Driving on a Sunday morning, a person sees a new rental property that seems to fit what they’re looking for, and they decide to check it out. With the scan of a QR code on the sign and a quick ID verification, they soon get a temporary access code to put into the available unit’s smart lock, letting them come in and tour the place for a preset amount of time—all without a rental agent or property manager on site.
This scenario would’ve been impossible in most places just a few years ago. But with the Internet of Things (IoT), it’s the way of the future—now.
“I think it’s an invaluable leasing tool, and personally, I’d rather see a unit without an agent standing over my shoulder,” says John Schmelzle, founder and principal of Schmelzle & Associates, a real estate investment and operating company based in Rogers, Arkansas.
Schmelzle’s company is going all in on IoT devices like smart locks for its multifamily properties, starting with Valley Oaks, a development of build-to-rent single-family duplexes. “We’re so pleased with it, it’s going to be in every one of our developments,” he says.
IoT devices offer many conveniences and benefits for renters and multifamily companies alike, including:
- Thermostats. Residents can set the perfect temperature for when they’re home and schedule when to turn down heating or cooling when they’re away—all through a simple mobile interface. And property owners can set the right temperature for tours and save on energy costs in empty units, along with being able to monitor energy use throughout the property.
- Door locks. In addition to the ability to do tours without an employee on the premises, keyless entries let property managers lock all vacant units, common areas, and the office with the touch of a button. And renters can give temporary access codes to dog walkers, delivery people, and guests.
- Light switches. Residents can program their lights to turn on when they come home, and voice controls make turning lights on and off throughout their home easier than ever. And with preset lighting schedules, empty units appear occupied from the outside.
- Water leak sensors. Under kitchen sinks and in bathrooms, water leak sensors can reduce the risk of water and mold damage by alerting you before a leak becomes a big problem.
And those are just a few examples of IoT devices and their benefits for renters and property owners.
“The Internet of Things is going to be like another utility that’s going to be expected by your tenants,” Schmelzle says, so getting on board with IoT sooner, rather than later, is crucial.
As with any technology venture, having a trusted partner on the IoT journey is a must. For Schmelzle & Associates, that partner is Cox.
“I’m in the business of building housing and leasing it, and not in the business of managing tech,” Schmelzle says. He doesn’t want to have to worry about calling a smaller service provider and getting on their schedule. With Cox, his company has 24/7 technical support and the benefit of working with a leader in the field.
The variety and choice Cox provides are also very attractive, Schmelzle says. “The other thing we like about the Cox program is it allows you to pick and choose what you want to put in your package. It’s not one size fits all,” he says. In the future, his properties might add alarm systems or video doorbells, among other IoT offerings.
Learn how Cox can bring the many benefits of IoT to your residents and properties.
