From enabling home-buyers to make informed decisions to profiting realtors with financial gains, the internet of things (IoT) applications in real estate will indeed revolutionize the industry landscape.
The real estate industry is not new to modern day technologies. From digital banking to mobile tech, real estate businesses have come a long way with technology. Real estate businesses are creatively exploring new ways to meet dynamic client demands and business needs. The way realtors interact with clients, offer property showings, and provide service delivery has tremendously changed over the years. IoT is another major contributor to the growth of the real estate economy and our lives as well. With connected physical devices and network connectivity, realtors are not only able to improve the home-hunting experience but also achieve financial goals. Here are some exciting IoT applications in real estate that have a compelling impact on the market.
The ecosystem of connected physical devices enables realtors or clients to collect data and effective insights from it. By allowing realtors to track raw material consumption to helping people in the home search process, IoT applications in real estate are worth noticing.
Home hunting is a time-eating, expensive, and stressful task. However, with technological aid, this task can be made less painful. IoT can best fit this scenario. Beacons, installed at key locations can be used to attract prospective clients by sending them interactive, promotional messages when they walk by. This will not only drive customer engagement but also improve the overall home-hunting experience.
As concerns around the depletion of natural resources mount, achieving sustainability now becomes more than a necessity. Millennials are the most worried generation when it comes to environmental sustainability. Reducing carbon footprint and making efficient use of energy has been their top-most priority. Having said that, real estate businesses should consider sustainable and eco-friendly houses for their clients. And IoT can help here. Houses, equipped with smart solutions, can help clients track their household energy consumption patterns. For instance, sensor-enabled lighting will switch off lights when there is enough availability of natural lighting. Or, lights will automatically switch on when a person enters a room. Similarly, smart water heaters will allow occupants to schedule time, set the water temperature, and also track energy consumption levels remotely.
Home-buyers have to frequently deal with inevitable maintenance problems and repair costs. IoT can be helpful eliminate this issue. The most common reasons that add to the maintenance costs are an aging roof, termites, or electrical wiring problems. What if homeowners get alert warnings of the imminent problems before-hand? This will help homeowners take preventive measures and secure cost-savings. With IoT and predictive analytics, this can be made possible. Sensors and cameras in the house will collect data on the condition of the house. Any irregularity or flaw will be automatically notified to owners. As a result, remedial actions can be quickly taken, which can potentially reduce repair costs. IoT applications in the real estate industry will not only help people with the home search task but also allow real estate owners to overcome dwindling bottom lines. Now isn’t that amazing.
Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.