Coldwell Banker Real Estate, LLC, the original Silicon Valley real estate start-up, today announced that it has signed a supplier agreement with Worthington Group, Ltd., to directly supply the industry's first Smart Home Staging Kit directly to sellers who list their homes with Coldwell Banker®.
The Smart Home Staging Kit, available on Worthington Group's smart home staging website, allows participating sellers to enhance their homes and meet the guidelines of the newly released Smart Home Definition that was jointly developed by Coldwell Banker and CNET, the leading online technology reviewer. Coldwell Banker agents can then market qualified properties as a Smart Home bearing a Smart Home icon on the listing and inclusion on the brand's smart home resource site,coldwellbanker.com/smarthome.
Products can be purchased as a complete kit directly from Worthington or separately as individual items. Worthington is offering clients of the Coldwell Banker brand's affiliated sales associates a promotional rate of $999 for the complete kit. On SmartHomeStaging.com, consumers can also opt-in for installation by Pro.com service providers or elect other service providers of their choice.
A recent survey conducted by Coldwell Banker found that roughly half of Millennials and 42 percent of U.S. broadband households surveyed would "smart stage" their home to attract buyers. The survey also found that more than one-third of Americans (35 percent) now associate smart home technology with a move-in ready home — something that 71 percent of Americans would want if buying a house today.
"Smart Home technology is a consumer driven movement," said Sean Blankenship, chief marketing officer of Coldwell Banker Real Estate LLC. "Our research confirms this technology has a positive influence in the appeal of a home -– and agents agree. Our homes, like cars, are providing convenience and a sense of security like never before. We want to bring the two together for our customers."
The Smart Home Staging Kit is also available for buyers and homeowners who wish to upgrade their homes.
Methodology
This survey was conducted online by Parks Associates on behalf of the Coldwell Banker brand within the United States betweenJune 6-9, 2016 through a third party via its omnibus product. The survey was conducted among 1,250 adults (ages 18 and over) among whom 801 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. Survey sample was demographically targeted to be representative of the U.S. general population.
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 surveys for Research Now.
Out with the old and in with the high-tech. A new survey from Coldwell Banker Real Estate LLC and Parks Associates found that Americans are thinking differently about "move-in ready" homes; they now want it to be "smart ready" too.
According to the survey of 1,250 U.S. adults who have broadband Internet access at home, 71 percent of Americans want a move-in ready home. But the poll uncovered an interesting twist. Of the respondents who opted for a move-in ready home, 44 percent said that smart home technology should already be installed. Another 57 percent would consider an older home updated if it had smart home technology.
Additional Findings:
Of the 71% Who Want "Move-In" Ready: 44 percent agree that a move-in ready home has smart home technology installed 45 percent agree that a move-in ready home is new construction 74 percent agree that a move-in ready home has new appliances 83 percent agree that a move-in ready home has updated kitchen and bathrooms 85 percent agree that a move-in ready home has updated heating/cooling
So Who Wants to Buy a Smart Home?
Below is the demographic breakdown of Americans who would want a smart home: 61 percent of Millennials 52 percent of Gen Xers 50 percent of Boomers 59 percent of parents
This survey was conducted by Parks Associates on behalf of the Coldwell Banker brand within the United States between June 6-9, 2016 through a third party via an online omnibus product. The survey was conducted among 1,250 adults (ages 18 and over) among whom 801 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. Survey sample was demographically targeted to be representative of the U.S. general population.
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 surveys for Research Now.
Design and Real Estate Experts Showcase How Revolutionary Technologies Like LG OLED TV Are Changing Today's Living Room Landscape
Today's living room doesn't look like living rooms from 30, 20 or even 10 years ago, and neither do home entertainment products or the habits of the modern family.
Bringing the living room revolution to life, LG Electronics USA partnered with powerhouse design duo Lydia Marks and Lisa Frantz of Marks & Frantz Interior Design to create "Modern Family Portraits," a series of living room present-day time capsules depicting how the modern family is designing and utilizing their space with advanced technology like LG OLED TV at the forefront.
Media attendees and guests experience LG’s 2016 OLED line-up at LG’s “Modern Family Portraits: Picture-Perfect Technology of the 21st Century Living Room” event in New York City on August 3, 2016.
