Selling a Smart Home? Here’s What You Should Know.

13 Dec, 2019

The days of “The Jetsons” being a far fetched reality are coming to an end. As we gear up for 2020, smart homes are becoming more of the norm than the minority. Soon there will be homes that identify family members using biometrics like a heartbeat, body temperature and fingerprint to customize lighting, temperature, and music preferences!

Great strides have already been made in smart home technology, although most systems rely on a tablet or control panel to function. The eventual goal is to remove the user experience (buttons, tablets, remote controls) and make the smart home experience nearly invisible.

Selling Smart Homes

Let’s look back to December 2018. Smart homes are on the market and selling. Smart security systems are locking and unlocking doors without need for keys. Camera systems inside and outside the home are becoming the norm. Energy monitoring devices are giving owners real-time data on their energy consumption, which translates to real-time savings. Smart thermostats are cooling and heating the rooms people are in as opposed to the entire home.

Did you know around 75 percent of millennials are willing to pay up to $1,500 extra for homes with smart features? As a real estate agent, you must do the following three things when it comes to the smart home marketplace:

Learn about the issues related to smart home technology

It is very important you are aware of, and clearly state to the prospective buyer, what smart home gadgets are going to stay with the home after it is sold. The contract must specify exactly which items are staying and which are going.

Help buyers see the advantages of smart home technology

Effectively showcasing smart home features can lead to a higher sale price and a faster sale. Have the seller clearly mark each smart home device in the home and explain how it works and what its advantages are. Work smart home devices into your staging plans so that the prospective buyer can see how it would simplify their lives. Some sellers even develop guides to their smart home devices so buyers are excited rather than overwhelmed.

And don’t forget about the data! Smart home devices run on data collection, so put it to good use! There’s no need to take the seller’s word for it. For example, smart thermostats reduce heating costs an average of 10 to 15 percent. If the seller says the smart thermostat saved them an average of $15 dollars a month during the winter, generate a report from the device and show the prospective buyer.

Alleviate prospective buyers’ security and privacy concerns

A more connected world is a more convenient world, but it’s also a world more prone to hacks, infiltration, and data breaches. As a real estate agent, you must be able to calm any concerns the buyer might have about smart devices’ impact on security and privacy. Changing ownership of smart home devices means removing old accounts and setting new accounts up.

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