Assetsoft - Blog #internet of things

The Rising IoT trends in Real Estate You Need to Know About

Tue, 10 May 2022 14:08:13 -0500

Internet of Things or IoT refer to objects that have sensors and work with advanced technology selection of software that is connected on a common network within the internet or web. The development of IoT has left its mark on the real estate business world in the recent past when PropTech rose to the occasion.

In 2022 there have been a lot of rising trends in the IoT when it comes to real estate. From buying and selling properties to using the latest gadgets with IoT inside homes, it has a lot of applications in the present scene. Read this article to get a detailed understanding of how the new trends in IoT can help you make your mark in the real estate biz.

Use of IoT in real estate development

Dealings in real estate are sometimes so harsh that they would literally make you want to move to the metaverse at some point. But here on Earth, you can use the IoT to make business much more manageable. From making energy-efficient homes to doing virtual home sale plans, IoT-based applications are many possibilities. It is still a developing technology, and the real estate business is making the most of it. As a property manager and owner, you need to get on top of these rising trends this 2022 to beat the competition who are still not well-versed in project management technology selection.

Rising IoT trends that are positively affecting real estate

According to PWC research reports, more than 73% of real estate business executives are already investing in some form of IoT applications in their companies. What are the trends and top uses that are making this change happen? Take a closer look.

Better HVAC system

The USA alone wastes more than 68% of energy, as was said by WeForum market research. This increases the carbon footprint of real estate buildings. The present generation of home buyers and tenants are very energy-conscious people, and they want to have better systems in their homes to help the environment even if they have to pay a little more.

A heating, ventilation, and air conditioning (HVAC) system of any building functions and works within the same network; they can all be connected on IoT. The tenant can stay in control of the heating and cooling system of the property, and they can even regulate it remotely to make the place energy-efficient and save power and money. As a property manager, you can use better technology selection to revamp and streamline these systems to make them more eco-friendly and sustainable.

Eliminate bottlenecks in CRE

Commercial Real Estate faces a lot of bottleneck situations given the vast number of people they have to deal with. IoT applications have seen a rise to clear such bottlenecks when there is a parking space issue in a commercial property; an IoT device can pre-detect vacant areas or suggest alternatives and make life hassle-free for business. You will get a better user experience and greater customer satisfaction in the process.

The efficiency of energy usage with sensors

There are new IoT devices in the market that can track and check the energy usage of your properties. They are fitted with heat sensors and can even self detect energy losing areas where you have a chance for improvement and repairs. This can help optimize your resources to the fullest and have a positive impact on your ROI and the environment. You can even get Energy Star tags for your home appliances to make the whole property greener.

Smart home appliances are on the rise

Smart homes are slowly becoming an everyday reality for the urban crowd. Most homes have at least one smart device their homes if not more. These devices can follow commands because they are all IoT devices and can be handled remotely. You can pre-feed instructions and get work done with a few clicks from your phones when your smart devices like ovens, fridges, TV sets, vacuum cleaners are all connected to the same web network.

Increasing property values

Using top-notch technology, devices, and amenities to increase property value is a tried and tested method in the market. More property managers are providing advanced devices in their real estate properties to drive sales and increase the overall sale valuation of the properties. Millennials are demanding such smart houses which are more eco-friendly; they are even ready to pay higher rents to avail these latest facilities to make life easier.

Better workplace management

A centralized data capturing and recording system with IoT devices can help in the workflow of your office space and daily workings. Make life better for your employees in the back office with efficient devices that work on commands and get the work done in no time and help improve the productivity of the team.

House hunting made easy

The pandemic has really made us adjust to virtual life, and real estate is not far behind. Companies are now offering virtual home tours for potential tenants and homebuyers to give them a realistic experience of the home without physically visiting the place. IoT-powered methods, apps, and software can make virtual tours real smooth. You can pre-schedule tours even without a property manager or agent present on the spot. PR Newswire reports have marveled at how Zillow is already using these applications to make 3D tours a reality for their potential customers and increase sales.

