In recent years, there has been a growing focus on enhancing convenience and quality of life through technology. From ordering meals to managing appointments and staying in touch with family and friends online, technology has played a pivotal role in enriching our daily lives and streamlining our routines. 

This trend is especially relevant in real estate, where our living spaces profoundly impact our daily comfort. Buyers and renters now seek digitally-centric homes that offer conveniences, such as keyless entry systems and digital thermostats, known as property technology or "proptech." When comparing real estate investments, these amenities are perceived as higher value, making proptech a crucial consideration for developers.

The Growing Importance of Proptech

Proptech encompasses smart home amenities like security systems, digital thermostats, Wi-Fi connections, and keyless entry. These features offer great convenience to residents, allowing them to control home functions remotely with a few clicks or voice commands. This level of everyday ease is highly appealing to modern renters and buyers, leaving a lasting impression during the buying process.

To set upcoming projects apart, developers must make strategic investments in building amenities. While proptech is an obvious choice for enhancing projects, selecting the right "bells and whistles" for a project can be intimidating. Given the multitude of options and evolving trends, it is important to know which proptech amenities residents are looking for. 

To help you understand the choices, we've narrowed down our top four must-have proptech amenities for your next development project: 

Our Top 4 Picks

1. Keyless Entry Systems: When returning home after a long day, dealing with keys or tricky locks at your apartment is the last thing you want. Keyless entry systems eliminate the need for keys at all - residents can simply use their phones to scan into the building and their unit, creating a seamless entry experience. 
   
2. Secure Package Rooms: With the rise of online shopping and home-based deliveries, secure package rooms are becoming increasingly important to residents. Nothing is more frustrating than a package or important delivery that doesn’t securely arrive at its final destination. By offering enhanced package security to residents, you can elevate their sense of belonging and comfort in your building.

3. Web-Based Smart Thermostats: Smart thermostats offer heating & cooling control in individual apartment or condo units. By adding web-based smart thermostats, residents can adjust the heat or air conditioning from home or remotely from another location. This high-end proptech feature enables residents to personalize their living spaces for ultimate comfort while simultaneously reducing energy expenses.

4. WiFi Connectivity: Whether residents are streaming the big game in the common lounge or working in the communal workspace, dependable WiFi brings a whole new level of convenience. Want to take it a step further? Consider offering WiFi across outdoor amenity spaces to set your new development project apart.

Benefits Outweigh the Costs

When considering spending money on building amenities such as proptech, the cost will always be among the first things to weigh. However, before eliminating the possibility of investing in a keyless entry or building-wide wifi system, consider the long-term benefits for both residents and project profitability. 

First, implementing proptech amenities can greatly increase resident satisfaction. With features like keyless entry or smart thermostats, residents have greater control and convenience in their living spaces. This leads to happier residents who are more likely to renew their agreements and recommend the property to others.

Secondly, proptech amenities can also lessen the amount of time units stay vacant on the market. Integrating these features into your upcoming development project could greatly boost interest and demand from potential buyers or renters for your project. 

P.T. Vineburgh, Founding Partner at CHARLESGATE, highlighted the impressive ROI of investing in keyless entry systems: "The $25,000 investment in transitioning all hardware to Grata smart locks was undoubtedly a lucrative move for the developer, evident in the absorption rates we've witnessed."

An Investment Worth Making 

Developers need to view proptech amenities as a strategic investment that can lead to substantial long-term returns on investment. With the escalating call for convenience in our daily routines, integrating these property tech features into your development will further enhance buyer perception of your project, and can ultimately drive demand for your apartments or condos in an increasingly competitive market.

"To be at the forefront of the market, such investments are imperative." - P.T. Vineburgh, Founding Partner at CHARLESGATE.

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CHARLESGATE consults on the entire design and development process to guide you through creating a top-of-market new development project that residents love. Contact our team today to learn how we can drive demand to your new development project with forward-thinking design and development.