Today, IoT is impacting almost every industry, and real estate is not an exception. The technological advancements of the Internet of Things in real estate will forever change how we obtain and interact with the structures in which we live and work.
How Can the Real Estate Industry Use IoT?
The Internet of Things is a phenomenon that is impacting many areas of society and is changing the way business is conducted in numerous industries. Real estate is one of the industries that promise to be substantially changed by the IoT. The technology will be used in a variety of ways to make it easier for all parties when buying, selling, and renting properties. The IoT will also change the way individuals interact with their surroundings and offers financial and environmental benefits to property owners.
The connected network of sensors and smart devices that make up the IoT presents opportunities that were previously only imagined by participants in real estate transactions. Using IoT technology, real estate agents can safely show properties without being physically onsite. This saves time and makes them more productive as they can be working with multiple locations simultaneously. Eliminating the need to travel to each structure also cuts down on greenhouse gases generated by the agents’ vehicles and saves money that would have been spent on fuel.
The possibilities for IoT technology to be used inside residences, hotels, and office buildings would seem like science fiction just a few years ago. Self-regulating lighting, heating, and cooling make it more pleasant for building inhabitants and can help save money and reduce the property’s carbon footprint. Smart technology based on the IoT can result in more efficient building management and help schedule predictive maintenance to avoid unnecessary outages that impact tenants. Implementing smart solutions in individual dwellings can increase their resale value and make them stand out against competing options.
IoT Applications in Real Estate
Real estate is the world’s biggest industry and touches virtually every individual on the planet. New IoT use cases in real estate promise to change how business is conducted in the industry and the way people relate to their home and work environments.
Most of us will need to find a house or apartment at some point in our lives. The growth of IoT in real estate includes new methods with which to locate our next home. Many people are already familiar with viewing apartments or properties through mobile apps to avoid having to physically visit each site. They save a lot of time and energy by enabling potential customers to focus on a few locations to check out in person.
Innovative use of the IoT in real estate can be seen in the Rently application. This unique solution uses an IoT-powered process to show properties that do not require an agent to be on site. It features a mobile app that lists properties for prospective clients and schedules viewings. The secure process verifies the identity of viewers and frees up the real estate agent until it’s time to complete the deal. It increases the productivity of the real estate agency and allows customers to examine offerings at their leisure.
IoT applications in the home are some of the most recognizable manifestations of the Internet of Things to most of the population. Each smart device in your home is a component of the Internet of Things. Smart home technology offers several advantages to homeowners including:
- Enhanced security – Through a smart home app you can view video from security cameras and lock doors remotely. Security can be customized for the specific needs of a homeowner.
- Saving time and energy – Smart appliances can save up to 15% on energy bills as the devices optimize the use of electricity or heating capacity. Users can control many aspects of their home from a centralized or remote location for more convenience and time savings.
- Increased resale value – The installation of smart appliances and home devices can have a substantial impact on the value of your home when you go to sell it. In addition to the increased value, smart technology will make the property more attractive to many younger customers and easier to sell.
Smart Buildings and Management Systems
Smart buildings take the concept of smart homes to the next level by incorporating commercial real estate and IoT technology. The convergence of property management and IoT systems have enabled the creation of building management systems (BMS) that extend the capabilities beyond that which could be accomplished through traditional automation.
Using IoT systems in property management provides additional opportunities that commercial real estate companies can turn into value in several ways.
- Value through greater efficiency
Operating a business more efficiently is a proven technique for increasing its value. In the case of commercial real estate properties, more efficient building performance will attract tenants and keep them satisfied. Smart technology to exercise real-time control of air-conditioning, security and lighting systems optimizes the space for its occupants and saves money on energy costs.
- Value through differentiation
Offering advanced technological solutions in commercial properties can help set them apart from the competition. Innovative use of the IoT for predictive maintenance can minimize the impact on tenants when repairs are required. Work can be scheduled for off-hours and be performed before a problem occurs. Data obtained regarding occupants’ movement throughout the building can assist in making informed decisions regarding collaboration and designing efficient workflows.
The market for real estate IoT startups is booming with opportunities to capitalize on society’s need for housing and workspace. Tying together the power of the IoT and mobile devices presents developers with the potential to create apps that can revolutionize the market. From using the IoT in property sales and management to further honing the smart home concept, there is plenty of room for new software solutions using the Internet of Things to streamline our lives.