3E IT Solutions today announced the release of a mobile application platform for IOT enabled data capture and information analysis for the real estate industry.
This is made possible through the use of beacon technology which is increasingly gaining traction in the domain, and has changed the way house hunting is done. Buyers on their mobile devices can access real-time property listings based on their current location or targeted locations of interest, and request specific property data to be sent to them. The data collected through Beacon sensors located virtually anywhere on the property premises transmit the information to the user’s mobile devices.
Tying into local municipal data also makes available to potential home buyers contextual information such as weather conditions, traffic situation, ambient noise, and dust levels in a neighbourhood, through a period of a year which helps in the process of informed decision making. This gives homebuyers a truly enhanced and immersive experience, giving buyers more power than ever before. It also has the added advantage of taking the sales pressure off agents and sellers, and instead promoting a more exploratory approach to purchasing.
Using beacon technology along with augmented reality has also enabled house hunters to go through a virtually tour model homes on their mobile device, to access floor plans, 360 degree views and energy efficiency ratings before locking down on a purchase.
A major shift observed in real estate consumer preferences shows that the transfer of decision making power has passed from the baby boomers to the millennials. This Gen Y, is driven by a rent-by-choice culture, and seeks investment opportunities in real estate early, driving technology initiatives in the space.
IOT is also being applied to significant value in the commercial real estate segment. Fierce competition and changing consumption patterns in the commercial space requirement is forcing agencies to look into innovative methods to predict space demand. A classic example is the retail sector where the need for physical shop space has drastically reduced in the recent years due to online sales cycles. Forecasts for this industry expect 50% of American malls to close by the year 2030.
IOT can play a significant role which not only acts as a differentiator, but also predicts demands, tracks consumption and behavioural patterns, and works towards identifying newer ways to attract and retain tenants.
“We are focused on using IOT and augmented reality to create personalized buying experiences for real estate brokers, who could leverage this technology to prospective buyers and tenants, to show them what they actually want to see. Not only do people in the real estate business get more targeted content, but buyers get exactly the information they want. We believe our solutions will bring more transparency in the home buying and commercial space leasing process, and have an overall positive impact on the industry” said J Boby, CEO of 3E IT Solutions.