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Should You Install a Smart Thermostat in Your Rentals?

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Should You Install a Smart Thermostat in Your Rentals?

Some landlords have begun to offer smart home technology to their tenants. One way they are doing this is by installing smart thermostats in their rental properties. How do you determine if installing a smart thermostat is a smart move for your rental properties? Should You Install a Smart Thermostat in Your Rentals?

Benefits of Installing Smart Thermostats in Rentals

Attract and Retain Renters with Higher End Amenities

Securing quality renters can be competitive, especially in a market saturated with rental options. One way to draw in renters is with amenities they want and find useful.

Recent surveys conducted found that 71% of renters in the millennial age range are more interested in rentals that offer smart technology and 55% of baby boomer age renters are interested in smart technology that is easy and intuitive. Overall on average 32% of renters said that a unit with a smart thermostat would make them more interested in one unit over another. Another survey conducted found that 12% of renters would consider staying in their current rental if smart technology were installed.

Bring in a Higher Rent Rate

About 23% of renters are willing to pay a higher rent rate to live in a place with smart technology. Compared to other more popular highly desirable attributes of a rental such as an in unit washer and dryer, central air conditioning, and private outdoor spaces, a smart thermostat is the most cost effective to install.

Before installing smart thermostats in the hopes of bringing in premium rent rates, make sure you do your homework for your area and determine just how much you will be able to raise the rent and if that number is what you were looking/hoping for.

Save Money on Landlord Paid Utilities

If you have included the cost of utilities in with the rent, this could be a very beneficial way to go. If you have a multi-family residence with no way to fairly divide up the utility costs among each tenant a smart thermostat will help to make all units in the building as energy-efficient as possible. It is not uncommon for tenants in properties where the utilities are included to pay less attention to how much heating and cooling consumption is used. This way it can be monitored and even remotely controlled if need be.

Related: What happens if your house has code violations?

Setbacks to Installing Smart ThermostatsShould You Install a Smart Thermostat in Your Rentals?

Start-Up Cost

Smart thermostats cost much more than regular traditional thermostats. Depending upon the model and the featured functions of the thermostat it can be anywhere from $95 to $220 per thermostat. This can add up to a hefty bill if you have several units to install thermostats into. Some states offer sizeable rebates and savings to anyone who installs smart or energy-saving devices in their properties, so make sure to check out if the state you are in does this.

Renter Paid Utilities Means Renters See the Savings

If the cost of the heating and cooling bill is the responsibility of the renter, they are the ones saving the money. The upside to this though, is it is more attractive to renters and you will have an easier time retaining them with less vacant time.

Other Improvements May Make Better Sense

If you have been considering updating major appliances or doing a major facelift renovation and those things are in the budget, you may want to wait on the smart technology to better appeal to a wider range of renters.

So the answer to whether it is worth the effort and investment to install smart thermostats in your rentals comes down to a few deciding factors. If you are having trouble making this decision asking the advice of an experienced local property manager would be hugely beneficial. It is their job to know the current rental market including trends and amenities that renters really want in the area that your property is located.

For helpful rental tips and advice and the best property management services in Savannah please feel free to contact me anytime.

What College Students Seek in Rental Properties

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If you own a rental in a college town or a city near to a college campus, it can be a prime market for student renters and always having someone who would like to rent your property. According to the college board somewhere around 44% percent of all college students live off of campus. With the right knowledge and renting strategies, you can make owning a rental property near a college pay off. One of the best strategies is to offer features that your target renter is looking for.  

What College Students Seek in Rental Properties

What Most College Students are Looking for in a Rental 

When it comes to college students the priorities are much different from that of a long term renter. Students are looking for a dwelling close to their school for a very affordable price before they are searching for all the cool new amenities. (Unless of course, they are in a position where the money is not an issue.) For the most part, the majority of college students are looking for a decent living space that won’t take long to get to school. They are aware that more amenities mean a higher price, so they are more likely to forgo the fancy frills. 

