The real estate industry is evolving rapidly and it is aimed at creating a connected world and a healthy environment for people to live in, thus improving their overall quality of life. In this era of, innovation is underscored by a series of emerging or new technologies like virtual or augmented reality, artificial intelligence, internet of thing and more. These technologies represent a vast potential for the future, which will help us to create and recreate new ways of doing something.
IoT in real estate in India is already having a significant impact on the real estate industry by helping companies to focus on cost reduction and overcome fierce competition and low-profit margins. The use of IoT technologies is reshaping the entire sector across storage, sourcing, safety, and productivity of workers, deployment, and usage of materials and equipment and much more.
- Effective integration of IoT sensors with construction equipment will help undertake preventive maintenance and they can help in tracking the movement of the equipment in real-time across different locations.
- IoT can inform users of any forthcoming danger on-site and solve it quickly before any major mishap occurs. It can also help to track the workforce at real estate locations to receive any emergency alert in case of an accident.
- Realtors can leverage IoT to check the availability of assets and stock of assets at construction sites and get an understanding of inventory. With a comprehensive analysis of data obtained as well as predictive analysis, realtors can minimize risk scenarios, save money, make cautious investments and explore new ways to monetize assets.
- IoT enabled sensors and monitoring make it possible to create smarter, more energy-efficient spaces with features like lighting systems, thermostats, electric outlets, plumbing connected via the Internet and coordinate to perform smart functions. Such smart devices will give residents more control over household energy usage when it comes to utilities such as lighting, heating, and air. For example, residents can take advantage of smart lighting based on certain pre-set conditions. Lights can dim or become bright based upon the amount of natural light present in the room. Similarly, the air conditioner can automatically shut down once the person leaves the room and turn back on when someone enters it.
- IoT enabled sensors can do predictive analysis and warn the residents of any maintenance issues beforehand and send an alert. It can keep an eye on any system irregularities so that homeowners can resolve any system issues before it occurs.
- Internet of things in real estate can provide valuable property insights that real estate agents can use while trying to convince a customer and improve sales. Such an in-depth analysis can serve as a report card of the property’s real value. Prospective buyers will also find it easier to make informed and confident decisions when selecting a property.
- IoT also improves the house hunting experience as buyers can begin viewing a property by using beacon technology in their mobiles. In this way, they can look at a variety of options in less time and then it will also help them in shortlisting the properties they are really interested in visiting personally.