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 boost the bottom line for owners. Resha Shroff, CEO of Virtual Key, joined us to share how smart technology is directly increasing the NOI 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 and can be used 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

TechCrunch

Phocuswright

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:

Lou Malnati's

Connect with Resha:

LinkedIn: https://www.linkedin.com/in/reshashroff/

Email: [email protected]

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