IoT for Real Estate with Assetsoft

IoT in real estate has had a positive impact on both the tenants’ and property owners’ lives. From property management to asset development, IoT devices and software can be pre-programmed in many different ways to make your business run smoothly.

At Assetsoft, we can help you integrate automation in your business with IoT-based software. No matter what your business needs, we can come up with the most innovative solutions for all of it. Book a free consultation call with us today to know more about our services in detail.

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Your Guide to Property Management Using IoT

Mon, 12 Jul 2021 07:00:00 -0500

Technology is revolutionizing traditional building management systems. While BMS has a handful of thermostats, air conditioning systems, and ventilation, IoT aims to make the system smarter and more efficient.

The Internet of Things or IoT is already influencing many parts of our lives. According to a CTA study, 70% of American households have at least one smart device. This shows that the technology is not new to us. But the popularity of the technology is increasing as people gradually realize the benefits of IoT. So, what exactly is IoT and how can it be used for better property management?

What is IoT?

The Internet of Things or IoT is a network of various sensors, software, and devices. They are interconnected using the internet to facilitate the exchange of real-time data. Better access to sensor technology, cloud computing, and machine learning have made IoT available to all. According to Garter, over 25 million devices will be connected through IoT by the end of 2021.

In real estate, IoT has been used to measure energy consumption, gauge the safety of the buildings and keep track of maintenance.

How does IoT impact the real estate industry?

IoT implementation has endless possibilities. Before starting with IoT implementation, you need to understand the overall impact of IoT on real estate spaces.

IoT improves energy efficiency

Using IoT sensors, you can keep track of energy usage patterns in your buildings. These patterns identify maintenance needs and ensure the smooth functioning of devices. Proper usage of sensors can reduce operational costs by increasing energy efficiency. There are many ways you can use IoT devices:

Better ventilation

Most buildings have well-planned ventilation systems. Yet, depending on the occupancy of the buildings, they might be over-ventilated. To balance this, buildings also require heating or cooling systems. You can cut down on this unnecessary energy usage by using sensors. IoT devices can sense the level of CO2 in buildings. CO2 serves as an indicator of the number of occupants in a room. Ventilation systems can be automated to work according to the CO2 levels.

Reduce peak energy usage

Energy usage is not consistent and depends on the time and season. For example, more people use heating devices during winters. Similarly, air conditioner usage is increased during summers. This can cause energy usage to rise to a peak in those seasons. By using IoT sensors, you can identify devices consuming the most energy during peak times. Later, you can strategize the usage of said devices to cut down on costs without compromising on comfort.

Utilize renewable energy

People are becoming increasingly aware of renewable energy and its importance. Solar, wind, and thermal energy are some of the common renewable sources used. If you want to harness any of these, IoT sensors will help you. The projected value of IoT in the energy sector is 32.5 billion USD by 2025. No matter which renewable energy you use, IoT sensors will play an important role in their usage. For example, a solar panel installation also requires a solar energy tracking device. This is nothing but an IoT sensor.

IoT helps make buildings smart

IoT has redefined building automation systems (BMS). Traditional BMS lacks the scalability to generate insights at a granular level. With remote sensors, IoT can measure and generate feedback for a variety of building functions, such as:

Holistic facility management

Apart from the general ventilation and lighting controls, IoT enables property managers to understand the health of their facility. Timely inputs can save buildings from extensive damage. For example, using sensors, you can detect damaged pipelines and waterways early on. Fixing this problem can save your building from getting waterlogged.

Sensors can be similarly used to gauge the integrity of various metrics such as temperature control, lighting, and so on. It provides an accurate picture of the health of all your facilities. By detecting problems in the early stages, you can save your property from permanent damage.

Access facility usage

IoT provides a multitude of options through which you can understand tenant behavior. This is especially helpful to know what facilities are used most by tenants. Through motion sensing, temperature, and CO2 detection, sensors can identify the areas with the most activity. For example, a higher level of CO2 and temperature in the gym area means that tenants enjoy using that facility. By understanding this, you can improve popular facilities while eliminating those that do not add any value to the building.

