What the Internet of Things Means for Commercial Real Estate

In the last few years, the commercial real estate industry has been virtually revolutionized by the introduction of a variety of new technological advances. Now, the next wave of technology known as the Internet of Things is set to change the commercial real estate industry once again. Based on the idea that we will become less reliant on computers over the next several years as products begin to feature built-in technological interfaces, the Internet of Things will eliminate the concept of computers as separate items.
Experts in the tech industry believe that this could be the year that Internet of Things will begin to go mainstream. Already, a number of products are being increasingly designed to make connections and transfer data. While Internet of thing tools are still in the early stages, they have also already made their grand debut into the world of real estate. As IoT tools continue to evolve and improve, their implications for the commercial real estate industry could be significant.

Commercial Real Estate Industry Set to Change

In fact, many experts believe that we could be on the precipice of a game changer similar to the launch of the Internet back in 1995. To date, Internet of Things has been primarily deployed in smart home technology, but that could be set to change soon. In fact, beacon technology could actually change the way that buyers search for properties. Designed as small devices, beacons are typically powered by Bluetooth and offer the advantage of being able to located practically anywhere. Beacons are able to transmit information to receptors located nearby, which are typically Bluetooth-capable mobile devices. With the assistance of beacons, buyers could view real-time property listings and even take advantage of the opportunity to receive property videos. This type of technology can prove to be particularly beneficial in communities that do not allow For Sale signs to be posted. In such cases, beacons can simply be located on the property itself, giving buyers the opportunity to still receive vital property information on demand.

Beacon technology could also be used to change the way in which property managers and landlords show apartments and other residences. For instance, beacon technology could make it possible for prospective tenants and buyers to tour properties using their mobile devices. As prospects enter each room, they can take advantage of the opportunity to immediately access customization options, floor plans, and more.

Potential Challenges of IoT Tools

Of course, not all is rosy when it comes to the impact of the Internet of Things on the commercial real estate industry. Significant concerns regarding possible information leaks and security breaches do exist, but as with all new technology, bugs will need to be worked out.

Regardless of the challenges that exist, the potential offered by the Internet of Things for the commercial real estate industry is certainly positive. As physical and digital spaces continue to collide, it will become increasingly possible for buyers to view properties in ways never before dreamed possible.

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