Technology is completely transforming the basics of Commercial Real Estate. As the sector continues to evolve at a phenomenal pace, technology is becoming a key enabler. According to Gartner, “Smart commercial buildings will be the highest user of Internet of Things (IoT) until 2017, after which smart homes will take the lead with just over one billion connected things in 2018.”
Disruptive innovations are accelerating the growth of smart real estate space with advancement of devices and sensors to capture data. Several IoT Solutions Provider companies are completely changing the way Commercial Real Estate functions, allowing managers, tenants, and building owners to control various operations of a unit or building. This allows commercial real estate providers to create key differentiators by providing smart solutions to customers by controlling different systems at homes and offices.
Intelligent buildings: The New Norm
The focus has now shifted on creating and designing intelligent buildings to improve efficiency and deploy latest technology. With IoT solutions for real estate, monitoring and managing information becomes simple. All the key requirements right from architecture, infrastructure, hardware, software, networks to security will help drive business functions. It will also lay out the event-based logic that will drive business functions. Collaborating with key vendors and contractors will result in a more effective strategy.
The commercial real estate industry can greatly benefit from IoT not only because it will enhance building efficiency, but also because create value for customers, increase market differentiation, and help discover new opportunities to tap revenue. Building owners are advancing rapidly from interest in IoT due to ability to decrease expense of sensors. And early adoption of IoT will open up world of opportunities by creating user focused building design and operation, resulting in happier, healthier, and productive building occupants.
Challenges in Implementing IoT solutions in Commercial Real Estate
- Ensuring Technology Interoperability: It is important to ensure compatibility throughout systems from facilities management to custom mobile apps for seamless connectivity of devices to deliver a seamless user experience on the front end.
- Analyzing Intelligent Building Data: Data aggregation and processing capabilities using advanced big data tools for data collection and exchange. Owners of smart buildings will need to leverage large amounts of data both structured and unstructured.
- Data Privacy: Commercial real estate owners can select cybersecurity and data protection products for the IoT age. Merely trying to use or retrofit existing security solutions for smart buildings could increase risk.
Here is how IoT Applications Development Services are transforming Commercial Real Estate
- IoT has a significant impact on energy efficiency
IoT provides actionable insights related to energy consumption pattern of systems and initiate predictive maintenance to ensure smooth operations. Whether it is automating building maintenance services, allowing users to track operations of machines by gathering data like operating time, idle time, and maintenance cycle of elevator, HVAC system and lighting system.
- IoT makes spaces smart
Users require automated solutions to perform their daily chores that make lives easier. For instance, a smart HVAC system at home will sense the ambient temperature and the tenant’s schedule and automatically start before the tenant enters the home. This will help in enhancing the user experience and also help in efficient system operation, thus reaping better economic benefits. Similarly, a smart security system will help ensure safety by sensing and analyzing regular activities in the house and notify the user of any changes or irregularities.
- IoT is helping in making decisions faster
Internet of Things (IoT) will help understand customer behavior patterns and where customers spend time. With this actionable information, retailers can strategically leverage information to streamline operations and make decisions regarding design layout of store or merchandising. IoT is also helping home buyers by quickly adapting to beacon technology. Houses for sale can now have beacons technology to send push notifications to potential buyers with the specifications of the property that enables buyers to make decisions.
- IoT in Predictive Maintenance
There is a significant impact of aging on homes, which calls for periodic maintenance issues. In such case, what if the homeowners could get a foresight to address problems ahead of time? In comes the IoT predictive analytics, where homeowners can identify and resolve system failures before they even occur.These IoT-enabled sensors and real-time energy monitoring systems increase energy efficiency, and automate and resolve building maintenance issues. Having this convenience inflates the selling advantage for property owners and agents.There are many industries today that use uses sensors and energy monitoring to keep track of any irregularities that occur on equipment and send alerts when it’s time for maintenance. The system collects data and can predict a maintenance schedule based on energy consumption.It is sometimes difficult to notice infrastructure issues in a newly built home. However, these sensors have the ability to track any inconsistencies and then send alerts to respective homeowners. In this way, potential buyers can feel more confident in knowing that their home is equipped with technology that can identify and resolve infrastructure flaws readily.
- IoT for House Hunting
Beacon technology is one of the more popular IoT technologies being used in real estate market. Beacons are, at its core, Bluetooth devices which can be placed at any given place to transmit information via the Internet. Right from square footage and price to photos and 360-degree virtual tours, these beacons are responsible for delivering all the essential details of a home to prospective buyers’ phones.As an example, BeaconSAGE is one such prospective company which enables its clients to start viewing a property before the agent arrives. Whenever a potential buyer wanders within the radius of that beacon, their smartphones pick up the beacon’s signal and that beacon provides the client with the link to begin viewing the property.This beacon technology can also be used by agents in order to provide clients with a personalized buying experience, where they can show them only the information they want to see.If you are looking to leverage Internet of Things to scale to scale up your commercial real estate business, get in touch with our team of experts. Hidden Brains team has successfully developed real estate app development project and IoT project. Come let’s discuss your next big app idea.
— HiddenBrains (@HiddenBrains) February 23, 2017
Undoubtedly, IoT applications are and will continue infiltrating and shaping the real estate industry in multiple ways. The technology of predicting future outcomes with the help from cumulated data increases homeowners’ awareness of household functionalities. Along with this, it also inflated home market values. When agents sell a house, they should consider whether or not the home has IoT capabilities for the value proposition. It is also imperative for agents to examine how IoT technology can help them increase their own job efficiency and generate potential leads.