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‘Internet of things’ changing real estate industry


NEW YORK – Jan. 10, 2016 – Technology has redefined both residential and commercial real estate in recent years, with the focus now turning to the Internet of Things (IoT).

Modeling is one example: 3D printer technology can replicate home models from computer-assisted design, photo montage and other design tools. The Urban Land Institute (ULI) says that by using architects' and engineers' original data, "real estate concepts and images can be visualized three-dimensionally for agents' use in supporting customers' reviews and decision making."

In addition, software applications can facilitate decorating and furniture decisions while construction is still underway.

Beacon technology is another innovation making waves. Powered by Bluetooth, it's now helping Realtors market homes. One example is an app created by Realty Beacon LLC, which teamed with Daniel Island Real Estate in Charleston, S.C., to produce a branded version of the app for a high-end housing development. Because the community prohibits "For Sale" signs, the beacons – usually mounted on a home's front porch – give buyers a way to explore the island on their own and help Realtors better market their services and product.

Meanwhile, Internet-enabled lockboxes helping manage showing schedules.

On the commercial side, IoT yields benefits in the form of wireless sensors that enable property owners to offer tenants enhanced security without a recurring monthly fee. The sensors are fairly inexpensive and can be installed in individual units. An intelligent building might also have elevators that recognize a rider's voice pattern, which can contribute to greater occupant satisfaction and longer retention.

New York-based Hipercept, which provides enterprise information management solutions for commercial property firms, said IoT applications can provide building managers with the ability to measure data points while using them to improve everything from tenant experience to energy usage and data flow.

"This type of mass connectivity can also present a differentiation factor for brokers when showing space to prospective tenants," according to a recent Hipercept article on IoT in real estate.

Source: iMedia Connection (12/26/15) Leavitt, Neal

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Related Topics: Technology