Assetsoft - Blog #smart home

Are smart homes here to change the real estate market?

Wed, 04 May 2022 17:59:22 -0500

Today, smart homes are no longer an unreachable and exotic investment that only posh Wall Street people can invest in. It is now slowly becoming an everyday reality for many Americans. Yes, most of these people do not have complete smart homes, but more than 70% of people now have at least one smart device present in their homes.

A CNET and Coldwell Banker study had 81% of people saying that they are more likely to invest in a property with pre-installed smart technology systems. Well, if that is any number to go by as a property manager, you surely know where the real estate trends are heading.

As the lives of residents are getting busier, they are looking for quick solutions to daily life problems, and smart homes have come as the solution to this. So, what are smart homes exactly? What do they entail, and how does it affect the real estate business?

What is a smart home?

Smart homes are residential spaces that use various levels of technology to automate daily tasks around your home. Everyday tasks like reminders, cleaning, gardening and more can be completely automated with smart devices. Business reports predict that more than 63 million homes across America will come under the smart home category by the end of 2022. Having a Bluetooth and WiFi connected home will let people synchronize all devices across their home. What are the facilities that make for a smart home?

Smart appliances

People can control smart appliances like smart TVs, lights, ovens, and other kitchen devices remotely from phones or voice commands. The types of smart appliances are increasing by the day.

IoT devices

Voice command devices like Alexa & Google assistant operated to create a virtual platform inside the house for members to communicate. People can set and send reminders, auto start jobs around the house by commanding these inter-connected IoT devices. The possibilities of these devices are endless.

Smart backyards

Smart tech is not stuck to just the insides of your home. Now people can schedule and have their gardens cleaned and watered with smart gardening devices.

Smart security

Smart security systems can be remotely controlled by residents even when they are off the property. This provides them with a constant sense of security. You can track and intervene in unauthorized entries, screen and detect suspicious activities and upgrade as per need. This is why the global electronic security system market is set to reach $9 billion by the end of 2026.

How does a smart home affect your real estate business?

Smart homes are of higher appeal to millennial home buyers due to their tech-savvy lives. Due to the extra services, smart home values are increasing by the day. Even their resale values are higher than other normal residential homes. This makes smart homes more of a lifestyle choice than just an investment. Smart homes are not everyone's choice just right now, but it is majorly affecting the real estate business whether you like it or not. As a property owner or manager, you soon have to align yourself and provide these smart facilities in your properties to attract more millennial residents.

Are smart homes a viable option?

Yes, smart homes make residents' lives easier, but this technology is not entirely developed. The primary issue that most homes face is with their smart security systems. More than 35% of smart homes in the US alone faced data security problems in the past year, which has people sweating. Since most of these smart devices work WiFi networks, they have a massive chance of security breaches, which is something to worry about. Though smart homes are developing fast, they still have a long way to go before it becomes a part of every household.

To date, smart devices sometimes can not tell the difference between some robots and human commands, which makes a lot of little annoying moments around the house. Even smart security systems keep raising false alarms due to hyper-sensitivity issues causing fake alarm security issues in households. The tech developers need to put more thought into this before it becomes an affordable and viable option for all households.

Why smart homes are the future

The technology is still in its initial stage, but there is no denying that this is the need of the future. The busier people’s lives get, the more chaotic everyday tasks around the house will become. This is why smart homes are making their mark. It makes residents' lives more convenient; it also lets them control every corner of their house right from their phones. That is why homeowners and residents are slowly experimenting with smart devices. Data says 69% of houses across the US already have at least one smart device in their homes if not two. It is only a matter of time before more and more systems around the house start coming under this category. That is why as real estate owners, you must think about revamping your properties with smart devices in the near future.

As a property manager and owner, what do you think? Though smart home technology is yet to reach its full potential, it is sure to grow soon. Even if you are yet to implement these smart techs into your properties, there is no issue in starting technology implementation in your property management plans. Yes, selling or renting out a smart home might seem a little far stretched at the moment. But the time to get the right property and asset management software integrated into your system is now.

At Assetsoft, we can help you understand and seamlessly integrate the right property management software for your projects. Yardi and MRI software can automate it all from real estate property management, asset management, investment management, and back office work. The use of these latest techs will help you get ahead in the market and get an edge over your competitors.

Talk to us soon to know more!

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Are You Ready For Generation Z Renters?

Thu, 07 Oct 2021 08:00:00 -0500

For the past few years, the global real estate industry focused on marketing to one target audience: millennials. But as technology develops, we have an entire generation having a different set of requirements. Gen Z renters are digital natives who haven’t lived without the internet. As the oldest ones turn 24 this year, now is the perfect time to prepare your business for the new generation.

