Installing and using smart devices like key fobs and smart phone controlled light switches and thermostats in rental units is not only a growing trend, but also becoming a necessity for many apartment or rental unit owners because of the many benefits that they can offer. For the renters, these smart devices can make their apartment living much more convenient, and for you, the landlord, it can mean so much more.
Apartment units that have smart technology installed in them have higher market value, and thus cost more to lease. That being said, you can greatly increase your rent and thus be able to earn more. Although it may seem that no one pays particular attention to such apartment units, the truth is that there are people who are willing to rent and spend more money on such rental units, especially at this point in time where people are making more money and understand the conveniences that come with a more technologically advanced living space.
To date, only a small percentage of rental units incorporate smart technology into their units, and if you are one of them, then you’d basically get the prestige that they are enjoying. You’d be able to improve people’s perception of your rental units, and thus be able to attract more of them. Again this is a growing trend, and jumping in early on the bandwagon can do a lot for your business.
Easy and Automated
Incorporating smart technology in your rental units also means that most of the jobs that you usually do manually can be automated. For instance, there are automated systems that immediately detect and alert you of any problems that may be happening in your rental units, like excess moisture brought about by leaking pipes or unusually high temperatures which can cause fires. Another example is automated billing, where the renters are automatically charged every due date (usually through credit cards) so you don’t have to worry about them missing a payment.
Installing smart devices and advanced technology in your rental units may seem like a huge investment, and it usually is. But then, with all the benefits that they bring, they are bound to be one of the best investments that you can make for your business.
Smart technology is quickly becoming a trend when it comes to apartment units. As more and more people are becoming more and more tech savvy, they also expect their living quarters to be able to live up to their lifestyle. If you have an apartment building and would like to provide a more technologically advanced amenities for your renters, here are some ideas that you can apply.
For one, you can install keyless entry on the apartment doors and units. These key fob entry systems are often better than having actual keys which are quite bulky and heavy on the pockets. Some doors also won’t close without these key fobs, so renters won’t be able to leave the house without them, thus minimizing the risk of them leaving or losing their keys. Key fobs also allow the renter to access other amenities in your apartment building, and at the same time can be programmed to prohibit people from entering restricted areas. Aside from doors, key fobs can also be used on elevators. All you have to do is to wave your key fob on the elevator sensor, and the elevator will take you up to your floor immediately without the need to press any buttons whatsoever.
Smart Phone Controlled Devices
Another thing that makes a tech savvy apartment unit is that if most of the items there can be controlled with a remote control. But what’s better than that is that you can actually use your smart phones as the remote. There are many apps that allow you to do this, and with it you can control the thermostat settings, turn light switches on and off and more. Landlords can set up an account with such app developers and then share it or require their renters to download the app for them to be able to use it.
Automated Billing and Payment
One of the things that many people like is being able to pay their bills using their smart phones, and with the recent advances in technology and banking, they can do so with their groceries, utility bills and even apartment dues. They simply have to key in some pass codes and immediately transfer money from their bank accounts to your accounts fast and easy.
Installing smart technology like these will not only make your apartment units look more appealing to renters, but also help to make their apartment living a much more convenient experience.
The real estate market in Jackson County continues its recovery this year with the median price of a home increasing by 15% from $195,000 in January 2014 to $225,000 in August 2014. The number of homes sold this year is about on par with last year with an average of 242 homes selling per month.
Jacksonville (which extends all the way to Ruch) has fared even better with the median price of a home increasing this year by 20% from $291,350 in January to $350,000 in August.
The Jackson county housing market is experiencing faster appreciation growth than the national average, but that is to be expected as our county was one of the hardest hit nationwide and shares the distinction, along with Deschutes County, of being the hardest hit county in Oregon.
We may slow down a bit in fall and winter, but what will be interesting is, what the inventory will look like next spring/summer. We have gone 6 or 7 years seeing little to no building but having population growth and age growth which both contribute to demands on the housing market. In Jacksonville, all the new construction in Vineyard View, at the end of Shafer lane, is sold out! The Farms and Brookview, on G Street and Hueners, will most likely sell out this winter. So will we have any new housing for 2015?
What’s also remarkable is that Jacksonville is not building for it’s demographic. The families moving here tend to be older, those who are either retired or who have the means to escape large cities and make a living here. These two groups, the escapees and retirees, may be in great fiscal health but many of them are planning on aging in place. Their dream does not include the climbing of stairs to reach the master bedroom, so where are the one story new homes?
On the rental front, we are seeing a large demand for rental homes in all of Jackson County and very low supply. This is particularly true in Jacksonville where we manage over 60 rental homes which are all full with a waiting list. As the prices of homes increase, owners that chose to rent out their homes because of a lack of equity are now choosing to sell their homes, leaving the rental market with less and less inventory. The rental market will continue to be tight until we see more housing starts and more rental inventory.
As long as our economy keeps growing, even at a slow pace, we’re likely to see real estate prices grow; and as long as the US population continues to age, we’re likely to see Southern Oregon grow faster than most areas.
If you’re looking to sell your house, then there are many avenues which you can take in order to do so, one of which is by holding an open house. More often than not, this actually makes it easier to get your house on the market, and even sell it fast, too. There are a lot of benefits that comes with holding an open house, some of which includes the following.
It Attracts Attention
When people look for homes, they are usually enticed by images and pictures of the property first, the texts and the contracts usually follows after. This is mainly because people want to see what they are buying first before anything else, and this is how an open house can benefit you. By letting the whole neighborhood and the surrounding areas know that you are holding an open house, you can be sure that more buyers will come to see you compared to sellers who only post pictures of their properties on real estate sites and social media sites.
Close Deals Faster
When buyers see the property, they are more likely to purchase it, since they already have an idea about how it actually looks as well as an idea of how it feels to live there – both of which can greatly influence a home shopper’s buying decision. Aside from that, they are aware that this is an open house, and that there are other people who are waiting to see the house as well aside from them. If they are really interested in the house and do not want other people to take it away from them, they will start talking business with you.
Set the Timing and the Scene
Holding an open house is in fact a lot less stressful when compared with unannounced visits from potential buyers and brokers. With an open house, you can choose when you want the house to be available for visits and viewing, say during the schooldays when kids aren’t at home to mess the interiors and furniture (also a great day to show how quiet and peaceful the neighborhood is), and since you know when to expect visitors, you have time to tidy everything up and make your house as appealing as possible.
With all these benefits, there really is no reason for you not to hold an open house. Through an open house, you will be able to increase the chances of your house being bought without that much of a stress.
It is estimated the Millennials make up close to 40% of the housing market, and 90% of them are renters! This means big changes and a lot of opportunity for property managers. Investing in the right amenities and marketing strategies is critical to attracting and retaining the newest generation of renters. This generation is different from their predecessors, so we have compiled this infographic to give you a snapshot of what makes them so different and what you can do to gain their business.