There is no doubt that consumers are responding to smart home technologies in a big way. In fact, Coldwell Banker is co-sponsoring the Smart Home Marketplace at CES (formerly known as the Consumer Electronics Show) in Las Vegas, a segment of the show which has nearly doubled in size since last year.
Helping to lead the smart home conversation, Sean Blankenship, Chief Marketing Officer for Coldwell Banker hosted a CES session titled “Selling Smarter: Real Estate and The Smart Home.” This jam packed session featured Danny Hertzberg from the Coldwell Banker Residential Real Estate, Lindsey Turrentine, Editor-in-Chief of CNET as well as representatives from Nest, Lutron and August. The panelist discussed how “smart” is the next big trend in real estate and explored what that means for the industry, agents as well as smart home technology manufacturers.
When asked how to define a smart home, Lindsey responded, “a smart home has gadgets that can anticipate what you need and helps make your life easier.” Michael Smith, Vice President of Sales from Lutron added, “we also see it as a home that solves problems and matches your lifestyle. Things like never having to drive home from work and walk into a cold and dark home again.”
Danny later talked about the importance of smart home technologies and the home buyer, “more and more buyers are looking for ways to control key elements of their home such as lighting, security and thermostats with a single device. I am also finding that many of today’s buyers know more about the technology than their agents and that is a problem. As a real estate professional, you need to be able to explain the products and features that are most important to your buyer.” Danny closed with, “smart home technology helps the home stand out in a crowded marketplace. The property description is a critical marketing tool with limited character space, so when I see it being used to describe smart home products and features I know they are really important to the buyer.”
All of this technology is impressive, but are the homebuyers and sellers seeing a value in using it in their homes? All trends point to yes! According to the recently released Coldwell Banker Smart Home Marketplace Survey:
- More than half of homeowners (54 percent) would purchase or install smart home products if they were selling their home and knew that doing so would make it sell faster.
- Of that group, 65 percent would pay $1,500 or more for the tech upgrades (and we know that it can be done for $1000).
- The same survey also found that 70 percent of people with smart home technology said buying their first smart home product made them more likely to buy another one.