The Smart Home Demand: What Real Estate Agents Need to Know to Make the Sale

In what seems to be a blink of an eye, our homes have gone from technology-less to technology-abundant. Smart homes are now the norm. Before we know it, homes that identify family members using biometrics will be standard! By understanding smart home technology and its benefits, real estate agents will have an advantage in the marketplace.

Selling Smart Homes

Smart homes are becoming a high-priority item on buyer’s wish lists, and for good reason. Smart security systems are locking and unlocking doors without need for keys. Camera systems inside and outside the home are common practice. 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.

Let the Data Speak for Itself

Never underestimate 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.

Within the next decade, the housing market will see an even higher demand for smart homes and the features new buyers deem necessary. As real estate professionals we must work hard to familiarize ourselves with current and upcoming technology in order to help our clients find their perfect home.

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