As the world becomes ever more reliant on the internet, industries are readying themselves to take the leap from 4G to 5G, (wireless tech will deliver speeds greater than 1GBPS with extremely fast response time). In real estate, 5G is poised to roll out tremendous advantages: from the way buildings operate (like the up-and-coming space-as-a-service model, or SPaas), to providing a whole new assortment of applications for property players, occupants, agents etc.
7 ways that 5G will accelerate real estate:
1. Enhanced Speed – with potential to run with speeds of upto 10-20 Gbps, 5G will play a significant role in boosting AI-backed systems, cloud-based platforms and other technologies in real estate websites and other online business processes. It will also remove latency or overload issues that are common with 4G or Wi-Fi networks as more devices are added in a property.
2. Amalgamating BIM Technology – 5G will significantly make BIM tech more cost and energy efficient when it comes to planning, constructing and visualizing the building process in its entire lifecycle journey, with potential to elevate 3D models into 6D ones.
3. Promotes resilience in the future of smart real estate – we already know that the advent of smart homes and smart buildings (even smart cities) has begun, powered by predictive analytics, AI and machine learning technologies. But whether it’s monitoring a home’s security system remotely or resetting an office’s temperature from an app, these systems will require improved network connectivity – a problem area that 5G intends to solve in order to allow higher volume (ie. Greater demands on a single network) as well as speedy transmissions so everything runs smoothly.
4. Smart and High-tech Security – With more installations of automated and smart gadgets to secure premises on all fronts, (including smart switches, access-controlled entry-exit points, automated parking gates etc), 5G will allow property owners instant monitoring capabilities so that problems are addressed virtually and quickly and, where possible, in real-time. It also requires 90% less energy, which means the battery life of remote devices used can be greatly enhanced, as well as make it far easier to transmit higher-definition video from CCTVs (four times clearer than they are today.)
5. Remote offices and flexible home/work life divide – With multiple transactions happening in real estate all the time, agents and industry players can maximize efficiency by moving more programs and documents to the cloud, while the long lag time that is still common with 4G could be eliminated by 5G. 5G is also expected to allow people to move farther out while still having remote access to their work. In fact, 5G is considered crucial to the introduction and widespread presence of autonomous vehicles which will allow owners to actually commute ‘automatically’ while conducting other tasks. Autonomous vehicles could become a major factor influencing the way people also search for homes.
6. Better AI and AR tools – With greater speed and bandwidth, 5G is believed to lead to new time-saving and more efficient tools reliant on AI, as well as more immersive augmented reality based ways for agents to show off properties – for example, software that can enter MLS descriptions automatically based off of home feature recognition, or swapping 3D design features on a smartphone app so clients can get a better grasp of spaces virtually.
7. The Internet of Things – homes with ‘connected’ features and appliances will increasingly become more desirable than those that are unconnected, (sensors and connected fixtures will automatically report when there is damage that needs addressing or items need replacing etc). Because everything is being connected and collecting data constantly, and 5G is providing speedy transmissions of that data, property owners, commercial RE players and agents will have access to even the most minute details in terms of usage analytics, and be able to provide truly captivating and immersive virtual tour experiences.
With the good, comes the bad
- 5G can provide the technologies that will enable the digital agent to be truly flexible and mobile, allowing them to work remotely and offer a whole new host of options for clients and to stay better connected with them. 5G enabled technologies will also facilitate better collaboration and the ability to layer multiple technologies (from live video synchronization to AR to ultra-high definition (UHD) camera processing).
- All that being said, the full implementation of 5G comes with challenges, not least because the real estate sector scores consistently low in terms of technology readiness. Other reasons can be attributed to lack of adequate infrastructure necessary to implement 5G, as well as concerns regarding the rift that is likely to form between early adopters and those who are slow to adopt.
For more insight on how agents can scale to their business, see our blog!