Ricardo Rodriguez, real estate trends specialist of Coldwell Banker Residential Brokerage; Dave VanderWaal, vice president of marketing, LG Electronics USA; and Lydia Marks and Lisa Frantz of Marks & Frantz Interior Design participate in a panel discussion on the evolution of home design and technology at LG’s “Modern Family Portraits: Picture-Perfect Technology of the 21st Century Living Room” event in New York City on August 3, 2016.
From established millennial couples who are combining smart home technology with entertaining elements from trendy bars and restaurants into their own home, to empty nesters who are creating the ultimate home entertainment caves as they wave their kids off to college, tastemakers and influencers provided an exclusive look at the changing dynamics of the 21st Century living room.
A unique design-meets-technology case study, LG's Modern Family Portraits showcases how generational shifts in behaviors along with emerging technologies have led to a new set of living room design philosophies centered on home entertainment.
Three different living room vignettes, with LG's revolutionary 2016 OLED TVs front and center, were conceptualized and brought to life by renowned designers Marks & Frantz, who have worked on everything from film sets, such as Sex and the City, Money Monster and The Devil Wears Prada, to high-end residential and hospitality interiors.
In addition to the living room vignettes, Marks, Frantz and real estate trends specialist Ricardo Rodriguez of Coldwell Banker Residential Brokerage shared expert design and modern living insights in a live panel discussion alongside LG executives, who highlighted the marriage of advanced technology and design innovation for various life stages.
"LG continues to be at the forefront of creating innovations that deliver a better life for consumers with products that are smarter, more intuitive and offer greater connectivity and flexibility for consumers to use them where and when they want," said David VanderWaal, vice president of marketing, LG Electronics USA, who moderated the expert panel.
Tapping their vast knowledge and experience, Marks & Frantz created living room scenarios that reflect three different modern day family archetypes – the established millennial couple living life to the fullest, the traditional family who are anything but traditionalists and the empty nesters who are enjoying a new life chapter. Each vignette featured one of LG's latest OLED TV models, along with other home entertainment, audio and smart products to showcase the various devices that make up the ecosystem of today's connected homes.
"Consumer electronics have had a huge impact on the way we design and live in our homes. They not only allow us to stay connected, but also serve as a distinct design statement that can elevate the look of any room and reflect one's lifestyle," said Marks, co-founder of Marks & Frantz. "Companies like LG are allowing us to incorporate electronics as part of the room design with their sleek, artful aesthetic and advanced functionality. LG's OLED TVs are so sleek and beautiful that you don't want to relegate them to an armoire or cabinet, but rather make them the focal point of the room."
"The three vignettes we designed showcase how technology and connected devices offer the flexibility to personalize living rooms to suit a particular family's lifestyle and create a connected hub where they can interact and bond with each other, as well as with friends and relatives that are near and far," added Frantz.
Established Millennial Couples Living Life to the FullestAccording to Frantz, the established millennial couple loves "cocooning" – it's all about hiding out at home and entertaining rather than going out. This vignette was designed to maximize comfort for this couple when they're at home and bring outside culture inside.
Complementing a young couple's love for spending time together and entertaining, the new line of LG OLED TVs, which includes four series with eight models, combines statement-making design with the best TV technology available. With LG OLED TV, they get the best picture quality available today, with perfect blacks and incredible color.
The entire 2016 OLED line up is 4K-enabled and the first to be compatible with both core HDR formats – Dolby Vision™ HDR and HDR10 – so couples can stay on trend with the assurance that they will get the newest HDR titles. LG's award-winning webOS 3.0 Smart TV platform* also offers access to a plethora of streaming content and apps along with some of the most widely consumer media in this demographic – channels like Buzzfeed, Esquire and more – through the new Channel Plus feature launching later this summer.
Making up nearly half of connected home adopters, the established millennial couple also cares about protecting their home with a flexible security option like the LG Smart Security™ plug-and-play monitoring solution and home automation hub secured by ADT Canopy™.
