Do high tech improvements add value for landlords

9 November, 2021|twentytwotwentytwo

At Castle Dwellings, we work closely in supporting local landlords. We know the importance in connecting with tenants, and in providing them with the best standard of service. No matter how much experience you have, we are here to ensure you support tenants in the most effective and appropriate manner.

We know there are many ways a good landlord makes a tenant feel at home, and of course, these are changing over time. As we move forward, it is likely that high-tech devices and gadgets will become commonplace in every property, if this isn’t already the case.

There are benefits to these devices, and as a landlord, you should stay in touch with these features, and how they can assist you and your tenants.

Benefits of high-tech rental property

You should never make change for change sake, it is important to only carry out improvements if they can justified.  Here are some benefits of high-tech rental property:

• Your renters can easily make payments online, which saves time and money on processing fees and postage costs.
• You can offer an array of amenities through technology without having to install them in all properties, saving you space and money!
• Landlords who invest in high tech rental properties will be more marketable to potential tenants because they are seen as forward-thinking owners with a modern approach to renting their homes.

Not every tenant wants to pay for a tech home!

Of course, while there are many positive reasons to invest in this technology, this might not be the case for every landlord or rental property. Also, you will find that the additional cost associated with some devices isn’t always justifiable, or something which adds value.

You also need to consider if a tenant is willing to pay extra for the inclusion of some gadgets. Some will, but many won’t, and you need to weigh up whether these changes are right for you and your rental property.

The poll, carried out by Ascend Properties found:

• 29% of respondents were “somewhat more likely” or “much more likely” to rent property with high-tech features
• However, 74% of respondents said they are unwilling to pay more for these high-tech features
• 23% of respondents were interested in technology’s ability to save money on utility management
• Even fewer respondents were interested in technology’s ability to improve security, remotely operate heating or lighting or utilise voice activated technology

Ascend managing director Ged McPartlin says: “While smart tech is a great addition to the home, residents aren’t quite ready to pay above the odds for the privilege of a fully automated home of the future. In fact, it’s important to get the basics right and provide the fundamentals such as good wi-fi, or a well-maintained outdoor space, before you start to add the additional bells and whistles.”

If you plan on letting property, get in touch and we will discuss our range of property management services with you. With offices in Castleford and Pontefract, you will find Castle Dwellings is ideally placed to assist you, so get in touch today.