As technology has pervaded every aspect of our life, it has also made its way into real estate in the form of smart home devices. These newer innovations have fundamentally changed much of what people want out of their homes, and now each person expects a little more out of their property. Things can only snowball from here!
So, how has the real estate industry changed in light of this? How might it continue to evolve in the future? Entrepreneurs use commercial real estate firms like GVA for all their guidance here, so here’s a few other pointers for the residential side of things!
Consequently, here’s a brief overview of how smart home technology has impacted the real estate industry.
Adding value
Technology is many things, and most of them are to do with being cool, trendy and modern. These are all critical selling points in real estate, as people constantly revamp and redecorate to put their finger on the aesthetics of today. If a home with an installed smart thermostat can help curb energy usage and automate utility bill payments, most people would leap on the home instantly.
Consequently, the only thing to do here is to raise the prices. Whether it’s to maximise the security around the property with smart cameras, provide entertainment with smart speakers, or to simply inject another element of convenience into the home, it’s simply covering all bases. Things are escalating to the point that property prices can only ascend in response!
Speed of sale
Of course, a successful sale isn’t always about the highest prices alone. The speed of sale matters greatly, particularly where property is concerned. Political and economic factors like Brexit shake the appeal and viability of property, and trends change too. Ultimately, there could be another Brexit around the corner; who knows? It’s all about speed, so the sooner the sale, the better!
Homes that feature smart technology will sell much faster than a standard home. Obviously, there’s just more that’s appealing and useful here, so not only will it increase value, but it’ll also give potential buyers that extra push to take the plunge. If they don’t, someone else soon will! Ultimately, this has a huge impact for the property markets, which would no doubt appreciate the fast-paced changes.
Potential buyers
As impressive as smart home technology is, it won’t appeal to everyone. Older generations may struggle to understand these devices, or frankly just be put off them entirely, preferring to live life at home the old-fashioned way. Of course, that’s totally valid, so it’s important that such people don’t have their way of life drastically redefined!
Homes should be what the homeowner wants them to be, and for smart tech, it’s not for everyone. Still, a seismic shift is still present in terms of the target market for smart tech; single parents overrun with responsibilities, tech savvy millennials, environmental activists, etc. There’s a big audience for smart tech, but it’s important the real estate industry appeases them only and doesn’t overstep with those who reject the tech!
Conclusion
When an industry is impacted by fresh innovations and technological leaps, a somewhat sensitive era ensues. Time and knowledge is needed to figure out out how and why smart tech increases property values and speeds up sales, as well as how the industry should determine who does and does not want the tech. Once the answers are found, no doubt further big changes will come!