 

 Here are some basic niceties that the majority of college students look for in a rental:  

  • Proximity to Campus: Students spend most of their life at the campus and maybe work, so a property within walking distance or next to easy and quick transit is a plus.  
  • Transportation: Many college students do not have cars so if they can find a place where they can have quick access to public transportation that can get them to shopping, popular hangouts, etc. they are more inclined to rent there.  
  • Affordability: Many college students live on a tight budget, so rent that allows them to pay the rest of tuition, get groceries, and maybe even afford to go have fun once in a while is a definite must.  
  • Laundry: We all see the tv shows where the firstborn goes off to college and comes home to visit with a massive laundry bag in tow. Going to the laundry mat or even using the school washers is a huge hassle for students on an already crazy schedule. On-site laundry is a huge plus for a college student.  
  • Wi-Fi: The internet is a much-needed source of information and place to turn in assignments or maybe even take a test. Not to mention it is where most younger generations pull from for entertainment. Offering easy high-speed hookup, or even including it in a bonus package will really appeal to the college market.  
  • Safety: For many, this is the first time they will be living on their own. Safety is a huge concern for college kids and their parents (some who will be paying the rental fees). Rentals with plenty of exterior lighting, deadbolts on doors, a secure area to receive mail and packages, and even a camera security system will go a long way.  

For more great rental advice or information about rental property management in Savannah and surrounding areas, please check out the website or contact me anytime.  

 More:

How does a foreclosure affect your rental property?

Using a Property manager tenants actually want to work with

How to Deep Clean a Property Between Tenants

Trick or Treat and Halloween Events Around Savannah GA 2019

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Trick or Treat and Halloween Events Around Savannah GA 2019

Trick or Treat and Halloween Events Around Savannah GA 2014

Time to dress up in your scariest costume, paint your face and grab your bucket; it’s Halloween around Savannah Georgia.

Here are some of the fun trick-or-treating events happening this weekend in Savannah.

If you haven’t already seen it you have to check out the Ghosts & Gravestones Frightseeing Tour, which will take you on a haunted journey you’ll never forget. Explore River Street’s Chandlery and when the sun goes down you can board the trolley for the doomed frightseeing journey. They don’t even allow kids less than four years of age and anyone under 18 must be accompanied by an adult. Purchase your tickets online and meet at the Simply Savannah Trolley Depot at 301 East River St. The tour takes a little over one hour.

Halloween night celebrates at the Crawl-O-Ween on River Street from 7 PM until 11 PM. Participants will stop at select bars and restaurants for this haunted pub crawl. Admission is just $10 per person and includes a souvenir.

The city of Savannah has recommended trick or treating times, which keeps everyone safe. The city does not set time specifically unless a Halloween falls on a Sunday. But this year, Halloween is on Friday and trick-or-treating normally starts around 6 PM. In Pooler Georgia, the police department recommends that trick or treating happened between 4 and 8 PM.

Many churches and schools will also be participating in the Trunk or Treat events such as:

Sat, Oct 26, 4:00pm
The Rail Pub, Savannah, GA
Starts at $10.00
Thu, Oct 31, 7:30pm
Bonaventure (The Chapel Mausoleum), Savannah, GA
Starts at $20.00
Fri, Oct 11, 7:00pm
Club One, Savannah, GA
Starts at $15.00
Fri, Oct 25, 7:00pm
Crosswinds Golf Club, Savannah, GA
Thu, Oct 31, 5:00pm
Tom Triplett Community Park, Pooler, GA

There’s more happening all over Pooler and Savannah this weekend so get out there and spread a few Halloween treats!

Image by Matt McGee Flickr Commons

Young Families Love These Savannah Neighborhoods

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Savannah has long been a favorite city to settle into for many, with its historic charm (one of the oldest cities in the country) and its mix of gorgeous historic architecture and modern amenities. It’s no wonder that Southern Living Magazine has named it number 2 three years straight on their list of best southern cities to live in.  

Recently Savannah has seen a surge of young families moving in to enjoy all Savannah has to offer. Here are the top five neighborhoods for families in Savannah.  Content deemed reliable and accurate at the time of posting. Prices may have changed since publishing.

Young Families Love These Savannah Neighborhoods

Bacon Park a.k.a. Sandfly 

Located near the Isle of Hope and Moon River areas, this neighborhood is quickly growing. You will find Bacon Park Golf Course, Lake Mayer, Chatham County Aquatic Center, Oglethorpe Mall, and Sandfly Bar-B-Q. It is a great place for sports and recreation as well as shopping and good eats. Also nearby is the Wormsloe Plantation the home of Noble Jones, one of the first settlers from England. Enjoy a colonial reenactment or guided tour at the Plantation.  

Median home price is $172,600 and median rent is $958. 

Gordonston 

Named for the Girl Scouts of American founder Juliette Gordon Low who made her home here. This neighborhood started as a bedroom community just outside of Savannah and is now part of the city as it has grown to include it. This is a quiet and secluded piece of the city still today making it highly desirable among young families. Residents love the Juliette Low Park and Savannah Golf Club, a members only club just outside of the neighborhood.  

