Landlords and renters have many ways to save time and money. One way to save time every month is by using landlord software like Schedule My Rent to automate rent collection. Another way of saving time and money is by automating your heating and cooling with a Nest learning thermostat.
Ways to maximize rent and profit on your rental:
1. Make your rental appealing to great renters so that you can quickly rent a unit that becomes vacant.
2. Have renters that stay in the rental for many years so you reduce the expense and time of turning the rental (repairs, painting, cleaning, advertising, showing, applications, etc.). If a unit is in good shape and has nice features, renters are more likely to stay and to take good care of it.
3. Save money on electric and gas bills. If you are paying utility bills, these saving flow directly to your profit. If renters are paying, having lower bills is a great selling point.
It might sound crazy, but switching an old thermostat to a new Nest thermostat may help with all of these items.
A Nest thermostat helps in many ways:
· It makes a rental unit look more modern. A tenant will immediately notice a Nest thermostat and think that the rental unit has been upgraded and will be a nicer place to live.
· It can be controlled from any computer or phone with the Nest app, which is a great selling feature.
· It automatically learns the renter’s schedule and will automatically raise and lower the temperature to always keep it comfortable inside.
· Save $131 - $145 every year on utility bills, based on typical energy costs. Nest knows if you are home or not. Based on this, the current temperature outside, and the temperature patterns that renters select, it automatically tries to save 10-15% on energy costs by properly adjusting the temperature, especially when nobody is home.
· Know if there is a problem. The nest can tell if there is a problem with your furnace, filters, and more. It is much cheaper to do preventative maintenance than to have emergency repairs in the middle of the night.
· It is easy to install and not that expensive. The Nest E is currently priced at $169. Many utility companies give rebates for installing energy efficient thermostats, which could reduce the cost by $50.00 or more. A new Nest thermostat may pay for itself in under one year.
Landlord software to collect rent online saves both landlords and tenants time. Installing a Nest thermostat is another great way to save time and money.