An expert in real estate operations, Mr Nelson Akindele, has stated that the transformative role the Internet of Things (IoT) is playing, in every sector of the economy, has made the technology imperative for the revolution and enhancement of the real estate profession.
Nelson, who is the Construction Project Engineer at Nicholson Construction Company, United States of America (USA), noted that the increasing popularity of IoT is seen in its adoption, globally, by businesses and individuals, desirous of enhancing their operations.
Leading research and advisory firms, he argued, have estimated that the number of IoT devices will continue to grow significantly, further embedding IoT into everyday infrastructure and operations, including real estate.
Nelson therefore noted that integrating IoT devices such as sensors and smart systems, would go a long way in aiding real estate professionals to gather extensive data in enhancing their decision-making processes.
“These technologies facilitate efficient property management, improve security, and provide detailed insights into building performance and occupancy rates.
“The research highlights the potential for IoT to drive digital transformation in real estate, making operations more efficient and customer-oriented,” he stated.
Nelson, however, stated that in spite of its promising benefits, the integration of IoT in real estate faces several challenges, one of which is the high cost of implementing IoT infrastructure, which can be prohibitive for smaller firms.
He also expressed concerns about data security and privacy, as the increased connectivity exposes systems to potential cyber threats.
“The study also notes a lack of awareness and technical expertise among real estate professionals, which hampers the adoption of IoT technologies,” he stated.
Nelson, however, stated that, while challenges remain, particularly in less developed regions, the growing global adoption and the anticipated exponential increase in IoT devices highlight a future where smart technology is integral to real estate practices.
Embracing IoT, he added, can lead to substantial improvements in efficiency, security, and data-driven decision-making.
Nelson also advocated for educational initiatives to increase awareness and understanding of IoT among real estate professionals. This, he stated, can help drive the future adoption and implementation of IoT in real estate, ensuring the industry keeps pace with technological advancements.
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