Generate more revenue

Newer data-driven avenues provide a multitude of opportunities for revenue generation. IoT generates massive amounts of data which is valuable both to property managers and their clients. For instance, data generated about space utilization helps clients design better floor plans. Focusing on such usage, you can leverage the data and insights to improve property designing and management.

IoT makes decisions faster

IoT provides real-time data and insights. This enables companies to make instantaneous decisions. They can also use the data to forecast possible trends and make decisions based on them. The effects of any changes are seen immediately and plans can be altered without wasting too much time.

IoT and its applications in real estate

The many benefits of IoT make it a popular technology in almost all real estate sectors. The real estate industry can benefit from IoT through many applications, such as:

Smart lighting

Lighting improves the tenant experience and productivity in both commercial and residential buildings. A CBRE research showed that employee performance increased by 12% when the right lighting was used. But the natural light levels determine the usage of artificial lighting in any building. Also, areas lacking natural light need more artificial lighting. There are many ways to use IoT for better lighting control. By sensing the brightness in the surrounding, IoT devices can adjust the number of artificial lights in usage in a room.

Indoor air quality improvement

Most employees spend considerable time in their office buildings. In busy areas, the air is polluted due to increasing vehicle activity. Ensuring good indoor air quality is important for better employee health. Research by EPA shows that indoor air might be two to five times, and occasionally even 100 times more polluted than outdoor air. You can use IoT sensors to continuously evaluate indoor air quality as well as to detect pollution. They can also adjust the ventilation and air conditioning systems according to the occupancy in the room.

Reduce bottlenecks

By understanding the levels of activity at entrances and exits, commercial buildings can manage bottlenecks. This can reduce high traffic and enable smoother functioning. For example, certain entrances in shopping malls are often crowded. Using IoT sensors, such areas can be identified to create better floor plans. Due to reduced waiting time, customer satisfaction will also improve.

Beacons for properties

IoT sensors can be used as beacons and placed throughout the buildings. Through a mobile app, visitors can interact with the property beacons to know more about the surroundings. This can be utilized in several ways. For example, in shopping malls, people passing the beacon are prompted with ongoing offers and discounts through their app.

You can also use it to arrange agentless property tours. Prospects on self-guided tours can use these beacons to gather relevant information about the property. This spares the time of real estate agents, allows prospects to inspect properties in privacy, and improves the whole property viewing process.

Sales improvement

For property managers looking to improve sales, data is the best friend. As IoT gives access to large amounts of real-time data, this can be used to drive sales suitably. Consider a lead having children looking for an apartment. The metrics they will focus on are low crime rates and good education. By combining IoT with big data, property managers can provide relevant stats to such clients. Moreover, for every client’s unique requirements, different stats can be collected.

Timely maintenance

Property managers can use IoT sensors in a variety of ways. It can measure the levels of metrics such as temperature, humidity, air quality, and so on. By strategic placement of these sensors, property managers can keep track of building health. For example, by continuously monitoring building temperature, you can gauge the health of your thermostats. These helpful insights enable you to act on time and prevent any considerable damage. They also make regular maintenance and inspections easier.

The Internet of Things provides unparalleled insights and analytics. It is wise to utilize this technology in commercial and residential property management, as it holds a lot of potential. The future of real estate and PropTech can see major usage of IoT because of the various applications it has.

Leverage the benefits of IoT through Assetsoft

IoT works best only when it is used in the right way. To benefit from IoT, you will need expert resources. Assetsoft understands the benefits of IoT usage and helps companies integrate them effectively. We can implement IoT devices to help with both automation and remote monitoring.

We help you utilize your resources better with our effective IoT services. Find out how to save on money through our energy audits. Through our partner Facilio, we can help you get the most out of IoT through smart choices. Want to know more about IoT implementation? Reach out to the Assetsoft team today!