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Ever heard about IoT in real estate? This tech is driving the industry and has dramatically changed real estate app development in recent years.
Generally speaking, the entire commercial real estate is impacted incrementally by technologies. A real estate website is a must-have for any agency’s online presence, and owning a realty mobile app integrated with IoT can automate and optimize many business operations. That means saving money and improving the values and profits of the market significantly.
For those unfamiliar, IoT refers to the interconnection of computing devices via the internet. They are embedded in everyday objects, enabling them to send and receive data. There are more than 13 billion such devices today, and it’s just the beginning.
In this article, we’re going to focus on IoT in commercial real estate and the possible uses of this technology. Thus, if you’d like to double your company’s success, you should watch out for these top IoT app ideas for real estate and choose the one best for your business.
Softermii has profound experience creating such solutions. Our recent IoT projects in real estate include Rently, Real Estate Association, and RadPad. So let’s dive into this topic together, drawing on our extensive industry expertise.
The Value of Using IoT in the Real Estate
People have been setting up their homes so their smart devices can be controlled through their phones. They can turn their lights on and off without ever having to touch a switch or unlock their front door without needing a key. That makes things convenient and easy for us as general people and commercial businesses too.
IoT in commercial real estate saves money and streamlines the selling and renting of properties. It’s also an opportunity to reduce the carbon footprint thanks to, for example, such means as automated lighting, heating, and cooling. You also set your property apart from the competition and increase its overall value by offering innovative tech solutions.
IoT Trends for Real Estate Applications
To showcase the real growth of the internet of things innovations, here are impressive stats confirming that the number of IoT-connected devices is gradually increasing in billions from 2019 to 2030 under Statista:
It’s not surprising as IoT technology can now be expected anywhere humans live and work.
75% of commercial real estate firms, to some extent, agree that tenant experience is of utmost importance. About 52% of such companies believe IoT and other tech advancements can significantly improve that experience and influence renter’s preferences.
It is also worth noting that according to Fortune Business Insights, the global IoT market will reach almost $2.5 trillion by 2029, showing an annual increase of over 26%.
Mainly the real estate industry is using most of the IoT benefits. As per PWC research, about 73% of real estate executives consider implementing this tech. For example, realty companies can now use real estate mobile apps of different types to know who’s trying to see the properties they have for sale.
Learn more about real estate technology trends here.
Benefits of IoT-Based Apps for the Real Estate Market
Now you know the IoT definition and its latest trends in real estate. So, let’s examine closely why real estate companies are drawn to this tech.
There are various grounds why companies are adopting IoT. In the case of real estate, there are main reasons for that, like automation of a lot of tasks that real estate agents needed to do manually before, optimization of property management, and selling or buying processes.
If you work in B2C real estate, one more reason to start using IoT might be the idea that you can be seen as a pioneer by individuals and families who are attracted to your properties. People are impressed by new and emerging tech, which is more the case when they see similar companies that don’t seem as advanced as yours.
These are the main reasons to look at IoT real estate app development for your business:
- Productivity improvement with IoT optimization
If you automate and eliminate the likelihood of human error, there’s less chance of something going wrong with your business.
- Product & service quality improvement
Likewise, you’ll better impress your would-be customers with high-quality service delivered through a real estate app.
- Operations reliability increase
You can streamline the process of showing properties and other areas of your business model.
- Reducing the cost of the product
For instance, you can reduce the cost of rental properties if you can use an app instead of a listing agent. Optimizing the processes on which you depend every day will free up time for your employees that they can then dedicate to other areas of your business.
- Increase in customer satisfaction & engagement
You can engage with more customers quickly if this new tech is in place. You’ll get more positive feedback from customers as well. Where you have smart solutions to satisfy a market need will save you money and time, but it will also demonstrate to your customers that you are cutting the edge of business technology. That all increases your brand awareness and name.
12 Use Cases of IoT in the Real Estate (with App Ideas)
Let’s move on to IoT uses in specific real estate areas. In particular, let’s focus on IoT-based real estate apps that can allow you to find new growth areas within your company and get a quick and steady ROI.
1. Smart Home Technologies with IoT Solutions
Smart home tech is one area where IoT can be used if you’re developing a real estate app.
For instance, the app’s home security solutions that agents and clients can control might include smart lock technology for opening and closing properties’ doors as they visit them. We used this technology while developing the mobile application for Rently, and it was the main reason for the project’s success.
The app with a built-in smart lock can also control closed-circuit cameras for your properties. It can manage sensors, alarms, motion detectors, and even voice or face-recognition software in more advanced systems. All of these are potentially useful for your agents and tenants alike.
