From detecting walking patterns of home occupants to adjusting the lighting, smart homes make life simpler for people who invest in them. While some smart homes have a few modest features, others have elaborate systems with high-tech features such as toilets that can detect health problems and send data to a doctor. Today, real estate agents and buyers do not bat an eye when they hear about smart homes. Concepts that were once futuristic ideas have now become the norm.
What Is Driving Smart Home Popularity?
The demand to be able to do things instantly is at the root of all smart technology. Some features are also inspired by safety. For example, a person who forgets to turn off a stove may want to do that immediately but may be stuck in traffic. With the simple tap of a screen, a person with a connected smart home system can turn off a synced appliance and quickly eliminate any worries. Systems such as Siri and Alexa work as personal assistants in many ways. More entrepreneurs are starting to realize the growing opportunities with smart home technologies.
Although there are plenty of features already in existence, there are still more to discover and develop. This creates a competitive market for investors and tech innovators who want to develop new systems or technologies. Several companies are now marketing mesh routers for smart hubs. As each one strives to be the best, this pushes further development and improvement of the devices.
The New Standard Technologies
Several home builders are making connected homes and features standard when they build new houses. One example is Quadrant Homes in Bellevue, Washington. The company is making a package of features that includes the following and more:
- Nest thermostats
- Ring motion-detecting doorbells
- Lutron automatic window shades
- Caseta Wireless smart lighting
Seattle is a leading city when it comes to smart technology and innovations. The state is home to many tech startups and attracts young college graduates who want the latest and greatest features in a home. Quadrant’s package is designed to be understandable for any user regardless of their knowledge level. The trend is spreading in other large cities across the country, and experts predict that smart home features will also be common in many rural areas within the next decade.
Entrepreneur Challenge: Problems Demand Solutions
A glance at a summary of the country’s population growth over the past decade makes it obvious that numbers will rise sharply within the next 10 years. This will especially affect larger cities. One good example is Miami. The city received billions of dollars to expand its port, and the airport will be expanding as well. This growth means an influx of trade and travel. As Miami’s population continues growing and more people come to visit, the area must be prepared to handle the challenges that come with the growth.
Improved smart home technology can help. Security becomes an issue as the population of any area increases and crime rises. Security can be increased with features such as fingerprint locks and facial recognition. Robotic parking can reduce crowding problems, and even sleep optimization can help people who live in crowded or noisy areas. These are all features that are included in some redesigned condos in the Sunny Isles Beach area.
Smart Home Challenges
One of the main challenges with some of the rarer features catching on is hesitation in the target population. For example, smart floors with sensors can detect falls and unsteady walking patterns. This technology mostly benefits seniors. However, seniors are less likely to install such technologies in their home. According to research, cost is not the main driving factor behind their hesitation. Many seniors refuse such technologies because they feel that their privacy is being invaded. When they hear about webcams and phones being hacked, they are worried about what may happen if their smart home and its features are hacked.
Security is a concern shared across all age groups. However, younger people are more likely to use smart technologies even with the potential security risks. This is partly because they know how competitive tech companies are when it comes to improving security and features, and they tend to be more accepting of sensors and monitors when they come with major benefits. Security challenges also present development and improvement opportunities for entrepreneurs.
About Todd Lubar
Todd Lubar is a real estate entrepreneur with a strong interest in smart homes. He is President of Global Ventures, LLC and serves as Vice President of Legendary Investments. Todd has more than two decades of experience in the real estate industry and was ranked as one of the top 25 mortgage originators in the United States. He held this distinction for several years. Todd has also worked in other industries from entertainment and construction to mortgage banking.
As someone who is passionate about real estate, Todd Lubar enjoys helping people reach their dreams by not just becoming homeowners but finding their dream homes. Also, Todd enjoys seeing other people succeed as entrepreneurs. He serves his community and finds ways to help others whenever he is able. Global Ventures is one of Todd’s biggest achievements. He is especially proud of the company because of how it helps people overcome common barriers for financing. In his spare time, Todd enjoys spending time with his family, thinking of new innovative ideas and working out to stay mentally and physically fit.