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Embracing Smart Home Technology in Property Management: Trends and Costs

In the evolving landscape of property management, integrating smart home technology is becoming increasingly popular. To help you navigate this trend, we've done some research on what these technologies look like and what they cost for investors.

Video Intercom Systems

One trendy option is the video intercom system. With equipment costs ranging between $200 and $500 and installation fees from $2 to $500, this feature adds both security and modernity to your property.

Keypad and Access Controls

Another useful addition is keypad and access controls. The equipment for this technology is relatively affordable, costing between $100 and $300, with installation charges again ranging from $2 to $500.

Smart Lights and Outlets

Smart lights and outlets are an economical way to modernize your property. They can sync with smart home devices like Alexa or smartphone apps. The equipment might cost between $500 and $1,000, with labor costs for installation varying from $1 to $300.

Self-Guided Tour Platforms

At Red Maples, we offer a self-guided tour platform, particularly appealing to millennials. This technology allows prospective tenants to view properties at their convenience, without the need to coordinate with an agent's schedule. Embracing such tech-driven solutions reflects the current shift towards remote and digital interactions in various aspects of life, including property leasing.

Smart Thermostats and Blinds

Smart thermostats and blinds are not just about convenience; they also offer control and efficiency. The cost for this equipment ranges from $200 to $500, with installation fees between $100 and $300.

USB-Enabled Smart Outlets

A simple yet impactful upgrade is installing smart outlets with USB phone chargers. This cost-effective enhancement ranges from $25 to $150 for the equipment and a similar range for installation.

Sponsors & Resources: Shoutout to Our Supporters

Big thanks to our episode sponsors – Web Insurance and BBC Global Services. These folks offer incredible support and resources that align perfectly with our real estate journey. Check them out!

Wrapping It Up

So there you have it, folks – a roadmap to revolutionize your real estate game in 2024. Remember, it's about planning, executing, and constantly evolving. Let’s not just dream big; let’s achieve big!

Join the Conversation

Loved these insights? Share this blog with someone who’d benefit from it. Got questions or thoughts? Drop them in the comments below – let’s keep the conversation going. And don’t forget, subscribe to our YouTube channel and email list for more power-packed content.

Here’s to building a prosperous and impactful future in real estate. Until next time, keep renovating those minds and let’s lead more than 25,000 souls to a life of values-based investing.

Nathan Bush, signing off from St. Louis – stay blessed, stay inspired, and remember, every day is an opportunity to renovate your nation.

🌐 Need a property manager or to learn more about me:
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Bosting Average Rents $127/Month Case Study: LINK.


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