Smart Home Technology Is the Smart Way to Sell

Smart Home Technology Is the Smart Way to Sell

RECBL - Real Estate News

Potential homebuyers are looking to buy smart, even if they have to pay more to do it.

Buying "smart" means purchasing a home with pre-installed smart home technology; a trend which is reinvigorating real estate.

Smart technology refers to devices that are connected to the internet and can be controlled and monitored from any location via your smartphone, tablet or computer.

From single mothers to married couples entering retirement, owners of smart homes spend less time and energy managing their homes and more of their valuable resources on career goals, personal relationships, daily tasks and hobbies. Studies predict that smart homes will be the norm by 2020, and real estate agents need to be well-versed.

According to a recent survey, the four main categories of smart products that are important to homebuyers are security (e.g., locks and alarm systems); temperature (e.g., thermostats and fans); lighting (e.g., light bulbs and lighting systems); and safety (e.g., fire/carbon monoxide detectors and nightlights).

Homebuyers across the board are most attracted to smart security and temperature. According to the report, Americans prefer security and temperature over smart appliances and entertainment. Older generations are more likely to have these types of smart home technology: 40 percent of homeowners over 65 years of age have smart temperature products, compared to 25 percent of millennials.

Potential homebuyers of all ages and genders are interested in smart home technology. In fact, 45 percent of Americans either have smart home devices or plan to incorporate them. Of respondents who said they have smart products in their homes, 43 percent are millennials, 33 percent are between 33 and 54 years of age, and 24 percent are 55 and older. Of these, 57 percent are male and 43 percent are female.

Agents looking to work with smart homes need to pay close attention to women homebuyers, a fast-growing segment. Smart home technology may be a valuable resource for increasing women’s homeownership, as single women-especially those with families-will be attracted to owning a home that makes their lives easier and makes them feel safe.

Not only are smart homes safer, but they also have high value. Homebuyers and sellers are willing to pay more for homes with smart technology. Fifty-four percent of homeowners said they would install smart home products if doing so would ensure they could sell their homes faster. Of these, 65 percent said they would pay $1,500 or more. For millennials, this number increases to 72 percent.

Real estate agents can utilize this information in selling homes at a faster rate and higher price to potential homebuyers who understand the value of smart homes. Make sure the homes you sell are equipped with eye-catching smart technology, and communicate to potential buyers the increased value these devices bring to their home and the safety they bring to their families.

DesirEe Patno is president and CEO of the National Association of Women in Real Estate Businesses (NAWRB).

For more information, please visit www.nawrb.com.

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IS YOUR SMART-HOME DEVICE A SECURITY THREAT?

Is Your Smart-Home Device A Security Threat?

Cash Buyers Lists News​​

Did you recently welcome a Google Home or Amazon Echo into your home? How about a smart TV or a fancy new Apple Watch? While all of these devices can work wonders in terms of making our lives easier, they can also pose a security threat to your privacy. Internet-connected devices provide endless possibilities, but they rely on technology and collected data to deliver on their promises.

"I don’t necessarily think about someone hacking into my new smart thermostat and accessing temperature preferences," says Steve Platt, global executive vice president of Fraud and Identity for Experian.

But if they can access my thermostat, they can get into my Wi-Fi network. From there they can access my computer or other connected devices where I have a lot more private and valuable information. The Internet of Things is only as strong as its weakest link. That’s why it’s so important to understand and treat each connected device as part of a broader network."

According to Platt, you can have both convenience and privacy, as long as you know how to secure your devices along the way.

Here are eight tips from Experian for protecting your identity while enjoying your new gadget:

1. Make sure the products and services you are connecting were purchased from reputable companies.
2. Take a few minutes to review the privacy and data usage policies for each product or service. These privacy policies and data-use statements should be clear, easy to read and easy to understand. It’s important to know how your personal data is used, stored or shared and to be comfortable with the terms before using the device.
3. Look for devices that use end-to-end encryption, meaning third parties can’t read or listen to your communications. More and more products are including this terminology right in the product description. If it’s not there, ask.
4. Be careful when turning on features for less secure devices. Remember that a less secure device can open a door into your network, which can lead to access to other connected devices.
5. Change the default password before connecting the device to your network and enable two-factor authentication options, when available, for additional security. For example, you might use a username and password plus something else that only you know.
6. Pay extra attention to your Wi-Fi network and leverage all available security options, including things like router and network passwords, encryption, firewalls and firmware.
7. Be aware of the applications installed on devices, and download applications only from reputable providers. Also, only download apps created by trusted entities.
8. Make sure children are supervised when using Internet-enabled devices, especially when downloading apps and connecting to other devices.

Following these tips will allow you to make your home smarter and safer.

Source: Experian

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