Gone are the primitive days when the role of a real estate company was confined to building a brick-and-mortar structure for customer. The real estate industry has evolved at a rapid pace and transcended to the next level. It is aimed at creating a connected world and a healthy environment for people to live and work, improving the overall quality of life.
In this era, innovation is underscored by a series of emerging technologies—including cloud, artificial intelligence, blockchain, augmented and virtual reality, internet of things, and more. These technologies represent a vast potential for the future, creating the ways to reimagine the way we do business.
Internet of Things (IoT) is already having a significant impact on the real estate industry, helping companies to focus on cost reduction and overcome dwindling profit margins and fierce competition.
The ecosystem of connected world is designed to gather data and gain meaningful insights, enabling real estate and construction firms to improve speed of operations and streamline efficiency and thus reducing construction cost and improving bottom lines. In order to leverage the connected world, it is important to work with an IoT solutions company.
IoT applications aim to grow margins and enable features such as dramatically more efficient building operations, enhanced tenant relationships, and new revenue generation, as well as efficient management of construction projects.
IT Solutions for Real Estate Industry is reshaping the entire sector across sourcing, storage, deployment and usage of materials and equipment, safety and productivity of workers and much more.
Understanding the Importance of IoT for the Real Estate Industry
IoT, dubbed as the disruptive innovation in the technology space is spearheading the growth of smart real estate space with advancement in sensors and smart devices that are used to capture data. IoT is making our homes smarter and connected with home automation, energy monitoring, security automation, entertainment automation to smart lighting solutions. Capturing data from sensors and actionable insights gained from analytics, gives IoT the potential to change the way users live. On the other hand, commercial real estate agencies provide differentiated value to customers with smart solutions to control various systems at homes, offices and the spaces they frequent.
Monitoring of Equipment
Sensors can be deployed on construction equipment and machineries for tracking the movements of devices in real time across different locations. Effective integration of IoT sensors with construction assets will help undertake preventive maintenance. IoT applications can also send warnings to the registered mobile numbers of construction and maintenance workforce to ensure action before it leads to major complications.
Safety & Security
IoT can inform users of any forthcoming danger at site and resolve it quickly. The technology can also enable tracking of workforce at real estate location to receive emergency and safety alerts in case of any hazardous incident.
The real estate industry relies on raw materials such as cement, concrete, steel and more. In such case, IoT apps may not seem very relevant. However, Internet of Things (IoT) is completely changing the industry as realtors can leverage IoT to check the availability of assets and stock of assets at construction sites. IoT can help the real estate industry to get understanding of inventory.
With a comprehensive analysis of data obtained as well as predictive analysis, realtors can minimise risk scenarios, saving money, investing cautiously and exploring new ways of monetising assets.
Maintenance issues are bound to exist. Thanks to IoT predictive analytics, homeowners can now identify and resolve system failures before they occur. IoT-powered sensors and real-time energy monitoring can enhance energy efficiency, as well as overcome issues related to building maintenance. This convenience creates a selling advantage for property owners and agents.
IoT uses sensors to keep track of equipment and identify discrepancy that occur on equipment and send alerts when it’s time for maintenance. It can also predict a maintenance schedule based on energy consumption. Sensors can track any problems and send alerts to homeowners. Buyers can feel more confident knowing home is equipped with technology to identify and resolve infrastructure flaws readily.
IoT technology can help analyze risks associated with structural deterioration that any business faces. Sensors embedded in specific areas such as electrical systems can be equipped with sensors to monitor the flow of electricity through a building. Similarly, sensors can alert technicians about the increasing probability of fire in case a wire or connection has failed.
Further, IoT can gather information related to hazards such as presence of dangerous gas, technical malfunction of HVAC, and more. It can gather massive amounts of data and insights to anticipate future problems.
IoT Improves House Search Experience
Beacon technology combined with IoT can change the real estate market and overall experience of house hunting. Beacons can transmit information ranging from photos and 360-degree virtual tours informing prospective buyers to view the property before the agent arrives. Agents can also use beacon technology to provide clients with a personalized buying experience, showing them only the information they want to see.
Critical Decision Making
IoT devices provide actionable and valuable property insights that real estate agents can leverage to improve sales. Agents can provide this information to prospective buyers to increase confidence. Buyers can use accessible, informed analytics to make quick decisions. It provides lenders and investors with an in-depth analysis of homes before they make actually make a purchase. Prospective buyers have information to understand home evaluations.
Technology and an IoT approach can help real estate owners and agents differentiate their buildings to stand tall among competition for tenants and even employees, as well as enhance standard of living.