With the introduction of the Internet of Things (IoT), a new life is being infused into the real estate industry. The technology influences every aspect of our daily lives and has the potential to reshape entire industries, commercial real estate in particular. It grows over 20% annually in a market that builds or upgrades buildings with smart technology capabilities. On the other hand, Commercial real estate (CRE) in the United States accounts for 5.6 million buildings that contain 87 billion square feet of floor space as of 2012. The CRE industry focuses on enabling building features to enhance tenant relationships and allow the technology to make building operations more efficient. With intelligent buildings, real estate owners get the opportunity to streamline various systems in the structure, resulting in overall happy clients and increased revenue. This blog covers some of the significant ways IoT is revolutionizing the real estate industry.
The Power of IoT
The possibilities and opportunities for IoT technology residences, hotels, and office buildings would seem like science fiction just a few years ago. IoT is bringing buildings to life, literally. With IoT integration, buildings are generating data every single second of the day. Real estate brokers can help their clients gather and evaluate that data for enhanced decision-making.
It could be in the HVAC system to adjust the temperature indoors throughout the day or a security system noting employees logged in hours. Moreover, buildings can now provide value-added insights that can help the leadership to streamline their business strategies.
The network of sensors and smart devices that make up the IoT devices presents previously only imagined opportunities in real estate transactions. Real Estate agents can showcase designs without being present on site physically. This saves time and makes them all the more productive. Eliminating/reducing the need to travel to each structure also cuts down on release of greenhouse gases by the agent vehicles and saves money that would have been spent on fuel. Organizations need to be mindful of the benefits of utilizing smart building technologies.
Automation in real estate can give organizations complete visibility into their supply chain in a warehouse, increase delivery accuracy, modernize storage strategies, drastically cut utility costs, and increase customer satisfaction.
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Integrating IoT and Commercial Building
Companies can combine, analyze, and present insights from the large sets of data so that tenants or other stakeholders can purchase and augment their actions and behavior. Latest IoT use cases in real estate promise to change how business is conducted in the industry and how people relate to their home and work environments.
Safety and Security
IoT in the real-estate sector is aiding the deployment of smart appliances, using other smart technologies and facilitating an enhanced level of security to organizations. This becomes crucial for the organization and tenants for their security aspects. In case of any threats or risks, these smart sensors can send information to the primary system, thus allowing managers to resolve them at a much faster pace.
The second important aspect of the real estate industry is device monitoring. For a number of enterprises, this could be a considerable investment. With the aid of IoT applications, multiple notifications can be sent automatically once a glitch is detected in the system.
Moreover, the system also notifies real estate owners and engineers in real-time for them to take quicker, more efficient decisions.
Tracking raw material is yet another aspect you can’t ignore in the real estate business. Materials like concrete, steel, cement, and wood are stored in huge quantities to make a building infrastructure. One of the highlighting challenges here is to keep track of all these with manual processes. IoT apps are morphing the way of securing products of the businesses in the real estate sector.
An Energy Intelligent Solution
“Energy savings are realized through enhanced visibility. Data visibility drives appropriate energy-saving actions, thereby achieving organizational objectives.” Advanced Metering Infrastructure (AMI) takes more significant control over energy costs and provides a reliable energy supply. IoT solution facilitates effective digitization & visualization with granular asset-level energy data starting from building-level, floor-level, etc. (or building-wise, floor-wise, etc.). Besides, it also helps you with inefficient billing and energy planning.
In conclusion, commercial real estate is an attractive option for investors and professionals alike. The profits that can be made in this industry could go head-to-head with practically every other venture on the market today. However, technology is accelerating the expectations of commercial real estate. Several commercial real estate owners may be surprised to learn just how easy it is to morph their buildings through IoT.
Interestingly, it doesn’t even have to mean rewiring the entire building. Instead, they can use individual sensors that can be placed on their appliances to connect them. IoT has begun to enhance efficiency in construction, building management, and tenant satisfaction. Consult our experts to learn more about the role of IoT in real estate.