How Smart Home Technology Can Shorten the Sales Cycle
Smart home technology is no longer a cool thing that only nerds buy. As new smart home devices continue to improve our quality of life, they also entice new buyers who are easily enamored with new technology. As the IoT (Internet of Things) expands, so does the opportunity to use everything from smart thermostats to security cameras to create a more robust and value added experience.
Whether you are selling a new build, or an existing house, adding smart home technology will not only add to the value of the home, it can also encourage prospective buyers to close the deal more quickly. Smart home devices can also add an ROI, new technologies for heating and cooling and energy management can reduce the amount the owner pays for energy and water.
Realtors agree that there has been a marked increase in the number of buyers who are interested in smart home technology. While adding smart home devices may not increase the sales amount, it can provide a significant impact on how long the home sits on the market.
Research conducted by Coldwell Banker Real Estate provided some valuable data regarding how home buyers, and owners, feel about smart home technology. They declared 2016 the year of the smart home as almost 45% of all Americans either own or have plans to own smart home technology. The survey also found that 70% of people who have smart home technology are more likely to buy additional smart devices.
When it comes to the correlation between smart home technology and the sales cycle, the survey found that more than half of all homeowners would purchase, or install smart home products before putting their home on the market. The reason is that they believed their homes would sell more quickly if smart home technology had been added.
The most appealing smart home technology for new buyers was smart security and smart thermostat technology. While technology is often something that is often attributed to Millennials and younger generations, it’s not an accurate assumption. Today’s smart homes have devices that appeal to a broad audience.
So how can you create a smart home that will wow visitors and reduces your closing times? Here are some tips to help you add some of the most popular devices that will appeal to most buyers.
- Add smart home technology that solves a known problem. There are two things that new buyers want when adding smart home devices, security and useful. This is where smart doorbell cameras and smart door locks come into play. By adding a smart doorbell camera you can allow the buyer to see who is outside of their door even when they are aways. Smart door locks also provide an additional level of security, you can better control entry to your home by using fingerprint of coding options.
- Be aware of what and where you are adding new smart home technology. If you are updating an existing house, you should add several devices in different areas of the home. If you update just one area, the rest of the house could be a disappointment during open houses or walkthroughs.
- Include voice automation. Whether you choose an Amazon Echo, or Google Home device having smart home devices that respond to voice commands can make potential buyers see themselves in the home using the device. You should always test it before showing your prospects how it can work for them.
- Include a security catch-all. One of the recommendations that we make for all homes who utilize smart home devices is to install a home network firewall.
If you include smart home devices as part of the home, there are a few things you should know before the sale is complete. The last thing you want is to end up with an unhappy buyer because their smart home technology isn’t working as promised.
- Make sure that all of the smart home devices are connected to a central command center. With so many different brands and smart home technology, you will want to provide options that can be managed from one hub, and that can all work together to make it easy for your buyers to use them.
- If the devices are set up under your name, or the name of the previous homeowner make sure that all access is deleted. Your buyers shouldn’t have to worry about someone else having access to their new smart home.
- Put together a tutorial for the new owner. Providing step by step instructions on how each device and the command center work will make your less tech-savvy buyers more comfortable with smart home technology. Which means you also need to become a resource should they have questions about how to manage their smart homes.
With over 80% of people who own smart home technology excited about adding more devices, turning every home you have on the market into a smart home is a no-brainer. Smart home technology makes homeowners life easier and also a lot cooler.
Contributor's Bio: This is a guest post by Joseph Mack from smarthomeSAGE, a blog that analyzes the impact that smart home technology has on home life.
Photography credit: Matt Jones Photography