There are always at least two sides to most stories and the narrative where rental property meets automated technology offers a variety of views.
Since the 1980s, automated technology has been used (or not) by the real estate industry in varying degrees. Forty years later, it’s still a topic with mixed reviews. Let’s take a look at how property owners and tenants feel about automated technology.
What Property Owners Like About Automated Technology
For property owners who use automated technology, there are several reasons why they have embraced using it. Some of the various aspects of automation they value most include:
- Increased Efficiency: Routine task are easier to manage, even remotely.
- Cost Savings: Save time, money, and energy by streamlines processes.
- Improved Security: More confidence knowing properties and tenants are safe.
- Convenience: Manage property remotely if need be and in real-time.
- Enhanced Property Value: An impact to your overall ROI.
Automation can streamline tasks such as managing utility usage, controlling access, and monitoring security systems. It also allows property owners to remotely manage their properties and provides a more comfortable living or working environment for occupants.
What Property Owners Fear About Automated Technology
For property managers who are not yet familiar with automated technology, there are reasons they have concerns about it. Some of these reasons they might fear automated technology include:
- Loss of Control: Property owners may feel that implementing automated systems will reduce their control over various aspects of their property management, such as tenant communication, maintenance, or rent collection.
- Security Concerns: The integration of technology may raise concerns about data privacy and the risk of hacking or unauthorized access to sensitive information.
- Cost: Implementing automated technology can be expensive, particularly if it involves significant infrastructure upgrades or training for staff.
- Unreliable Technology: Property owners may worry about technology failures leading to poor property management or dissatisfied tenants.
- Job Displacement: A fear of automation might stem from the concern that technology will replace the need for human workers, which could lead to job displacement or increased unemployment.
- Resistance to Change: Some property owners may be resistant to adopting new technologies because they are comfortable with existing processes and fear the challenges associated with change.
While these fears might seem valid, it’s important to weigh the potential benefits of automation, such as increased efficiency, time savings, and improved tenant satisfaction, against the potential drawbacks. In many cases, the benefits may far outweigh the concerns, making the adoption of automated technology a smart move for property management.
What Tenants Like About Automated Technology
Tenants often appreciate automated technology for various reasons. Some of tenant’s most loved aspects of automated technology include:
- Convenience: Payments and communication are much easier.
- Improved Security: A key feature to most tenants these days.
- Energy Efficiency: More balanced cooling/heating.
- Cost Savings: Lower utility bills are a plus.
- Easier Daily Tasks for Controlling
- Enhanced Peace of Mind with
- Smart Locks
- Security Systems
Overall, tenants may find that automation simplifies their lives and adds value to their living experience.
What Tenants Fear About Automated Technology
There can be several reasons why tenants might fear the implementation of automated technology in their living spaces. Some of these concerns include:
- Privacy and Surveillance: Tenants may worry that automated technology such as security cameras, smart home devices, and monitoring systems could invade their privacy, track their movements, or collect personal data without their consent.
- Job Loss: The use of automation in property management and maintenance tasks might raise concerns about potential job losses for staff like caretakers, security guards, and maintenance personnel.
- Increased Costs: Some tenants may fear that the introduction of automated technology would lead to increased rent or additional service fees, particularly if the technology brings added value to the property or reduces management costs.
- Complexity and Usability: Some tenants may worry that they will have difficulty using or adapting to new technology, which could impact their ability to fully enjoy their living space.
Cousin James Management has been serving customers throughout the North Texas are for more than 25 years. What we’ve found that whether you embrace automated technology or not, there is still an essential need for professional property management. We can take the pain out of rental property ownership, so you can build and enjoy your business. Contact us soon to let us know how we can help you.
Meanwhile, download our Property Analysis Checklist which provides a tidy way to assess the value of your next property investment.