Traditional Families That Are Anything But TraditionalA recent study concluded that more than half of parents today say that technology makes them feel closer to their family1, so it's essential that families build a central hub where they can connect and bond through home entertainment, while also having the flexibility for "me" time. LG OLED TVs offer a viewing experience that only OLED can deliver, producing stunning, life-like picture that holds up even from wide viewing angles, so everyone can appreciate its color and clarity from any seat in the house – a must have for a large family. LG's webOS 3.0 Smart TV platform offers easy and fast access to a seemingly endless selection of content options.*
Parents can let loose and spend a few hours acting like one of the kids, with access to the GameFly Streaming App available through the platform. Since LG OLED TVs are also the first TVs to be compatible with both Dolby Vision HDR and HDR10, families can watch the newest HDR titles with the best picture quality possible from leading streaming content partners like Netflix, Amazon Video® and VUDU®.
With various members of the family either in school or working, they also need a tool for emails paired with school research projects or online shopping – laptops such as the LG gram® 15, which weighs a mere 2.2 pounds, while also boasting 0.7-inch thinness and a 15.6 inches screen, are a mainstay in this living room. Not to mention, having a second screen in the living room is great for those family members that love multitasking in front of the TV!
Empty Nesters Enjoying Life's Next ChapterWith the last kid finally off to college and out of the house, the empty nester living room represented the newly reclaimed space and discretionary spending power of this couple. The LG SIGNATURE® OLED TV (OLEDG6P) delivers the "wow factor" for a living room centerpiece with visually striking design and incredible picture quality.
A prime example of Empty Nester's home entertainment and home decor investment, the top-of-the-line LG SIGNATURE OLED TV features a stunningly sleek "Picture-on-Glass" form factor that sets a new benchmark in aesthetic design with an exceptionally thin depth – the width of just a few credit cards - translucent glass back and powerful, forward-facing sound bar that doubles as a stand. And, with the Magic Mobile connection feature accessible through LG's webOS Smart TV platform*, empty nesters can easily pair their smartphone to their LG SIGNATURE OLED G6 TV to view mobile content – like Facebook, Instagram and other popular social channels – so they can keep up with their kids.
When one person needs a little personal time, portable devices like LG's P5 wireless Bluetooth speakers allow them to stream music from popular online services, such as Spotify, Napster, iHeartRadio and Pandora and more from the privacy of their bedroom or anywhere in or around the house.
Marriage of Form and Function for Modern Day FamiliesLG's VanderWaal concluded: "Revolutionary advancements like LG OLED TV – an entirely new category of television – deliver what experts and enthusiasts have hailed as the best TV ever for its unrivalled picture quality and performance, but also have a sleek, elegant design and impossibly thin screen so that they're works of art on or off to complement any room. With today's innovations from LG, advanced design and function no longer live independently."
Coldwell Banker Real Estate LLC, the original Silicon Valley real estate start-up founded in 1906, announced today the launch of a smart home education curriculum available exclusively for the Coldwell Banker® brand and its affiliated franchised brokers and agents. The curriculum, a real estate industry first, was created in partnership with CEDIA, the global trade association for the home technology market, and is available to all members of the Coldwell Banker network. It will be offered by a CEDIA instructor through Coldwell Banker University.
"Smart home technology is becoming a source of convenience, security and comfort in homes across the United States, with almost half of all Americans owning or planning to invest in smart home technology by the end of 2016, according to the Coldwell Banker Smart Home Marketplace Survey," said Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate, LLC. "We believe it is our responsibility to ensure that our affiliated agents are the foremost experts in every aspect of the home. As ambassadors to the home, it is imperative for our affiliated agents to learn about smart home products and provide exceptional advice for homebuyers interested in smart home integration."
Developed by CEDIA, the Coldwell Banker curriculum will provide an extensive look into the evolution of home technology and recent rise of the smart home with a focus on how smart home products are changing the way we live in and interact with our homes. This program will equip attendees with the skills needed to advise buyers looking to invest in a smart home and sellers looking to stage and showcase their smart homes. Upon completion of the optional course, the participants will receive a certificate.
"CEDIA is at the forefront of home technology design and installation, so it made sense for us to join forces with the leading smart home real estate company to create this education curriculum," said Vin Bruno, CEDIA CEO. "This curriculum will give Coldwell Banker affiliated agents a tremendous advantage, providing them insight into the most up-to-date smart home developments and how technology can benefit their clients to live their best lives at home. Agents who complete this program will have a better ability to market listings more effectively and provide valuable information to the communities they serve."
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 47 countries and territories with almost 85,000 affiliated sales professionals. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by taking a leadership role in the smart home space, 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 an iPhone application with international listings, the first to develop an iPad application (CBx) to easily bring big data into home listing presentations, 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. Coldwell Banker 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.
