7 Ways Real Estate Benefits From Smart Technology
In an increasingly tech-dependent society, there is no doubt that technology has made life easier. From smartphones to smart cars, technology has revolutionized people's lives. Different industries have seen the benefits of this technological advancement. From healthcare to agriculture, technology has played a vital role in improving productivity. Even the real estate industry has benefited from innovation by employing smart technology.
Below are some ways in which real estate benefits from smart technology:
1. Streamlining Building Management
Ever imagine how building property administrators manage day-to-day operations, especially those in the rental market? Before smart technology, they would have to enter information related to a property or occupant manually. Collected data from manually entered information is useless if you can't analyze and interpret it.
Smart technology has automated the process of data entry, allowing administrators to enter information once and access it anytime for analysis. Property managers can use this information to find trends, predict problems and take preventive actions. You may want to check out widesky.cloud and other providers for more details.
Moreover, below are some other smart features that have simplified the process of property management administration:
Intelligent Building Control Systems
Property managers can now remotely control lighting, air conditioning, power generation, and other building systems. Remote access allows them to save time and eliminate the need for staff to check in on problems. For example, if a room's temperature is too high, the cooling system can be turned on or off remotely.
Real-Time Energy Consumption Monitoring
Energy consumption is one of the biggest costs for any property. Smart technology allows administrators to see how much energy a particular system or appliance is using, allowing them to cut down on unnecessary consumption.
For example, a property manager will know if a tenant uses too much electricity or water by analyzing real-time energy consumption. They can then check if the unit is inhabited and turn off the electricity or water if there is no one in the unit.
Maintenance Monitoring And Management
Predictive maintenance dramatically reduces the occurrence of emergency breakdowns and costly repairs. For example, if the air filters in a building or home are starting to get clogged, you can replace them before they completely stop working. Smart meters can track the energy consumption of appliances such as cold air systems. Once the intelligent meter detects that the device's energy consumption exceeds a certain level, it would indicate that it is currently working harder than usual.
This information will be helpful to the homeowner or building manager, allowing them to take necessary actions such as changing air filters and refilling cold air systems before it becomes a problem.
Removing Access Difficulty
The traditional way of accessing rental properties is quite inconvenient for both landlords and tenants. Tenants must contact the landlord for access, while landlords must make physical visits to the property to grant access.
Moreover, if you're managing a building with hundreds of units, making sure that lockboxes are stocked with the right keys can be quite time-consuming, not to mention the difficulties of keeping track of all those keys. Imagine how long it will take to manually check and ensure that all lockboxes are stocked with the right keys for a 100-unit building? With smart locks, property managers can now track and distribute access to all the properties they manage remotely.
Tenants can simply use their smartphones to gain entry, making property management more manageable. They can also send one-time or time-limited access codes that tenants and visitors can use, making access badges obsolete.
2. Quickening Client Decision-Making Process
The average time between listing a property and getting it sold or rented for real estate brokers can take a while because of many factors. One of which is the time needed for a client to personally visit a property and decide if it suits their needs. Real estate brokers have to organize tours for clients and wait until their decision.
With the help of smart technology, a client can decide on a property's suitability by merely looking at photos or video footage. Powered by virtual reality, the images let clients see what they are getting before visiting a property. This reduces the time it takes to make a decision, hence shortening the listing-to-lease cycle.
Additionally, the technology has made it possible to open properties to a broader market. It allows real estate agents to open properties to people who may not visit the property personally. The technological advancements in real estate, virtual tours, and video footage have made it possible to advertise properties online. With this in mind, there are no geographical limitations for owners looking to sell their properties.
3. Easy Tenant Access to Building Information
The Internet of Things has made accessing building information quite simple. Tenants can now check the state of a property's facilities and equipment at any time. They can also report issues to property managers, who will be able to take corrective actions immediately.
Tenants can now access information about their tenancy on the internet. Cloud-based file systems have made this possible. Moreover, there is no need for tenants to file physical documents or request information via email. They can now easily access their account online to view their tenancy history, rent payment history, bills, and other records.
4. Increased Sales
As the digital era progresses, more and more people are shifting to a more advanced way of living. Smart homes are growing in popularity, which has presented a unique opportunity to real estate investors. People now prefer homes with home automation systems and smart appliances. This has created a new niche in the real estate sector that deals specifically with smart homes.
Smart technology helps agents to present properties compellingly. It has enabled them to bring more potential buyers, highlighting the intelligent features of a property.
5. Protecting Property Investments
Security is one of the most important aspects of any real estate investment. The availability of intelligent home security systems has made it easy for owners.
Owners can install security systems in their properties to monitor and protect them efficiently. Smart security cameras and sensors can capture and relay images to wherever a homeowner may be. This is very convenient for owners far from their property as they can keep track of what's going on.
Smart sensors can also keep track of movements at a property and set off an alarm if anything suspicious occurs. For example, the sensors can be placed at common points in a building, such as entrances and elevators. They can alert a property's owner when a person or animal enters or leaves a facility. Smart sensors can detect the difference between a person, a pet, and an intruder in a building. It can immediately send alerts to authorities when something suspicious occurs.
Moreover, security systems in the past needed a central hub or server to record and store footage. Innovative home technology has made it possible for security cameras to store data on the cloud. This gives property owners access to recordings from different timeframes without worrying about storage space.
6. Increased Property Value
Think about a house with an aesthetic design and a comfy vibe. Will you likely be willing to pay for it? Now, add an intelligent system that enables the house to effectively manage and conserve energy, provide safety and security for its tenants, and give you access to it from anywhere at any time. Sounds more appealing, right? Many may agree that they might be willing to pay more for what could be considered an upgraded property.
Sometimes just looking at the property can already give a good idea of how much it could cost. A property that can provide more comfort, security, and efficiency will likely command a better price than the rest, and it's what smart homes offer.
Property values increase as you integrate smart technology into your property's infrastructure. It's not only because of the price of the advanced features you'll install but also because the demand for these features is continuously rising.
The market is constantly looking for state-of-the-art technologies for real estate, which has sparked the need for more intelligent homes. People now want an energy-saving, automated home with the ability to be controlled remotely. The more convenient and energy-efficient your property is, the higher its value will be.
7. Smart Technology Improves The Way People Find A Home
GPS apps that show property listings on a map make it easier for people looking for homes to find the best options. Real estate sites have these features to give potential buyers more choices and compare listings from different agencies.
The map view of a smart home's property highlights its proximity to different amenities, public transportation, and available services. This gives buyers a better sense of the home's location and how it can be an advantage or disadvantage.
Smart technology has made it easier for real estate brokers to market, sell and manage properties.
Potential buyers can now easily access properties using a computer or smartphone instead of visiting an office to see the property first-hand. It also allows them to compare properties from different agencies, which can be a time-saver.
Managing properties can be easier and more efficient through the use of remote monitoring. Real estate agents now have access to information about properties around the clock with just a few clicks. They can connect to the management system in the property through their mobile devices and control things remotely, such as setting the temperature or turning off lights.
The possibilities of smart technology in real estate are endless, and one can definitely say that this is a fast-evolving industry.