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The Internet of Things (IoT), the next wave of technology that provides a platform for devices to communicate electronically with the world around them, is changing the world.
Also known as the real world web, the technology makes the world alive with information as data flows from one device to another and is shared and reused for a multitude of purposes.
Enabling a growing web of connectivity among people, devices and homes, the IoT transforms the way we interact with the world, positively affecting our daily lives and businesses in both subtle and profound ways.
The IoT is expected to impact and transform the way everything is marketed and sold in the future.
Being a network of physical objects containing embedded technology to communicate and sense or interact with their internal states or the external environment, the IoT will also have a significant impact on the real estate industry.
The sector has been virtually revolutionised by the introduction of a variety of new technological advances in the past few years.
Now, the IoT is set to transform the real estate sector once again.
The concept of IoT has evolved from the convergence of wireless technology, micro-electro-mechanical systems (MEMS) and the Internet.
It is provided with unique identifiers to enable data to be transferred automatically over a network without requiring human-to-human or human-to-computer interaction.
When it comes to the real estate sector, the IoT is set to change the way buyers search for properties.
This is because the technology makes interactions possible between smartphones, tablets and other machines which are connected and constantly with us.
Software applications through the IoT will enable buyers to receive vital property information, and even make decisions while construction is underway and during the entire occupancy life cycle.
The IoT will also change the way property agents, and even landlords, show rental apartments and other residences to the customers.
The technology would make it possible for prospective tenants or buyers to tour properties using their smart mobile devices.
Every device in a building can be connected to the network, sharing information with integrated information management platforms.
With the IoT, every object connected to the Internet will have unprecedented possibilities for the management and operation of a property as any part of it can become a point to capture and send data.
This will radically change the way realty service providers operate their portfolios, leading to more efficient, sustainable, safe and profitable real estate management.
A growing number of companies across the globe are now exploring how they can leverage IoT-related technologies.
The real estate brokerage sector has already started adopting IoT technology to help property buyers scan a Quick Response (QR) code on a “For Sale” sign or a real estate professional’s website to learn more about a particular property – its details, features and location, among others.
The IoT provides building owners, operators and tenants with information on the flow and movement of people in a structure.
Eventually, it can improve people’s lives while reducing energy use and operating costs.
Therefore, the IoT is expected to redefine the realty sector by changing the way realtors find potential clients and the way prospective homeowners find their dream property.
Source: Manish Khatri, VP - Sales and Business Development, SPF Realty.