When you use a device like Google Nest to check your home security or a home automation device to turn your air conditioner or lights on or off, you’re using something called the Internet of Things (IoT). This just means that your device is connected to the internet and can do lots of cool things to make your home smarter!
IoT refers to devices that use the internet to communicate with each other, and this technology is here to stay. Conservative estimates put the count of connected devices that can send and receive data at over 13 billion, and that number is rising every day. With the cost of critical components like sensors going down, IoT is already seeing more and more uses in every industry.
It is also revolutionizing the real estate industry by giving developers new and innovative ways to improve the management of construction, maintenance of their properties, and running their operations. There are many benefits to harnessing the power of IoT in your real estate business, here are a few:
1. Improving Productivity
Using IoT devices helps you to automate many routine processes like data collection, reducing effort and time and eliminating the possibility of human error.
IoT applications can go from data collection to data analysis, helping provide real-time insights that can help businesses make better decisions.
Creating satisfying customer experiences. In addition to improving operational efficiency, IoT can help deliver high-quality service using apps that can transform your customer experience, for instance, by improving response time, quality of response, and higher brand awareness.
2. Transforming your customer’s lifestyle
You can completely transform and elevate your customers’ home experiences using Smart Home Automation. For instance, smart lock technology, i.e. electronic locks that can be opened and controlled remotely through a mobile app, or other connected devices such as smart home systems. These locks provide keyless entry and allow users to grant access to guests or service personnel, track who comes and goes, and control access remotely. You can also use apps to manage sensors, and alarms, monitor motion detection, etc.
3. Creating Smart Buildings:
With the cost of IoT components, like sensors coming down drastically, IoT technology is becoming more mainstream. Real Estate businesses can leverage IoT to create smart buildings that use sensors, devices, and systems to automate and optimize building operations., and in general elevate residents’ living experiences. For instance, smart lighting systems to reduce energy consumption, and smart HVAC systems to improve indoor air quality.
4. Enhancing Energy Efficiency
IoT technology offers amazing abilities to optimize energy consumption in buildings, from smart lighting systems that can reduce energy consumption by automatically adjusting the lighting levels based on occupancy and daylight levels to smart HVAC systems that can regulate temperature and indoor air quality, improving energy efficiency and reducing energy costs.
5. Improving Efficiencies in Construction and Operations
IoT can add substantial value to your construction and operations in a number of ways, helping improve productivity, lower downtime, and reduce the time & effort needed to complete a task. Some easy-to-harness IoT features include:
a. Monitoring and predictive maintenance
You can cut down on unplanned downtime and increase productivity using IoT tools to monitor equipment and predict when maintenance is required.
b. Supply chain management
Using IoT to track and monitor products can improve supply chain efficiency, reduce warehousing and inventory costs, and avoid disruptions to your work schedules.
c. Task automation
By providing real-time information, and automating tasks, IoT can help real estate businesses s increase productivity and streamline processes.
d. Security
IoT technology can be used to improve building safety and security. Buildings are already harnessing the power of IoT-enabled security cameras to monitor building activity. These can be combined with smart access control systems to manage access to the building.
IoT can also reduce the chances of being caught off guard by events such as fire. IoT-enabled fire safety systems can detect and respond to fires, thus, reducing the risk of fire-related damage and loss.
6. Streamlining Building Management
IoT technology benefits extend beyond the construction stage. They can also be used to manage buildings effectively. With an IoT-enabled building management system, you can be used to monitor discrete building systems, track energy consumption, and control access to the building. All these aspects improve the performance of real estate property, reduce operational costs and improve the value of the property.
7. Running Usable Analytics
IoT technology offers real estate developers the ability to monitor their properties in real-time, collect data and use it to run analytics that can be used to make better-informed decisions. Some examples include the ability to monitor energy consumption and building performance in real time. Analysis of this data will identify areas for improvement, including cost savings, and allow for insightful decision-making. The use of real-time monitoring and analytics can help real estate developers optimize their properties and improve the overall performance of their businesses.
Takeaway
IoT technology is the new disruptor on the real estate horizon. It provides developers with new and innovative ways to improve the construction, management, and maintenance of their properties. Whether you are a real estate developer looking to improve your business performance, improve operational efficiencies, or deliver properties that provide residents with amazing new lifestyle experiences, IoT technology has something to offer.
