The Internet of Things has become an important ‘thing’ for many businesses. IoT is becoming more significant with time, impacting many industries today. If we talk about some of the big industries, how can we not emphasize how real estate is embracing the cutting-edge tech applications to grow and remain competitive constantly.
If we look closely at the revolutionary impacts of IoT in the real estate industry, we will see how it has changed the way real estate businesses used to operate and function. According to the Real Estate benchmarking survey, three-quarters of the respondents believe that the real estate’s interaction with the customers will change significantly.
Moreover, almost 73 percent of the real estate businesses are using IoT in their businesses already. Another survey says IoT is one of the major technologies that will change real estate in the next few years. Using IoT for real estate reduces operational costs, and simplifies the whole process of buying, selling, and renting properties.
The benefits mentioned above are just a few. IoT plays a much bigger role in the real estate industry. We will explore all about IoT real estate technology in this blog, beginning with how real estate businesses use IoT. Let’s move ahead!
How does the real estate world benefit from the ever-evolving IoT technology?
The real estate industry identified the perks of using IoT technology long back and hasn’t turned back ever since. Let’s see how the real estate industry is substantially changing with IoT.
- The Internet of Things enables quicker connectivity and maximum automation of various operations in real estate.
- Smart technology based on IoT results in more efficient building management and maintenance.
- Using IoT saves real estate agents a lot of time and effort as they can work with multiple locations simultaneously.
- Using IoT is energy-efficient as the agents will travel less and thus cut down greenhouse gasses generated by the vehicles.
- Smart real estate with IoT technology results in more efficient real estate management and avoids unnecessary delays and outrages.
- Implementing smart IoT devices in real estate increases the resale value of the properties.
What are the ways IoT technology improves commercial real estate?
Since IoT has significantly influenced real estate, we will explore a little more to see how IoT really improves the commercial real estate industry. Let’s see what magic IoT performs to bring a massive change in a sector as huge as real estate.
Higher resale value
Installing smart appliances with updated technologies will add to the overall resale value of that property. Additionally, smart technology will be more appealing, especially to the younger tech-savvy generation.
The overall customer experience is bound to improve when technology enters the picture. The Internet of Things will improve the overall customer experience with tools and methods that detect air quality, natural light, warmth, and lighting of the house.
Smooth stocks tracking
It becomes difficult for large real estate businesses to keep track of raw materials like cement, concrete, bricks, etc., as they are stored in bulk. IoT enables smooth tracking of these materials with minimum to zero errors.
Optimizes the workplace
IoT is known for storing a massive amount of data in real-time, and therefore, smart IoT systems and technology can be used for workplace optimization. IoT enables figuring out where the employees are spending the most time and maintains the employees’ productivity.
Smart sensors enabled fans, and other appliances help the managers to monitor the room and track if the appliances are operating unnecessarily. It saves a lot of energy and ultimately results in the reduction of energy bills.
How do IoT applications add value to real estate?
Real estate is one of the biggest industries globally, and it has helped millions of people find their dream homes. The use of IoT applications in real estate has escalated in the past few years and is enjoyed by both- the real estate costumes and agents.
Let’s see how the IoT applications shape the real estate industry globally.
Thousands of people look for a house or apartment every day, and real estate makes it possible for them to get their dream home. The growth of IoT technology in real estate includes new and innovative methods which make the whole house hunting process seamless. Viewing properties from mobile phones is one method that saves a lot of time and effort for both the clients and real estate agencies.
There are certain apps that use IoT-powered processes to show properties virtually instead of being on-site. Certain IoT mobile apps also list properties for scheduled viewings. Thus, the tedious process of house hunting isn’t as tedious anymore with IoT technology.
Smart real estate homes
IoT applications are turning homes into ‘smart’ homes. Smart home technology in real estate directly adds to the overall value of a home and has several other advantages like-
Enhanced security- With a smart IoT app, you can view the footage of the security camera and lock doors immediately.
Saves time and energy- Smart home appliances save energy to a great extent. The users can control their home’s devices from a remote location for more convenience.
Smart building and management system
Using IoT systems and technology in property management provides many opportunities for commercial real estate. IoT systems in property management systems enable creating building management systems that increase the capabilities of real estate to accomplish much more than the traditional automation.
What would be the estimated cost to develop an IoT app?
The development cost of any smart IoT app depends on several factors. First and foremost, you must know that app development costs are not the same for every project. There are some cost-affecting factors that differ from one project to another as every project has different needs and functionalities. Let us see what these factors are.
- Number and complexity of features
- IoT UI and UX complexity
- Operation systems and API integrations
- Location of the developers
- Hourly rates of developers
- App security level
Among these factors, one factor that needs to be taken seriously is the location of the developers. You must note that app development rates of companies vary from one country to another based on their location.
Thus, always make sure to hire an IoT app development company that fits under your pre-planned budget. You can consider hiring an Indian-based real estate app development company if your budget ranges somewhere between $20,000 to $60,000.
If you are looking for a smart app development company that develops a successful app and at the same time doesn’t exceed your budget, you can consult with us.
What is the future of IoT real estate technology?
Ever since smart IoT solutions entered the real estate industry, the world has been enjoying its perks. The smart real estate market is booming, and the demand for IoT integrated smart homes are at an all-time high. People are becoming more tech-savvy, so they prefer smart homes with next-generation IoT devices and appliances.
Looking at this overwhelming shift from traditional real estate to smart real estate, more and more technicians and developers will create IoT apps to revolutionize the market. If we look at IoT’s impact on real estate through the years, we can analyze that there is plenty of room for IoT to come up with new solutions to streamline our lives.