The Internet of Things is paving its way in various industries including real estate. As the connected devices are disrupting the everyday items, the need for IoT in real estate cannot be ignored. Those of you who are not aware of what IoT is all about will be given a brief introduction.
What is the Internet of Things (IoT)?
Internet of Things can be defined as an infrastructure of technology where different devices such as electrical outlets, lighting, and thermostats are connected through the internet and synchronize to perform smart functions.
From increased efficiency to predictive maintenance and convenient property display to informed analytics, IoT applications are changing the real estate landscape. Thus making it easier for property owners to buy and sell properties.
Internet of Things Statistics
To know the importance of the Internet of Things in today’s world, let’s have a look at some of the key statistics revealing some of the surprising impacts of IoT.
- Internet of things statistics by Gartner predicts 25 billion IoT devices by 2021.
- Consumer electronics will account for 63% of all installed IoT units in 2020 (Statista)
- According to PWC, Hardware will account for 35% of this $1.7T market value.
- Business investment will account for more than 50% of the overall IoT spending in 2020.
- By 2022, 100% of the global population is expected to have LPWAN coverage (McKinsey Global Institute)
Talking about the IoT in real estate, let’s find out how it can influence the overall industry and how one can benefit from it.
IoT Enhances Energy Efficiency
IoT is now being adopted by various industries due to its ability to increase efficiency and reduce wastage. For instance, IoT enabled sensors, monitoring helps in creating smarter, and more energy-efficient spaces based on one’s preference. For instance, IoT enabled devices to offer residents control over household energy use such as heating, electricity, lighting, and water.
If you have listed JVC Apartments for Rent with smart lighting installed, your prospects might be more interested in living there where the electricity cost is minimal as compared to the traditional ones. The benefit of installing smart lights is that it can be turned on and off when a person enters or exits the room. Moreover, the lights can be turned dim based on the amount of natural light that enters the room. Thus, it can help in reducing the amount of energy consumed and slashes the cost of bills.
Moreover, a WIFI enabled water heater can facilitate homeowners to take control over how long the water heater runs during the day. The device functions mainly by optimizing the water temperature and providing hot water when required. In addition, the benefit of installing WIFI enabled water heater is that homeowners who stay away from home mostly can reduce water-reducing costs and energy consumption.
Predictive Maintenance with IoT gets better
With the passage of time, your home needs maintenance. However, if you were well aware of problems ahead of time, wouldn’t it be helpful for you? Utilize the power of IoT predictive analytics, which enables homeowners to identify any problems or discrepancies before they occur.
IoT enabled sensors and real-time energy monitoring helps increase energy efficiency as well as automate and resolve any maintenance issues. The convenience helps realtors and property owners to sell their property without any difficulty.
When it comes to property management, you might have noticed that even a tiny problem can result in frustration. However, going for smarter homes will help you to keep track of any hitches and let buyers feel more confident when buying your property.
Quick and Timely Decision Making
The benefits of IoT are many and one of them is that it helps property owners and realtors to boost sales. Predictive analysis of the home aids as a report card of the property’s value. Agents can give information to the potential buyers to boost their confidence and increase the chances of a sale. Instead of viewing the property several times to analyze its condition, buyers can simply use informed analytics to make an educated and informed decision without any delay.
IoT Improves House Hunting Experience
Beacon technology might be new to many, but can be used effectively in the real estate market. In short, beacons are Bluetooth devices that are used to convey information through the internet by placing it anywhere within a given space. It can be used to display the price of the property, offer 360-degree virtual tours and square footage of the property. Hence, beacons can provide essential details of a home to the interested buyers on their phones.
Apart from providing details about the property, the technology can also offer clients with a tailored experience to give information that is necessary and they need the most.
IoT applications will shape the real estate industry in various ways. The predictive technology will not only help homeowners to know more about their property but will also boost market value. When selling a home, realtors must find whether the home is equipped with IoT capabilities or not.