Prominent internet researchers suggests that the new rule for the future is going to be, “anything that can be connected, will be connected.” But why would one want so many connected devices talking to each other. Enquiries indicated existence of examples for what this might look like or what the potential value might be. For example when one is on their way to a meeting, their car could have access to one’s calendar and already know the best route to take. If the traffic is heavy the car might send a text to the other party notifying them that one will be late. The reality is that the IoT allows for virtually endless opportunities and connections to take place, many of which we can’t even think of or fully understand the impact of today. It’s not hard to see how and why the IoT is such an interesting topic. It certainly opens the door to a lot of opportunities but also to many challenges. This article aims to conscience Batswana on the benefits the real estate industry stands to benefit from the IoT.
IoT is increasing energy efficiency. Through sharing and adoption of world best practices, some developed countries have seen an upward trend in the demand for sensors and monitoring make it possible to create smarter, more energy-efficient spaces based on the homeowner’s schedule. Smart devices give residents more significant control of household energy use when it comes to utilities such as lighting, water, electric and heating and air. For example, homeowners can take advantage of smart lighting to adjust lighting based on certain conditions. Lights can automatically turn on or off when a person enters or exits a room or dim based on the amount of natural light present. These changes save energy by keeping lights off when, not in use or adjusting the amount of light used. Advanced tech firms are installing such services. It is now time for Batswana to embrace these latest developments on this global village.
IoT enables predictive maintenance. As real property age, maintenance issues are inevitable. Just like brake sensors on a vehicle, some building elements can now be installed with sensors and these will be responsible to report a need in maintenance whenever it is reported. Thanks to IoT predictive analytics, homeowners can now identify and resolve system failures before they occur. IoT enabled sensors and real-time energy monitoring not only increase energy efficiency, but they also automate and resolve building maintenance issues. This convenience creates a selling advantage for property owners and stakeholders. Property maintenance companies in Botswana can also consider investing in this function for it is unexplored.
Informed decision-making is one factor that can determine the success of a real estate asset. IoT devices provide valuable property insights that real estate agents can leverage to improve sales. An in-depth, predictive analysis of the home serves as a “report card” of the property’s value. Agents can provide this information to prospective buyers to boost their confidence. Rather than viewing the property multiple times to consider its condition, buyers can use accessible, informed analytics to make quick, educated decisions. Websites with descriptions and even earning capacities of buildings have been developed by estate agents in Botswana and there is room for growth in this regards.
For property buyers, IoT improves the house hunting experience. Applications like BeaconSAGE enables prospective clients to begin viewing a property before the agent arrives in the developed world. When a potential buyer comes within the radius of a beacon, their phone picks up the beacon’s signal and the beacon provides the client with the link to begin viewing the property.
IoT helps to give educated values of properties for personal use. Property valuation services are greatly demanded by financial institutions for many reasons in Botswana. An average household spends lots of money trying to assess the value of a property they might want to invest in. With the coming of IoT, companies in the developed world were able to assess estimated values of property in particular places. Depending with the region one is in, a property valuation may be required to be signed by a registered chartered surveyor before it can be submitted to a financial institution. In Botswana, Vantage Properties is the only company that is at advanced stages of implementing this service through the Propertyoncall PLC mobile application.
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