Historically, the real estate and construction industries are not known for being on the cutting edge of innovation. But faced with dynamic customer demands and business needs, the Real Estate industry is finally turning to state-of-the-art technological applications. "Smart" real estate and the Internet of Things (IoT) offer stakeholders like building owners, tenants, and property managers value and opportunities that didn't exist just a few years ago. However, understanding the benefits and finding the right way to implement them for your business are two different things.
The Internet of Things (IoT) is changing how we think about the interaction of people, machines, and computer systems. Unfortunately, the term "IoT" fails to portray what it really is, a singular aspect of embedded technology. Embedded tech comprises many systems, services, and infrastructure encompassing IoT, IoE, wearables, SCADA, embedded AI, robotics, autonomous vehicles, "smart" wearables, and more.
There are hundreds, if not thousands, of use cases and examples we can look towards to better understand the potential of embedded technology in modern society. The real estate industry is one industry that can benefit significantly from utilizing embedded systems. Embedded tech is changing how real estate gets done, from breaking ground to constructing a building to managing and selling it.
Simply put, an embedded system merges physical computer hardware with a software program designed for a single purpose or various functions. Embedded systems can operate on their own, or they can be part of a larger ecosystem. We all use embedded systems like smartphones or fitness trackers, but real-world applications go well beyond personal use.
Embedded AI (EAI) is an embedded system that uses advanced analytics and artificial intelligence (AI) condition training to achieve specific goals. For example, embedded AI uses pipe sensor data in a building's water system to understand how water gets used. The AI analyzes the generated data and optimizes the system for maximum efficiency, minimizing waste and reducing building water costs. Unmodernized building water systems are time-based, "most people shower at 7 am, so more water is added to the system at 7 am". But that isn't always the case (during holidays, for example), and embedded AI optimizes the building system regardless of the time of day or any other arbitrary metric.
The real estate industry wasn't necessarily considered an industry that could benefit from embedded systems. After all, how can an AI help you sell a property? Now, that is changing as technology improves, costs shrink, and the understanding of embedded tech's potential is accepted. The goal of embedded property tech in real estate is multi-faceted. Still, it boils down to better architecture, better management operations, better sales & maintenance of properties, and better tenant or customer experiences across the board.
The home-buying process is infamous for being some of the most disjointed and least modernized consumer experiences to this day (much like buying a car from a physical dealership). Most people looking to purchase a home have no choice but to hire a licensed realtor to navigate the overly complex process. Typically this consists of viewing & inspecting homes and working with lenders, home inspectors, insurance companies, notaries, Escrow services, banks, and the seller's attorney directly. Many of these have no or limited digital capability, which leads to the historically slow pace of purchasing housing and property.
Commercial property sales were traditionally no different until recently. With the convergence of modern embedded systems and traditional real estate purchasing benchmarks, how properties are viewed and sold is changing, especially in commercial real estate. Much of the real estate industry's main problem today is a lack of digitalization and a failure to adopt embedded systems. This keeps operators stuck with slow and inefficient IT systems with severe limitations in the modern world.
Embedded systems are practical at home but even more useful for commercial retail properties because of their size and scope. What gets embedded into commercial buildings can set their valuation and sale price for years to come. If embedded AI temperature control and automated lighting can save a homeowner significant energy and heating costs, imagine the benefit to a 10-story office building that must manage temperatures and lights throughout the entire building. Some of the most practical examples of using powerful embedded AI technology for commercial spaces include:
Artificial intelligence powered algorithms evaluate operating data throughout a commercial space and dynamically control various aspects of the building systems. This can be a huge advantage when managing or selling commercial property. Suppose a realtor can show prospective clients how much they will save on energy costs because of the embedded technology within a property. In that case, the buyer will be more likely to go ahead as they understand operating costs and how much they save through AI, and the seller will receive a higher price.
In a world where many office buildings have closed and remote work is becoming standard, commercial real estate agents need a competitive advantage to get people back to the office and drive business owners to sign long-term leases. Embedded AI property technology is one of the most powerful additions to a realtor's tool belt.
