The smart home technology you need to succeed
Competition in the real estate market is fierce. Every real estate agent you meet has their own strategy for winning clients and getting sales. Meanwhile, you are still trying to win customers and get sales with your own strategies. One way is to integrate smart home technology into your ads.
Whether it’s renovations or what you do after receiving an offer to purchase, you’re always looking for ways to give your customers an edge. What do you do if you want to stay ahead?
According to Realtor’s January report, the average home spent 61 days on the market before selling. Some homes may even take longer to sell than others due to a number of factors, including the quality of the home itself, its location, and its price. Smart home technology, however, can reduce the time a property spends on the market.
As a real estate professional, it’s important to stay on top of the latest smart home technology innovations. Smart home technology can be used to increase the visibility of your customers’ homes and attract more onlookers. Here’s how smart home technology can benefit you and your customers:
What is a smart home?
A smart home contains various devices that allow homeowners to monitor and manage their home remotely. Smart home technology, which ranges from simple devices like automatic lighting, smart blinds and water leak detectors to sophisticated security systems and even fridges with connected apps, puts homeowners in control. in their home with just one smartphone.
The idea of home automation has been around for years, but with the recent rise of Bluetooth, Wi-Fi, and laptops, the concept has started to pick up steam. Many buyers today are looking at potential homes with an eye for smart home upgrades.
How can smart home technology help real estate agents?
Smart home technology has become increasingly popular over the past few years. A study showed that 69% of US households now own at least one smart home device. According to the said Consumer Technology Association (CTA) study, 83 million households own at least one smart home product, and 18% of those households, or about 22 million households, own more than one.
Smart home technology is being put to good use in both residential and commercial settings. However, it is now becoming clear that one industry could be at the forefront of adopting this technology: the real estate industry.
Agents can benefit from smart home technologies in many ways, from improving door-to-door sales processes to helping them become more efficient and organized.
Make homes more energy efficient
With the increasing integration of smart home technology, home ownership has many benefits. For example, energy-efficient smart homes are attractive to smart home technology buyers.
Smart thermostats can reduce energy costs by using geolocation to adjust heating, ventilation, and air conditioning (HVAC) systems.
Smart lighting controls can lower electricity costs, improve safety and help create a more comfortable ambience for occupants.
On the other hand, smart fans are automatic and can be programmed to sense the temperature in the home, making them a great addition to homes in warmer areas.
The best feature of smart home technology is its intuitive app, which allows users to control the device from their smartphones. The app also allows users to monitor their energy consumption and generate a comprehensive report detailing their energy consumption. Having this information at their fingertips allows smart home technology buyers to control their energy bills.
Help buyers and sellers connect
Smart homes are becoming more common, and many real estate agents recommend installing them before putting a property up for sale. Tech-savvy generations like Gen Z and Millennials are buyers of smart home tech, as well as older adults who find these systems useful for aging in place.
According to statistics, almost half of millennials (47%) own one or more smart home appliances. Millennials’ high regard for smart devices has made them key drivers of the emerging smart home technology industry. For this reason, they are more likely than other generations to rent or buy smart homes.
Smart home technology can boost a buyer’s preference for a property, making it easier for realtors to connect with potential buyers.
A survey by REALTOR.com found that consumers aged 18-34 would pay more for smart homes with home theaters, smart speakers and connected kitchens.
Upgrading an older home can make it more competitive against newer homes. In fact, many home builders offer smart home system packages to equip new homes with thermostats, garage door openers, lighting systems, door locks, and video surveillance.
Facilitate contact with customers
According to Statista, there will be 481.9 million smart homes housing 481.9 million people worldwide by 2025. Homeowners who install smart home technology can enjoy safety, security and convenience at home. Smart home technology can also make a homeowner’s home more attractive when selling.
Tech features make a home stand out to smart home technology buyers. This facilitates contact with customers. In addition to offering the property, real estate agents may also offer to help set up smart devices for ease of use.
Another tip for using smart home technology to stay in touch with customers is to be a smart home technology expert. Some customers will be looking for a product that incorporates smart technology, while others will need to be educated about the benefits of doing so.
On the seller’s side, real estate agents with a working knowledge of smart home technology can help their clients avoid problems when selling a smart home and also tend to be tech-savvy marketers. of the smart home. Consumer Reports finds that smart home features can add up to 5% to a home’s resale value, or $15,000 more on a $300,000 home. The researchers also found that appraisers were beginning to consider the value of technological features when determining a home’s value.
Smart home technology is quickly becoming a standard feature of luxury properties and other high-value homes. This means realtors who don’t use this technology when marketing homes are missing out on potential buyers and opportunities.
Whether you’re listing your own home, working as a real estate agent with or without an agency, or simply involved in other aspects of real estate investing, knowledge of smart home technology is critical to your success. After all, home buyers and sellers are most interested in smart homes.
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Hale, D. & Speianu, S. (2022, February 8). January 2022 Monthly Housing Market Trends Report. Real estate agent. https://www.realtor.com/research/january-2022-data/
Lasquety-Reyes, J. (2021, June 15). Number of Smart Homes planned in the world until 2025. Statista. https://www.statista.com/forecasts/887613/number-of-smart-homes-in-the-smart-home-market-in-the-world
Martin, C. (2019, September 30). Smart home technology reaches 69% penetration in the United States.. Media station. https://www.mediapost.com/publications/article/341320/smart-home-technology-hits-69-penetration-in-us.html
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