Till today, most commercial real estate (CRE) companies rely on manual methods to collect and analyze data to manage building temperature, lighting, and maintenance schedules. It’s time to shift to smart building technology to ensure better operational efficiency, occupant comfort, and energy efficiency. The Internet of Things (IoT) has the capacity to ensure these goals.
In the last few years, the role of IoT in real estate and property management has increased. It gave rise to “PropTech.” Don’t know what it is? Let’s understand!
What is PropTech?
PropTech basically means Property or Real Estate Technology. It defines the digital transformation that companies in the real estate space are undergoing, including the adoption of newer technologies to build, manage, market, buy, sell or rent commercial and residential properties. It lays the foundation for smart cities.
PropTech mainly comprises four main areas namely: smart real estate, construction technology (ConTech), fintech within the real estate (mortgage technology), and consumer-facing tech like real estate marketplaces.
The Internet of Things (IoT) plays a main role in the successful formation and delivery of PropTech. It comes with IP devices and smart sensors that help in making data-driven decisions. The IoT-enabled commercial and residential estates can significantly improve the way our building works.
Here are some of the benefits of embracing this digital technology:
- Improved occupants experience
- Greater collaboration among facility managers
- Enhanced operational efficiency
- Positive impact on financial performance
- Predictive energy analytics to improve future business performance
There is no doubt that combining real estate with IoT technology can make the living experience more comfortable and smart. PropTech is indeed a breakthrough in the property business! After all, it transformed residential real estate properties into “Smart Home” technology.
IoT plays a vital role in PropTech!
PropTech solutions are embedded with smart, wireless sensors that radically change the way a building operates. This streamlined technology can be easily integrated with building management systems as well.
The application of IoT in PropTech leads to:
- Smart building and cities
Next-generation buildings come with smart sensors, energy meters, thermostats, motion sensors, and AI-enabled refrigerators that ensure operational efficiency and effective energy management in a building. Also, the installation of IoT-enabled security systems gives an unprecedented level of control over facility operations.
Connected buildings ultimately give rise to smart cities that improve public facilities and services, commercial and residential infrastructure, and much more!
- Predictive maintenance
IoT makes way for predictive analysis of critical building assets & equipment. Whether it’s energy solutions, water management assets, or building information systems, every operation can be executed perfectly well.
Facility managers can also leverage the data collected by building sensors and make data-centric decisions on property or design and even occupants’ preferences.
- Digital twins
It’s a new concept in IoT technology. Digital twins are a combination of AI (artificial intelligence) and IoT that collects real-time data on all previously unconnected systems in a building. It includes mechanical equipment, IT infrastructure, plumbing, roofs, walls, windows, and building automation systems. Digital twins will be in huge demand in PropTech technology.
- Occupancy sensors for effective office space utilization
Occupancy sensors detect the location, count, and movement of building occupants with extreme precision while maintaining individual privacy. Based on the gathered data, facility managers can reconfigure the building layout.
With the application of IoT technology in PropTech, facility managers can:
- Configure building layout based on occupancy and footpath sensing
- Plan employee moves, remote work, and hot-desking strategies
- Book meeting rooms with advanced push-button sensors
IoT will help PropTech to bloom in the coming years
The demand for PropTech is continuously rising. Companies, especially the real-estate sector, are investing heavily in this real estate technology.
IoT companies will associate with PropTech, which will lead to a better living experience for occupants, increased security, and enhanced operational efficiency. Artificial intelligence will also play a crucial part in the building management system.
With the means of IoT, PropTech proves to be beneficial for the real estate and properties sector. It will lead to a new age of technology that will provide a safe, secure, and lavish living.
If you still haven’t leveraged IoT technology, it’s time that you should consider implementing it in your building and tap the benefits that come along with it. Zenatix got deep expertise and experience in designing relevant IoT Solutions for your use case.
Having hands-on experience in the design and deployment of IoT technology, we help our clients to make the most out of their building operations. Connect with us to know further about our advanced IoT solutions and transform your building into a smart one. Reach out to us today.