Coldwell Banker Real Estate Survey Finds Nearly Half of Americans Will Have Smart Home Technology by the End of 2016
Coldwell Banker Releases Data in Advance of CES 2016 Smart Home Marketplace
MADISON, N.J. (Jan. 4, 2016) – The year 2020 has long been a benchmark for when the “smart home” will finally be mainstream, but according to the results of a survey released today by Coldwell Banker Real Estate LLC, the original Silicon Valley real estate start-up founded in 1906, that time may come sooner than we thought.
The Coldwell Banker® Smart Home Marketplace Survey, which polled more than 4,000 Americans in advance of CES 2016, found that almost half (45 percent) of all Americans either own smart home technology or plan to invest in it in 2016. The survey also showed that itâ€™s not just the tech-savvy who are on board with the smart home. Of people who either have smart home technology or plan to buy it in 2016, more than one in three (36 percent) say they don’t consider themselves early adopters of technology.
The Smart Home Marketplace Survey also found that more than half of homeowners (54 percent) would purchase or install smart home products if they were selling their home and knew that doing so would make it sell faster. Of that group, 65 percent would pay $1,500 or more.
“Close to five million existing homes were sold in the United States in 2014, which represents a huge white space for smart home manufacturers,” said Sean Blankenship, chief marketing officer for Coldwell Banker Real Estate LLC. “We are aiming to be the conduit between these manufacturers and home buyers and sellers, and conducting this research was one of the first of many steps toward achieving this goal.”
Selling Smarter: Real Estate and The Smart Home
Coldwell Banker Real Estate is co-sponsoring the Smart Home Marketplace at CES 2016 in Las Vegas from Jan. 6-9, 2016. This marks the first time that a real estate company is sponsoring the Marketplace, which has nearly doubled in size since 2015.
Coldwell Banker Real Estate is also hosting a CES conference, titled “Selling Smarter: Real Estate and The Smart Home,” on Wednesday, Jan. 6 from 11:30 a.m. to 12:30 p.m. Pacific. The conference will feature representatives from the Coldwell Banker brand as well as Nest, Lutron and August, who will discuss how “smart” is the next big trend in real estate and what that means for smart home technology manufacturers.
Additional Smart Home Marketplace Survey Findings
Entertainment is the entry-way for smart home technology.
- • The most popular type of smart home technology that people already own is smart entertainment, such as smart TVs and speaker systems (44 percent of people with smart home technology).
- • The next most popular types of smart home technology that people currently have installed in their home include smart security (31 percent) and smart temperature (30 percent).
Most Americans think a home can be considered “smart” if it has smart security, temperature, lighting and safety.
- • When asked about what needs to be in a home for it to be considered “smart,” the top choices were security (e.g., locks and alarm systems – 63 percent), temperature (e.g., thermostats and fans – 63 percent), lighting (e.g., light bulbs and lighting systems – 58 percent) and safety (e.g., fire / carbon monoxide detectors and nightlights – 56 percent).
- • More than three-quarters (76 percent) of Americans think that having just one category of smart technology in your home isn’t enough for it to be considered smart.
Smart home technology is no longer just for the young and affluent.
- • Older generations are adopting certain types of smart home technology faster than younger ones. For instance, 40 percent of those over 65 who own smart home products currently have smart temperature products, compared to only 25 percent of Millennials (ages 18 to 34).
- • The percentages of Americans with a household income of between $50k and $75k and that of those with between $75k and $100k who have smart home technology are nearly identical: 25 percent versus 26 percent.
Buying smart home products is in one word – addicting.
- • Seventy (70) percent of people with smart home technology said buying their first smart home product made them more likely to buy another one.
The full survey results can be found here.
Search for smart homes for sale at www.coldwellbanker.com/smarthome.
This survey was conducted online within the United States between October 22-26, 2015 by Harris Poll on behalf of the Coldwell Banker brand via its Quick Query omnibus product. The survey was conducted among 4,065 adults (ages 18 and over) among whom 1,009 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 44 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 LocationSM 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.
Athena SnowKaty Hendricks
Coldwell Banker Real Estate LLCCooperKatz for Coldwell Banker Real Estate LLC