Rental experts worldwide have started to recognize the value of automation, machine learning, and AI—in fact, over 50% of property managers are looking to modernize their operations in 2024.
This surge in interest is reflected in the projected growth of the proptech market, expected to reach $5571.3 million by 2030. As companies continue to realize the value of streamlining operations and enhancing security in property management, investing in technology has become a necessity for scaling and growth.
Your technology investments should always be about making your life easier, which means finding the right device for your needs is a purchase that shouldn’t be taken lightly.
In this article, we’ll dive into the four must-have smart tech systems in 2024, and reveal the leading platforms and products, to ensure you’re getting the most from your investment.
A quick Google will reveal there are a lot of rental tech companies that claim to be a ‘must-have’. However, we’ve reduced the long list to just 4 key systems that we believe really will make or break your investments: Guest access tech, noise and occupancy monitoring, cigarette smoke detection, and leak detection.
Here are the front runners for each system.
Secure guest access should be a fundamental part of your rental property management. Providing tenants with a simple and secure way to manage guest access not only enhances their living experience but also plays a crucial role in ensuring the safety and security of the property.
Fortunately, there is a wide range of security tech solutions specifically designed to address the unique needs of rental properties. These solutions leverage cutting-edge technology to provide secure and convenient guest access while minimizing administrative burdens for property managers.
Noise and occupancy monitoring systems offer invaluable benefits for long-term rental property owners, ensuring a peaceful and secure living environment while safeguarding property assets and reputation within the community.
Rather than relying on intrusive security measures, devices like Minut provide a privacy-conscious solution. Minut’s systems do not record audio, capture visuals, or infringe upon tenants' privacy rights. Instead, Minut uses industry-leading sensors and machine learning to understand the occupancy rates and noise levels of your property.
By automating your noise and occupancy monitoring with an unintrusive platform like Minut, property managers can spend less time worrying about the security of properties, and more time scaling their property portfolios.
With a portfolio spanning Europe and Asia, Kasa needed to find an efficient way to manage its properties. Kasa’s mission is to provide safe, secure long-term rentals for tenants around the world, and it needed to ensure this without compromising its tenants’ rights to privacy.
The property company discovered that Minut’s monitoring solutions not only allow the team to detect and prevent disturbances and property damage, but the analytics feature also enables Kasa to understand any trends and patterns in tenant behaviors.
“Safety is fundamental to Kasa and our communities, but we chose Minut not only because it enables our dedicated Trust and Safety team to swiftly respond to disturbances. We also partnered with Minut because it helps us expand our knowledge of problematic behavior beyond human observation, strengthening our ability to predict problematic stays before they occur.”
Integrating cigarette smoke detection technology into rental properties offers numerous benefits that directly contribute to maximizing ROI.
Enhancing safety measures and preventing property damage helps managers reduce insurance claims, liabilities, and turnover expenses, not to mention the costs associated with yellowing and foul-smelling furniture.
Minut’s smoke detection sensor uses advanced machine learning to Minut's cigarette smoke detector uses advanced machine learning algorithms to identify smoking incidents and minimize damage promptly.
Effective climate control involves more than just setting the thermostat. It requires real-time monitoring and management of indoor temperature and humidity levels to create an environment that fosters productivity, health, and overall tenant comfort.
Fluctuations in temperature and humidity can lead to issues such as mold growth, discomfort, and even health hazards for occupants. So having a smart sensor like Minut, which can detect and address these fluctuations in real time, is essential for maintaining a healthy and habitable living space.
With indoor climate control technology, property managers can:
Water damage poses a threat to property integrity, results in costly repairs, is highly disruptive to tenants and can cause potential liability issues.
The good news is, leak detection systems can put a stop to water damage before it gets out of control. Leak detection systems typically use sensors placed in strategic locations throughout a property to monitor for the presence of water or moisture. These sensors can detect even small leaks or changes in humidity levels, triggering alerts to notify property managers of potential issues.
When a leak or abnormal moisture level is detected, the system sends an alert to the property manager via a smartphone app, email, or other notification method.
Some more advanced systems may also feature automatic shut-off valves that can stop water flow to prevent further damage.
By detecting and fixing leaks promptly, property managers can avoid the need for major renovations or structural repairs, and avoid rental vacancies, saving both time and money.
The integration of smart technology is no longer just a luxury. From advanced security solutions and climate control systems to leak detection and occupancy monitoring, smart tech offers huge benefits to property managers and tenants, that directly impact the bottom line.
By leveraging the power of innovation and machine learning, property managers can spend less time monitoring their properties, and more time scaling portfolios, discovering new opportunities for growth, and focusing on sustainability.
Ready to find out how Minut is transforming the rental industry for property managers around the world? Book a demo with one of our experts, we’d love to chat.
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