How IoT technology can help sell real estate better
INTERNET of Things (IoT) is popular in industrials sectors for its predictive technology and its ability to upkeep operations cost-efficiently.
When put into the real estate space, it relieves one of the biggest problems all stakeholders face — building management.
The lack of maintenance of a building is something that can interrupt home life and the workflow of tenants. So, it is a concern that directly impacts sales for real estate managers.
Fortunately, bleeding edge technologies like IoT can automate and resolve these concerns and consequently, and create a better selling point for property owners and agents.
#1 | Predictive maintenance
Infrastructure flaws are not noticeable if a building is newly built. Though, all buildings will age and require attention to its maintenance.
IoT will help developers give the assurance that buyers need before signing on the dotted lines. The predictive technology will help tenants identify and address infrastructure flaws over time.
By using IoT enabled sensors and real-time energy monitoring, tenants can track any inconsistencies that come up and schedule for maintenance automatically.
#2 | Faster decision making
Another way property agents can use IoT to improve sales is the insights gained from IoT devices. Insights will include in-depth analysis of the prospective unit.
Basically, the predictive analysis will serve as a report card of the property unit’s valuation. This is something that agents can provide prospective buyers to gain confidence.
With informed analytics, buyers can make quick educated decisions on their property investment instead of viewing the unit multiple times to go over the unit’s condition.
#3 | Increasing energy efficiency
In the long run, society will consume more energy. Energy efficiency is yet another feature that IoT technology can help developers sell their units better.
More everyday items are becoming smart devices and it will increase overall power consumption. Here’s where IoT can be introduced to ensure optimized distribution of energy.
IoT enabled sensors and the incorporation of machine learning can intelligently optimize the energy levels throughout the day based on users’ lifestyle choices.
To consumers, this will be an indication of a responsible real estate developer that take tenants’ futures seriously.
It is clear that IoT applications can increase the saleability of real estate better as we move into more expansive use of technologies. Not only will it help tenants become more aware of their environment but also increase the property unit’s market value.
With that in mind, IoT is certainly not a gimmick but a game changer that will be welcomed in the prevailing market.