Globally, the adoption of the Internet of Things (IoT) is expanding rapidly.
Leading research and advisory firms have estimated that the number of IoT devices will continue to grow significantly, further embedding IoT into everyday infrastructure and operations, including real estate.
Delving into how IoT could revolutionise property management and real estate operations is Nelson Akindele, a Construction Project Engineer at Nicholson Construction Company, United States of America.
He said the IoT has rapidly emerged as a transformative technology, significantly impacting various sectors, including real estate.
According to Akindele, by integrating IoT devices such as sensors and smart systems, real estate professionals can gather extensive data to enhance decision-making processes.
These technologies, he said, facilitate efficient property management, improve security, and provide detailed insights into building performance and occupancy rates.
He stressed that the research highlights the potential for IoT to drive digital transformation in real estate, making operations more efficient and customer-oriented.
Despite its promising benefits, he said the integration of IoT in real estate faces several challenges.
One significant barrier, Akindele said is the high cost of implementing IoT infrastructure, which he said could be prohibitive for smaller firms.
Specifically, he expressed concerns about data security and privacy, stating that the increased connectivity exposes systems to potential cyber threats.
The expert maintained that the study also noted a lack of awareness and technical expertise among real estate professionals, which hampers the adoption of IoT technologies.
While challenges remain, particularly in less developed regions, Akindele stressed that the growing global adoption and the anticipated exponential increase in IoT devices highlight a future where smart technology is integral to real estate practices.
According to him, embracing IoT can lead to substantial improvements in efficiency, security, and data-driven decision-making.
Nelson advocated for educational initiatives to increase awareness and understanding of IoT among real estate professionals, adding that it could help drive the future adoption and implementation of IoT in real estate, ensuring the industry keeps pace with technological advancements.
