The power of the Internet of Things (IoT) is shaping the real estate industry in a myriad of ways. IoT technology is influencing the manner in which landlords and their clients interact with each other and has given rise to several new real estate technologies such as property beacons, home automation, smart homes, energy monitoring, smart cities, smart buildings, and the like.
In the real estate sector, IoT technology solves one of the most challenging real estate problems all property managers must face, which is the management and maintenance of buildings. A lack of maintenance can severely disrupt the daily home lives of tenants. Thus, it is an issue that directly affects the revenue of real estate properties. Thankfully, IoT is now being deployed to address such issues in an efficient manner, automating a number of processes, and as a result, this enables landlords and property agents to make better selling points.
Let’s take a look at some of the ways in which IoT technology is being applied to real estate property management.
1. Actionable Real Estate Insights and Decision Making
IoT technology gives real estate property managers essential and actionable property insights that agents can emphasise to boost sales. This information is given to prospects to nudge them further along the sales funnel. Buyers will have access to up-to-date analytics and will be able to make decisions rapidly. IoT also gives investors an in-depth analysis of properties via a property management platform before they make their purchase. Prospects have access to information they need in order to fully comprehend the home evaluations.
2. Predictive Maintenance Technologies
Developers are utilising IoT technology to give buyers a satisfactory level of the assurance before they invest in a new real estate property. They use IoT-enabled predictive technologies to help tenants determine and address flaws in the infrastructure. With sensors and real-time energy monitoring devices that are IoT-enabled, tenants are able to quickly detect inconsistencies that arise and schedule appropriate maintenance sessions automatically. Faults in the infrastructure are not immediately apparent when a building has newly been built. All buildings, though, will age in time and will require regular inspections and maintenance of the property. This is precisely why IoT technology is crucial in new real estate developments.
3. Enhancing Energy Efficiency
Over time, society is expected to consume more energy in the coming years. By highlighting improved energy efficiency features that are powered by IoT technology, real estate developers are able to sell their real estate in greater numbers. IoT is being rolled out to ensure optimal distribution of energy throughout properties.
With the use of AI, machine learning algorithms, and IoT-enabled sensors tenants or home owners can automatically optimise their energy use throughout the day, based on their daily habits and lifestyles.
From a buyer’s perspective, incorporating these IoT technologies indicates how much real estate developers value their tenants’ experiences. It is apparent that the implementation of IoT solutions can enhance the profitability of properties, as such technologies are becoming the norm in the industry.
IoT technology is most definitely not another fad in the real estate industry, but a game changer that is seeing significant adoption in the prevailing market.