Smart homes are all the rage and many short-term rental and long-term apartment owners are taking notice. Technology is appealing to many renters and guests, but when implemented right, it can drive revenue for owners. Resha Shroff, CEO of Virtual Key, joined us to share how smart technology is boosting the bottom line for Class A and B properties and adding security and preventative services for Class C properties. She also shares some of the advantages, drawbacks, and opportunities with smart home technology.
Key Market Insights
Own multifamily and single family, both long term and short term rentals
Had a problem turning short term rentals in a 4-hour window
Did not know real-time when short term renter moved out so could not schedule cleaners and offer early check-in
Physical keys became an efficiency and security flaw
Virtual Key leverages smartphones as the key, integrated with smart locks
Software company, but partners with hardware manufacturers
Compatible with 20-30 smart lock manufacturers
Integrates with 200+ devices like smart thermostats, lights, cameras, etc.
Designed with security features aligned with banking software
Tracks the interactions of people moving in and out of the unit
Custom app can be developed and branded to help operators stand out amongst competition
Tenant can issue keys to guests, dog walkers, Amazon deliveries, etc. – access is removed after access is used
Tenants willing to pay $15-25 in additional rent
Integrates with Alexa and Google Home, can use to schedule maintenance
Barriers to tech integrations: Many people have heard of smart devices, but don’t know what to use; feel it’s a daunting project
Works better for Class A and Class B apartments from 20 units
Some Class C operators do it for security purposes to monitor who is going in and out
Offer smart devices such as leak detectors
DIY Showings that can be added to listing
Costs would be $300-800 per unit for installing a smart home system
Bull’s Eye Tips:
Winning Your Market: Make sure technology makes you money or saves you money
Tracking Market Changes: Reads tech journals and listens to podcasts
Daily Habit: Power Hour – plans the first hour in the morning to do tasks tied to her most important goals
Resources:
Best Business Books:
Tech Biographies (Women in STEM)
Digital Resources
Tweet This:
“It should make you money or save you money”
“Class C operators use it for security and preventive tracking”
“Leasing agents are using technology to do virtual showings”
Places to Grab a Bite:
Connect with Resha:
LinkedIn: https://www.linkedin.com/in/reshashroff/
Email: Resha@virtualkey.co
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