Smart home entertainment solutions allow someone to turn the TV or music on and off remotely. Automating home utilities is also possible and can be a compelling benefit of your housing app compared with competitors’ ones.
The reality is that this sort of tech will become more and more common, and any business that aims to be successful needs to adapt to that.
2. IoT for HVAC Efficiency
IoT can help automate heating, ventilation, and air conditioning (HVAC). Think what a selling point this would be for someone looking for an apartment.
For example, smart home HVAC systems can adjust the heat according to the homeowner’s requirements by analyzing the ambient temperature. The same applies to ventilation and air conditioning.
All of this will result in more economical use of utilities and significantly more comfortable living conditions for people.
3. Beacons for Real Estate Apps
Beacons for real estate are another area where you can allow your mobile app to stand out from the competition.
These beacons can be installed throughout the property, allowing those who are visiting and have the phone app to interact with their surroundings in real-time. Many retail stores are already doing it.
When someone passes by a beacon, they can be alerted to sales or discounts. With a real estate app, this tech can give a person shopping for home some information regarding how much it would cost to rent the property.
4. Eliminate Bottlenecks
IoT in property management can help real estate companies reduce excessive traffic on their properties. Such innovative solutions also contribute to the smooth operation of realty objects.
For example, IoT in real estate can help with identifying bottlenecks in building planning. Imagine a shopping mall that attracts hundreds or thousands of visitors per day. You can significantly simplify navigation in such a building and remove obstacles using the internet of things.
5. Realty IoT Apps with QR Codes
Internet of things apps can be just as helpful for real estate agents who will find many daily uses for them. As they tour or show off a property, they will get real-time information about it that can help with a sale.
The apps can create instant home-selling profiles for clients based on their answers to the real estate agent’s questions. QR codes or a special digital hub to scan by devices can be provided for potential buyers as Compass Sign provides:
6. IoT Apps for Critical Decision Making
A real estate agent looking to improve their sales numbers increases the likelihood of that happening through valuable, actionable property insight with the right phone app.
They can give buyers information that will make them more confident if they’re on the fence about a particular property. The agent can access information like crime stats or stats concerning the school district if the individual looking for a home has children. It’s informed analytics that yields quicker decisions.
Another case is combining IoT and real estate with big data to analyze property listing or campaign statistics and make more data-driven decisions.
For example, by analyzing app data, agents can find what potential buyers are interested in the property and whatnot. The seller can instantly track such technologies in real estate along with real-time reports on selling campaigns we’ve implemented in the LJ Hooker Avnu application.
7. Energy Infrastructure Monitoring in Real Estate Applications
Both tenants and real estate agents can use a well-designed app to monitor energy levels in a building in which they live or what they plan on showing. If there are any discrepancies with the energy levels in critical building equipment, it likely means maintenance is required.
8. Lighting Efficiency
Lighting is somewhat related to HVAC. As with heating or ventilation systems, IoT technologies allow remote control of building lighting. You can also program the lights to turn on and off at specific times and adjust the brightness or shades.
9. IoT App for Predictive Maintenance
As IoT becomes more popular, more buildings will also have sensors embedded at strategic points. It will allow for predictive maintenance of the properties where things like upkeep and cleanliness are concerned.
Thus, IoT technology can help identify deterioration and watch out for a building’s structural integrity. Alerts can be sent to property managers or tenants. Thus combined with communication platforms of rental apps, IoT technologies can significantly reduce the likelihood of anything breaking down.
That’s useful as a safety measure once the right sensors are implemented.
10. IoT for Workplace Optimization
IoT makes it possible to analyze large volumes of data. As a result, the obtained insights can help optimize workplaces.
For example, the internet of things in real estate will allow you to see which places in the office are least used and show you the rooms where your employees spend most of their time. If you rent office space, you can save money and determine how much room is needed for your team’s good work.
11. IoT for Weather Risk Mitigation
IoT for real estate companies can be a lifesaver in regions with variable weather conditions. This technology will help increase the preparedness and resilience of the property even for such cataclysms as tornadoes or floods. How is this possible?
You can install weather sensors that will display up-to-date weather information in real-time. You will receive notifications of impending adverse weather conditions, weigh the risks in advance, and prepare for them.
12. IoT Portfolio Risk Management
IoT is a lot of data about properties and how they are used. This information enables real estate owners to monitor and analyze their portfolios, resulting in more thorough risk assessments. It also makes it possible to identify excess capacity in real estate and increase the overall efficiency of property usage.
IoT in Big Data, ML & Blockchain for Real Estate
IoT is coming to the forefront of areas like big data. Where massive amounts of data are stored, IoT can help to gather, quickly process, and determine the best place to store it safely.
