Coldwell Banker Real Estate and CNET Survey Finds Americans Ready for the Smart Home
More than 1 in 4 Americans Own Smart Home Devices; Nearly Half of Millennials Already Adopting the Technology
MADISON, N.J. (Aug. 11, 2015) – The smart home is here to stay. A survey of U.S. adults by Coldwell Banker Real Estate LLC, the original Silicon Valley real estate start-up founded in 1906, and CNET, the world’s largest and most trusted online source of consumer technology news and reviews, found that Americans are already embracing the smart home with 28 percent owning at least one smart home product and almost half of Millennials (ages 18 to 34) adopting the technology.
“Smart home technology is catching on because it is literally changing the way we live in our homes,” said Sean Blankenship, chief marketing officer for Coldwell Banker Real Estate LLC. “Not only is it shifting the financial perception of the home, but it’s also transforming our emotional connection to our homes. We have entered a transformative era. We believe that in three to five years, home buyers will expect smart home technology — it will become the new norm”.
Blankenship pointed to the fact that of those surveyed currently using smart home technology, 81 percent said they would be more likely to buy a home if smart technology, such as connected lighting, thermostats, remote-access security and smart locks, was already installed. For Americans who currently don’t own smart home products, this provides an opportunity to make the move and adopt the technology. The trend will only grow as millennials start to represent a larger share of homeowners.
The Coldwell Banker/CNET survey of approximately 4,000 Americans analyzed trends and insights related to smart home technology.
Smart Homes Save Money, Time and Provide Peace of Mind
Americans are adopting and strongly valuing smart home technology. In fact, 91 percent of those who currently own smart home products would recommend the technology. Other findings include:
- • 87 percent say the technology makes their lives easier.
- • More than half (57 percent) of Americans who own smart home products say the technology saves them time and at an average of almost 30 minutes per day.
- • The technology is saving owners of smart home products money. Forty-five (45) percent of Americans say that, on average, their smart home technology saves them over $1,100 a year.
- • 72 percent say smart home products provide them with peace of mind when it comes to home security.
Parents Twice as Likely to Adopt Smart Technology
Parents with children under age 18 are almost twice as likely to have smart home products (42 percent of those with children vs. 23 percent of those with no children).
- • Parents were also more likely to have made their home “smart” when they moved in (68 percent of those with children vs. 50 percent of those with no children).
- • Security is top of mind for those with kids. Seventy-eight (78) percent of parents say that smart home products provide peace of mind, while only 68 percent of those without children agreed with the statement.
- • Among all respondents, 59 percent of parents said they’d be willing to pay more for a home with smart home technology installed. This is significantly higher than the 47 percent of those without children.
Other Key Survey Findings
- • The smartphone is the remote control for your smart home. Seventy-six (76) percent of those with smart home products control them with a mobile device.
- • The living room is the “smartest”. When asked which rooms benefit from smart home technology, over half (51 percent) cited the living room, followed by the bedroom (45 percent), family / rec room (35 percent), kitchen (30 percent) and dining room (21 percent).
- • Cost and savings are key to smart home purchasing decisions. Of those who do not have smart home products, 44 percent said they would consider purchasing the technology if it cost less, while 42 percent said they would consider purchasing if it would save them at least $500 yearly on utility bills and household expenses.
“From the living room to the yard, consumers are embracing smart home technology,” said Lindsey Turrentine, editor-in-chief of CNET.com. “This market will continue to develop as the technology becomes even more mainstream. Our survey highlights the fact that this innovation has made its way into homes faster than many expected, and that once a homeowner tries a connected device, that person is ready to experiment with more smart products.”
“Today’s buyers are expecting smart home technology. It’s no longer just an add-in,” said Danny Hertzberg, sales associate affiliated with Coldwell Banker Residential Real Estate in Miami, Fla. “I’m seeing first-hand how homebuyers are requesting and favoring homes with smart features, such as automated lighting and temperature control. Smart home technology is also influencing the home selling process. In addition to de-cluttering a home, sellers are upgrading to smart home technology to attract modern buyers. Consumers are truly seeing the convenience and benefits of these products, understanding how smart home technology makes the home more comfortable, convenient and energy-efficient.”
The full survey results can be found here.
This survey was conducted online within the United States between June 18-19, 2015 by Harris Poll on behalf of the Coldwell Banker brand and CNET via its Quick Query omniÂbus product. The survey was conducted among 4,043 adults (ages 18 and over) among whom 1,141 own at least one smart home product. For the purposes of the survey, “smart home technology/products” were defined as products or tools that aid in controlling a home’s functions such as lighting, temperature, security, safety, and entertainment, either remotely by a phone, tablet, computer or with a separate automatic system within the home itself. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online.
All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, the words “margin of error” are avoided as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.
Respondents for this survey were selected from among those who have agreed to participate in our surveys. The data has been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in our panel, no estimates of theoretical sampling error can be calculated.
About Coldwell Banker Real Estate LLC
Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate brokerage services. Coldwell Banker Real Estate is the oldest national real estate brand and franchisor in the United States, and today has a global network of approximately 3,000 independently owned and operated franchised broker offices in 43 countries and territories with more than 88,000 affiliated sales professionals. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand with an iPad app, the first to augment its website www.coldwellbanker.com for smart phones, the first to create a iPhone application with international listings and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On Location SM YouTube channel. The Coldwell Banker System is a leader in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program delivering exceptional experiences for all consumers served.
For more than 20 years, CNET has been telling stories of the technology, people and companies reshaping our lives. CNET is the world’s #1 tech media brand, with tens of millions of people visiting its news and reviews site each month to find the stories, photos and videos that matter. CNET offers the best advice for living with technology and covers every aspect of consumer technology, from personal and automotive tech to home and smart appliance tech. CNET recently launched CNET en Espãnol for Spanish speakers in the U.S. and beyond. Follow CNET and CNET en Espãnol on Twitter (@CNET and @CNET_es) and on Facebook (www.facebook.com/cnet) and www.facebook.com/CNETenEspanol). CNET and CNET en Espãnol are properties of CBS Interactive.
Athena SnowKaty Hendricks
Coldwell Banker Real Estate LLCCooperKatz for Coldwell Banker Real Estate LLC