Internet of Things (IoT) is a phrase used to describe the smart technologies that will perform activities without human interaction. For instance, a new brand of air conditioner comes with a mobile application which the user can remotely operate to turn on/off the air conditioning at home and even set the temperature.
Real estate business is benefitting immensely from contemporary technology like 3D printing using which they can build complete prototype of the structure from its design on the computer on a printer. IoT figures in developing smart cities where everything from lighting to heating can be automatically adjusted by sensing human presence. IoT is powered by sensors that capture motion, detect smell or temperature to operate without intervention. Real estate businesses can leverage these sensors to construct cost effective and energy efficient projects.
Lights turning on in rooms by clap of hands or when presence is sensed in the room has been around for some time, though it was not accessible to everyone. As mobile applications are becoming smarter, 6th sense technology is going mainstream, wearable technology is making a big foray in the market and internet is permeating every aspect of our life, smart home technologies are also maturing. WiFi, Bluetooth and the latest Beacon technologies are being exploited to create sensors in individual properties and entire cities and townships for a host of operations.
Real estate business and administration is not far behind in benefiting from IoT, the beacon technology is being used by real estate managers for showing apartments. Buyers and tenants are spending more time on browsing properties and examining every aspect such as the fittings, colour of the tiles, places to eat nearby and nearest grocery using their Map enabled smart devices. 3D floor plans of houses and the township is being emailed to the prospective buyer to give a real picture.
As IoT perpetuates, there will be greater transparency in transactions. Customers are more aware of the options and the costs involved, they are willing to pay the price for the right perceived value. If the developer raises the property rates of a smart home by claiming that the returns in future will be two-fold due to the savings from the smart technology, there are tools for buyers to calculate these perceived benefits and arrive at a decision.
IoT will reduce development time and add a lot of social and economic value to a property through technologically driven appliances and building materials that will cut wastage and give high ROI.
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