Home automation is becoming a more common must-have for renters in Metro Detroit. Adding the right home automation features is a low-cost way for property owners to help rental properties stand out and deliver conveniences that can attract better tenants! What do we mean by “automation?” Our Detroit property management experts have insights into how a few technology updates can help boost returns!
What Is ROI?
ROI is a profitability ratio that calculates the return on investment. Property owners can evaluate the ROI for a property by calculating the amount of money you make from a rental unit and comparing it against the cost of the investment, including ongoing expenses.
Return on investment helps a property owner determine if the property was worth the investment or generating enough income to meet long-term financial goals. It can also help you determine the answers to questions like "how much can I rent my house for?"
What can investors do when the ROI isn’t quite where it needs to be? While plenty of strategies help boost returns, adding home automation features to a rental home is one thing property owners often overlook as renter needs change. Today’s renters rely on more digital and convenience features than ever before! When your properties deliver these aspects of modern life, they become in-demand homes that command competitive rental prices.
How To Improve ROI with Automation
Attracting (and keeping) good renters is critical to generating consistent rental income. However, a property manager can tell you that getting your rental unit noticed means finding ways to help it stand out from other listings and deliver amenities tenants look for in a quality home.
By taking the time to do small things like adding Alexa or Google Home to a property, you may help a renter decide that they want to rent with you. These are small additions that might not seem like that much compared to other more significant property upgrades you could make. However, sometimes these minor improvements can have a significant impact on the tenants that you already have and those that you are looking to attract as new residents.
Why Do Renters Love Alexa?
Whether you bring Alexa-enabled features into a property or choose Google Home or other smart home features, renters love the convenience! In many cases, they might already use Alexa for a variety of features before moving into your property. Alexa and Google Home are both easy to install and can allow your renter to control the lights, turn the thermostat up and down, and even control entertainment. Renters can also lock the door or open the garage on the way home for additional security.
Bringing your rental property into the future by providing automated services can help make renting a more enjoyable process for your renters and can help to set your property apart from others. However, if you’re not sure that Google Home can really be a game-changer for your real estate investment property and returns, ask your residential property management service what renters look for in the Metro Detroit area and if home automation makes good sense for your rental properties.
Make Your Rental Properties Stand Out
The best Detroit property management companies can tell you that the best way to stand out and to improve your ROI is to take the time to invest in the property and give it features that renters want. Though adding Alexa to a property isn’t a huge investment, it might be important to renters and deliver just what they are looking for in a rental space. These features can also help renters feel at home in your property and renew their leases!
Residential property managers can tell you that things like Chime or Ring doorbells, security cameras, and other smart technology are excellent ways to help make your property more appealing to tech-savvy renters. When listing your rental property, be sure to highlight home automation features that can help renters stop scrolling by and put in an application for your property. Include photos that show the property’s learning thermostat or a video that shows how an app can control the property’s lighting or garage door!
A Detroit Property Management Company Helps Automate a Rental Property
Renters enjoy technology! While too much technology in a home can be frustrating, the right home automation features can set your Detroit rental property apart and attract quality residents. In addition, the right options will help your property justify higher rental rates that can boost returns!
If you’re not sure how to choose or install the ideal smart home technology for your rental properties, the right Metro Detroit property management company can help! Own It Detroit has seasoned real estate professionals that understand the market and what renters look for in a home. We can help you evaluate your property’s current return on investment and make expert recommendations to boost ROI. Reach out soon to learn more about our residential property management services!
Get more insights into improving returns! Download a free copy of “10 Things You Should Do to Increase the ROI for Your Rental Property.