Rental property managers can use smart home technology to make their units more attractive to prospective tenants, but only if they know how to install it in the first place.
Studies show that smart home tech has a definite impact on making a property more attractive to tenants, but they also reveal that property managers are concerned about how to install and maintain that technology.
With that in mind, a new startup called Dwelo is helping to solve this problem. The company, which recently landed $4.9 million in funding from Peterson Ventures, sells a simple smart apartment system that connects devices such as smart switches, thermostats and locks to a cloud-based mobile application systems where everything can be controlled easily.
The system, which is designed to be installed in both new and existing properties, allows property managers to provide a premium amenity while simultaneously reducing their operating costs. With the system, managers can manage vacant units, provide digital access for maintenance work, and control unit access. Tenants meanwhile can use the system to switch on the lights and air conditioning 30 minutes before they arrive home, for example.
Dwelo founders Eric Wood and David Benfield are both ex-property managers themselves, and say they started the company based on their experience in the business and their belief in the viability of smart home tech. The company has been around for three years now, and offers its solution in over 100 communities in the U.S.
The founders say the new capital raised from Peterson Ventures will be used to expand its geographical reach beyond the Western United States into the rest of the country.
"Dwelo's exponential growth is a testament to a gap in the smart home market that they identified, understood, and were first to fill," said Ben Capell, a partner with Peterson Ventures. "We are looking forward to fueling their continued growth and the ongoing expansion of the Dwelo platform."
Great news. So now Dwelo can expand its reach by using the funding. Waiting for more smart home solutions for renters living in apartments.