features like a smart doorbell to your rental homes. Upgrading your property’s doorbell might help you attract and retain quality tenants. But in other cases, adding tech features like a smart doorbell may not be the best way to increase your rental property’s appeal. Before adding a smart doorbell to your rental property, it is important to weigh both the pros and cons of your specific market and renter demographic.
Smart Doorbell Benefits
There are many benefits to adding smart technology to a rental home. From the tenant’s perspective, a smart doorbell can offer huge upgrades in convenience and security, allowing them to monitor visitors and packages delivered to their door. Many smart doorbells have motion detectors, sending alerts when there is any movement on the property. The tenant can then see and speak to whoever might be outside their door using a compatible smartphone or other device – even if the tenant is not at home. This can help a tenant feel more in control over their residence and to screen visitors safely without ever having to open the door.
Consider Your Market
Those who find such benefits appealing will no doubt be attracted to rental properties that offer smart doorbells. But such tenants may be market- or demographic-specific, which is why it is important to consider who your target renters are and whether smart technologies are right for them. While homebuyers are generally more willing to pay more for a home with smart technology, the same may not hold true in the single-family rental home market. One reason for this is that many renters, even long-term renters, don’t want or need smart technologies in their rental home. They can’t take the conveniences with them when they move, and may view the added cost as a burden, rather than an upgrade. For some tenants, smart technologies may even end up being a source of frustration if they struggle to use digital technology or have opted out of owning smartphones and other devices.
Costs to Rental Property Owner
For property owners, there are costs related to installing smart doorbells and other devices in a rental home. These costs should be weighed carefully against whether such upgrades will result in higher rental rates. In areas where smart technology is in demand, it might make sense to add a smart doorbell to your rental home. Younger and more tech-savvy tenants may be willing to pay a bit extra for the added safety and convenience. But there are also risks, including the chance that your tenant will damage or steal your smart doorbell. If that happens, you may end up paying for repairs or replacement in excess of any extra rent you were able to collect. There is also some question about whether smart technologies increase property values or not. While most industry experts seem to have come down on the side that, to a certain extent, adding smart technologies to a rental property does result in a value increase, just how much you can expect is less certain. What is more, adding just a smart doorbell, instead of integrating smart technologies throughout the home, may not produce a noticeable bump in property values.
For certain markets and renter demographics, adding a smart doorbell to your rental property could be the way to find better long-term tenants. But all situations are different, so it is important to carefully examine just how much a smart doorbell will appeal in your particular area. At Real Property Management, we can help make your decisions about smart technologies easier by providing you with quality market information. We can help you upgrade your property in order to maximize both profits and potential. For more information, contact your nearest Real Property Management office today.