There are around 68 million people belonging to Gen Z in the US alone. This demographic is the reason why most property managers want to cater to their needs. To give you a head start, we have compiled the best ways you can use technology to attract Gen Z renters.

Finding properties online

Gen Z uses social media for almost everything, even finding properties. Instagram and Youtube are some of their favorite online platforms. Even though Google search is still a popular method to market properties, you need to look beyond that to reach Gen Z renters.

Modify your marketing strategy to include social media platforms. In addition to Gen Z renters, these platforms also contain a large audience of all age groups. By creating the right ads, you can target the Gen Z renters while still marketing to other groups. Well-performing social media posts also show up as search results which drive organic traffic.

Improve your SEO strategy and create engaging social media posts to build a clientele of Gen Z renters. They also value personalization right from their playlists to their apartments. Create a brand strategy that speaks to them and personalizes their tenant experience.

Affordability over amenities

Even the oldest Gen Z members are still just out of college and looking for a place to live. They look for financial stability and believe in “saving” more than “spending.” A survey by BHG Real estate reveals that Gen Z tenants are ready to give up luxuries to achieve homeownership.

While they value tech and connectivity in their living spaces, affordability is still their topmost priority. Rental prices that allow them to save for their future home are most appealing to this generation.

They also prefer long-term leases that are longer than a year. This helps them achieve stability while they work for their future. According to a survey by Tenant Cloud, 55% of Gen Z renters plan to rent for a few more years, till they can buy their own properties.

Reviews matter

Gen Z do the most research online with 30% of them checking ratings and reviews before touring a property. So apart from listing your property on social media platforms, you also need to build a positive reputation around your property management business.

The best way to get reviews is to ask your current or previous residents. However, tenant experience plays an important role in what kind of review you will get. People rarely need a push to write about a negative experience. But if you ensure quality service to tenants, you can easily get positive reviews from them.

Consider collecting tenant feedback to improve your services accordingly. Tenant portals such as MRI Tenant Connect are an excellent way to maintain tenant communication and collect feedback.

More tour options

For Gen Z renters, property tours need not be on-site with an agent. A survey by RentCafe revealed that 52% of Gen Z renters chose non-traditional property touring methods including virtual and self-guided tours.

Virtual tours use a collection of images and videos that allow a tenant to view a property through phones and computers. You can also conduct virtual tours through video calls with an agent showing them through the property. Virtual tours save time as prospects can view the properties at their own convenience.

Self-guided tours, on the other hand, are conducted on-site. But, these tours lack an agent and the prospects view the properties on their own. Tools such as RentCafe Self-Guided Tours help create a seamless property touring experience. The software includes features such as tour scheduling and ID verification. You can also use AI chatbots to assist prospects throughout their property viewings.

High-speed internet connection

Since this generation is tech-dependent, it is no surprise that high-speed internet connection is the number one priority for them. Ensuring excellent connectivity through WiFi makes your property stand out. As the remote working trend is also catching up, building co-working spaces with a reliable internet connection are also helpful for all your tenants.

You can implement WiFi-as-a-Service (WaaS) to accommodate a high number of devices. WaaS allows your tenants to access the internet directly from your WiFi network. Tenants can choose their own bandwidth speeds through different monthly packages. A WiFi connection also unlocks a whole bunch of advanced amenities that can attract Gen Z tenants.

Smart home tech is a must

Smart home amenities provide favorable housing conditions that appeal to Gen Z. Around 62% of Gen Z renters believe that technology is very important when renting a property. Apart from the convenience and cost savings, these amenities also help in environmental conservation.

Smart home technologies include a host of amenities such as:

Digital locks: Locks that use QR codes or biometric scanners instead of keys.
Smart Lights: Lights that work through voice or motion activation.
Smart thermostats: Adjusting temperature by gauging the number of people in the room, external temperature, and more.

Using AI, machine learning, and the IoT, you can implement smart amenities that are fit for the Gen Z renters.

Prepare for Gen Z together with Assetsoft

Gen Z thrives on digital advancement in rental properties. Assetsoft can help you implement suitable technology through RPA, artificial intelligence, and the IoT. Our team works with the clients to build a custom strategy for each business.

Whether it is property management software or smart home amenities, we can help you with all your real estate technology requirements. Our experts are with you even after implementation by providing the required support and training. By working with Assetsoft, you can leverage the best technology and resources to boost your business effectively.

Talk to us at Assetsoft to make your business Gen Z ready!

How Can Property Management Software Improve Security?