About CEDIA
CEDIA members deliver technology solutions that allow people to have their best moments in life from the comfort of their own home. Life lived best at home. CEDIA is the international trade association and central touch point for 3,700 member companies that represents every facet of the ever-evolving technology market. Follow @CEDIA on Twitter, find us on Facebook atwww.facebook.com/CEDIA.Region2, or join the CEDIA group on LinkedIn.
New definition creates a clear, standardized designation for real estate agents, home buyers and home sellers
Coldwell Banker Real Estate LLC, the original Silicon Valley real estate start-up founded in 1906, in collaboration with CNET, the world's largest and most trusted online source of consumer technology news and reviews, announced today a joint definition of the term "smart home." The definition is the first of its kind in the real estate industry and will help sales associates, as well as home buyers and sellers, accurately identify smart homes. The definition will provide a clear and unified designation to keep up with rapidly evolving technology in the home. Property listings that meet the definition will be identified with a smart home icon on coldwellbanker.com.
The full smart home definition is below:
Smart Home: A home that is equipped with network-connected products (i.e., "smart products," connected via Wi-Fi, Bluetooth or similar protocols) for controlling, automating and optimizing functions such as temperature, lighting, security, safety or entertainment, either remotely by a phone, tablet, computer or a separate system within the home itself.
In order to be categorized as a smart home, the property must have a smart security feature that either controls access or monitors the property or a smart temperature feature, in addition to a reliable Internet connection. It must also include at leasttwo additional features from this list:
Appliances (smart refrigerators and smart washer / dryers)
Entertainment (smart TVs and TV streaming services)
Heating / Cooling (smart HVAC system, smart fans or vents)
Lighting (smart light bulbs and lighting systems)
Outdoors (smart plant sensors and watering systems)
Safety (smart fire / carbon monoxide detectors and nightlights)
Security (smart locks, smart alarm systems or cameras)
Temperature (smart thermostats)
Must Have an Internet Connection such as Cable, satellite or DSL
Must Have At Least Three *One of the categories must be security or temperature
Category
Examples
Appliances
Smart refrigerators, smart washer / dryers
Entertainment
Smart TVs, TV streaming service
Heating / Cooling
Smart HVAC system, smart fans or vents
Lighting
Smart light bulbs, lighting systems
Outdoors
Smart plant sensors, smart watering systems
Safety
Smart fire / carbon monoxide detectors, nightlights
Security*
Smart locks, networked security cameras
Temperature*
Smart thermostats
"With close to five million homes bought and sold in the U.S. each year, it is imperative that there are standardized guidelines for identifying smart homes on the market," said Sean Blankenship, chief marketing officer of Coldwell Banker Real Estate LLC. "The new smart home definition will allow our network of independent sales associates to educate their home buyers and sellers regarding what defines a smart home and how the technology is making our lives more comfortable and convenient. We worked with CNET and tapped into the findings of their smart home testing facility in order to create a definition that is easy to understand and representative of the best smart home technology."
As demand for smart homes steadily increases, a consistent and clear definition is crucial. The technology experts from CNET and the real estate professionals from Coldwell Banker Real Estate worked together to create a definition that captures the complexities of the rapidly evolving technology landscape and provides clarity for a mass audience. This definition is part of the Coldwell Banker Real Estate initiative to embrace smart home technology through an agent education program, a dedicated online search tool to help home buyers find smart homes, research with CNET and sponsorship of the Smart Home Marketplace at CES.
"Eighty-seven (87) percent of Americans acknowledge the value of smart home technology, but only one in four has this technology in their homes," said Lindsey Turrentine, editor-in-chief of CNET.com. "The term 'smart home' can be intimidating and overwhelming. We want to make it easy for everyone to better understand what a smart home is, in order to simplify the process in helping them choose the right devices for their homes. Smart home technology today is fragmented, much like the PC industry 15 years ago. An official smart home definition for consumers and real estate agents will provide clarity and credibility to the term."
The year 2020 haslong been a benchmarkfor when the "smart home" will finally be mainstream, but according to the results of a survey released today byColdwell 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 it'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 inthe 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," onWednesday, 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.
