Internet of Things (IoT) is a new buzzword in the technology industry. The emerging technology is now matured enough to provide unimaginable advances to almost every industry. Real estate though is a little late to adopt this technology, but it has paved its way into this area as well. From self-controlled home appliances to self-predicting devices, IoT has completely changed the way we interact with real estate. Whether it is a resident living in any of Dubai Marina apartments currently out on a vacation in Hawaii intending to see how much electricity is consumed in their absence, or a working individual on their way back home, intending to turn the AC on in advance before they arrive, IoT enabled devices have made it all not only possible but just a click away with no cost.
Predictive Maintenance
One of the most impressive features of IoT enabled devices is predictive maintenance. The smart devices can foresee when its time for maintenance or servicing and inform the owner accordingly. For every homeowner, appliance maintenance is an important task that is not only time consuming but also requires finances to be arranged before-hand. With the power of IoT enabled devices, homeowners can have information on how much of the device is consumed and when possible is the time for service. It is also a good indicator of an appliance’s life expectancy, again adding huge value to not only the house but in terms of higher rental yields as well.
A company called SiteWatch provides predictive maintenance services to homeowners. They develop sensors and regulators that let homeowners keep track of any irregularities that might be present in the appliances and notify users when it’s time for maintenance. Apart from sending notifications, it can generate a maintenance schedule based on the energy consumption of the device.
New Ways Of Interaction With The Building
The way anyone interacts with buildings now is completely changed with the advent of IoT. The possibilities of smart devices have gone beyond predictive maintenance and controlling home appliances from a distance. Now people expect their mobile phones to send signals to the garage door to open and close automatically when they arrive or leave, to turn the lights on or off on their entrance or exit, to lightening systems in the house to automatically adjust the light throughout the day in accordance with the amount of natural light present in the room, for ventilation systems and Air conditioners in the room to turn on automatically and greet the owner with their favorite music, these are some of the examples of how property interaction is changed and if a homeowner has implemented these kinds of technologies in their places, it is definitely going to give them a good tenant loyalty with an increased energy efficiency.
Decision Making In House Hunt
The scope of IoT implementation in the real estate industry has made house hunt far easier for a potential buyer. Many companies have come up with tools to do a predictive analysis of how a property is possibly going to appreciate or depreciate in the near future. This is a great deal of help to real estate investors and lenders analyze and make more informed decisions on whether their investment is fruitful in the long run or not. Instead of relying on an agent’s perspective of a property or depending on property appraisal reports, IoT has enabled investors to have the more in-depth insight of how much is the property is going to give them in terms of return on investment.
Gearing up for the future, it is clear that the Internet of Things in the real estate market is going to disrupt it for the better. It is enabling users to get benefitted with reduced cost and increased energy efficiency, make efficient judgments while buying or selling the property and adding more market value to your property.
