Download
1 / 14
150 likes | 173 Views
https://www.mobinius.com/blogs/iot-technologies-in-real-estate-and-proptech
E N D
Leveraging IoT & Related Technologies in Real Estate & PropTech
As various industries started embracing digital technologies, we started coining buzzwords. For example, there was ‘fintech’, ‘adtech’, and ‘insurtech’ that referred to how sectors like financial services, advertising, and insurance we gearing up for change by embracing digital tools and technologies. • Over the last few years, real estate and property management – among one of the largest industries globally – caught up to the race and started making strides in the digital era with PropTech.
So, what is PropTech? • While there are several definitions out there, to put it simply, PropTech is the digital transformation that companies in the real estate space are undergoing, in adopting newer technologies to build, manage, market, buy, sell or rent commercial and residential properties. To expand this definition a little further, PropTech is also spearheading the foray into ‘Smart Cities’, laying the foundation to go beyond single buildings or facilities.
The key technology at the heart of PropTech is IoT, where IP devices and smart sensors are enabling data-driven decision making. While in certain reports PropTech refers to a combination of four areas: smart real estate, construction technology (ConTech), fintech within real estate including mortgage technology, and consumer-facing tech like real estate market places. • In this post (and at Msys Digital) our focus is on theSmart Real Estate segment. This includes IoT-enabled commercial and residential real estate, in addition to smart cities.
Embracing technology and digital transformation results in: • Improved customer experience • Greater collaboration • Enhancing the efficiency of operations • Positive impact on financial performance • Predictive analytics to improve future business performance
Here are some key data points from the KPMG Survey to ponder over: • 97% of the leaders interviewed believed that digital and IoT will impact their business positively. • 93% believed that traditional real estate companies must collaborate with specialized PropTech firms or specialists to experience real impact. • 73% feel it is a real opportunity to take the industry to the next level. But 25% viewed it as a threat. • One glaring statistic was that over 56% of the leaders gave their own firms a rating of below 5 (out of 10) for their use of digital and IoT to improve their operations.
Within Smart Real Estate or IoT and digital-enabled PropTech, we believe that there three layers where can technology can act as an enabler: • 1.Information Management • 2.Maintenance, efficiency, and sustainability • 3.Transactions and FinTech within Real Estate
It’s now fairly clear that IoT will play a vital role in transforming the real estate industry. We’re talking smart buildings, smart cities, predictive analytics, and digital twins. • Smart Buildings and Smart Cities • Predictive Analytics • Digital Twins
In simpler words, it presents a digital visual of every physical asset in a building and data related to it. • In the construction industry, for example, digital twins have been used for a while to simulate scenarios before making expensive and key decisions. For building operators, on the other hand, digital twins offer several advantages. For one, if a piece of equipment has failed, the digital twin of the equipment and historical data related to its performance and breakdown enables the operator to quickly evaluate the severity of the issue, and offer actionable solutions, that optimize usage of labor and material resources.
The Future of Proptech: Buildings-as-a-platform • Today, the US $9.6 trillion real estate industry is undergoing rapid disruption with the emergence and adoption of newer technologies to make real estate more cost-efficient and customer-friendly. • If the Government, commercial real estate managers, and residential real estate owners come together to work collectively to build smart homes, cities and infrastructure, we will be looking at a future where buildings-as-platform will become a reality. Instead of looking at physical spaces as physical assets, we can leverage IoT to connect all systems, devices, and assets in a building, aggregate data, and create actionable information for enhanced decision-making.
Synopsis: • The industry now is evolving and has some exciting opportunities in store. At MSys Digital, we’ve deep expertise and experience in designing relevant IoT Solutions for your use case. We bring in several years of hands-on experience in IOT, Digital Twins and Predictive Analytics. Importantly, we don’t deploy technology for the sake of it. Our leaders understand specific business needs and scenarios, and then design a roadmap where technology comes in only to solve specific problems. • For more inputs on how can our IoT experts help you with our solutions, please drop in your queries/thoughts/details to info@mobinius.com and we shall revert to you quickly!
To hire our iot developers,contact us: • Visit - https://www.mobinius.com/service/innovation/internet-of-things-iot-solutions • Website - https://www.mobinius.com/ • Email – info@mobinius.com
