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USES OF IOT IN REAL ESTATE

The IOT (Internet Of Things) is a technology revolutionizing modern life. It consists of an eco-system of integrated computers, smart devices and sensors, which are connected with each other as well as a cloud, for collecting, analyzing and evaluating data.

The term IOT thus refers to all devices which are connected via the internet and accessible through network connections and can be used in a corresponding eco-system. IOT has found a substantial place in numerous numbers of private households and is indispensable to the commercial sector.

There is a variety of applications, especially in the field of building automation and smart metering. For ensuring this function, full coverage with Bluetooth or WLAN in buildings is a pre-condition. After meeting this need, there are several ways to use real-time analysis for reducing costs and improving productivity.  This is the age for internet of things in real estate.

The IOT is revolutionizing the Commercial Real Estate (CRE) industry. Technology is making a way to this industry and there is developing a drastic change in what is involved in being a real estate broker. With the evolution of client needs, brokers must develop new skills to keep up with the new technology and remain competitive.

Today, there are many buildings in India which are old and outdated. These are dead assets and cost tenants and owners huge amounts of money. In the digital era, buildings have the capacity to work in tandem with your business objectives, help achieve your goals and enhance operational efficiency.

 In the 21st century, real estate is fast becoming impacted by IOT. With IOT, previously dead assets like old buildings can be brought alive. The building can communicate with your business and help in achieving your goals. The IOT is permitting organizations to bring both industrial offices and buildings to life.

Buildings are generating data every second of the day and it is up to real estate brokers of today to help clients to capture and understand the data. Data may be about whether manufacturing equipment may be operating efficiently, HVAC system adjusting to the temperature or keeping tabs on arrival and departure of employees. Buildings can provide value-added insights which will help management take more informed business decisions. IOT in real estate in India is growing in importance.

From the perspective of an office, smart building technology creates a more collaborative workspace for employees and enhances performance and productivity. Example is that when an employee pulls into his assigned car space, this is noted by the building. This triggers the turning on of lights and your computer, sets the climate control as per your liking and your coffeemaker brews a cup for you.

Currently, the CRE industry is highly transaction focused. A broker represents a client, understands what he needs and collects a paycheck after the transaction. But this scenario will be changed, because of IOT.

The IOT is forcing real estate brokers to gain fresh, more sophisticated skills rooted in innovation, cyber security and technology.  Today, clients need brokers to be more than just real estate experts- they need to be strategists which help businesses gain opportunities and contribute to their growth.

The IOT is expected to change the real estate industry for the better. Clients need brokers who understand this change. They need a true strategic broker and partner, who bring technological skill set to the table.

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