Today, smart homes are no longer an unreachable and exotic investment that only posh Wall Street people can invest in. It is now slowly becoming an everyday reality for many Americans. Yes, most of these people do not have complete smart homes, but more than 70% of people now have at least one smart device present in their homes.
A CNET and Coldwell Banker study had 81% of people saying that they are more likely to invest in a property with pre-installed smart technology systems. Well, if that is any number to go by as a property manager, you surely know where the real estate trends are heading.
As the lives of residents are getting busier, they are looking for quick solutions to daily life problems, and smart homes have come as the solution to this. So, what are smart homes exactly? What do they entail, and how does it affect the real estate business?
What is a smart home?
Smart homes are residential spaces that use various levels of technology to automate daily tasks around your home. Everyday tasks like reminders, cleaning, gardening and more can be completely automated with smart devices. Business reports predict that more than 63 million homes across America will come under the smart home category by the end of 2022. Having a Bluetooth and WiFi connected home will let people synchronize all devices across their home. What are the facilities that make for a smart home?
Smart appliances
People can control smart appliances like smart TVs, lights, ovens, and other kitchen devices remotely from phones or voice commands. The types of smart appliances are increasing by the day.
IoT devices
Voice command devices like Alexa & Google assistant operated to create a virtual platform inside the house for members to communicate. People can set and send reminders, auto start jobs around the house by commanding these inter-connected IoT devices. The possibilities of these devices are endless.
Smart backyards
Smart tech is not stuck to just the insides of your home. Now people can schedule and have their gardens cleaned and watered with smart gardening devices.
Smart security
Smart security systems can be remotely controlled by residents even when they are off the property. This provides them with a constant sense of security. You can track and intervene in unauthorized entries, screen and detect suspicious activities and upgrade as per need. This is why the global electronic security system market is set to reach $9 billion by the end of 2026.
How does a smart home affect your real estate business?
Smart homes are of higher appeal to millennial home buyers due to their tech-savvy lives. Due to the extra services, smart home values are increasing by the day. Even their resale values are higher than other normal residential homes. This makes smart homes more of a lifestyle choice than just an investment. Smart homes are not everyone's choice just right now, but it is majorly affecting the real estate business whether you like it or not. As a property owner or manager, you soon have to align yourself and provide these smart facilities in your properties to attract more millennial residents.
Are smart homes a viable option?
Yes, smart homes make residents' lives easier, but this technology is not entirely developed. The primary issue that most homes face is with their smart security systems. More than 35% of smart homes in the US alone faced data security problems in the past year, which has people sweating. Since most of these smart devices work WiFi networks, they have a massive chance of security breaches, which is something to worry about. Though smart homes are developing fast, they still have a long way to go before it becomes a part of every household.
To date, smart devices sometimes can not tell the difference between some robots and human commands, which makes a lot of little annoying moments around the house. Even smart security systems keep raising false alarms due to hyper-sensitivity issues causing fake alarm security issues in households. The tech developers need to put more thought into this before it becomes an affordable and viable option for all households.
Why smart homes are the future
The technology is still in its initial stage, but there is no denying that this is the need of the future. The busier people’s lives get, the more chaotic everyday tasks around the house will become. This is why smart homes are making their mark. It makes residents' lives more convenient; it also lets them control every corner of their house right from their phones. That is why homeowners and residents are slowly experimenting with smart devices. Data says 69% of houses across the US already have at least one smart device in their homes if not two. It is only a matter of time before more and more systems around the house start coming under this category. That is why as real estate owners, you must think about revamping your properties with smart devices in the near future.
As a property manager and owner, what do you think? Though smart home technology is yet to reach its full potential, it is sure to grow soon. Even if you are yet to implement these smart techs into your properties, there is no issue in starting technology implementation in your property management plans. Yes, selling or renting out a smart home might seem a little far stretched at the moment. But the time to get the right property and asset management software integrated into your system is now.
At Assetsoft, we can help you understand and seamlessly integrate the right property management software for your projects. Yardi and MRI software can automate it all from real estate property management, asset management, investment management, and back office work. The use of these latest techs will help you get ahead in the market and get an edge over your competitors.
Talk to us soon to know more!