The smart home has just been formally defined, thanks to Coldwell Banker Real Estate LLC and CNET. The two organizations have been collaborating since 2015 when Coldwell Banker became the official sponsor of the Smart Home Marketplace at CES 2016, and on May 10, 2016, news came out of their launch of the joint definition for “smart home.”
According to Coldwell Banker’s website, the new definition for “smart home” is as follows:
While that definition may sound slightly vague, there are strict requirements that must be met: The house must have at least three of the following features enabled, and one of the categories must be either Security or Temperature:
• Lighting (smart light bulbs and lighting systems)
• Safety (smart fire / carbon monoxide detectors and nightlights)
• Entertainment (smart TVs and TV streaming services)
• Appliances (smart refrigerators and smart washer / dryers)
• Heating / Cooling (smart HVAC system, smart fans or vents)
• Outdoors (smart plant sensors and watering systems)
• Security (smart locks, smart alarm systems or cameras)
• Temperature (smart thermostats)
The full list of definitions and category requirements can be found here.
A 2015 survey between CNET and Coldwell Banker found that about one-quarter of Americans and almost half of Americans ages 18-34 are already using smart home products in their lives, and 81 percent said that the presence of smart technology in a potential home would make them more likely to buy.
Today’s tech-savvy consumer embraces smart connectivity, and with the large millennial population maturing into their potential home-owning years, this demand will likely continue to grow. The process of standardizing smart homes and their definitions hopes to provide consistency and clarity for both real estate agents and consumers on what these properties should provide as they become more mainstream.