The Internet of Things (IoT) has revolutionized virtually every industry it’s come into contact with, be it healthcare, automotive, retail, or energy. Now it’ is real estate and building management that’s undergoing change, using the power of connectivity to provide a host of features and benefits to building occupants and owners alike.
The Current Situation
Most buildings already have some form of an electric control system running in them, such as the thermostat that monitors temperature or the scanner that provides card-less entry. However, these systems are fairly basic in nature. They do not interact with any of the other systems and the reports generated are static and limited. Instead of predicting what could happen, they only document what has happened.
IoT Changes the Scenario
The Internet of Things can open up a wide range of possibilities when it comes to managing and operating real estate. Once a building is enabled with IoT, capturing and sending data becomes extremely easy. Using advanced analysis, this information can be turned into actionable data, allowing managers and owners the opportunity to interact with their buildings and eventually take a step towards automating the entire building.
Why Adopt Building Automation System
There’s a reason why building automation is catching up so fast. It brings with it substantial benefits. To begin with, owners can reduce operational costs, like those associated with utilities and energy.
In addition to financial gains, there’s also the added benefit of offering tenants a better environment. Levels of humidity and temperature can be adjusted automatically and if there’s a malfunction in the building (for instance, the elevator doesn’t work), the real estate company could fix it remotely or automatically call for maintenance.
IoT enabled building management will use sensor-equipped systems to gauge the needs of tenants on a day to day basis with the aim of boosting occupant satisfaction and, in the long run, occupant retention. A smart building can truly learn how to better satisfy its tenants.
The real estate industry is warming up to the idea of Internet of Things reshaping the way residential and commercial buildings can be managed. Over time, IoT applications are bound to mature and their costs will drop, facilitating their adoption over a larger scale. It won’t be too long before the way we experience and interact with the buildings around us change completely.