Machine learning and IoT in real estate can also be interrelated. Machines that learn can greatly benefit the human race. And when they are integrated with IoT, they can learn about their surroundings and understand them more quickly and easily.
Blockchain technology also gets a boost from IoT. This method of rapidly moving money between various online entities is now more popular than ever. With IoT in place, blockchain can easily track sensor data measurement. It prevents the duplication of malicious data. Hackers find it more difficult to access sensitive financial data, using IoT as part of existing security measures.
What You Need to Know Before Developing IoT Real Estate Apps
It will always be preferable to develop your own platform if you have a real estate company trying to find its footing in a competitive market. If you’re thinking about IoT ideas for project management, you should first integrate all of the features into your app that you feel your users most likely need.
Your internet of things projects might include creating purpose-built devices or add-ons for your platform. Think about your most important demands for future software based on your business model, and then consider how you can implement solutions based on existing technology.
Beyond deciding on the IoT mobile app idea, you’ll need to look at the various players you have operating within your company’s ecosystem. Do they have clear ideas of their responsibilities, and are you using them to the best of their abilities based on their strengths?
Besides that, there are a few common points to bear in mind while developing your IoT app and moving it through the beta process, and getting it ready to hit the market:
- Use trusted IoT platforms that meet your app’s needed features and are regularly updated. For example, the most popular IoT tech stack is HomeKit, Android Things, ThingWorx, Xively, Azure IoT Suite, IBM Watson, and Oracle IoT.
- Establish a baseline of data you feel your agents and customers need. They’ll need to be able to access it quickly and without difficulty. It would help if you instituted data governance so your clients won’t feel uncomfortable giving you their personal details.
- Create loosely-coupled systems if you think that will benefit the app’s overall functioning.
- Care about encrypting data stored on a device, especially for smart home applications where people put the data on their homes. Use two-factor authentication and other techniques to ensure that your IoT app and devices are used securely.
- Use protected server networks or encrypted cloud for data storage as real estate data is always the target of malware attacks.
Softermii Experience in Optimizing Property Management with IoT
Real estate is one of the primary Softermii’s areas of expertise. We’ve built digital products for this industry over the last seven years. Our team can also help you integrate IoT tech into your real estate solution.
Here are our successful projects that may convince you of our advanced expertise:
Rently is an IoT-powered web and mobile app for convenient property showcasing. It allows tenants to self-tour through real estate objects without an agent on-site.
The Smart Lockbox feature enables keyless property access without the landlord’s involvement. The app also offers property listings, renters access, landlord dashboards, in-app payments, and property maps.
Real Estate Association
Real Estate Association is a mobile app that enables property purchases and renting. It is fully transparent for real estate agents, house owners, and tenants.
The app provides real-time info on available housing options. It features search, advanced filters, zones monitoring, property details, and real estate comparisons. We also made secure in-app payments possible.
RadPad is an innovative mobile app for landlords and tenants. It lists over a million properties across the US.
Any person can find an appropriate housing option with just a few clicks. We made it possible by adding property listings and in-app payment features. Our team also ensured the app’s security by implementing built-in privacy measures.
It’s one thing to talk about IoT engineering projects, but you might find it’s another to get from knowing what you want to incorporate within your app structure.
We have deep experience in real estate app development, including IoT applications. Thanks to that, we can help you select the right tech stack and deploy all necessary functionality into your product based primarily on your business and customers’ needs.
So, if you are to incorporate at least one of the IoT use cases, the Softermii team is here to assist you. Feel free to contact us anytime!
Frequently Asked Questions
How long does it take to implement IoT in the real estate app?
IoT is a technology that requires thorough and highly specialized knowledge from the developer. Therefore, it may take you a lot of time to implement it.
For example, we worked on the Rently project for about two years, but it also consisted of constant updates. The minimum time for implementing the internet of things in commercial real estate is about six months.
Can your company optimize property management with IoT?
Yes, we can develop an IoT-based application for property management. Using this software, you can monitor all the processes in your real estate and optimize the space according to your requirements.
What is the future of IoT in real estate?
The future of the internet of things is bright. Every year there are more and more IoT-connected devices and the software that serves them. In addition, real estate tenants and buyers are becoming more demanding of properties, and automation is one of the primary factors. So, the era of smart houses is coming.
How is IoT used in real estate?
There are numerous use cases of IoT in real estate. Summing up today’s article, here are just a few examples we listed: IoT for smart home tech, HVAC and lighting efficiency, decision-making, energy infrastructure monitoring, and portfolio risk management.
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