FEATURE ARTICLE
depending on usage patterns, can potentially alleviate electricity-related problems. In addition to this, the meters are able to measure the amount of electricity used within the peak times, adjusting unit pricing accordingly. Furthermore, these meters would enable the utility company to accurately measure usage, in real time, and ensure customers are billed correctly.
The potential for these meters are great within large buildings, where a Siemens study found that electricity consumption was reduced by 10-14 % due to the switching on or off of lights and air-conditioning, installing roof solar panels, metering usage on a continuous basis, and linking internal temperatures to outside ones.
The implementation of IoT technology is seen in more places than office buildings:
Smart transport
Connected cars have been around for some time. Soon, your SatNav system will be dwarfed by self-driving cars able to anticipate traffic, and choosing a different route for you. Imagine the added productivity gained by being able to write emails during your commute( without the risk of fines).
Technology is also being utilized for more frivolous features, such as changing the exterior colour or interior themes of the car.
Cars are being used as sensors themselves. Sensors in cars are nothing new- from park assist, to lane-departure warnings, to blind-spot monitors, and even the humble temperature gauge, our cars have long been reading the environment. Now, however, they ' re providing data to the world around them. Cars are able to send data regarding open parking spots to nearby commuters, alert authorities to fires or accidents, and send information regarding traffic patterns to the relevant departments.
Maybe not a car, but drones hold much potential in terms of transport. As the technology advances, these unmanned aerial vehicles will be able to carry larger loads for longer distances- enabling more space-efficient delivery and, possibly, even the end of long-haul trucks as we know it.
Smart homes
The real estate sector has experienced a shift in what home-buyers and tenants are looking for. With advances in technology and portability, the value of property is starting to shift. In the past, a property was easy to define: it was either centrally located, or secluded; spacious, or cozy; modern or traditional. In today’ s market.- and the market of the next decade- the wish list of a buyer has changed.
We are becoming more aware of factors like green features, Internet access and speed, and lifestyle advantages. As a result, the inherent value of a city-center apartment might be under threat over the next few decades. It’ s been well-documented that today’ s workforce is more mobile than ever before, with the ability to work from nearly everywhere( beds and coffee shops not excluded). This means that, for many professionals, accessibility and location are becoming less about work, and more about leisure. Developers are seeing an increase in lifestyle estate sales, specifically those offering homeowners sustainable living solutions.
Within the home, smart features are truly taking over. Amazon’ s Echo is but one example of a connected device aimed at making life simpler. This, and others like it, enables residents to control multiple factors in the home: including lighting, temperature, security, and entertainment.
Smart agents
It’ s been widely speculated that the role of the estate agent is about to disappear. Not so, says the US National Association of Realtors’ 2017 report. It found that, while 51 % of homebuyers found their home on the Internet, 88 % made use of a real estate agent to handle the actual purchase. This indicates that, while more homebuyers are using technology to find potential homes, the legalities and technicalities of buying a property is left to the professionals.
A definite emerging trend, however, is the way in which online platforms are becoming one-stop solutions. This enables homebuyers to access available properties, view attractions in the neighbourhood, determine whether or not they’ d be eligible for a home loan, and schedule viewings on one platform.
The development of technologies such as Virtual Reality( VR) and Augmented Reality( AR) are further changing the way in which we look for real estate.
Estate agents and developers are starting to make use of these technologies in marketing their properties, but there’ s still much room for growth.
Smart shopping
Online shopping has changed the way we interact with physical stores. According to Herculano Rodrigues, Associate Director at Javelin Group, Accenture Strategy, e-commerce will account for 40 % of transactions within the next decade. There’ s no greater example of online vs. physical than Walmart and Amazon. These American retail giants both own their respective share of the market, with many predicting Amazon’ s inevitable victory.
Source: Javelin Group
WHAT REALITY?
Virtual Reality( VR) is for content: An entirely immersive experience, VR transports the viewer to whatever world they ' re looking at through their glasses or goggles. It guarantees the viewer’ s attention, by removing distractions found in real life. In the real estate context, VR plays a powerful role in marketing properties, allowing prospective buyers to effectively walk through the home without leaving the comfort of their lounge.
Augmented Reality( AR) adds relevant layers to what the viewer sees in real life. Information can be displayed in real-time while a user is walking through a street. Regarding real estate, AR can be used to show available property( including vital stats like size and price) to those driving or walking past. In addition, it can suggest popular parks or restaurants in the area, as well as up-to-date statistics relating to crime or traffic.
14 OCTOBER 2017 SA Real Estate Investor Magazine