The so-called Internet of Things (IoT) is here and it’s making itself at home, with revenue projected to hit $69.66m this year, and further growth on the horizon. The term describes a network of physical objects – or ‘things’ – which are all interconnected and capable of exchanging data with each other over – you guessed it – the internet. Wi-Fi isn’t the only option however, with technology such as LoRA or Sigfox network modules also enabling smooth data transfer.
While the concept can be applied to vehicles, industrial tools and much more, many people will be most familiar with it in relation to smart home devices. Popular examples include kitchen appliances, thermostats, and security features. It makes sense, then, that the real estate industry is one of the first to truly embrace the IoT.
Below, discover how real estate professionals are harnessing the power of IoT networks.
Improving Efficiency
Property management can be time consuming and inefficient, particularly on large sites such as industrial zones, office parks, and transport hubs. But IoT sensors help turn any object relating to building performance into a valuable source of information, creating opportunities for seamless improvements.
Having IoT devices record and analyse data in real time can provide immense value by automating key operations and responding to environmental changes quicker. One example is minimising wasted energy in empty spaces, reducing costs.
Enhancing Customer Experiences
There are various ways that the IoT is enabling real estate professionals to deliver better customer experiences. For example, following the COVID-19 outbreak, IoT sensors can monitor and report on air quality in public spaces such as shopping malls.
Other use cases include promoting virtual tours to prospective buyers and tenants and improving application journeys. The whole point of the IoT is to deliver joined-up experiences, after all.
Improving Sustainability
Sustainability is key for many modern real estate customers – and rightly so, considering the built environment generates nearly 50% of annual global CO2 emissions. Thankfully, one of the leading promises of IoT networks is their potential to optimise resource consumption and reduce wastage.
Heat, electricity, and water usage can all be monitored and controlled intelligently, providing great comfort to customers while reducing bills. Heating, lighting, and appliances can all be controlled remotely and turned off when not in use.
Managing Risk
As any experienced real estate professional will warn you, property can be at risk from a broad range of natural and human-caused threats. This includes extreme weather events such as fires, floods and hurricanes, as well as burglary and vandalism, all with the potential to cause costly damage and endanger human life.
The good news is IoT networks can aid with risk mitigation in a variety of ways, such as monitoring for abnormalities such as smoke, measuring pressure in pipes, and securing building entry points.
Have you embraced the IoT yet? While the benefits will vary between industries and individuals, its potential for positive change is clear.
