Real Estate and IoT: The Perfect Match
In recent years, the real estate industry has seen a major push towards the adoption of Internet of Things (IoT) based ecosystems to help tackle traditional problems that occur over a building’s lifespan.
In this article we will highlight 6 key reasons why the push to IoT is occurring in real estate, and why it will be here to stay for the long term.
Measurement of Air Quality
Indoor air quality (IAQ) has become a critical focus to increase the accessibility and impact of healthy buildings. Healthy indoor environments can decrease the incidence of sickness, alleviate the symptoms of illness, and improve mental functions, outlook, and mood, resulting in dramatically better health and productivity. Due to more stringent regulatory frameworks around air quality improvement and recent technological advancements, air quality monitoring is experiencing exponential growth.
An interconnected IoT system that incorporates IAQ sensors allows building managers to not only monitor the health and overall quality of the indoor environment, but to also manage energy expenditure and outdoor air strategies intelligently by keeping an eye on specific parameters.
Being proactive rather than reactive as it relates to predictive maintenance is the key to success when it comes to building management. Utilizing IoT sensors and other hardware applications to collect the data necessary to identify faults, failures, inefficiencies, and anomalies in the performance of critical assets across portfolios through an intuitive monitoring, detection, and early warning system (EWS) allows managers to get ahead of potential issues before they occur.
Measurement & Verification
IoT has completely transformed how building managers can measure and collect relevant data points. With an IoT ecosystem, managers can more easily quantify performance and energy savings delivered by an energy efficiency measure (EEM) through in-depth analyses of pre-installation and post-installation data.
Real-Time Data Accessibility
IoT ecosystems present managers with the ability to eliminate traditional asset silos and create a streamlined approach to data visualization and analysis through a connected sensor network. Cloud based applications give users the benefit of not only viewing a single building’s analytics at a time, but a whole portfolio in one centralized platform. This allows managers to compare various data streams across a portfolio to create performance benchmarks in real-time.
One of the most important impacts that IoT ecosystems have on buildings is energy efficiency. IoT applications allow managers to stay ahead of carbon emission reduction targets, manage utility costs, gauge effectiveness of initiatives, and realize energy savings across their entire portfolio with a single platform.
The use of networked sensors helps provide information to better analyze important KPIs and energy usage across not only the portfolio or building, but at a detailed asset level. This is important when conducting a 360-degree review of all building systems to understand which assets are contributing to entity goals in a productive manner, or more importantly, which systems are not.
IoT ecosystems assist in resource optimization by enabling managers to improve uptime of building equipment and avoid product losses. By automating control strategies to upgrade existing building systems, reduce utility consumption, and extend asset lifecycles, mangers can reap the benefits of longer lasting and more productive assets.
There is no questioning the benefits that IoT ecosystems bring to the real estate industry. They are an integral part of intelligent assets and will be the future foundation for buildings in the years to come.
If you are interested in learning more about TBL’s solution, or real-time monitoring and control in general, TBL is here to help.