How Smart Home Technology is Changing Developments

Author | Paul Skuse

PropTech is more than just a new buzzword. It signifies the socio-economic trends and technology solutions that are already disrupting and transforming the entire real estate sector.

It is both a threat and an opportunity for developers.

We sat down with Daniel Harris at Savills to find out more.

Paul Skuse, Oakfield DC:
Can you give me an example of a PropTech innovation?

Daniel Harris, Savills:
Proptech refers to the new technology that is designed for real estate. The new build sector has pioneered the adoption of such technologies, and as a result PropTech is playing an increasingly important role in the way new residential developments are built, marketed and sold.

The way we live today is very different from just two years ago and the pace of change is increasing all the time. For instance, there are keyless door entry systems and intelligent lighting controls which you can operate using an application on your phone. In sales and marketing, agents now have access to virtual reality technology to enable buyers to see a property in 3D before they buy. We are tracking these changes and advising our clients as to how they can make the most of modern technology to stay ahead of the competition and build for the future.

PS:
Is this starting to become a must-have or still a nice-to-have for purchasers?

DH:
Developers are always looking to differentiate themselves in the marketplace. Prop Tech is also something that excites people and if you can talk about these things in your marketing literature, you’ll likely increase people’s interest even more.

PS:
So is this the beginning of “Smart Homes”?

DH:
I think it is, Smart Home Technology. In the main, we’re now seeing electric car parking and charging points more and more in residential developments. We’re seeing schemes where people can charge their car from their garage.

Adding these features now is helping to future proof the build and sales cycles of these schemes. It might seem pretty innovative today, but actually when the scheme’s complete in two years’ time, it could be standard for people to have these features.

PS:
So these future elements need to be factored into the build right now?

DH:
I think we always have to be looking ahead in our business. We’ve always got to have our finger on the pulse in terms of what’s happening out there, where the trends are, what people like and what they want and expect. So, you’ve got to plan ahead and see where you think the latest technology is going. You’re also using it as a tool for differentiating the build and to be seen as more up-to-date.

PS:
And ahead of the curve?

DH:
Exactly, staying ahead of the curve.