How IoT is changing the Real Estate Market in Current & Upcoming Years

The year 2019 is seeing the Internet of Things (IoT) technology getting intensely embedded in our daily lives both at home and work. The technology has already moved from the hype phase and swiftly transforming to become an integral part of our life.

Soon, it will settle down with its in-depth penetration on devices we use including TVs, cars, watches and different appliances going online to interact with each other. Even the different industries, tools and machinery are speedily connecting to generate data that steers competence.

The technology is enabling new implementations like predictive maintenance to turn as a reality, relatively remaining just a concept. As per reported by the statista, by the end of the year 2019, there will be around 26 billion connected devices across the globe.

So, IoT solutions for real estate are quickly seeping their way into many diverse marketplaces and sectors with more and more connected devices that are emerging in everyday products. And the real estate industry is no exemption as it is too noticing a big IoT technology boom.

The IoT involves an infrastructure of technology where different devices, like lighting systems, electrical outlets, functions such as plumbing and more are interlinked through the Internet. These connected devices than seamlessly coordinate with each other to have access to “smart” functionalities. There is no doubt that IoT is getting better consumers’ lives; however, it even has a more significant impact on the construction and real estate industry.

From smart decision making to predictive maintenance and in-depth analytics, IoT applications are transforming different industries along with the real estate landscape. They are simplifying the procedures by making buying, owning, and selling properties easier with IoT in real estate across India.

Here are some significant ways IoT is approaching the real estate market – 

Enables swift and smart decision-making 

IoT devices offer helpful property analytics and insights that real estate agents can use to perk up sales. An in detail, predictive analysis of the house can be used as a comprehensive report to evaluate a property. Agents can deliver this information to potential buyers to advance their assurance on the big purchase.

Instead of inspecting the property several times to judge its condition, purchasers can utilize easy to get to and informed analytics to make faster as well as better decisions through IoT.

Many real-estate companies are reinventing IoT based software platforms for property valuation. Through this platform, lenders and investors can have access to in-depth home analysis for easily coming to a decision of making a purchase. The forthcoming buyers then have all the details they necessitate for home or property evaluations. With the entire set of information and insights, all the stakeholders are advanced and equipped to make smart decisions about any property.

Enhances the house searching experience 

Beacon technology is an additional utilization of IoT in the real estate industry. They are advanced level Bluetooth devices that can be located anywhere to broadcast data using the Internet. Right from information on square footage to pricing and 360-degree implicit property tours, beacons provide all the crucial details of a home to potential buyer’s mobile phones.

Technologies such as BeaconSAGE enable eventual customers to start viewing a home or property prior to the arrival of an agent. When a prospective buyer comes within the radius of a placed beacon, their mobile phones select the beacon’s signal, and the beacon offers the client with the link to commence viewing the connected property.

The real-estate agents can even utilize beacon technology to propose their prospects with a personalized buying experience, displaying them only the details they require to see.

IoT applications will carry on streamlining real estate industry in several ways. When selling out a property or home, agents should check whether or not the house has IoT facilities for the better value proposals. It will also be crucial for agents to study how IoT technology can lend a hand to them, boosting their job competence and produce leads.

Boost energy efficiency

The IoT-enabled sensors make it achievable to build intelligent, better energy-efficient spaces as per the homeowner’s created schedule. Smart devices offer residents more noteworthy control of household energy usage when it comes to electricity, lighting, air, water, and heating.

For instance, homeowners can take the help of smart lighting to regulate lighting based on specific conditions. Lights can routinely turn on or off when an individual enters or exits the room or enable based on the quantity of natural light at hand. These modifications save energy by turning lights off when not in utilization or adjust the amount of light utilized.

Having a smart house device like a WiFi-enabled water heater enables the homeowners to have tight run of control on the schedule of the water heater working all the way through the day. The method works to optimize water temperatures and offer hot water when it is required the most.

Even sensors can be linked to plumbing areas to gauge temperature changes and track the patterns of a user using hot water. The device also monitors when residents are away from home to trim down water heating expenses and further energy utilization.

Also, IoT smart water meter sensors are used to facilitate and steer a more resourceful as well as orderly water management procedure. It enables users to track water usage and have real-time data analysis along with triggered alerts when the water meter battery goes low.

All these smart home devices make it straightforward for homeowners to utilize energy more resourcefully and considerably reduce energy usage managing interrelated costs.

Empower with predictive analysis and maintenance

 With homes, maintenance problems are unavoidable. It would be definitely helpful to homeowners if they had the insight to know and tackle issues ahead of time. In this scenario, IoT predictive analytics can help homeowners to locate and solve system failures prior to their occurrence.

IoT-enabled sensors with real-time energy tracking not only boost energy effectiveness, but they even automate and solve the creation of maintenance problems. This type of handiness generates an added advantage for agents and property owners while selling the property.

Many companies are introducing IoT platforms with sharp sensors and energy tracking solutions to monitor inconsistencies that arise with different types of equipment and send notifications when it’s the time for having maintenance. It can even help in predicting a machine’s maintenance schedule as per the levels of its energy consumption.

Although it’s easier said than done to become aware of infrastructure problems in an empty or newly built home, however, with the use of sensors homeowners can track any irregularity and send alerts to property owners. On the other hand, the buyers can feel more positive knowing their home is enabled with modern technologies, identifying and resolving infrastructure issues without any involvement of flaws.

Moving Forward

Above are the reasons to use IoT in real estate business and ways IoT is transforming the real estate market. With mobile networks that are even quicker and steady than the cable networks we use to connect our homes and work offices today, the scale of IoT projects in the real estate industry can be made wider radically.

With implementations of smart city concepts technologies utilized by self-driving means of transport, autonomous cars and public transport vehicles will also benefit exceedingly from the amplified bandwidth which would turn easy to obtain with technology access to the real-estate industry.

Contributed By Mrudul Shah

Mrudul Shah is a CTO of Technostacks Infotech which is a mobile app development company in India & USA. He is helping his entire development team and global clients to access new technologies, interests in learning and sharing IT technology news trends.