Just as with many other industries, estate agents (a.k.a. realtors, depending on which side of the Pond you’re located) have a lot to gain from using the Internet of Things (IoT). As Forbes highlights, there is a serious promise to be realised in using IoT in combination with data to help along realty, but there is a block in the scale and type of data being used, says Karoline Gore, freelance technology writer.
Getting smart about the use of that data, and finding applications within the IoT to apply it, is the crucial challenge when it comes to effective application. Using this approach will improve the realty process, and then also provide a strong selling point for both home buyers and would-be tenants, says freelance technology writer, Karoline Gore.
A key factor that can be found in any high quality realtor is a real sense of work ethic. The underpinnings of the industry are found in professional conduct and trustworthiness; the bit that makes it work for clients in the high work ethic. Realtors are incredibly busy, however, and so finding efficiencies at every stage is crucial. Data gathering using IoT helps to push that along. As Microsoft highlights, Azure can bring in IoT data from a range of different sources, including energy use, groundwork, light and internet connectivity. Through that, they can make subtle changes to properties to help improve their quality, or to provide the full picture to clients. This is an invaluable form of data gathering that provides instant access to crucial insights without costing time.
In the office
There’s also the case of the realty business itself. Many realtors are unique in that they have continued to operate primarily on the brick-and-mortar basis, yet need a strong digital presence. That combination is ideal for the IoT. Being able to dovetail data together from different data points and mediums is crucial for marketing, improving services, and in general staying ahead of the competition. It can also be used for things that might be considered more mundane; the IoT and its deft control of devices like climate control and energy use can help to reduce overheads, improving the overall financial health of the business.
Attracting new tenants
Realtors also deal with renting tenants, and the IoT has a huge pull in that market, too. Smart homes are difficult to set up properly, even now; this article (see link) highlights the efforts that one of their writers took to get a fully functioning smart home. That said, smart homes are still very popular among home buyers and renters. As a result, being a realtor that can offer a smart home service is a huge string in the bow of the average business; it provides an in with a forward-thinking and digitally native young market.
Lending that expertise will help to bring in new customers. The IoT and the smart home is arguably the future of realty and the wider housing market and the time to embrace it is now. Rather than looking to the past and sticking to old ways of working, real estate professionals should focus on how they can evolve.
The author is freelance technology writer, Karoline Gore.