Smart Homes, Meet Smart Contracts

With advances in smartphone technology, people are increasingly relying on apps to manage their lives. These days, communication, scheduling, and document sharing can all take place on a tiny screen. However, the tech does not end with the workday. More and more homes are being outfitted with smart technology that integrates the properties with their owners’ phones so that they can be monitored and controlled remotely. In a Smart Homes & REALTORS study, the NAR reported on homeowners’ attitudes toward the smart home trend.

Increasing Interest in Smart Home Tech

While the NAR found that a slight majority of homeowners were unfamiliar with smart home technology, other data in the study suggested that the trend would soon change. 37% said that clients found smart locks to be very important, 29% indicated the same for smart lights, and 26% stated this for smart thermostats. 22% of clients were interested in whole home technology.

Although 52% of the respondents said that their clients were not currently familiar with smart home technology options, 42% said that their clients were interested in the devices. This curiosity in smart home tech and how it might make life a little easier could well be enough to bring it into the mainstream. Before long, the typical American home may come with biometric fingerprint locks, voice-activated appliances, and energy-saving smart lights as standard features.

Smart Homes – Meet Smart Contracts

Smart home technology has already made inroads with tech-savvy consumers. When it receives mass adoption, it will revolutionize domestic life. A revolution is also brewing in real estate transactions. Propy has leveraged blockchain-enabled tools like smart contracts to simplify the purchase process. Buyers and sellers can upload their documents to be electronically signed and securely stored on the blockchain. Smart contracts then automate the work of intermediaries like real estate lawyers and banks. The system results in a faster and more transparent experience with lower costs to consumers.

What Does the Interest in Smart Systems Mean for Real Estate Agents and Brokers?

The Propy platform and related technology may have a significant impact on agents and brokers and their role in the real estate transaction. With MLS listings freely available to consumers, documents signed online, and middlemen cut out by smart contracts, it seems like real estate professionals will have much less coordinating to do. In the future, agents and brokers may spend more time verifying transactions to ensure that the data committed to the blockchain is accurate. There will always be a place for industry veterans with an excellent eye for value and experience in helping clients choose the right smart home.