Considering how smart home technology can help sell your home is a new and exciting possibility in the world of real estate. It’s unique to this day and age. But by 2020, projections show that more than 30 billion devices will be part of the “Internet of things.”
The primary motivation for most people to invest in smart home technology is safety. But many people also want to make their home more energy efficient and convenient.
As a seller, there are several possibilities as to how smart home technology can help sell your home. Smart home technology can be a noteworthy advantage to your property that is likely to be well received by many prospective buyers. This is especially true in a tech-fueled area like Silicon Valley.
What is smart home technology?
Smart home technology includes everything from heating and cooling controls to lights, appliances and keyless entry systems, all controlled remotely by a smart phone or tablet. The overarching goal is to make life easier and safer, while saving money on utility bills. All of these points can be highly appealing to a buyer looking at your property.
How smart home technology can help sell your home to millennials
The generational appeal is also strong. More and more millennials are breaking into the real estate market and looking for their first home. This generation and Gen X’ers that came before them love smart home technology for the convenience and security it provides. In fact, studies show that 72% of millennials would pay $1,500 or more to add smart features to their home. And 44% would invest over $3,000 to transform their current home into a smart one.
If you’re targeting a millennial or Gen X homebuyer, it is very likely that adding smart technology to your property before you put it on the market will be advantageous. These features can serve as a great selling point when showing a buyer your property.
And the good news is, you don’t necessarily have to do a full home makeover. Even just adding a few smart home features can be useful selling points for your property.
We’ve consolidated a list of the most popular smart home features available right now for you to chose from:
- What is it? Smart security includes features like cameras, keyless locks, motion sensors, smart door and window sensors.
- Why it’s a selling advantage: You can assure your potential buyer that they will have control no matter where they are. They can eliminate worries about things like the garage door being left open, because it’s all controlled remotely. Smart locks will save them the trouble of having to cut extra keys. Security cameras will allow them to have better visibility into their home while they’re out. This is especially advantageous if they have children or pets.
- How to install it: There are many smart home security installation tips and tricks available online, like this step-by-step guide to installing a keyless lock.
- What’s on the market now: For a keyless lock option that will work with your current deadbolt, check out the Augusta Smart Lock. As far as smart security cameras go, the Nest Cam Indoor provides 24/7 live video, and sends notifications when it detects activity.
- What is it? Similar to smart security systems, smart thermostats work via smart phone or tablet. This means you can adjust your home temperate no matter where you are.
- Why it’s a selling advantage: Smart thermostats allow you to save on energy bills. When asking yourself how smart home technology can help sell your home, lower bills will likely appeal to any buyer. With smart thermostats you can adjust the temperate of your home to your habits and daily routine. And you can do it from anywhere. All you need is an internet connection.
- How to install it: A smart thermostat is a feature you can install yourself in a few easy steps.
- What’s on the market now: Unrivalled by its competitors in terms of specs and capabilities, the Ecobee4 includes responsive display, remote sensor technology and built in compatibility with Amazon Alexa.
- What is it? Lighting systems that are controlled remotely by smart phone and tablet. But with the added bonus of being able to adjust themselves depending on natural light and weather pattersn. Smart bulbs are more expensive than regular light bulbs, but they last longer and are more energy efficient.
- Why it’s a selling advantage: Smart lighting brings many benefits when it comes to how to use smart home technology to sell your home. Smart lighting can allow for a better sleep. (Lights can automatically adjust to time of day and can aid the natural production of melatonin). They can create a better mood by adjusting to darkness in winter months and according to the weather. Smart lighting also provides increased security. You can program it to behave in a way that makes it appear that you are always home. You can also point out to your buyer that they will be saving money on energy bills from motion activated lights.
- How to install it: There are many different ways to outfit your property with smart lighting, and a few considerations to take in mind when beginning the installation process.
- What’s on the market now: The Philips Hue White and Color Ambiance Equivalent Starter Kit creates light of multiple colors throughout your home and can be controlled by voice.
- What are they? Blinds or shades that operate via smart phone or tablet. They can be set to go up or down at certain times of the day.
- Why it’s a selling advantage: One major benefit of controllable shades is convenience, especially for windows that are more difficult to reach. It’s possible to set smart shades to open when it’s time to get up. They function as a natural alarm clock. Furthermore, they will save on energy bills by having shades open or close depending on the time of day to maximize on natural light. They also have the added security benefit of being able to adjust when you’re away, making it look like someone is always home.
- How to install them: Handy YouTube tutorials show you how to put controllable shades up in a snap.
- What’s on the market now: Smart Shades are not only controllable by smart phone or tablet, they also run off of solar power.
Emphasizing your selling points
So, you’ve outfitted your house with these products and are ready to put your home on the market. But what do you and your real estate agent need to know to create compelling selling points for your possible buyer?
First, you will need to fully understand the system and its features. You have to be able to talk confidently about these products and why they are a great addition to the home. The more comfort and familiarity you and your listing agent have with these products and how they work, the more trust you will build in your buyer. You’ll be able to answer their questions and make them feel at ease.
Putting together a short guide could also help. It’s something your buyer could potentially take away and read on their own about the smart features in your home. Since this tech is new to most people, millennials included, it will help persuade a potential buyer who may be reluctant because they think the smart technology is too complex.
Talk about privacy
Since smart home technology backs up to the cloud, there may be concerns around privacy when transitioning from one home owner to the next. Being open about this with your buyer will make them feel more at ease. Refer to the checklist from the Online Trust Alliance for a breakdown of steps you and your buyer can follow when it comes to transferring ownership of your smart home to keep both parties’ personal information safe.
Getting ready to sell your smart home
The advantages of smart home technology are undeniable, from energy savings to increased security. Having a real estate agent who knows how to market your property to the right audience, and can confidently explain the advantages of your smart home technology will allow you to sell your home for the best possible price. A customized marketing plan is critical to success, and is just one part of the selling process that can save you thousands with SoldNest.