Impact of IOT(Internet of Things) in Real Estate Industry

Sreenivas T
May 14, 2019
47 Views

Impact of IOT in Real Estate Industry

Owning a home is everyone’s dream and making that dream come true is one of the most important investments one will make in life. Regardless of whether you are purchasing a house that will stick around for a while or getting ownership of that one-lifetime ideal investment property, it comes with its own set of hassles. From going house hunting to adjusting the light according to your convenience after moving in, Internet of Things (IoT) makes it easy. IoT applications help both the lenders and buyers in the business.

The Internet of Things is powering its way through a wide range of industries as an ever increasing number of gizmos and gadgets are coming up day by day. The real estate is no exception as it surpasses to the next level. Gone are those days when Real Estate Company was limited to constructing a building with brick and cement for its customer. Internet of Things is shedding its light on the real estate to make this world a better place for people to live, to work and improve their lives.

What is IoT?

Internet of Things simply known as IoT refers to a network of devices where these devices, are connected via the Internet and perform “smart” functions. It is not only helping in improving the lives of its customers but also immensely affecting the real estate industry and thus improving the standard of living.

Let’s see the impact of IoT on the real estate industry

Enhancing energy efficiency

IoT-enabled sensors and monitoring make it feasible to create smarter, more energy efficient spaces according to the owner’s schedule. Smart gadgets provide owners increasingly noteworthy control of household energy use with regards to utilities, for example, lighting, water, electric, and heating and air.

Owners can adjust the lighting at the home depending on some conditions. For instance, lights can immediately turn off when the person leaves the room or turn on when he enters and also dims the light in the room depending on the presence of natural light. Having these smart devices like Wi-Fi enabled water heaters helps owners to monitor when and how long the heaters can be kept on in a day.

These devices hence contribute to using energy efficiently and certainly reduce the energy wastage and cuts down costs.  Owning these smart devices improve the quality of life at home.

A predictive analysis made possible by IoT

What if the homeowners had the power to anticipate the problems way ahead of time? Problems at home are inevitable. All hail to IoT for its predictive analysis. Yes, now people can not only anticipate the issues in advance but also resolve even before they arise.

IoT empowered sensors and energy monitoring keeps track of energy consumption and predicts the maintenance schedule. These sensors can track inconsistencies and send alerts to owners for maintenance.

Buyers can now care freely leave their homes knowing that their home is guarded with technology to find and fix the flaws effortlessly.

Safety and Security

Be it at the building construction site or after the owners have moved in the house, safety and security are major concerns in the real estate industry but again IoT can help. IoT notifies the users about the anticipated danger at the real estate location and helps in resolving it immediately. The technology can keep the track of the workforce at the site and sends emergency alerts if any to the users thus avoiding hazardous incidents.

Introduction of the Internet of Things application for real estate has led to growing expectations in customers. They look for automated solutions that make their lives easier. For example, Smart HVAC systems help in enhancing the user experience and the efficiency of system operation. Likewise, IoT enabled devices to ensure security and safety by sensing and analyzing day to day activities in the house and alerting the owners when there is any irregularity.

Tracking of materials

Real estate industry completely runs on raw materials like bricks, cement, iron, steel and more. To understand the inventory, agents can keep track of the stock availability at the sites. Tracking of materials helps the real estate companies to avoid the unnecessary wastage of material hence cutting down the unnecessary cost on material and investing the money wisely.

IoT boosts house hunting experience

Beacon Technology is another plus point in the real estate industry.

Beacons are the Bluetooth devices that transmit information from square footage to photos to a complete 360 degree virtual tours of homes to prospective buyers.

It hands down provides all the necessary details required for the buyer on their phone screens.

Beacon technology helps the realtors to provide customers a customized buying experience by showing them the information they choose to see.

IoT along with Beacon can change the real estate industry. It gives an altogether a different house hunting experience to customers.

Quicker and better decisions

IoT devices provide valuable information that realtors can leverage to improve sales. An in-depth, predictive analysis of the home serves as a “report card” of the property’s value. Agents can provide this information to prospective buyers to boost their confidence.

Instead of wasting time by seeing the property multiple times for consideration, prospective buyers can use accessible, informed analytics to make quick and better decisions.

House Canary has a reviving property valuation. Its platform provides lenders and investors with an in-depth analysis of homes of their choices even before they have bought it. This, in turn, leaves prospective buyers with A-Z information to evaluate the home.  Hence, they are well versed to make informed decisions about the property they are interested in.

CONCLUSION

IoT applications will keep booming and molding the real estate industry in innumerable ways. When selling a home, agents ought to think about whether the home is IoT enabled or not for the offer. It will likewise be fundamental for agents to analyze how IoT innovation can enable them to expand their own activity proficiency and create leads. This Prescient technology will help the realtors and real estate owners make their buildings unique and stand out from their competitors.

If you are looking for the Best IoT App Development Company and implement IoT in your company, you have arrived at the right place! Get in touch with us today at Sales@fusioninformatics.com to discuss how IoT will impact the Real Estate Industry.

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