Home automation has the power to transform how we live our everyday lives. By digitizing…
Home automation has the power to transform how we live our everyday lives. By digitizing tasks you’d normally do yourself—like flipping a switch to turn on the bedroom lights or adjusting the settings on your thermostat—home automation creates a near-magical “remote control” over everything within a living environment. From kitchens to living spaces, this new smart technology can up the appeal of every room in a smart condo.
These dazzling new innovations serve more than just residents, but can also benefit the homeowners’ associations that form the backbone of modern communities. How can HOA boards and management companies take advantage of the growing trend towards high-tech homes?
What are the benefits of smart home technology for an HOA?
Nearly 75 million Americans live in communities governed by a homeowners’ association or condominium board—and the numbers are on the rise. Tech-savvy management companies are investing in home automation initiatives at a record pace. What are the advantages of bringing smart home devices to your condos?
Energy savings for an HOA and its residents
Are your energy costs spiraling out of control? Home automation is a leading way to cut down on utility bills. By automating lighting and temperature schedules in common areas like gyms, lounges, and meeting rooms, some analysts estimate a 15–25% cost savings annually.
Smart systems have the power to work with our habits providing the illusion of knowing our wants and needs better than we know ourselves. They can provide scenes and routines based on our behaviors: thermostats switch on around the time we typically return home, plugs start the coffee pot a few minutes before we typically wake up and your favorite smart voice device can be brought into the fold, making your home a seamless voice activated haven.
In addition to monthly and yearly cost efficiencies, smart appliances yield even more savings. Through manufacturer and government programs, property owners can also reap significant rebates by purchasing smart, energy-saving appliances like laundry machines, thermostats, and refrigerators.
Enhanced curb appeal by appealing to green sensibilities in a smart condo
Green-savvy renters and homebuyers yearn to improve their eco-footprint, and smart tech is topping the list of ways they can have a hand in changing the world around them. In fact, 73% of climate-conscious Generation Z is willing to pay more for a smart condo or home that offers energy-saving smart thermostats and lighting controls.
Increased property values
Older generations are becoming entrenched in all things digital. From banking to grocery shopping, they’re getting used to controlling their world with just a smartphone. As these generations continue to dominate the buying market, and younger generations enter the home buying market, they’re seeking smart condos that offer the same tech-ready experience.
Appraisers understand the trend toward tech, and now consider smart devices when pricing homes. Although owners are unlikely to see much of a boost using just a single device like a thermostat, a smart ecosystem is a compelling, value-boosting draw. By some reports, owners can increase their property values by 3–5% by adding a full suite of lights, locks, thermostats, speakers, and more.
Improved asset management
Smart home tech has the power to transform how HOAs operate by offering a new level of high-tech control over the communities they govern.
Traditional move-out or sales protocols can include manual labor like changing locks. With a smart system, this step (and many more!) become fully automated. The tap of a button restricts access to the unit and associated common areas, while wiping the system of personal data and preferred automations. Home owners and those who lease their condos can swiftly transfer control of the unit’s smart devices to an incoming tenant without performing any manual labor.
Leak and humidity detection
High-tech sensors can proactively warn operators and smart condo owners of potentially costly hazards. Properties armed with the ability to detect water, mold, or chemical leaks in real time can save an average of $23,000 in annual labor costs. There’s also a cost-saving opportunity for residents—many insurance companies offer deep discounts on policies for homes outfitted with these advanced detection features.
Smart sensors can also stand guard as the eyes and ears of a property when a resident is away. Opened windows or suspicious sounds like unwelcome footsteps or broken glass can dispatch an alert to an owner’s smartphone. Automated systems can even send push notifications to inform residents of less nefarious activities like off-hours thermostat adjustments or unusually high humidity levels.
Home automation benefits for smart condo owners
Besides glistening swimming pools and verdant picnic areas, home automation is the next step in offering residents the type of resort-style amenities that help your community stand out from the competition.
Smart homes have evolved beyond futuristic touch panels—we can now control every switch, speaker, and sensor with the power of our voice and movement. Spoken commands can illuminate living areas and set the mood for a dinner party. Smart systems can also trigger a sequence of tasks simply by sensing movement. Without lifting a finger, you can wake up your favorite motivational tunes, a freshly brewed pot of coffee, and a kitchen perfectly warmed to your ideal temperature.
Control from anywhere
A leasing advantage of an automated ecosystem is the ability to control devices from anywhere. Left for a tropical getaway, but forgot to close the garage door? A simple tap on a smartphone app can lock down your home.
Kids home from school, yet lost their keys once again? Don’t leave them stranded outdoors—remotely unlock the front door even when you’re out shopping or at work.
Elevated, VIP feeling
Self-raising lights, music curated to the time of day, and an ambient temperature that’s always “just right” gives the impression of a high-end lifestyle. The breathtaking experience is more than a shiny attraction—it’s steadily climbing the list of a buyer’s most in-demand amenities. By bestowing the power of home automation on prospective buyers, you can upgrade a standard living space into a world of “wow!” moments.
No need to rush home from the office when the in-laws pop in for a surprise visit. Smart locks allow residents to welcome guests even from afar. A simple tap on an app can open the front door and promptly re-engage locks once friends and family are safely inside. Residents can also grant remote access to dog walkers, house cleaners, and other service staff without distributing mechanical keys.
Homeowners’ associations and management companies are revolutionizing their operations by implementing home automation. By adding smart tech to your 2021 initiatives, your HOA can save money, improve inefficiencies, and differentiate your community from the competition.