In 2017, the number of total rental units within the United States numbered just over 43 million households. While for many years, financial experts believed purchasing a home to be a more financially sound decision, in recent years, new reports have found renting to be a much more affordable and low-risk option. From low maintenance costs to flexible moving schedules, there are many reasons Americans choose to rent each year. Phil Lamb, an Arizona resident and creator of home automation company SmartRent has managed various technology start-ups within his career and helped advance the financial services, community building, and property management industries within the past decade. During his time in Arizona, Phil Lamb discovered new ways to improve property management and optimize tenant retention by solving common rental tenant and landlord problems. Today, Phil Lamb will discuss some of the most common problems rental properties face and the modern solutions to these problems.
Household Repairs and Maintenance
Home repairs and maintenance can be quite expensive, with the average homeowner paying anywhere between 4,000-20,000 each year. Although many Americans choose to rent in order to avoid these costs, it can be challenging to convince a landlord or manager to repair damages that occur during a tenant’s occupancy. Through SmartRent’s remote Management software, residents can request maintenance appointments and repairs with little to no effort and receive a prompt response.
One of the most common and costly problems many landlords face is lost keys. When a tenant loses their key, landlords must pay a locksmith to install new locks on all property doors. This process can be time-consuming and cost landlords and tenants upwards of $500 dollars each time a key is misplaced. Phil Lamb of SmartRent believes this process to be antiquated and ineffective. Today, all SmartRent properties are accessible by Z-Wave or Bluetooth-enabled smart locks to simplify tenant and guest entry and improve resident safety.
Monthly Rent Payments
While some landlords allow their tenants to pay rent via online portals, many landlords still require checks to be deposited in person. This causes additional strain on tenants and increases the likelihood of lost or late payments. Many renters have reported increased interest in a property that has online options for monthly rent payments. For this reason, SmartRent has created all-in-one software so tenants can pay their monthly rent payments with ease.