Impact of IoT on Real Estate Industry
58% of commercial real estate top management believes that amenities in smart homes like automatic doors, etc are crucial to enhance the experience of the renter.
The real estate market in 2019 was slow and investors hope things will turn out better in 2020. There was a growth of 3.3% in-home, which is lesser than 5% in 2018.
For any real estate business to endure the hardships in this slow situation, it is important to start some interesting marketing campaigns to attract customers. You need to come up with something new, to gain some grip in this current business environment. Here is where the trends in real estate come in handy.
What are Real Estate Trends?
These are some real estate marketing ideas that can help you to take your investment one level up.
Big Data is now already a known technology across all industries, though it has been in existence for a while, expectations are high in the coming years. With big data, you can enhance consumer’s search where matching with the customer’s desired homes becomes a cakewalk. With the current trends, big data and analytics in real estate have already picked their pace in this industry.
Artificial Intelligence (AI)
Today, AI is a hot buzz in the marketing industry benefitting you in the real estate marketing drives. With AI technology, the algorithm tools can easily match the customers to the exact property deals. AI also helps in enhancing the significance of references, midst added factors.
The growth continues in the smart home revolution expecting to direct the market in 2020. There have been some forecasts in the New Year that revenues are expected to rise to US$90,968 million. This is just the beginning of IoT in real estate, you will see that buyers are more interested in smart with more innovations and automation making their life easier.
VR & AR
With competition so tough in real estate, it is necessary that you stand out from the crowd and boost the traffic on your real estate website. You can use Virtual & Augmented Reality in your marketing drives t make it more effective and result-driven. It gives the buyers a higher quality experience giving them remote property viewing with better interactions at various levels of buying & selling.
How can real estate use IoT?
IoT is a spectacle that is affecting numerous areas of society while altering the way business is done across various sectors. Currently, real estate is one such industry that has the potential to be noticeably transformed by the IoT. This technology can be used in various ways making it easy for all parties to buy, sell & rent properties. IoT will transform the way people communicate with their environment offering financial and ecological benefits to the property owner.
What is Smart Home Technology?
Automation plays a major role when we talk about smart home technology. Just like your coffee pot going off at a pre-set time or your AC goes on and off when you’re in & out of your home, this is called automation. Nevertheless, talking about “smart home automation” is taking one step ahead be-cause that includes remote monitoring and programming too. They are called “smart” because it allows you to take control and connect with some devices even from distances.
How IoT is leveraging from the technologies in Smart Homes?
There are numerous smart home solutions available in the market, but let’s take a look at some unique automation solutions that make them smart homes.
Temperature Control System
We are witnessing drastic climate & temperature changes everywhere, which makes it important for us to not only keep a check on temperature but also adjust it to help people face the extreme climatic im-pacts. There are many people who look for such temperature control systems, making it high in demand amongst the real estate customers.
Here are some devices being installed in the homes making it environment-friendly:
· Air Purifiers
· Thermostat Control
· Humidity Control System
Smart Security Systems
Security is the top priority element that every potential home buyer is looking for. According to some realtor’s security is the first & topmost point that every customer is looking for when buying or renting a property. The smart security systems for homes are designed very specifically providing an effective & secured system against the threat. Various types of security systems are CCTV, motion detectors, alarms, voice & face recognition software that most in-demand & used by the buyers. They come in various designs & patterns to match the décor of your homes.
Smart Home Entertainment
When the realtors put the houses on display for potential clients, the buyers do their own research if they can install smart devices in their homes in the future. You will see the elder when searching for new homes keep in mind the needs of their children, we all know that the young generation is more tech-savvy, when we talk about entertainment mainly.
Home Utilities Automation
Be it washing clothes, cleaning the home, grocery shopping to cooking meals, with smart solutions our life has become easier. The smart home utilities automation solutions enabled by IoT have made cutting-edge tools to a scope where the residents are alarmed even about expired foods, automatic watering of plants, or ice building-up in the refrigerators. These time-saving & extremely effective technologies have been presented to make your home functions smarter and easier.
Advantages of IoT in Real Estate
There are many advantages of IoT in real estate, here are some that are changing the real estate landscape making it easy for people to buy & sell properties.
Enhanced Energy Efficiency
IoT-enabled sensors and monitoring devices help to create smarter and more energy-efficient homes depending on the homeowner’s plan. These smart devices give people a substantial hold of household energy use such as lighting, water, electricity, air, and heating.
Enables Predictive Analysis
Like humans, even homes age, and maintenance issues are expected. But having an IoT-enabled sensor & real-time energy monitoring system in place will not only upsurge the energy efficacy but also help to automate and resolve issues related to building maintenance. This opportuneness makes a selling benefit for property owners and representatives. It gives more confidence to the buyers with the knowledge that their home is built with technology to recognize and resolve infrastructure errors readily.
Improved House Hunting
Using the beacon technology is another advantage to the real estate market. Beacons are Bluetooth devices that are placed in various places to communicate info through the Internet. Right from the square footage to the price and 360-degree virtual tours, beacons send all the important facts of the home to a potential buyers’ phone.
What will be the future of the smart home technology & real estate industry?
The introduction of smart home solutions in the real estate industry was the biggest change ever expected and then the acceptance of residents taking the modern path to live a smart life was the game-changer for the real estate sector. This home automation trend will rise in the near future with the varying demands of buyers. Smart homes are the new buzz in the market. Home automation enhances the growth of a real estate listing. Adding smart home technology is one of the best ways to attract a potential buyer. With this, we can be sure that as technology continues to progress, home buyers will continue to be fascinated towards smart homes for the amenities it offers. But, the future of real estate is brighter with these technology trends in commercial real estate and residential property:
· hi-end senior housing with cutting-edge security and flexibility;
· Real estate-as-a-service idea giving notable user experience;
· cutting-edge substantiation approaches such as iris recognition cameras, vein readers, etc.;
· and a lot more to come in the future.
Summing Up – IoT is the way forward for Real Estate
Undeniably, IoT is and will continue to infiltrate and shape the real estate industry in numerous ways. This technology of foreseeing future results with the help from accumulated data upsurges homeowners’ cognizance of household functionalities. Along with this, it has also magnified home market values. When mediators sell a house, they must contemplate whether or not the home has IoT abilities for the value proposition. It is also important for agents to inspect how IoT technology can benefit them upsurge their personal job competence and produce potential leads.
About the Author:
Patrick R, A techno-commercial leader heading Intuz as Director of Growth With over 12 years of experience in the field of Information Technology. His experience and expertise will entice developers and business entrepreneurs with rich content on the latest technology stack.