ERA Real Estate and HGTV Identify Top Trends in Smart Home Technology
Survey finds that consumers of all generations value smart technology features in both current and future homes.
November 11, 2014 // Franchising.com // Madison, N.J. - According to a survey conducted by ERA Real Estate and HGTV, nearly half (46 percent) of consumers believe it is important that their current home or next home they purchase be equipped with smart home technology. Not only do they see the value in smart home technology for their own benefit (e.g., comfort, safety, cost-savings), but consumers also see the impact it serves for resale – more than half (51 percent) would consider installing smart home technology in their home to make it more appealing to future homebuyers. The most willing to spend of all the generations - Millennials. Despite their younger age, they were 10 times more likely than Generation Xers to consider the update.
"While still a growing trend, smart home enhancements have the potential to increase savings, safety and re-sale value," explained Charlie Young, president and CEO of ERA Real Estate. "As we have seen through this survey and our one-on-one interactions with buyers and sellers, a smart home is one that is well-positioned for the future and aligns with a growing reliance on mobile technology."
The national consumer survey also found that mobile technology and control are rising to the top, particularly with Millennials. Seven in 10 Millennials believe it is important that smart home technology integrates with their smartphone, underscoring the generation’s preference for mobile-savvy apps and brands.
Though the pioneers of the smart home space were home security system providers, only 5 in 10 Americans reported having a security system in their current home. Demonstrating consumers’ practical preferences, the most commonly found technologies were those that could help homeowners save money, including automated climate control, energy management, remote home monitoring and lighting control systems.
Additional findings include:
- Green-Minded Millennials: Nearly half of Millennials have energy management technology in their homes, compared to just one-third of Gen X and Baby Boomers.
- Security Systems – A Thing of the Past?: Baby Boomers are most likely to have a security system in their home than any other age group surveyed (60 percent of them do).
- Mood Lighting Over Mood Music: Consumers value smart lighting over a smart home audio system.
- Comfort is Key: Consumers of all ages agree they would automate their thermostats before their lighting or security systems.
- TV Over Security: 1 in 10 Americans would choose to automate their TV over their lighting or security systems.
To view an infographic, go here [http://smartercommunity.info/Tara/October2014/ERATechInfo.pdf].
Take the survey here [http://www.owningthefence.com/smart-home-technology-what-youre-missing/].
Methodology: ERA Real Estate, in conjunction with HGTV, surveyed consumers participating in HGTV’s "Under the Roof" national focus group to uncover attitudes and opinions about smart home technology. The survey was fielded from August 12-18, 2014; a total of 2,437 consumers participated.
About ERA Real Estate
ERA Real Estate is an innovative franchising leader in the residential real estate industry with 40 years of experience in developing consumer-oriented products and services. The ERA network includes approximately 31,000 brokers and sales associates and approximately 2,300 offices throughout the United States and 34 countries and territories. Each office is independently owned and operated. ERA Real Estate is a subsidiary of Realogy Holdings Corp. (NYSE:RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.
SOURCE ERA Real Estate