Smart homes are getting a lot of press lately, and yet, homes have been getting “smarter” for a century. Whether it was the iceless icebox (our modern-day refrigerator), automatic garage door openers, or security alarms, we’ve all been on a mission to enhance our homes with advanced technology to keep them safer, cleaner, and well, smarter.
Now, smart homes – when planned correctly – have become holistic entities that stay on top of everything from pet care to air care. With so many options to monitor, control, and manage your home, we’re rolling out a series of questions we’ve seen floating around our PropTech world.
But first…some may ask, how does PropTech intersect with smart-home technology? Property technology, or “PropTech,” is an umbrella term used to refer to tech companies operating within the real estate industry. From property management to transactional capabilities, PropTech aims to make leasing, renting, or working – in any building – easier. And with any emerging tech, there’s overlap with multiple subsections of the industry, including smart-home technology.
What are the merits of smart-home technology?
Smart-home technology works for both tenants and their landlords, allowing access to central hubs to monitor and manage a home. For example, landlords and renters alike can benefit from a feature that allows them to manage their energy consumption with real-time information, which becomes especially useful for landlords when facing a reported outage or a spike in energy use.
And then there’s safety, safety, safety: landlords can turn interior and exterior lights on and off, ensure doors are locked, and let new tenants in when they are locked out. For a landlord, this not only protects their investment, but enhances their relationships with the people who rent from them, short-term or long-term.
Who is attracted to smart homes?
A recent survey showed that nearly half of millennials have smart home products in their homes, and they are not alone. In a survey of Generation Z renters, almost fifty percent said that they would be more likely to rent an apartment if a free smart device were added to the deal. The demand for smart home features is higher than ever, and landlords will see higher occupancy rates – and a better caliber of renter – with smart home investments.
How has smart home technology impacted real estate?
Properties with smart home technology will be valued more highly than a home without. A startling 91 percent of everyone with smart home products would recommend them to others, and buyers have stated that they would pay more for a home with smart features.
What will be the biggest change in smart home technology?
Interoperability will be the most significant shift in smart home technology. We’ve seen several discussions in 2022 about products communicating to provide the optimal user experience – including Google Pixel users’ discussions about Sonos-made devices and several communication roadblocks – and we should expect to see renewed interest in functionality and security as a result.
How can you get started with smart home technology?
To get started, determine your highest priorities. Maybe it’s simply adding a smart lock to your property to decrease lock-outs and property manager fees – or maybe it’s more advanced, like operational support via an app for short-term rentals. Contact startups, such as TENNTS, to discover how smart homes can save you money, boost your occupancy rates, and connect you with your renters.