The real estate sector is booming and advancing technology fuels its growth by attracting more people online. Gone are the days of brick-and-mortar real estate agencies. Today, the real estate industry is evolving at a rapid pace with the help of real estate app development by creating a connected world between realtors and customers.
Emerging technologies including AI (Artificial Intelligence), cloud, blockchain, IoT (Internet of Things), and AR/VR contribute to changing the shape of the real estate sector. We can certainly expect that in the coming years, the real estate sector will become more advanced and customer-friendly by utilizing the potential of these emerging technologies.
Though all these futuristic technologies have a vital role to play in the thriving real estate sector, IoT emerges as the most important one. Customized IoT applications can help realtors grow margins and increase efficiency in various operations. Also, IoT applications can assist real estate companies to enhance relationships with customers, increase revenue generation, and improve management of various under-construction projects.
Let’s dig deep into the role and significance of IoT applications in the real estate industry in 2020 and beyond.
Importance of IoT Applications for Real Estate Sector
IoT is undoubtedly a disruptive technology that can spearhead the growth of the real estate sector. Advancements in sensors, integration with other technologies like AI and ML, and smart devices to capture data can work wonders. We have smart home applications based on IoT to make our homes automated and ensure the real-time monitoring of energy and security.
High-end sensors can capture all sorts of data and the IoT system can provide actionable insights by using analytics to analyze the available data. In a way, IoT technology has the potential to change our lives. Talking about the significance of IoT applications, real estate agencies can easily offer more value to customers through IoT solutions, and facilitate them to control various systems at homes and offices.
Here is a detailed account of what IoT applications can do in the real estate domain.
- Equipment Monitoring
Construction equipment and machinery should have sensors to track the movements in real-time. IoT applications can provide real-time data about the movements across different locations for enabling realtors to take preventive maintenance of construction assets and equipment.
Also, real-time monitoring can help the owners of real estate companies to get an idea about the progress of construction. It is possible to guide the construction and maintenance workforce from remote places with the help of IoT-based applications. It can also help the realtors to prevent any unwanted events or complications.
- Real-time Tracking
Cement, concrete, steel, and other construction materials act as the lifeblood for the real estate sector. The real-time tracking of the movements of these materials is therefore imperative for the real estate companies. Realtors can leverage the benefits of IoT to find out the availability of raw materials in the warehouse or construction sites. Simply put, IoT-powered applications can help realtors manage inventory.
Also, realtors can get the benefits of predictive analysis with the help of data obtained by IoT applications. The data analysis also enables them to minimize risks associated with theft or loss of building materials and invest cautiously.
- Maintenance Prediction
Every industry sector has to face maintenance issues, and the real estate sector is no exception. However, the real estate app development company can integrate the ML-based features in the IoT apps to enable homeowners to identify and resolve system failures in advance. IoT-powered sensors can also assist people to prevent any mishaps while overcoming maintenance-related issues. This next-level of convenience can be a USP (Unique Selling Point) for property owners and real estate agents to increase their sales.
Realtors can also get accurate predictions about their existing property through an app. It assists them to keep their properties in good condition for a long time.
- Energy Monitoring
It is fair to mention that real-time energy monitoring can enhance energy efficiency. The IoT technology is useful for identifying discrepancy of equipment and sends alerts as and when necessary through IoT applications. Sensors can also predict the maintenance schedule for energy-consuming devices and equipment. These sensors can also track the problems and send real-time alerts to realtors or homeowners.
IoT applications with energy monitoring features can make buyers more confident because they can readily identify and resolve flaws instantly through such applications.
- Decision Making
Connected devices and sensors can fetch necessary data and provide valuable insights about the property. Real estate agents can utilize these insights to increase sales by sharing them with prospective buyers or tenants. Thanks to IoT-powered applications, buyers can use the accessible insights to make critical decisions quickly.
Also, these actionable insights can also enable investors, bankers, and lenders to analyze the property before sealing a deal or making a purchase.
- House Search Experience
The real estate app development company integrates beacon technology in the IoT application to change the overall house-search experience. Beacons are aimed at transmitting information ranging from photos and prospective buyers or tenants can have a 360-degree virtual tour of the property. Real estate agents can use beacon-based features to offer a personalized buying experience to customers by showing all the information they want to get.
Another benefit of an IoT application with the beacon technology is it can eliminate the need for physical visits of the property. It is like a technological boon for people in this pandemic age.
What’s more, IoT applications can also help realtors analyze risks associated with any structural deterioration. In a way, they can prevent further damage. Also, sensors can find out whether any dangerous gas or chemical is around the property, and IoT apps can quickly notify the homeowners.
IoT applications with built-in features based on other emerging technologies can help the realtors and customers to make the entire process seamless. On one hand, real estate companies can get a competitive edge over peers, and on the other hand, tenants, agents, prospects, and other employees of the real estate agencies can make their lives easy with the help of IoT-based applications.