Median home price is $110,600 and median rent is $895.  

Parkside 

An affordable neighborhood with a great location. Parkside is home to Daffin Park offering playgrounds, basketball courts,  swimming pool and more. Close by is Grayson Stadium home of the Savannah Bananas minor league baseball team. There are shopping and dining options all around  including Whole Foods, IHOP, and Home Depot. It is a great midtown neighborhood not too far from urban and suburban amenities.  

Median home price is $110,600 and median rent is $895. 

Victorian District 

On the south side of the historic downtown area this is the place to find some of the most interesting housing in Savannah. The amazing Victorian-style homes here are more expensive than other areas, but well worth the price. Neighborhood highlights include Forsyth Park with amazing fountain and farmers market, King-Tisdell Cottage full of African-American culture from Savannah, 700 Drayton a spot for adults to enjoy nightlife, and Blowin’ Smoke Southern Cantina a family barbeque restaurant.  

Median home price is $247,400 and median rent is $889. 

Windsor Forest 

A quiet neighborhood with a suburban-like setting offering homes with large square footage and big yards. Windsor Forest has excellent shopping at Savannah Mall including Dillard’s, Target, and Bath and Body Works. Enjoy a movie at AMC Classic Savannah 11. If you enjoy the outdoors you will love the 51 acres of Joseph Tribble Park. 

Median home price is $158,800 and median rent is $987. 

Are you looking to buy or rent a home in Savannah? I am happy to help your family find the best home to suit your wants and needs. Contact me anytime.  

Tips for Choosing the Right Home Improvement Contractor

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Fall and Winter is actually one of the best times to hire contractors as business is usually slow, prices are more reasonable and they can get the job done in a faster time. You may not want to be celebrating Christmas around a construction zone, but come January 1, if you’re ready to begin work, you can really save some money.

For some, it may be easy to replace such things as a window, fix a leaky faucet, or make layout changes, but for the rest of us, hiring a contractor is a necessity.  To ensure you receive the best quality of workmanship and service, it is important to choose the right person(s) to get the job done, as a top priority among homeowners is maintaining not only the look but the “health” of the overall structure.

Tips for Choosing the Right Home Improvement Contractor

Here are some tips for choosing the right contractor for your home:

Ask for References.  Talk with others who have had work done by the contractor.  Find out about his capabilities and quality of workmanship.  The best advice you will get is from someone who has a history with the contractor.

Ask to see the Contractors Work.  Take advantage of social networks like Facebook, Twitter, and LinkedIn to research the contractor on your own.  Their online presence will tell you a lot about the contractors quality of work, as well as a little character too!

Ask for the Insurance Certificate.  Licensed contractors will have an insurance certificate that verifies current workers compensation and general liability insurance, but note that contractors without employees are not required to carry workers compensation insurance.  Verifying this information could prove to be vital in the event of a problem.

Ensure there will be a Written Contract.  Always insist on a written contract, and be sure to incorporate any warranties, guarantees, or other special circumstances.

Get Estimated Start and Completion Dates.  Be realistic when thinking about the start and end dates, and if the timing doesn’t sound right to you, ask the contractor to explain in further detail the reason for his suggested time.

Beware of an Unusually Low-Cost Estimate.  The age-old adage, “if it sounds too good to be true, it probably is,” applies here.  You shouldn’t always choose the contractor with the lowest bid, as the quality of work may not be what you are hoping for.  Make sure to do the proper research in determining what kind of materials will be used or what types of other labor is needed in order to choose the contractor.

Choose a Contractor you are Comfortable with.  The entire home improvement process will be less stressful if you choose a contractor whom you’ve connected with in some way.  A contractor should be able to express to you that he understands your tastes and needs to finish with the best result.

Always make sure to do the proper research when hiring an outside party to provide home maintenance and improvements, as a bad experience can lead to a decrease in the value of your home.

Ready to get started? Have no idea where to start? Give me a call. Whether you are planning on selling your Savannah home this next year or preparing it for rent, I have some great options and referrals to get you started.

More Options for Sellers:

How to Stage a Bathroom to Lease

How to List Market and Sell Your Home

Most Common Questions About Tree Removal

How to Give Each Room Purpose When Selling

Tips to Prepping Your House for Sale

5 Easy and Quick Home Updates

Don’t Make This Mistake When Selling

How to Sell Faster With Simple Home Staging

 

 

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