RealManage Insight

4 Ways IoT Solutions will Revolutionize Property Management

by Guest Blogger on May 26, 2020 8:37:00 AM

The real estate and property management environment hasn’t always been as quick to evolve as other industries. However, now that IoT technology is entering the marketplace at a rapid pace, property experts are discovering the opportunities presented by tech. IoT, or the Internet of Things, is all about facilitating connections. With IoT technology, you can link Wi-Fi, smart devices, beacons, and more.

These connections unlock new ways for property managers to automate critical tasks, improve customer (resident) experience, and even minimize costs. As the concept of smart buildings and smart cities continues to grow more popular around the world, it’s time for all property experts to start thinking more carefully about how they can interact with IoT on a bigger scale. Here’s our insight into four of the biggest ways that IoT is revolutionizing property management.

1. Automation

One of the most significant benefits of IoT for many businesses is the potential of automation. With IoT, property owners and managers can reduce the amount of work that they need to do to watch over their residents and their investments.

For instance, an IoT solution can give managers one back-end infrastructure where they can monitor and operate all of their management solutions. You could have a software combined with beacons that allow you to track what’s happening around your properties at any given time. Things like monitoring the flow of people in your residential area can give you an insight into your sale potential.

Another way that property managers can use IoT for automation is to use smart systems that track things like energy usage, water access, and other important components in a resident’s day-to-day life. If a resident is paying a full package deal for their home, electricity, and other amenities, this can help to keep costs as low as possible.

2. Analytics

We touched on the importance of gathering data from beacons and sensors in the IoT environment above. However, there’s a lot more to this concept than you might think. With sensors and smart devices to gather information about your residents and area, you can identify performance trends and help you to make decisions based on real, actionable insights. For instance, 43% of the building managers in America today believe that IoT technology will have a massive impact on how they run their buildings. Sensors play an important role in keeping energy prices down because they can monitor temperature swings, and give managers more control over their bills.

With in-depth analytics, some building managers will even be able to develop platforms that allow them to see spikes in utility usage that might indicate a building in need of repair. For instance, if a flat has a door that lets out a lot of heat, then your IoT sensors would show you that one particular home uses more heating than the rest of the building.

3. Improving User Experience

Being able to track crucial information and trends in your buildings isn’t just positive for building managers. It’s also a good thing for the residents that are going to be living in your homes too. After all, the more you know about what’s going on in your buildings, the easier it is to adjust to suit the needs of your customers or clients. Within the real estate industry, security is usually a common concern for both building owners and tenants alike. IoT can offer some fantastic solutions in this regard, using things like connected cameras and wireless sensors. For instance, a sensor could allow property owners to provide their clients with a set of virtual guard services. Once the resident programs when he or she is going to be out of the house, the sensors will track potential movement around and in the building, immediately alerting the property manager if there’s a risk of a break-in.

This kind of connected and intelligent security also benefits the building manager, as it ensures that they can advertise their buildings with a focus on the safety and peace of mind those environments can offer. At the same time, users can relax in their homes without worrying about crime.

4. Smart Buildings

One of the most stressful and time-consuming parts of any property manager’s job involves handling issues with maintenance. Luckily, you can reduce the amount of stress involved in maintaining the homes that you rent out, thanks to IoT. Smart building technology is poised to change the real-estate environment forever.

Property owners can implement intelligent systems into homes that send notifications and alerts when an issue is detected with something like wiring, plumbing, or heating. These tools allow the building manager to take action and eliminate potential problems before they grow into much bigger and more expensive issues. Some IoT tools can even directly send notes on the tasks that need to be done to the right member of staff after an issue is detected.

The practice of predictive maintenance is one of the advancements of the fourth industrial revolution. We're just on the cusp of the smart building environment, but as this technology continues to mature, smart buildings will only become more compelling and practical.

Smarter Real Estate Management

Technology is one of the most powerful tools that many of us have today. With the right tech, property managers can eliminate some of the stress associated with keeping their real-estate investments safe and up-to-date. At the same time, smart sensors and devices open the door to things like proactive and predictive maintenance. With IoT, tomorrow’s property managers will be able to get ahead of problems that might occur in their buildings before they become too significant.This could mean that costs are minimized, and opportunities are maximized in the real estate landscape.If you haven’t started to explore the benefits of IoT yet, there are plenty of ways to get started, even if you’re just using smart cameras to monitor the environment outside of your buildings for your residents.

Why not try the IoT revolution for yourself?

Ashley Wilson is a content creator, writing about business and tech. She has been known to reference movies in casual conversation and enjoys baking homemade treats for her husband and their two felines, Lady and Gaga. You can get in touch with Ashley via Twitter.

 

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