The rise of the smart home came quickly. Just like any other amenity like swimming pools or gyms, a property equipped with smart technology increases the appeal and value to prospects. Giving customers the power to control their home from the comfort of their smartphone can set your service apart from competitors.
Millennials are the largest generation who are currently in the market for homes whether they’re buying or renting. According to Pew Research, they’re more tech savvy than any generation before them. A Coldwell Banker survey reported that 47% of millennials have smart technology in their home and Wakefield research determined that 86% of millennials want smart home technology when they rent. By equipping your properties with this technology, you can increase your number of prospective customers.
If millennials aren’t your target demographic, smart technology can still be an effective way to get new customers. Pew also found that the generations before millennials are open to embracing technology in their daily lives as well. In 2019, 90% of Generation X, 68% of baby boomers, and 40% of the Silent Generation owned smartphones and used smart technology.
Investing in smart technology can seem like a lot of money upfront but the investment works out to be cost-effective in the long run.
Investing in smart technology is often more attractive to buyers. According to Coldwell Banker, the majority of homeowners would choose a house equipped with smart technology between two identical houses. John Burns Consulting found that buyers are willing to pay thousands of dollars more for homes with readily available smart tech or smart tech packages. So, properties are valued much higher when they have smart technology and can be sold or rented in correlation to that value and offer a significant return on investment.
Installing smart thermostats and smart lights in your property encourages occupants to use schedule settings and automatic sensors to reduce electricity and heat costs.
On top of being energy efficient, smart lights can be used to deter theft and protect properties especially in HOAs. Smart lights and cameras that can be controlled via smartphone and turned on and off automatically to deter burglaries.
Smart homes can make it harder for someone to break in by replacing conventional locks with a Bluetooth lock or a digital keypad lock as well as motion sensors and even fingerprint access. On top of that, smart home locks can connect seamlessly to local police or alarm companies.
Smart technology creates a more energy efficient property. Energy efficiency is a great selling point for prospective customers and can increase customer retention. Appliances that save energy by being on timers or that can be controlled remotely lead to significantly reduced energy consumption. This technology can control heating, water, air filtration which all reduces negative environmental impacts. Customers would prefer to spend money when companies are actively being environmentally conscious and smart technology is an easy way to show your sustainable efforts.
Smart technology is an effective way of making your properties resonate more with potential customers and improve how your current customers feel about your services. Smart technology isn’t just the future of homes and space – it’s the present.