IoT Apps Ideas for Real Estate Business in 2021
There can be no denying that IoT, or the internet of things, has totally changed real estate app development during recent years.
Speaking generally, the entire commercial real estate is impacted incrementally by technologies. Like having a real estate website is a must-have for the online presence of any agency, own realty mobile application integrated with IoT can automate and optimize a huge amount of business operations. That means saves money and improves the values and profits of the market significantly.
For those who are unfamiliar, IoT refers to the interconnection of computing devices via the internet. They are embedded in everyday objects, thereby enabling them to send and receive data.
In this article, though, we’re going to focus on IoT in real estate as these technologies are totally revolutionized this industry. Thus, if you’d like to double your company's success, then you should watch out for these top IoT apps ideas for real estate for 2021 and beyond to choose one best for your business.
IoT Trends For Real Estate Applications
To showcase the real growth of the Internet of Things innovations, here are impressive numbers confirming that the estimated value of IoT connected devices is increasing in more than 5 times for the period from 2015 till 2025 under Statista:
It’s not a surprise as IoT technologycan now be expected anywhere that humans live and work.
Think, for instance, about things like smart home tech solutions emerging. People have been setting up their homes so that all of 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 ever needing a key. That altogether makes things convenient and easy not only for us as general people but for commercial businesses too.
It’s worth noting that under BI intelligence report, $13 trillion dollars is expected to be generated through 2025 by IoT-based apps.
Mainly the real estate industry is using the most of IoT benefits. For example, realty companies are now able to use realty mobile apps of different types for purposes like to know in real-time who is trying to see the properties that they have for sale. Integrating Smartlock in the applications, they can even unlock the door of one of their properties if someone wants to see one at this moment. While the renting agency can lock up when the prospective tenant leaves, again through a handy phone app.
Read also about real estate technology trends.
Benefits Of IoT-Based Apps For Real Estate Market
Now you know the IoT definition and examples of its use cases in real estate and in for home-usage. So, let’s examine a little more closely why real estate companies keep being drawn to this sort of tech.
There are various reasons why companies are adopting IoT. In the case of real estate, there are the main reasons for that like automation of a lot of tasks that real estate agents need to do 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 attracting to your properties. People are impressed by new and emerging tech, and that is more the case when they see that similar companies don’t seem to be as advanced as yours.
There are the main reasons to look at IoT real estate app development for your business.
• Productivity improvement with IoT optimization
There’s less chance of something going wrong with your business if you automate and eliminate the likelihood of human error.
• Product & service quality improvement
Likewise, you’ll have a better chance of impressing 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. By optimizing the processes on which you depend every day, you’ll 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, it will save you money and time, but it will also demonstrate to your customers that you are on the cutting edge of business technology. That all increase your brand awareness and name.
Do keep in mind that these are only a few examples in the area of IoT property management. The uses for this tech extend far beyond such a narrow scope. You can use it for real estate predictive analytics, IoT beacon technology, smart buildings IoT, and more. The only limit might very well be your imagination. Read also: Rental Platform Development Guide
IoT Real Estate Apps: 6 Common Use Cases
Now that you understand something about the extensive uses for IoT in business, move to how you can use it in some specific areas of real estate. In particular, let’s focus on IoT-based real estate apps that can give you an opportunity to find new growth areas within your company and get a quick and steady ROI.
1. Smart Home Technologies with IoT Integrated Solutions
Smart home tech is one sure area where IoT can be used if you’re developing a real estate app. For instance, home security solutions that agents and clients can control in the app might include Smartlock technology for opening and closing doors of properties as they are visiting them. This technology we’ve used while we're developing the mobile application for Rently that was of the main reasons for the success of the project.
The app with Smartlock built-in can also control closed-circuit cameras for your properties. It can control sensors, alarms, motion detectors, and even voice recognition or facial-recognition software in more advanced systems. All of these are potentially quite useful for your agents and tenants alike.
Smart Home HVAC systems can adjust the heat, AC, lighting, and respond to the presence or absence of residents. Think what a selling point this would be for someone who was looking for an apartment.
Smart Home entertainment solutions allow someone to turn the TV or music on and off remotely. Automating home utilities is also a possibility 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. Beacons For Real Estate Applications
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, for instance, 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.
3. 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 questions the real estate agent asks. QR codes or special digital hub to scan by devices can be provided for potential buyers as Compass Sign provides
4. IoT Apps for Critical Decision Making
A real estate agent who's 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 are 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 with Big Data to analyze the property listing or campaign statistics and make more data-driven decisions. For example, analyzing app data agents can find what potential buyers are interested in the property and whatnot. Such technologies in real estate along with real-time reports on selling campaigns the seller can instantly track we’ve implemented in LJ Hooker Avnu application .
5. 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.
6. IoT App For Predictive Maintenance
As IoT becomes more popular, more buildings will also have sensors embedded in them at strategic points. This will allow for predictive maintenance of the properties where things like upkeep and cleanliness are concerned.
Thus, IoT technology can help to identify any possible deterioration, and it can 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 is therefore lessened.
That’s useful as a safety measure once the right sensors are put in place.
Big Data, Machine Learning, and Blockchain Technologies and IoT in Real Estate
IoT is also coming to the forefront of areas such as big data. Where massive amounts of data are stored, IoT can help to gather that data, quickly process it, and determine the best place to store it safely.
Machine learning and IoT can also be interrelated. Machines that learn can be of great benefit to the human race, and when they are integrated with IoT, they’re able to learn about their surroundings and understand them more quickly and easily.
Blockchain technology also gets a boost from IoT. This way of moving money rapidly between various online entities is now more popular than ever. With IoT in place, blockchain can easily track sensor data measurement. This prevents duplication of malicious data. Hackers find it more difficult to access sensitive financial data where IoT is used as part of existing security measures.
Before Development Bespoke IoT Real Estate App For Your Business
It is always going to be preferable to develop your own platform if you have a real estate company that is trying to find its footing in a competitive market. That means that 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 to need.
Your internet of things projects might include the creation of purpose-built devices or add-ons for your platform. Think about what is 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 with the IoT app idea, you’ll need to look at the various players that you have operating within the ecosystem of your company. 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 move it through the beta process and get it ready to hit the market:
Use trusted IoT platforms that meet your app 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, Oracle IoT
Establish a baseline of data that you feel your agents and customers will need. They’ll need to be able to access it quickly and without difficulty. You will need to institute data governance so that 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 the encryption of data stored on a device especially for smart home applications where people put their personal 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 for malware attacks
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 it within your app structure.
We have deep experience in real estate app development including IoT app development. Thanks to that, we can help you select the right tech stack and deploy all needed functionality into your app based primarily on your business and customers needs. Furthermore, we have developed a Realty - iot-powered real estate app. Read our case to know more.
But not depending you decide to develop the solution in-house or prefer our services, carry only about final results and