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Residential Real Estate and the “Internet of Things”

05/11/2015

When it comes to residential real estate, there is a new catch phase referred to as the “Internet of Things”. This simply references the next wave of technology coming. The concept, which is also called “real world web” or “Cloud of Things”, that that within the next 10 years as technological interfaces weave directly into products, there will be fewer reasons to rely on computers.

Next Generation of Homeowners

As stated by Christina Kerley, author and technology consultant, the next generation will not see computers as being separate things because if a light bulb were to burn out in the home, they will expect to be notified via built-in technology.

According to tech watchers, the “Internet of Things” will start to become mainstream sometime next year. However, at this point this concept has not yet gained a foothold in real estate although there is tremendous potential.

The way the “Internet of Things” work is best understood by looking at smart home devices designed to record but also transmit data. Currently, these devices are growing in popularity. Although there are many devices on the market, the Nest Thermostat is probably the one that most people know.

This thermostat is easily controlled via smartphone but over time, the device actually learns the behavior and schedule of people living in the home whereby it makes automatic adjustments.

Another example of how the “Internet of Things” will affect residential living is explained by Beacon technology. These tiny devices, which are typically Bluetooth powered, can be mounted virtually anywhere. The device transmits information to a receptor located nearby and works by tracking the movements of different people in the home. Even searching for a new home is easier thanks to technology by Beacon Technologies.

High-Tech Living

Today, more and more buyers are looking at the “Internet of Things” in homes, whether it is an internet enabled window display for programming or watching a video, a device that controls temperature or turns lights on and off, and more. In other words, interest in high-tech homes has grown significantly in the past several years and according to experts, it will continue.

Even real estate agents and brokers can benefit from the “Internet of Things”. For example, a real estate company in South Carolina partnered with a second real estate company whereby a branded version of the Beacon application was developed. Since there are still a number of communities that prohibit the use of “for sale” signs in yards, the companies were able to mount a sign on the porch of a home on the market, thereby advertising.

Beacon technology was only developed a few years ago and already it has been highly beneficial for realtors and home owners. In fact, a different version was developed by Avid Ratings as a type of home tour software. This was presented last January at the Las Vegas-based International Builders’ Show and received rave reviews. With this technology, potential buyers can instantly access floor plans, options for customization, and more after entering a room.

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