According to Statista, the smart home market is projected to reach a whopping $35 billion in 2023, with more homeowners adopting smart home technology than ever before. This is especially true in the luxury home market, where buyers are always looking for the latest technology to make their lives easier.
So, what are some of the must-have smart home features for luxury homes moving into 2023 and beyond?
Smart Home Security
Today, it’s not uncommon for luxury homes to be equipped with smart security solutions, allowing homeowners to enjoy added protection and peace of mind even when they’re not home. The most popular smart home security solutions moving forward will be those that can be automated and customized exactly to a homeowner’s specific needs.
Small, easy-to-install sensors are now able to identify the difference between residents, visitors, pets, and burglars for additional protection. Meanwhile, these sensors are even equipped to notify authorities automatically when suspicious behavior is detected.
Meanwhile, technology like Ring’s flying drone cam allows homeowners to “check in” on any space in the house remotely, allowing for additional surveillance and monitoring.
Smart Home Appliances
Smart appliances are hardly “new” by any means. However, this niche in the smart home industry has recently been taking off with some exciting innovations. Consider, for example, a refrigerator that is capable of creating (and updating) a grocery list on a household’s behalf based on what they normally purchase. Likewise, coffee makers with smart technology can adapt to ensure that the homeowner wakes up to the perfect cup of espresso (or any other hot beverage of their choice) each morning.
However, smart home technology won’t just enable appliances to create lists or make coffee; newer appliances are also coming with smart maintenance features, including over-the-air updates and diagnostics to make caring for these appliances easier than ever.
Smart thermostats are not “new” either. Even in the world of non-luxury real estate, more homes are equipped with smart thermostats than ever before. However, these devices are becoming even more advanced, using machine learning and other features to improve comfort and (in some cases) even boost indoor air quality.
For example, some smart thermostats are now able to connect with home automation systems to monitor outside weather, air quality conditions, humidity, and more. These thermostats can then work with a home’s HVAC and other systems (such as air filtration systems and humidifiers/dehumidifiers) to keep living spaces as comfortable as possible for the occupants.
Meanwhile, these same thermostats can use geo-fencing technology to sense when homeowners are on their way home, automatically adjusting the temperature to meet their exact comfort needs.
Home Monitoring Systems
These days, luxury clients want the ability to monitor every aspect of their homes at all times. This is especially true of luxury clients who may own more than one property and want to be able to carefully monitor homes while they’re away. Thankfully, smart technology in the form of advanced monitoring systems is now making this possible.
Smart sensors, for example, can monitor for such things as electric surges, water leaks, and even frozen pipes throughout a home. When a problem is detected, homeowners can be alerted promptly so that appropriate action can be taken before serious damages occur.
This kind of technology has the potential to save luxury clients thousands or even tens of thousands of dollars, along with the hassle that can come along with handling insurance claims and scheduling repairs.
Smart Home Entertainment
Last but not least, luxury real estate agents can expect to see more and more luxury clients requesting built-in virtual reality (VR) systems in homes for sale. Virtual reality entertainment is gearing up for a big year in 2023, with headsets offering higher frame rates, higher resolution displays, and enhanced special audio to create more realistic and immersive experiences.
Specifically, Meta Oculus 2 is expected to be one of the biggest innovations to hit the VR industry, allowing for a notable expansion of VR applications inside the home. From culinary experiences and shopping to gaming and beyond, the possibilities here are sure to excite luxury clientele.
Looking to the Future
While only time will tell what the coming years have in store for the smart home industry and luxury real estate, the future is bright. With more advanced smart home technology on the market than ever before, luxury buyers can control and customize nearly every aspect of their living experience.
At the Institute for Luxury Home Marketing (ILHM), we’re all about staying on top of the latest luxury real estate trends in order to provide clients with the best possible buying and selling experiences.
If you’re looking to maximize your potential as a luxury real estate professional, be sure to join our network and begin gaining valuable industry insights today.
We also offer designations, such as the Certified Luxury Home Marketing Specialist (CLHMS™) designation, that can help you take your luxury real estate career to the next level. Learn more about becoming a CLHMS today and reach out to our knowledgeable team for help in getting started.