Assessment of Benefits and Challenges of Internet of Things (loT) in Real Estate Practice

Abstract

Abstract
Purpose: The Internet of Things (IoT) is a groundbreaking development that has a big impact on many industries, including real estate. In the past, traditional methods and manual procedures have been the main drivers of property management, building, and urban planning. However, the emergence of IoT technology has led to a shift in the way real estate is constructed, maintained, and managed, particularly in developed nations. This paper, therefore, examined the perspectives of estate surveyors and valuers (ESVs) in Lagos State on the benefits and challenges of adopting IoT in the real estate profession.

Design: A quantitative survey was conducted using structured questionnaires administered to 184 estate surveyors and valuers (ESVs) in Lagos State, Nigeria. Percentages, mean, relative importance index (RII), and factor analysis were used to analyse the data.

Research limitations and implications: This study is limited to ESVs in Lagos State, Nigeria. Future research could explore the views of other built-environment professionals in Lagos State or ESVs across different regions.

Findings: The study found the benefits of IoT in real estate practice to be data-driven decision-making, efficient property management, and condition monitoring for preventive maintenance. Some of the challenges identified were the high cost of implementing IoT infrastructure,
concerns about data security and privacy, and a lack of technical expertise among real estate
professionals.

Conclusion, Practical and Theoretical Implications: The study offers practical implications
for policymakers, real estate professionals, and academia by identifying key benefits and
challenges to the adoption of IoT in the real estate industry. These insights are especially
relevant for sustainable real estate development.