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On May 25, NAR filed comments with the National Telecommunications and Information Administration (NTIA) on the benefits, challenges, and potential roles for the government in fostering the advancement of the Internet of Things. (IOT) IOT refers to the ability of everyday objects to connect to the internet and to send and receive data. It includes for example many “smart home” technologies like connected thermostats or home automation systems.
As consumers increasingly embrace technology on the home front, NAR is playing a lead role in shaping the evolution of the Internet of Things (IOT) including smart homes, smart buildings and even smart community spaces. Central to these efforts is a new lab in NAR’s Chicago headquarters managed by our Center for Real Estate Technology (CRT). CRTLabs provides input on the development of hardware and software real estate applications across an array of technology products including environmental controls, security systems, connected lighting and more. NAR is also promoting the creation of technology standards among manufacturers that will improve interoperability in a fully integrated smart home environment.
NAR recognizes that increased information about homes captured by internet-enabled devices can help listing agents better market properties, and environmental data captured by municipal smart devices can help buyers’ agents determine the best neighborhood for their clients. In the not-too-distant future, NAR predicts Multiple Listing Services (MLSs) will be augmented with data feeds from outside sources providing environmental information such as traffic and air quality data. IOT technologies will create opportunities for MLSs to add real consumer value to the home shopping experience.