Project: Macquarie Central - TOGA Group
Smart Apartment - A Stylish Differentiation
The real estate market in New South Wales had been on a trajectory since mid-2013. However, with the greater number of new units being released in 2014, property investors need to find new and innovative ways to attract quality tenants.
With tenants being spoilt for choice due to greater apartment supply, investors find the price point of their rental property are coming under increasing pressure.
Liferoome is engaged by an investor at an apartment unit in Macquarie Park called Macquarie Central, developed by TOGA Group to offer solutions that help increase their return on investment.
- Due to the large number of similar rental units in the complex released to market at the same time, it is imperative to offer a unique and innovative solution to ensure the unit stands out amongst the crowd
- We must use technology to differentiate our unit and to add higher perceived value to the tenants
- In addition to higher rental value, our solution must also improve long-term re-sale value of the property
To meet the challenge, Liferoome met with the rental agent responsible for this property to understand the market, and to collaborate on the best ways to deliver on the goals.
Challenges typically faced by a rental agent
In order to provide the right solution for the investor, we must first understand the typical challenges that a rental agent may face when representing their client's property.
- When rental agents list a property on real estate portals, they rely on appealing photos and their ability to identify and market the key features of the property to differentiate. Multi-storey residential building are always a challenge due to homogeneous nature of the apartment mix.
- With common features, the pricing of the units may become a race to the bottom with little to distinguish from one unit to another. A proper strategy must be employed to avoid a price war.
- Leasing the property quickly is paramount. The longer a unit stays on the market, the greater the pressure to drive down the price to ensure tenancy. The value proposition must be defined early to prevent lengthy unit vacancy.
Liferoome is pleased to provide an innovative solution to install and configure a wireless home automation system to be included as part of the rental property. Due to the wireless nature of our system, the investment is only a fraction of other wired home automation systems.
Moreover, Liferoome's solution is modular, this means the tenant can actually bring and add their own wireless devices to be used with our system.
The key factor of our delivery was to provide a flexible home automation system that the tenant can add and customise to their lifestyle. This includes adding their own modules for appliances, security and multimedia control that they can take with them when they move out without damaging the property. This flexibility adds an enormous value to the apartment and drives higher rental return to the investor.
Liferoome's solution enabled total lighting control and completely motorised roller blinds offered by FIBARO Home Intelligence, our flagship wireless home automation system from Europe. The remote controller is an elegant and versatile Apple iPad Mini and it is fitted with the world's first wireless inductive charging and magnetic mounting system called Launchport.
For remote access, the user can download free FIBARO mobile app onto their iOS/Android smartphones and tablets. Remote access adds extra functionality to monitor and control their smart apartment when they are away from home.
Finally, a crucial feature of the solution is energy consumption monitoring and reporting. The tenant has the ability to review their energy uses in real time in a graphical report. This helps them make better choices when operating electrical devices to be 'Green' and at the same time, save money on their energy bills.
The result was astounding
Liferoome and the property owner are very pleased with the end result. The delivery of the unit was on time and budget; less than 1/3 of the required deployment time compared with wired home automation systems.
Source Screenshot: RealEstate.com.au property listing
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