Is Your Listing Part of the Internet of Things?

September 9, 2016

The chances of you listing a house that’s part of the so-called Internet of Things (IoT) is low right now, but in the future the IoT could transform much about daily life and the properties we own, sell, buy, and lease.

The Internet of Things refers to the online collection and reporting of data on the performance of home appliances and other devices people use every day. How clean is the air in the home? How efficient is the heater? Does the oven need replacing? Are the windows letting in too much air or are they sealed so tight they’re creating unhealthy living conditions?

For real estate professionals, the crucial issue is how the availability of this information affects whether buyers make an offer on a house and at what price. So, it’s a marketing issue, but it’s also a smart-owner issue, because the data can help owners make properties healthier and more efficient. And it’s a data privacy and security issue, because the information can be misused. In short, it could eventually impact all aspects of property ownership and transfer.

You can expect to see a lot more on smart homes and the Internet of Things in the months and years ahead, because the U.S. Department of Commerce is starting to bring together interest groups to look at what needs to be done, if anything, at a regulatory level to ensure the technology develops in a positive way. The National Association of REALTORS® has weighed in on the Internet of Things already and it’s prepared to weigh in as this new regulatory effort begins.

The relationship between smart homes and the Internet of Things is a top story in the latest Voice for Real Estate news video from NAR. Other stories look at how one real estate professional is using a drone in her marketing. Many practitioners might find that newly useful, because federal rules on the commercial use of small drones has just taken effect. That means real estate pros now have a clear path for using the devices in their marketing.

The video also looks at the recent dip in home sales, which NAR Chief Economist Lawrence Yun attributes to the continuing shortage of homes available for sale in many parts of the country.

Another segment looks at REALTORS®’ effort to help people whose property was damaged in recent Louisiana floods. Some 60,000 homes and commercial properties face extensive rehab needs because of the storm, and REALTORS® are stepping in at the national level with some $350,000 in donations.

—Robert Freedman, REALTOR® Magazine