Why connected data matters after the home is built

The growing prevalence of smart devices in American homes highlights a significant challenge in the real estate industry: the need for connected data beyond the initial home purchase. With 65% of Americans owning a smart device, it's clear that homeowners are increasingly relying on technology to manage and interact with their living spaces. However, the data generated by these devices often falls outside the purview of lenders, servicers, and other industry stakeholders, creating a gap in their understanding of property values, usage, and potential risks.

This data gap has significant implications for the servicing and risk management of residential properties. Without access to this data, lenders and servicers may struggle to accurately assess property values, identify potential maintenance issues, and mitigate risks associated with smart device usage. Furthermore, as smart devices become increasingly integrated into daily life, the importance of connected data will only continue to grow. Industry stakeholders must prioritize the development of strategies to collect, analyze, and leverage this data to better serve homeowners and manage risk.

As the industry moves forward, it's essential to watch how stakeholders respond to this challenge. Key areas to monitor include the development of new data standards and protocols, the emergence of innovative solutions for data collection and analysis, and the evolution of regulatory frameworks governing data access and usage. By prioritizing connected data and collaboration, industry stakeholders can unlock new opportunities for growth, improve the homeowner experience, and mitigate risks associated with smart device adoption.

Originally reported by housingwire.com. ASIDNews adds analysis for real estate & property readers.