Did we just see your eyebrows rising up in surprise? Where is IoT, the new technology and where is Real Estate? For those, who have been following the recent trends in technology through our magazine, techdu, the statement does not come as a surprise. Gone are the days, Real Estate business was synonymous with only steel, concrete, bricks, windows etc. Now, new technologies such as AI, ML, VR, AR & IoT have entered into this industry to give a new feel. But, IoT in Real Estate has only gained huge response in the few years. The main reason, being customers’ preferences for new technologies implemented in daily life. There was a time you need to be above 50 years of age to build or buy a new home. But times have changed. Now, even youngsters (especially millennial) have started buying homes, flats and apartments as a source of investment. In India, it was a middle-class individual’s dream to own a home as one of the best investments for his family. However, a new technology has been doing the rounds in trade circles. It is helping buyers and sellers to make the best purchases of personal space as per their needs. The mentioned is Internet of Things. In this article on How has IoT revolutionized the Real Estate Industry, you will get the best details.
IoT – the New Technology
Internet of Things or IoT is a network of devices (electronic), which gets connected by the internet to perform specific functions. For example, Ajit is a bachelor who lives in an IoT-enabled one BHK flat in Bangalore. After a hard day’s work, he comes home at a specific time (evening). Before he comes home, the IoT program ensures that the temperature in the flat gets tuned to a certain level. His favourite music gets played, and the doors open automatically to let him in. We sincerely hope you understood the functioning of IoT. If you want to get to know more updates, please subscribe to our newsletter.
How Did IoT gain entry to Real Estate?
Competition is rife in every industry. Marketers all over the globe are inventing new strategies, giving discounts, implementing new technologies in their operations to attract the customers. Even in industries such as Real Estate, the public is getting choosy about spending money. They want the best constructed homes with new amenities and technologies. So, the marketers/builders have no other option but to include new amenities such as automatic doors (IoT) to give a new interesting dimension not only to advertisement content, but also to the home spaces which are for sale.
Why have many persons started investing/buying IoT-related home space?
The reasons are many. We have highlighted only some of them below for your valuable reading session:
1. Energy Efficiency
You must have led a life as a bachelor, a student or professional. Every month, the electricity department sends a bill to your account and you make the payment. It is rare, you check the amount of units used in a month. There are many who rarely check if the rate has increased from one month to the other. The reason, you cannot check the energy consumption patterns of electronic equipments. But the times have changed, my dear friend. With IoT, it is possible to measure the electricity consumption.
Please note, the IoT device can also give information on operation patterns. If needed, they can also send alarm or alert signals for maintenance. You can also customize the electrical applications as per your preferences. For example, you can customize the lights to get turned off automatically when you leave the room. The same applies for fans and other devices such as AC. Within some months, your electricity bills will come down drastically.
In the future, no one will get worried about not switching off the lights when going to office, if it is a smart home. This is one reason, many are investing in IoT related home spaces. One of the benefits of IoT in real estate industry.
To control the temperature of your home, you can buy devices that are in tandem with the IoT system such as
- Thermostat (Nest)
- Humidity Control Systems
- Air Purifiers
2. Predictive Analysis
Let us take a case study to easily make you understand this title “Predictive Analysis.” When we humans can experience health issues, can electronic equipments be far behind? There may be various electronic equipments such as mixie, television, radio, thermostat etc in your home. If the mixie gives a strange sound during operation, then you understand its technical parts have a problem. If some vegetables on the fridge get spoiled, then you know the time has come for repair. But in many situations, the technical problem may be in an advanced state. You may have to spend hundreds/thousands to bring it to the normal working mode. How excellent will it be, if you can know about the problem at the initial stage? With IoT, you can easily know if an electronic device is on the path of repair. The reason, it will spend more energy. So, you can take the necessary precautions and ensure the device gets saved before it gets lost forever. This is another classic example of how Internet of Things has changed the very face of Real Estate and home repairs industry.
3. Safety and Security
You cannot remain in your home 24/7 to safeguard it from burglars and thieves, don’t you? It is okay, if you live in an apartment, where there is 24/7 security. But in an individual home, it is vital to keep an eye on security. Let us imagine, you live in an individual home, and have planned an outside trip for two days with your entire family. Now, the home is IoT enabled, and you have fixed cameras at every room for safety and security. So, in your present location, you can make use of the internet to view your home interiors or exteriors. In case of a burglary attempt, you can contact the cops to thwart the thieves. Real Estate experts count this aspect as one of the best benefits you can get from IoT in commercial real estate.
4. Automatic Doors
Let us imagine, while you are at the vacation, your friend in US calls you to inform that he has sent a gift to the home address. Now, you are on a trip, and you do not want the gift to remain at the courier office. Confused? Let us give you a way. Since your home is IoT-enabled, you can ask the courier boy to call when he comes to your home. Then, you can make the doors open automatically and inform him to place the parcel in the room. Anyway, you have the spy cameras to monitor his activity inside and outside your home. This is another classic example of IoT use cases in Real Estate industry.
How has IoT revolutionized the Real Estate Industry?
Powerful New Technology in LandHoldings – New IoT Applications in Real Estate
Name – Beacon Technology
Did the name catch you by surprise? This new technology describes the BlueTooth devices which can transmit information regarding a home space to your phone (if you are a buyer). They are planted at various spaces in a home to transmit information. For example, you can get details regarding space, rooms, and more. You get a 360 degree virtual tour. So, there is no way you can miss any details. Beacon technology is going to change the landscape of Real Estate industry.
What are the disadvantages of IoT?
In every new technology, if there are ten advantages, there will be one negative factor. In this situation, it is the invasion of personal data that deters some persons from purchasing IoT enabled homes. For example, let us imagine, you have bought an IoT-enabled flat, and a hacker has gained entry into the system. Now, he/she can play spoilsport with the software. They can gain your personal data, cause the electronic equipment to shut down and more. This is the main reason, why you need to have a proper anti-hacker software program in your home.
Best IoT Companies in the World
- Siemens IoT analytics Company
- Indium Software
Best IoT Companies in Bangalore
- Fusion Informatics Ltd
- Focaloid Technologies
- Sixth Energy Technologies Ltd
- Hyperthings – IoT
The introduction of smart homes in the Real Estate industry was always expected, and this move has proved to be a game-changer. The benefits mentioned in this article of How has IoT revolutionized the Real Estate Industry are less. There are more, which we have not added because of time constraints. We hope to pursue them in another article.
Sathya Narayana B is a Free Lance Content Writer/Backlink Building Expert with seven years of Writing experience. He is a Platinum Level Ezinearticles Author, and his articles have appeared in several famous online magazines. He enchants the readers with his articles on technology, spirituality, martial arts & health. The other interests which he has, is his ability to engage readers via his social media profiles on Facebook, Twitter, Pinterest and Instagram.