Tue, 05 Oct 2021 08:00:00 -0500

Multifamily apartments have a high number of visitors and tenants, making building security not an added feature, but a priority. With burglaries and crimes on the rise, more tenants are looking for properties that have added safety measures. An Assurant survey found that nearly 54% of tenants are willing to pay more if the building has a security feature.

As a multifamily property manager, it is your responsibility to ensure the safety of your tenants. Apart from strong infrastructure and security personnel, you can also use technology to create a safer environment for your residents. These 4 tips will show you how to leverage property management software to enhance building security.

Access control

Advancing technology is creating new ways to enter a property. Instead of a traditional lock and key, you can use ‘digital keys’ to create a more secure entrance into a property. Using IoT, AI, and machine learning, you can configure digital locks that only allow authorized entrance. According to Grandview Research, the demand for such smart locks has reached 8.9 million units this year.

These locks can be opened in a variety of ways such as fingerprint scan or facial recognition. One of the most popular ways of ensuring access control is through biometric authentication. Doors can be opened through fingerprints or facial recognition systems. This is highly secure as the facial recognition system has a failure rate of just 0.2%.

Another common way property management software can facilitate digital lock systems is through QR codes. Each resident has their own QR code, using which they can access their apartment.

But these codes are not limited to tenants. They can also be shared with the domestic help and visitors, so tenants can authorize who can and cannot enter their properties. Property maintenance also becomes easier. Codes for maintenance staff can be validated for a certain time. That means, they cannot access the property outside a scheduled maintenance time.

A report by Markets and Markets found that access control systems are being increasingly implemented in the residential industry. Along with access security, they also help in the detection and prevention of other hazards such as gas leaks and fires.

Remote monitoring

Using surveillance systems has always been a norm in property security. But instead of monitoring through a room near the same building, property managers can now monitor remotely. Using property management software, surveillance videos can be viewed on mobile screens through an app.

Property managers can detect and take action against any suspicious activity even on the go. You can also use property management systems to provide remote surveillance as a service. If tenants choose to monitor their properties, they can do so even if they are outside the home.

Due to the pandemic, an increasing number of people have started shopping online. Remote monitoring devices can also ensure that your package has reached you safely. To prevent unauthorized delivery people from entering the buildings, property managers can provide remote access to a storage area where they can deliver the packages.

This helps property managers constantly monitor activity in a single place and also make sure that the tenants’ packages reach them safely.

Contact and motion detectors

According to iWatchLife, nearly 17.23 million devices such as contact and motion sensors were implemented in 2013, and the number has been growing ever since. Combining motion sensors with property management software helps you detect intrusions and suspicious activity without monitoring it constantly.

These sensors set off alarms when they detect contact or movement. If remote personnel are monitoring the property, these alarms can alert them to take necessary action.

You can configure these sensors to send messages to security personnel or even tenants to their mobile devices. Since most people carry a smartphone, detecting unusual activity becomes much faster. You can also choose to trigger an alarm system in the building to alert people nearby.

Digital communication methods

The primary way to ensure the safety of your tenants is to build a secure infrastructure. If a door lock is broken or a feature has stopped working, the building security is much more compromised.

While regular building maintenance covers these areas, sometimes a feature may go unnoticed. Tenants, who notice these problems, need a way to contact maintenance staff as soon as possible. You can utilize tenant portals to help them submit priority maintenance requests.

Instead of regular maintenance requests that take too much time to process, security requests get the first priority. By using digital communication methods, your staff can check and respond to such requests quickly.

As a property manager, it also becomes easier to keep track of such requests and ensure that the necessary repairs are made. Routine inspections and maintenance can also be logged in tenant portals, to give your residents a complete overview of the building’s security measures.

Using smart features

Other than these, smart home features such as doorbell cameras and motion-enabled floodlights keep the building secure. Doorbell cameras help view the visitor without opening the door. Property management systems can be integrated with features that alert you every time someone is at your door.

Using the camera, you can verify the visitor and choose to allow them in or not. Similarly, motion-enabled flood lights light up every time there is unexpected movement. Other features such as smoke alarms and remote locking feature also help you enhance the security of your property.

Integrate security features in your property management software

Property security is a priority for every property manager. At Assetsoft, we understand the safety requirements of your buildings and tenants. Through state-of-art property management software such as Yardi, Procore, and MRI, we can integrate the required features in your property management system.

We can also help you implement additional security features through the latest technologies such as AI, machine learning, and IoT sensors. With intelligent RPA automation, we can help automate robots to complete all those repetitive but important tasks.

To know more about our services, contact Assetsoft!