Can IoT Give You An Edge In Real Estate?

Technology is changing the way we view and interact with the world, and no technology has been doing that more than IoT devices. And when it comes to business, if you aren’t collecting, storing, using and learning from data, then you are not doing your job. In the property industry, this is a reality and using IoT for analytics and communications gives those who are using it a competitive edge. The use of these devices can maximize occupancy, amplify tenant satisfaction, increase productivity and even attract and retain employees.

IoT devices are helping companies grow margins and enable features that make them more efficient than ever before. In other words, IoT are already creating a huge impact.

So just how much of an impact is IoT creating and how is it doing this? This will be the main topic of discussion in this article.

First let us briefly explain the term IoT, since we will be using it a lot more here.

What is IoT?

IoT stands for the “Internet of Things.” It is a concept of connecting any electronic device to the internet and to each other, including sensors, mobile phones, washing machines, coffee makers, laptops, desktops, lamps, watches, headphones, and more. You can think of it as a giant network of things and people that are connected to and communicating with each other.


Using IoT devices in real estate

IoT devices can be used in buildings to create a smart system that may be used to provide a multitude of services. Using real-time information from multiple data sources allows these IoT enabled smart buildings to adapt and optimise functions based on real-time conditions and needs, and respond to any inconvenience instantly.

Let us look into this in more detail.


IoT in Retail

IoT can be used to draw key insights from the preferences and decision-making behaviours of consumers. It can also be used to track the movements of consumers and provide relevant information based on where they are. For example, IoT can provide users with information on parking availability in a location such as a mall via mobile phones and sensors. It can also be used to deliver personalised smart offers to targeted consumers. Or, it may be used by consumers to get information on various properties that they may come across, giving them all the necessary information such as cost, utilities etc. of that property.


IoT for Family Homes

IoT can be used to improve a tenant’s experience by using insights based on information captured from a tenant’s personal smart device. It can also provide automated maintenance and management request services, giving tenants the ability to remotely repair, maintain, customise and personalise their homes. IoT will be able to provide better security services thanks to real-time monitoring and advanced notification of potential mishaps. It can also be used to regulate and control energy consumption, saving costs as well as protecting the environment.

IoT for the Office

In the industry, office workers can design their own customised workspace based on staff interaction, movement and behaviour, captured via sensors, by using IoT devices. It can also help improve efficiency and productivity by automating various tasks like printing documents, sending reports to different departments and swiping an access card.

IoT in the Industrial sector

IoT devices can help enable faster shipments by using automated pickup processes via remote controlled carts and robots. It can also help ensure accurate shipping by tracking complex movements of items across large warehouses.

The services and benefits that IoT devices may provide are limited only by the imagination of the users. It will be up to us to observe and better these technologies to better our own lives.