More than 80% of millennials are willing to pay more for a “smart apartment” compared to 65% of baby boomers, as reported by an Allegion survey. For this reason, there is also a growing desire among property investors to use IoT based technologies with hopes that it will entice renters. However, smart tech and other IoT devices can only make sense to most property investors with holiday lettings if they can bring in return on investment.
How IoT applications can help manage your buildings
There is more to IoT and smart tech than just their appeal to millennials. Sensors that gather data both in and outside of your property are a key feature in any IoT system. You can then analyze this data and use it to guide you on how to optimize property operation and determine how the property is optimally occupied. Sensors like Samsung SmartLeak Water Sensor and Honeywell Lyric water leak and freeze detector are examples of sensors that send data to your phone for you to analyze.
Examples of IoT systems
HVAC systems that can adjust the heat, air conditioning, and lighting remotely in response to the absence or presence of occupants is a great example of an IoT system. Another example is sensors embedded into a building’s infrastructure, which allow for a proactive not reactive approach to repair and maintenance. A sensor embedded on water pipes in your holiday let can warn you if there is a leak or if the water pressure is too low. You can fix that right away before holiday renters occupy the house. If the system has devices connected to the internet, you can also monitor unusual water or energy usage remotely.
Smart/IoT tech gadgets
Smart home gadgets can enhance the living experience for holiday letting renters. Even big brand hotels are using these devices to enhance customer experience. In Los Angeles, Marriott Hotel and Amazon debuted Alexa for hospitality in June 2018. Guests can ask Alexa to control room temperature, lighting, TV, set the alarm and even ask for weather updates, among other things. Owners of holiday lets have even more to gain from implementing smart tech than luxury hotels do. Holiday lettings do not often have many luxury touches that can shift attention in a room. With smart devices, your holiday lettings will be rental properties that feel like home but also have the latest innovations, like smart door locks, smart thermostats, smart coffee makers and more.
These gadgets can make a difference in drawing more attention to your holiday let and may help you get a strong return. They can give you a competitive advantage while allowing you to more effectively monitor the infrastructure of your building.