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Smart Real Estate: Internet of Things in Real Estate Sector

The Internet of Things, commonly known as IoT, is gaining immense popularity nowadays because of its ability to provide scalable and autonomous services. Right from automotive and healthcare to logistics and chemicals- nearly all the industries are benefiting from IoT applications, and real estate is not an exception. One of the major purposes of utilizing IoT in this industry is the urgent need to improve customer satisfaction and earn more profit in every deal. This technology enables real estate marketers to take individual wireless devices, such as sensors and connect them together to develop a unique system that would benefit people. For instance, in July 2021, Google introduced a cost-effective version of its best-selling Nest Thermostat. The product can be connected with smartphones via the Google Home app. The company aims to help people in reducing their monthly energy bills with this launch.

From Smart Lighting to Energy Star Rating: Eco-friendliness to be the Major Competitive Battlefield for Key Companies

For the last couple of decades, sustainability and green buildings have been the most popular trends in the real estate industry. The former is no longer considered to be at the nascent stage of development. In fact, consumers today expect sustainability to be the major aim of companies. Nielson’s recent survey, for instance, states that approximately 80% of the consumers worldwide think that environmental improvement is a significant factor that every company should focus on. Similarly, a study published in February 2021 by the National Association of Homebuilders declares that homebuyers mainly look for energy efficiency. The organization conducted a survey with around 3,000 home buyers to get results of this study. Three of the top features that they would like to have in their homes are Energy Star rating in the entire house, lesser consumption of energy in lighting, and Energy Star rated appliances.

To cater to the high demand from customers, a large number of companies are striving persistently to come up with state-of-the-art sustainable home solutions. In December 2020, for instance, Facilio, a software company headquartered in the U.S., joined hands with Belimo, a HVAC organization to provide sustainable and connected environments for enhancing the real estate sector. This partnership would enable Facilio to blend its O&M platform with the latter’s digital ecosystem to convert IoT data into workflows and operational insights. This would not only help in optimizing comfort but also building performance in real-time. On the other hand, GE Lighting introduced its latest CYNC Outdoor Smart Plug, CYNC Indoor Smart Camera, and CYNC app at the 2021 Consumer Electronics Show in June 2021. The CYNC platform is equipped with the TrueImage™ feature that can create home automation.

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Increasing Cases of Break-ins and Thefts to Augment Demand for Smart Security Systems

The real estate sector is undergoing a drastic transformation, i.e., the digital transformation. Today, the conventional methods of simple locks and keys to secure one’s home have become backdated. The emergence of IoT has enabled companies to develop cutting-edge home automation systems that would be able to provide robust security to homes. As break-ins are very common these days, protecting one’s home is a crucial factor to examine suspicious activities. Most thefts occur when the homeowners are away. According to Bankrate, every year, around 2.5 million burglaries occur in the U.S. alone. In 2017, an estimated 3,820 burglaries occurred every day in the country. This is anticipated to drive the demand for enhanced security systems.

Smart home security devices featuring IoT would help homeowners monitor their homes efficiently. In July 2021, for instance, Level, a renowned smart lock firm, launched Level Lock to broaden its existing product line. Priced at $249, the product’s motor, battery, and other components are completely hidden from the observer. It can be operated with Apple’s HomeKit platform and Amazon’s Sidewalk network even if the homeowner is elsewhere.

Will Rising Young Generation and Weather Changes Affect the Future of This Industry Positively?

The real estate sector is expected to grow at a fast pace on account of the rapid adoption of IoT and other advanced technology. The drastic temperature and climate changes worldwide because of pollution and global warming would propel customers to look for modern temperature control systems in their homes during the forthcoming years. Devices, such as humidity control systems, lighting, thermostat controls, and air purifiers are being installed in various smart homes nowadays. Also, the tech-savvy young generation is set to look for novel home entertainment systems. As per the Ministry of Statistics and Programme Implementation, India, in 2010, India possessed 35.11% share of youth in total population. This number would grow significantly in the near future.

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