Tagged: Phil Lamb Scottsdale

Arizona Resident Phil Lamb Discusses How the COVID-19 Pandemic has Impacted Rental Properties

Within the past year, Americans have seen how far-reaching the impact of COVID-19 has been on a variety of industries. One of the most visible industries affected by the COVID-19 pandemic has been real estate. In early 2020, many Americans began looking for new properties to rent due to loss of income, reduced exposure risk, or space concerns during the pandemic. Phil Lamb, Arizona resident and International Senior Vice President for SmartRent, has seen firsthand the pandemic’s impact on apartment tours, renter trends, and the greater real-estate market. Today, Phil Lamb of Scottsdale, Arizona will discuss in detail how COVID-19 has impacted rental properties and what renters are now looking for in their next apartment. 

Virtual Apartment Viewings and Tours 

In response to new social distancing orders, landlords and property managers have turned to virtual apartment tours as a way to reduce the potential exposure of current and future renters. Either through a video format or zoom call, many landlords are choosing to have their showings take place completely online. This format is greatly beneficial to all parties’ safety; however, it can be challenging for renters as online showings have been shown to increase how quickly a new space is rented. Since March 2020, a large percentage of new renters have rented apartments sight-unseen with minimal problems; as a result, this trend is likely to continue past the pandemic. 

New “Must-Haves” for Renters

More space, home office, and balconies have become some of the most popular items for renters looking for their next apartment. Since the start of the pandemic, many Americans have dramatically increased their time spent. This has led to space becoming the number one priority for many renters, with designated work areas for a large number of Americans still working remotely. Today, apartments with a large amount of square footage, outdoor space, and second bedrooms have become the most popular option for many renters. 

Parking During the Pandemic 

One of the more unexpected effects of the pandemic has been an increased need for parking. In many urban cities across America, renters are looking for guaranteed parking spaces from their landlords. While fewer Americans are using their vehicles to commute to and from work, many renters still rely on their cars to run errands as many Americans do not feel comfortable using public transportation during the COVID-19 pandemic.

Arizona Resident Phil Lamb Discusses the Most Common Problems Associated with Rental Properties

Phil Lamb in Scottsdale

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. 

Lost Keys 

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. 

SmartRent’s Advantages for Tenants, Owners Ensures Longevity, says Phil Lamb of Arizona

Phil Lamb of Arizona

The advent of technology like Amazon’s “Alexa” and interconnectedness through the “Internet of Things” (IoT) has transformed not just how we live, but the structures we live in. The combination of bricks, mortar, steel, wood and windows has been brought to life and in the eyes of Phil Lamb of Arizona, it’s about time. As senior vice president of SmartRent, a smart home technology provider, Mr. Lamb says this technology is rapidly being adopted by landlords and property managers. It provides a way to control their units from a distance while giving tenants the ability to receive packages safely and securely. As readers might expect, these topics have become increasingly relevant during the ongoing health pandemic.

SmartRent has already established a presence in the U.S. and is making inroads in United Kingdom and European markets, according to a recent report in Showhouse magazine. IoT technology serves as the backbone of the software, which allows for connectivity of devices that control home settings. This can range from sensors, lights, appliances, security systems, thermostats and more. Phil Lamb of Scottsdale says this is the technology to have in 2021 if you want to retain or entice new renters who will be considering your property among many others. Results realized thus far include quicker re-signs from current tenants, asset protection for these individuals receiving packages to your property and remote utility management.

Of all the disruptions caused by the COVID-19 pandemic, home sales ranks right near the top. Prospective buyers have been hesitant to enter buildings, meet with agents and take tours where strangers will likely be present. Phil Lamb of Arizona says SmartRent has been crucial in this sector, with the company recently installing a vast array of technology in 77 homes during the span of a single weekend. This includes hubs, locks and motion sensors – all of which would be crucial when managing various house tours. In exchange for these efforts, people have been able to take self-guided tours of homes on the market. In the words of one SmartRent officials, which Phil Lamb of Scottsdale echoes, “builders will have seen firsthand their costs go down and closing percentages go up. I am confident they will understand the value of self-guided tours, and won’t be going back to the same traditional way of showing their model and inventory homes.”

Home automation represents a natural progression in technology. The benefits for each party involved – be it property owners, sellers, renters, groundskeepers and maintenance crews – is a sure sign of practicality. Phil Lamb of Arizona thus expects this software to soon become the norm in homes across the globe.