Benefits of Smart Home Tech
A discussion of some of the benefits of Smart Home Tech.
there’s a long list of smart home devices that make life better and help owners enjoy, maintain and even clean their homes. Some of the most popular include smart thermostats and smart lighting, which can remotely adjust the environment throughout the day. Voice assistants can control IoT devices and manage household tasks. Smart locks and garage door openers can detect when residents are nearby and open remotely, and, more importantly, deny access to anyone else. Smart security cameras and systems let homeowners monitor their homes from anywhere and can detect the differences in activity between occupants, visitors, pets and suspicious characters. Smart monitors can detect power surges, carbon monoxide levels and turn off water remotely to prevent freezing pipes or plumbing failures.
The global smart home market was valued at $81 billion in 2022. By 2030, it is projected to balloon to $338.28 billion. By the end of this year, the number of smart homes is expected to exceed $400 million, which means that consumers are not only increasingly adopting smart home technology, but they will be looking for it when they buy homes.
In addition to comfortable and convenient living, there are several financial benefits to consumers who add smart technologies to their homes – for example, smart thermostats and appliances can maximize energy efficiency, smart security systems can potentially lower homeowner insurance costs, and tech-enabled homes have better resale value. Some estimates indicate that sellers who invest in smart home technologies realize a 50% return on those tech investments.
And here’s why this is so important: All these smart home devices generate data, which creates opportunities for agents and brokers. But the real estate domain has not yet fully capitalized on the data generated by smart home devices. Data from these devices can reveal how much energy a home uses and when, which rooms are most used, room dimensions, even finishing materials and more. This information can make a property more livable, but also more marketable.
Real estate professionals who invest in understanding how to use and maximize the benefits of smart home technologies and the data can create competitive business advantages – especially when pricing, marketing and selling smart homes.
In the very near future, it will be common for people’s smart hubs to predictively adjust home thermostats, turn on selected lights and even play relaxing music in anticipation of their arrival – all based on their car’s location during an evening commute. It’s important for real estate professionals to understand how – as well as which – technologies are used, what capabilities exist in a smart home, and what data is generated by in-home IoT devices. This information can drive how to showcase, market and sell those home features.
