Smart Home Technology on the Rise
Smart Home Technology on the Rise – It was not that long ago that smart home technology and smart home security were thought to have limited interest among home buyers. These “connected homes” were believed to fit the lifestyles of the rich, famous and technologically gifted.
But today the reality is smart home products and systems are being increasingly sought after by people. More and more people are including these products and systems on their ‘want list’ when approaching real estate agents such as Main Line Homes (find them at https://www.mainlinehomes.com/blog/best-philadelphia-suburbs/). These systems are becoming adopted by consumers across generations and across residence types – from starter homes to 55+ communities, even apartments. Ted with Plano Texas Handyman and our sister company, Monarc Technology is a expert on home automation, call us at 214-507-3415 to see how easily we can integrate your Smart Home at our website.
If You Build It With Smart Security, They Will Come
According to a 2017 Home Buyer and Seller Generational Trend report by the National Association of Realtors, the smart home market is expected to become a $130 billion industry by 2020. And smart home technology is no longer solely piquing the interest of early adopters or tech-minded Millennials. In fact, “43 percent of Americans with smart home products are Millennials 33 percent are aged 33-54; and 24 percent are age 55 or older,” according to the report.
Grayling Love, a member of the National Association of Home Builders (NAHB) Leading Suppliers Council, wrote in that organization’s newsletter, “We’ve reached a point where the majority of consumers aren’t only willing to invest in it, but they are expecting their next home to be connected.”
What is driving this expanding interest in smart homes? Across the board, and across the generations, security and convenience are of primary interest. Security is exemplified by devices like smart door locks, smart video cameras and doorbells, and smart lighting. And convenience is added to security when these devices can be controlled remotely from mobile devices. Smart Home Technology on the Rise
No matter what your age or interest, protecting one’s home and family has always been of paramount importance. But now that this peace of mind can be accomplished through smart home technology, from a phone and from anywhere in the world, it’s no wonder smart security is right up there with eat-in kitchens and master baths as a home buyer attraction.
And just as with kitchens and baths, the ability to increase a home’s value is another reason why smart security is catching the eyes of a wide range of home buyers. According to the NAHB and the Consumer Electronics Association (CEA), installing smart home technology can increase the final closing price of a home by 3% to 5%. And a 2017 Coldwell Banker survey found that 72% of Millennials are willing to pay $1,500 or more, and 44% are willing to pay $3,000 or more to make their home smart.
These devices not only add value, but they are increasingly being offered at lower prices. The rich and famous may own smart locks, but their wealth no longer gives them exclusive access to purchasing them. Smart lock manufacturers are now offering a wide selection of connected locks, with a range of capabilities and price points. Smart Home Technology on the Rise
For example, electronic lock manufacturer Kwikset offers the SmartCode 888 electronic deadbolt with Home Connect Technology that works with home automation systems, enabling locking and unlocking from a smart phone, at a low price point. And the Kwikset Convert is a conversion kit that affordably transforms mechanical locks into smart, electronic locks.
Who Is Knocking at the Smarter Door?
Tech-savvy Millennials still thrill to the “cool factor” of living in a home with the latest and greatest technology. But they are not the only category of buyer that is enjoying the benefits of smart security. This pool of prospective buyers is diverse, and it is expanding. And the opportunities for smart lock dealers and installers to form relationships with builders, or strengthen existing ones, have never been greater. I have worked with quite a few, and with some I’ve had to start from so far back as to helping them hire an ISP. Most of these security services and functions benefit or require a secure and stable internet connection. Stable being the determining factor, I always see if the internet service is available via Eatel. So far they have proven themselves to me and my clients over multiple jobs, residences, and businesses.
According to a 2016 smart lock consumer audience segmentation study conducted by Kwikset, 31% of potential smart lock adopters fall under the category of “Smart Home Savants” and 26% are “Enthusiastic Adopters.” These prospective customers are “ready to convert” and in fact are likely to already have connected smart products. Smart Home Technology on the Rise
But, according to the same study, the savants and enthusiastic adopters are not the only prospective buyers of smart locks. Also in line to purchase smart security are what the study refers to as “Good Life Gurus” and “Super Moms and Dads.” “Good Life Gurus” (17% of the prospective consumer market) are suburbanites who skew female and care most about convenience. “Super Moms and Dads” (10% of prospective buyers of smart locks) are an even male/female split, focus on their children, and juggle busy lives. Smart Home Technology on the Rise
The study found that a primary difference between the first two types of buyers and the last two is that the “Good Life Gurus” and “Super Moms and Dads” may need some education to be converted. They may not be readily aware of all the potential applications for smart locks, and the reasons why home buyers of their particular generation, with their means and their life situation might want to own a connected home with smart security.
Example #1: Smart Parent
Here’s one typical potential application that we’ll call “Smart Parents.” A pair of young working parents are looking for their first home. They are looking for a home near good schools, in a kid-friendly neighborhood, because they plan on having children soon.
For the foreseeable future, their focus will be on their children and on keeping them safe and sound. These parents are ideal candidates for smart, connected security. With smart locks, they would be able to monitor the comings and goings of their children through their smart phone. They could even use their smart phone to make sure the lights are on when their kids get home.
Plus, when their kids are old enough, they could provide their kids, and their baby-sitter, nanny or grandparents, with a personal user code to enter the home.
Another advantage, especially when the kids enter their teen years: smart locks connected to a home automation system can be empowered to maintain important information about their use and deliver it to a controlling device. In this way, these homeowner “Super Moms and Dads” can receive an audit trail of activity from those who have been granted access to their home, and when. Plus they can receive a text telling them when their kids have arrived home safely. Smart Home Technology on the Rise
Example #2: Smart Seniors
An older couple (over 55) have decided they want to “age in place” and are looking for a suitable, possibly smaller home that fits their current and anticipated needs. They want a home that is safe and secure, but they also want a home with all the conveniences of smart home technology.
These forward-thinking seniors are ideal candidates for smart locks. When part of a home automation system, smart locks can keep unwanted guests out, while granting access to loved ones, caregivers, and even first responders in emergency situations. Smart Home Technology on the Rise
There are so many different pieces of technology that can help and support seniors nowadays, meaning that more and more of them seem to continue living alone. Seniors may be interested in looking at some phones for hard of hearing people. These phones are essential for any home, especially in case of an emergency. Keeping in contact with families is also so important as we grow older, so technology, that ensures people with hearing difficulties can still talk on the phone too, is great. There are so many other smart home devices that can help old people too.
There are so many different pieces of technology that can help and support seniors nowadays, meaning that more and more of them seem to continue living alone. Seniors may be interested in looking at some phones for hard of hearing people. These phones are essential for any home, especially in case of an emergency. Keeping in contact with families is also so important as we grow older, so technology, that ensures people with hearing difficulties can still talk on the phone too, is great. There are so many other smart home devices from a smart home store that can help old people too.