How The 'Internet of Things' Affects Real Estate

Growing interest in Wi-Fi connected gadgets inspired us to write this article about Internet of Things (IoT). So today we cover IoT: what it is, how it affects real estate, and what to look for in the future.

What is the Internet of Things (IoT)?

The English Oxford dictionary defines the Internet of Things (IoT) as "the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data."

For example, lights that can connect to your smartphone via internet so that you can turn them on or off wherever you are, even if not at home, wearable devices to track your sleeping habits, or self-driving cars. These everyday objects with internet connectivity aim to provide convenience and efficiency to the user by sensing, tracking and transmitting data. And because the growth in the industry has made such devices very affordable, they are proliferating. All these devices, regardless of who makes them, are categorized into the IoT concept.

How It Affects Real Estate

IoT gadgets for the home lead to smart homes. Did you get a Wemo Switch this year as a holiday gift? Or perhaps an Alexa-controlled Echo speaker? If you did, you are probably on your way to transitioning your home to a smart home. Smart homes are homes "equipped with network-connected products." Perhaps you already started noticing clients who are more excited when they tour properties with "smart home technology." In these homes, devices communicate with each other – from the alarm clock to smart thermostats, fire alarms and security cameras.

• READ: Prep Agents with 6 Smart Home Facts