Impact of IoT in Real Estate
Updated on May 4th, 2021
IoT has quickly gained a huge market because of it’s autonomous and scalable services. Nearly all the industries whether logistics and transportation, retail, or even healthcare are benefiting from smart IoT applications, and real estate is no exception! In fact, IoT in real estate has transformed many major operations that otherwise consume a lot of resources including the financial ones!
As per a research, the global market for IoT in Building and real estate is expected to reach $84.2 billion by the year 2022, because of the huge growth of commercial real estate, nearly 27.7%! But, how does IoT solutions for real estate transform this industry? Are there any special benefits of IoT applications dedicated to real estate?
If you have questions like those in your minds, then you are the correct place. In today’s article, we will be discussing everything about IoT and its benefits in the real estate industry! So, keep reading our post to know more about IoT in real estate!
IoT and Real Estate Defined
Before we start with the benefits of IoT in real estate, let us quickly discuss the two vital terms, i.e. commercial real estate and IoT. to start simply, IoT is a robust technology where many devices are connected with each other and perform smart functionalities. That network of smart devices communicate with each other and automates various operations for providing ease and efficiency to their users.
Things like smart home, autonomous vehicles, security systems, and even smart healthcare applications are some of the leading examples of IoT applications. The main purpose of IoT in any field is to save time and money while reducing the extra efforts and human errors in business operations.
Commercial real estate market is also benefiting from IoT in the same manner. Meaning, smart home automation devices are making it easier for real estate marketers to enhance their customer satisfaction and make more profits in every deal!
But how exactly is IoT benefiting the real estate industry? Let us see below!
How IoT is transforming the Real Estate Industry?
Now that you all are aware of what IoT does in the real -estate industry, let us quickly discuss the magnificent benefits of IoT in real estate!
1. More Energy Efficient Spaces
The first and foremost benefit of IoT in real estate is better and smarter spaces. Whether we talk about energy efficiency, heating, ventilation, or air conditioning, IoT efficiently enhances the overall spacing of the property. The smart home automation devices allow the user to have complete control of their home environment whether it is the temperature or the lighting.
For instance, with a smart HVAC system, the customers could seamlessly set their preferred temperature or can switch ON/OFF the lighting while sitting remotely. That will not only help to enhance the customer experience but also saves energy and house management cost.
2. Better Safety
Safety is another aspect that has benefited from the integration of IoT in real-estate. Whether it is at the construction site, or even after the owner has moved to the site, security and safety play a crucial role. Even the slightest mistake could risk the life and property of the owner and the workers. That’s why, today, many leading real estate and construction companies leverage IoT-enabled security systems in their sites.
IoT solutions for real estate keeps a track of the workers at the site and sends immediate alerts in real-time if there is an emergency. Likewise, once the construction work is completed, the security systems monitor the indoor and outdoor of the house and inform the user if they sense something abnormal or threatening.
A common example of this type of IoT systems is cameras, HVAC systems, wearables, etc. these systems not only help to avoid any hazardous accidents but even keeps the work smooth and efficient.
3. Seamless Predictive Analysis
Security is okay, but, what if you could get the power to anticipate the threat or problem before it arises? Yes, you heard it right! With IoT solutions for real estate, that thing has become possible today! All thanks to IoT for its predictive analysis, the house owners and managers can get to know about the problem and can even solve it before it creates any serious issue.
Whether it is regarding the home appliances, or even the wiring issues, or the water tank issues, the IoT in real estate alerts for all those issues and also gives solutions for it. That means, the owners could seamlessly track their energy and utility consumption and can even get notifications over maintenance.
All in all, when you include IoT in real estate, you could freely leave your site knowing that IoT will fix your issues in no time!
Read More: How Mobile Apps are transforming Real Estate Business?
4. Better and Quicker Property Decisions
It is often seen that buying any property requires hundreds of site viewings and property visits. You have to continuously struggle over your mobile phones or with your realtors to get that perfect property for yourself. However, all those tedious tasks could now be easily solved with IoT solutions for real estate.
IoT in real estate has brought many innovative solutions to the global market. One such technique is predictive analysis that enables the realtors to showcase every little detail of the property to the relevant customer. So, instead of viewing hundreds of other sites, the customers could leverage this predictive analysis information to make better and quicker decisions.
The best example of that is House Canary that uses IoT solutions for real estate. Under its predictive analysis feature, the lenders and investors could verify each and every little detail of the property and can even anticipate the problems much before they arise. That not only helps them to make better decisions but even showcase the true value of a property!
5. Enhanced House Hunting Experience
As mentioned, the house-hunting procedure requires a lot of work and resources. As such, the investors or buyers either get frustrated and settle for anything, or they cancel their plan to buy any property. Under both these conditions, customer satisfaction is not achieved and that hampers the value of your real estate business!
However, that problem could also be solved with smart IoT solutions for real estate. Thanks to the digital world we live in, today we have smart IoT applications that could provide a complete picture of any property along with its nearby locations and utility conditions in no time. Meaning, the customers could check every detail ranging from water supply to lightning condition, roads, and nearby infrastructure seamlessly with the help of IoT applications.
Beacons is one such smart application that is helping the realtors to communicate with the customers more easily. With beacons, one could easily send messages or the links of the site to the nearby people who are in their network range. And now, instead of the realtors, the site talks with the customers and provides complete detail with the best graphics. That not only saves the time of realtors but also cut the costs and enhances customer experience!
6. Workplace Optimization
Analyzing data in real-time is the foremost need of any industry and real-estate in no exception. However, the traditional methods of collecting and processing data in the real estate industry were not very reliable. That’s where the IoT solutions for real estate comes to play!
With smart IoT applications, you can seamlessly analyze large volumes of data too in real-time. That way, you can understand what your employees are into, and where most of your materials are being utilized. Plus, you will also have a perfect timesheet of the working hours of your employees that would be beneficial for the clients.
Future of IoT in Real Estate
So, those were some of the ways in which IoT is transforming the real estate sector. Besides all those points mentioned above, there are many other aspects of the real estate industry that have been revolutionized by IoT. Tracking raw materials, analyzing business data, property tracking, and even energy savings are some of the tedious tasks that could now be achieved with efficiency!
To conclude, we can say that the future of IoT in real estate is very bright and will not end soon! The commercial real estate market is growing at an exponential rate and all thanks to the IoT solutions for real estate. Although, we discussed the top 6 benefits of IoT in real estate, in the coming future, we would surely see many more revolutionizing aspects of this combination.
Do you also want to enhance your real estate business? Are you looking for smart real-estate solutions? Then, your search ends here! We are a leading real estate software development company. With over fifteen years of experience and certified developers, we ensure to provide a fully automated and scalable business solution for your business. Whatever your needs be, our expert development team promises to fulfill those at best competitive prices. Got more questions? Reach us today to get all your answers. Plus, get a free consultation from our experts on your first visit!
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