Easy availability and accessibility of the internet have brought transformational change in the real estate industry. This technology breakthrough has become an essential part of every business, as well as an individual’s life. Internet is not just used for business purposes, but its Internet of Things (IoT) technology is laying the foundation of Smart buildings. This technology is forming the basis of an advanced and smarter real estate industry.
Some challenges in implementing solutions in the real estate market
Cybersecurity and data protection
One of the major challenges faced by the real estate industry in adopting IoT is cybersecurity. Real estate brokers, organizations, and buyers are quite anxious about data security. Hence, organizations need to adopt cybersecurity products that can save the data from any cyberattack. Using existing cybersecurity products may not provide the required security solution.
Data aggregation and processing
Another major challenge faced by real estate establishments in adopting IoT technology is getting the right tools for collecting, analyzing, and processing data. The successful implementation of the Internet of Things technology is based on the accuracy of the data collected and its correct and actionable insight. Smart building establishers need to use advanced tools for handling both structured and unstructured data.
Other IoT related challenges include issues related to data connectivity, hardware compatibility, and providing value to customers. The above-mentioned challenges indeed act as hurdles in the smooth and large-scale adoption of IoT technology in the real estate industry. But still, IoT is making its way in the real estate industry. It has emerged as a solution for various issues related to construction, sale, and purchase of the property. Also, real estate organizations are preferring the adoption of this advanced technology as it increases construction efficiency, market differentiation, and creating buildings that create value for their buyers. Buyers prefer IoT based properties as it decreases their expenses that they need to spend on sensors.
Here is how IoT is infiltrating into the real estate market
IoT is creating smarter, more energy-efficient spaces
IoT technology-based constructions are more energy efficient. The use of smart devices allows homeowners to have control over the usage of energy in respect to water, electricity, heating appliances, etc. For example, with smart lighting, users can not only regulate lighting as per their requirements, but these lights also have the feature of turning on and off with the entry and exit of the person. In addition to this, smart lights also adjust in as per the availability of the natural light. This way, smart lights not only save energy but also help in reducing the electricity bill by automatically switching off the light when not in utilization.
Other examples of IoT are smart HVAC systems, IoT based water heaters, smart water meter sensors, etc. They not only allow the user to control them through their mobile devices, but their predictive maintenance feature ensures the smooth running of these devices and helps the owner in using energy efficiently.
Internet of things (IoT) will help to make decisions faster
Real estate establishments can use IoT to understand their customer’s behavior and requirements and preferences. Retailers then use this information and plan their marketing strategy accordingly. Using IoT technology, retailers can find where their potential buyers most of their time. Hence, they can post the property-related information on that channel.
IoT is not only beneficial for sellers but buyers also. This way, buyers get the needed information about the property, which can help them in making faster decisions. IoT also assists buyers in saving their time and effort as buyers can access the data available on the internet and get all the essential information about the property, without actually visiting the site.
Improves the house hunting experience
IoT technology has brought a transformational change in the property selling and buying process. Beacon technology is becoming very popular in real estate. In this, the information is transmitted via the internet using beacons. These are blue tooth devices. Real estate agents use this technology to not only share information like price, property specifications, and photos with their clients, but they also use it to give a 360-degree virtual tour. This way, the clients can see the property from every nook and corner without visiting it.
IoT technology has made house hunting easier for buyers. With this technology, clients can not only get information about the property but can also get the essential information about the neighbourhood.
IoT in predictive maintenance
With time, every property undergoes wear and tear and demands repair or maintenance work. Maintenance of the property is an ongoing process. Once you own a property, it would keep requiring one or another maintenance job. One ignorance on your part and the entire device can get damaged. But, IoT technology help home-owners to identify the device-related issues before they get out of hand.
IoT enabled sensors to help in resolving numerous maintenance related problems by automating it. This way, owners get a notification for upcoming maintenance and alerts for any irregularity in the device.
IoT technology would keep on infiltrating the real estate markets in some or the other way as they not only beneficial for the seller but has many advantages for buyers also. The demand for smart buildings is increasing day by day.