Coldwell Banker Real Estate LLC kicked off its 2015 Generation Blue Experience event last night in Chicago with two exciting announcements establishing the brand as a real estate leader in home technology. Coldwell Banker chief marketing officer Sean Blankenship revealed the brand will be one of two official sponsors of the Smart Home Marketplace at CES 2016 in Las Vegas from Jan. 6-9, 2016.
CES is the world's gathering place for all who thrive on the business of consumer technologies and has been showcasing innovation and breakthrough technologies for more than 45 years. The Smart Home Marketplace has nearly doubled in size since 2015, when the Coldwell Banker® brand began its campaign to be the smart home leader in real estate. With attendance expected to reach 150,000 people, the event provides the global stage where next-generation innovations are introduced to the marketplace.
"The connected home is here, and its influence on everything from home pricing to curb appeal to how we move through our daily lives is transforming right before our eyes," said Blankenship. "There is no one in real estate better suited to be the conduit between the technology industry and the connected home than Coldwell Banker affiliated agents. By being at the forefront of this shift, we are ensuring the Coldwell Banker network has a competitive advantage in the marketplace. Sales associates affiliated with the Coldwell Banker network work with hundreds of thousands of home buyers and sellers every year. The brand's position in the smart home space ensures they are equipped to help their buyers and sellers understand the current trends and benefits of smart home technology, including time and money savings as well as security."
According to CEA's U.S. Consumer Electronics Sales and Forecasts, the booming connected home technology industry is expected to reach $967 million in revenue in 2015, jumping 32 percent over last year.
During CES, Coldwell Banker Real Estate LLC will lead and produce an educational session on smart homes and real estate. Along with the Smart Home Marketplace, the brand will sponsor various events throughout the week including VIP tours.
In addition, Blankenship announced the brand is joining the CEA TechHome Division as the organization's first real estate brand. This division helps consumers make the best decisions as they select systems for today's digital home, representing the entire channel for home control, entertainment and networking products.
"As the first real estate brand to ever sponsor CES or join CEA, it is clear that the Coldwell Banker organization is serious about leading the real estate industry in smart home adoption," said Gary Shapiro, president and CEO, CEA. "Working together with the Coldwell Banker network will help deepen our understanding of what technology consumers are demanding when buying or selling a home."
Coldwell Banker Real Estate is also announcing a major, multi-faceted sponsorship with CNET, the world's largest and most trusted online source of consumer technology news and reviews. The brand will be the first real estate company to have dedicated branded content on CNET.com, which attracts more than 32 million consumers in the U.S. each month. Branded content will feature ways by which smart technology can make a home more connected, comfortable, convenient and cost efficient, and will begin rolling out in Q4 2015. In addition, Coldwell Banker Real Estate will be the official and exclusive real estate sponsor of the CNET Smart Home inLouisville, Kentucky, a "living laboratory" where the CNET editorial team will explore how smart home products behave, interact and test in everyday environments. The brand will also co-sponsor the smart home section on CNET.com and the website's Tech West updates during CES 2016.
In August, Coldwell Banker produced a joint consumer survey with CNET, which found that 81 percent of people with smart home products would be more likely to buy a home if smart technology was already installed. With more than one in four Americans owning a smart home device and nearly half of millennials already adopting the technology, Coldwell Banker is seeing firsthand how the trend is changing the way people live in their homes.
The annual Generation Blue Experience event draws major speakers both inside and outside the real estate industry. This year's event fully kicks off today at Chicago's AMC Theaters, featuring panel discussions on the role technology is playing in our homes with some of the biggest names in smart home innovation including Alarm.com, August, CNET, LG, Lutron and Nest. Coldwell Banker Real Estate plans to expand its relationship with these brands, through pilot programs and promotions, while continuing to grow its network-education initiatives covering smart home technology. Last week, the brand also unveiled a smart home section on coldwellbanker.com with room-by-room advice on smart home products to consider when staging a home.
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 websitewww.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.
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 MindAmericans 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."
Methodology 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 omnibus 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 websitewww.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.
About CNET 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 Espanol for Spanish speakers in the U.S. and beyond. Follow CNET and CNET en Español on Twitter (@CNET and @CNET_es) and on Facebook (www.facebook.com/cnet) and www.facebook.com/CNETenEspanol). CNET and CNET en Espanol are properties of CBS Interactive.