Whether at work or home, humans spend most of their time indoors. Eco-friendliness is among the most influential factors for home buyers and office choices today. Electricity, heat, and water consumption determine a real estate property's environmental impact. Consequently, using embedded technology to optimize a property's resource consumption and maintenance is critical to ensure the building meets ever-increasing environmental standards.
In New York City and across the USA, buildings are graded from F to A on their environmental impact, taking into account things like energy, gas, & water consumption.
"An energy efficiency score is the Energy Star Rating that a building earns using the United States Environmental Protection Agency online benchmarking tool, Energy Star Portfolio Manager, to compare building energy performance to similar buildings in similar climates" - 1
A 10-story building with a D rating will have a more detrimental effect on the environment than a 10-story building that receives an A grade. It will also be wasting more money as the building's infrastructure has not been optimized for maximum efficiency. In a world where energy, gas, and water costs are ever-increasing, maximizing efficiency is something the real estate industry is pushing for good reason. It decreases building management costs and enhances the sale process for large commercial properties.
Embedded AI allows for easy auditing of a property's infrastructure. When inspecting and evaluating a piece of real estate, there is no need to sit down with months or years' worth of energy consumption data & associated costs to understand a property's average upkeep costs. Instead, embedded systems within a property produce a verifiable and easily understandable energy efficiency score, which is exceptionally useful for making the sale.
If a realtor can point to hard data when discussing the property with a prospective buyer, it provides better transparency and helps set property management cost expectations. The realtor can point to the facts and say, "Look at the cost savings. It is as clear as day how much this property saves on a year-over-year basis than other similar properties on energy costs." Commercial real-estate leases can exceed tens of millions of dollars. So, any advantage to the real estate agent's sales pitch that also benefits the leaseholder can mean a significant sale.
Why use blockchain technology? Sensors with embedded AI can produce a staggering amount of data. With the convergence of AI and Blockchain, stakeholders can be confident in the authenticity and accuracy of the data because of blockchain's verifiable digital record (ledger). Blockchain decentralized distribution of AI gives operators an audit path as every node and all data passing through the nodes is verifiable by all other blocks in the chain. A compromised or malfunctioning block gets quarantined from the rest of the network so bad data or malware is not spread to the rest of the system. So, security is built right into the foundation of the network through the blockchain structure.
A robust artificial intelligence system brings a new level of intellect to networks using blockchain as it assiduously reads, analyzes, and coordinates data. The speed and capability of an AI-powered blockchain augment the entire system with actionable insights that impact the network's functions and can be seen in the "real world." The AI will automate all possible systems for optimal efficiency, reducing the need for human-made decisions where not necessary, which can be prone to costly errors. The real estate industry stands to benefit from this digitalization.
Embedded systems don't have a traditional operating system like your home computer. They require different tools than pulling up an internet browser or running the latest PC game. One significant obstacle to embedded AI adoption is the lack of quality providers and the historically high costs associated with installing and managing an embedded network. Eden is changing that.
IoE Corp (Internet of Everything Corporation) has developed the EDEN system, which is ideal for extensive data-driven installations. It is a security-first sustainable computing ecosystem whose embedded AI foundation is built on Rust, which offers specific benefits to embedded systems other programming languages don't:
Rust's benefits allow IoE to develop EDEN as an embedded AI product focused on specialized nodes for specific purposes across multiple industry verticals.
IoE Corp is now accepting applications for the EDEN Planet Partner program. If you want to see firsthand the benefits of digital transformation for your business and your customers, please apply. An IoE Crew member will be in touch shortly to learn more about your specific embedded system needs and to better understand your current pain points and what problems you're trying to solve.
IoE's technical expertise and innovation make us stand out from other market offerings. Combining the latest embedded AI technology built on the world's premiere coding language, all verified by blockchain technology. Understanding how EDEN can completely change your operation landscape doesn't take long.
Apply today, and we'll be in touch soon.