3 Key IoT Applications to Improve Your Real Estate Assets
The Internet of Things (IoT) applications in real estate are promising. From predictive maintenance to accelerated decision making to increased energy efficiency, IoT will improve both the real estate industry and our everyday lives.
Buying a home is one of the most significant commitments that anyone can make in their life. Whether you’re looking to buy a house that will stick around for a while, or you’re searching for that perfect investment property, chances are you’re going to be worried about some of the burdens that come with property ownership. IoT can help. This article will go over three of the most exciting IoT applications in real estate and what they mean for our lives and the economy as a whole.
IoT Applications in Real Estate
So you’ve bought yourself that beautiful home you’ve been eyeing for months. You’re all moved in, and you’re finally ready to adjust to life in your new sanctuary, except you’re noticing many equipment and infrastructural issues that you were not aware of when you bought the property.
1: Predictive Maintenance
This is perhaps one of the most frustrating scenarios that could occur to any homeowner, but there’s finally a solution for it. IoT predictive analytics enables homeowners to identify and address system failures before they happen.
Applied Energy Partners’ SiteWatch platform allows homeowners to do just that. By using sensors and real-time energy monitoring, it can keep track of any irregularities that occur on your equipment and alert you when it’s time for maintenance. In addition, it can predict a maintenance schedule based on energy consumption.
2: Faster Decision Making
HouseCanary has an interesting take on predictive analytics. Their platform allows lenders and investors to get an in-depth analysis of the homes they’re interested in before they make a purchase.
With this platform and others like it, prospective buyers have everything they need to understand home valuations, ultimately leading them to make informed decisions about their property buying journey.
3: Increasing Energy Efficiency
Just as real-time energy monitoring can be used to predict maintenance patterns, it can also be used to create smarter, energy-efficient spaces based on the homeowner’s schedule. For example, think of how useful owning a Wi-Fi enabled smart water heater could be. By controlling when and for how long your water heater is running throughout the day—and allowing the device to optimize water temperatures for when you most need hot water—you can significantly reduce energy costs.
Don’t want to spend $1,500 on a new water tank? Aquanta can perform the same task for a fraction of the cost. Aquanta’s product uses sensors—one attached to the T&P valve and one connected to the cold water pipe (plus an optional moisture detection sensor)—to measure changes in temperature and monitor user patterns.
It can also be used with Nest to track when you’re away from home to reduce water heating costs and energy consumption further.
Just as real-time energy monitoring can be used to predict maintenance patterns, they can also be used to create smarter, energy efficient spaces based on the homeowner’s schedule. Think Wi-Fi-enabled smart water heater.
What Does This All Mean?
It’s clear that IoT applications in real estate will change the industry and also our lives in numerous ways. With all of this predictive technology, buying, owning, and selling your home is becoming more accessible than ever. Not only can IoT help homeowners become more aware of their home’s functionalities; it can also generate more market value for your home.
Smart homes have been shown to garner almost $240 more in rent than those that don’t leverage IoT. So what does this mean? The homes that make use of these different types of IoT technology have a higher market value, which simultaneously adds value to homeowners, investors, and the broader economy.
PTC Computer Solutions works extensively on understanding the Needs of Our Clients and what they are looking for so that understanding of the Internet and business technologies for their needs and objectives is fully explained. Don’t fail to meet your objectives with your customer experience and other technologies. Stay on top of things. Train your employees or hire an agency that can handle it for you such as PTC Computer Solutions.
David WB Parker is a principal of Parker Associates of Jacksonville, Florida, marketing consultants to the real estate industry; President of PTC Computer Solutions, IT Specialist, and an active real estate sales professional with PARFAM REALTY based in Jacksonville, FL. He can be reached at 904-607-8763 or via email firstname.lastname@example.org.