Landlords must Upgrade Properties to Meet 2021’s Trends, says Phil Lamb of Arizona
There are many reasons why people opt to rent their living arrangements rather than attempt the massive hurdle of homeownership. From a preference perspective, renting is a simplified way of life and new technologies are making this experience easier than ever. This include SmartRent, a new digital offering from senior vice president Phil Lamb of Arizona that makes property control possible from anywhere. This is just one reason why renting is on the rise and landlords who tap into demand are going to benefit in the long run. Learn more about the trends below from Phil Lamb of Arizona, a proven innovator when it comes to housing tech.
According to National Public Radio (NPR) affiliate WVTF 89.1 FM in Virginia, the key metric in 2021 will be location. This is nothing new to real estate veterans who know “location, location, location” is the mantra. However, the article says that rents are dropping in traditionally expensive locations like San Francisco while spiking in more low-key spots like Richmond, Virginia. The logic here, which Phil Lamb of Arizona says is important to consider, is that the urban amenities have been closed by the coronavirus. As a result, renters are realizing that they can work from home and spend less on rentals in off-the-beaten-path locations. The closure of arts and entertainment options in big cities is having a profound impact when there’s very little to do outside of already limited square footage inside rental units.
The question that owners of rental properties need to ask themselves is all about competition. How can their units meet the needs of prospective tenants who’ll be considering a slew of convenience factors as they shop around. SmartRent is one such option and the key components of the app are a best-of-both-worlds scenario for owner and resident. Consider the fact that this program can take advantage of “Internet of Things” mass connectivity, which is expected to account for 64 billion devices as of 2025. Users can do everything from changing the thermostat, turning on/off lights and managing keyless entry with SmartRent. The quality of life improvements are massive and an enhanced “master plan” community is another possible off-shoot of this technology. What’s more, virtual tours are giving possible tenants more power and safety during the pandemic. “What we offer are actually self-guided tours, and the self-guided tours essential will validate the identity of prospective residents and we do that through verifying their cell phone and verifying their identification through some facial recognition technology we have and that enables them to go view the actual property on a physical basis” without having an agent there, Phil Lamb of Scottsdale said in a recent interview with DevCast.
As the WVTF article notes, only time if the suburban-urban power struggle signals a “structural change that will influence real-estate markets for years and decades to come.” Regardless, Phil Lamb of Arizona says taking advantage of tools like SmartRent can make a property more appealing no matter where the common consensus on desirable living should fall.