Homebuyers of all ages already have “smart” tech to help them automate and customize their daily tasks. For at least 50% of those smart tech users, according to Houzz, they want that same automation and customization hardwired into their homes.
Security and privacy are top priorities for both Millennials and Boomers. (Interesting how much these two generations have in common, isn’t it?)
According to a study done recently by Schlage Lock Company and Wakefield Research, 61% of Millennials want high tech security features such as keyless entry and remote- access surveillance. Of those, 81% would be willing to pay a 20% premium for smart locks and/or other cloud-based security features.
Boomers, 66% of them, also would pay premiums for smart features. Since this group holds the majority of real estate purchasing power, home buyers and renters alike will see more FOBs than keys to control access points
Most Internet of Things (IOT) services feature complex log-ins of passwords to protect home security and privacy. All buyers and sellers will soon need to walk around with their respective passwords in mind’s eye or their Notes application in their phones. And all real estate agents, developers, builders and investors need now to know the priority consumers place on these IOT services.
Check out one of Schlage’s latest wizardries called Latch. Latch makes the townhouse, condominium, apartment and/or home accessible from anywhere in the world. The “host” in Latch can see the person, talk to the person, and unlock the front door for the person (an Air BNB guest, renter, family friend, whomever) without the homeowner having to be there. Latch immediately alerts the home owner via smartphone if/when there is a problem.
With more and more first-time buyers, Millennials and Boomers (33% and rising within all these demographic groups) looking to generate a return on investment (ROI) with their “new” homes by renting out extra rooms or becoming Air BnB hosts, services such as Latch will become more ubiquitous among housing consumers and providers who yearn for security, privacy and convenience.
