The Internet of Things (IoT) is changing every facet of property management including multifamily communities. Let’s take a deeper dive into how IoT technology is transforming property management and what the future of the multifamily housing industry could look like. The future market is likely to be affected by the housing requirements, as living standards and lifestyles are certain to transform, leading to changes in study, job, and leisure need. Hence, there is a crucial need for understanding concerning strategic property management and its role in reducing the effect of the epidemic on the real estate. The Internet of Things (IoT) is already having a significant impact on the property management industry, helping companies move beyond a focus on cost reduction. IoT applications aim to grow margins and enable features such as dramatically more efficient building operations, enhanced tenant relationships, and new revenue generation opportunities. Considering the increasingly popular smart thermostats that intuitively adjust the temperature, humidity, and light based on residents’ preferences and climatic conditions.
Property management is an important operational function that needs to be managed because it brings large cost implications to the organization. As India aspires to become a developed real estate market, analysis of the growing importance of automating property services and technology acceptance are two key concerns that need to be explicitly addressed. The Covid-19 pandemic outbreak across the globe has disrupted human life and industry. The pandemic has affected every sector, with the real estate sector facing particular challenges. During the pandemic, property management became a crucial task and property managers were challenged to control risks and disruptions faced by their organizations. Recent innovative technologies, including artificial intelligence (AI), have supported many sectors through sudden disruptions.
Impact of IoT in property management
- IoT implementation has endless possibilities. Before starting with IoT implementation, you need to understand the overall impact of IoT on property and vacant building management.
- IoT improves energy efficiency with proper usage of sensors can reduce operational costs by increasing energy efficiency
- IoT helps make buildings smart with the help of remote sensors through which IoT can measure and generate feedback for a variety of building functions
- IoT makes decisions faster as it provides real-time data and insights. They can also use the data to forecast possible trends and make decisions based on them. The effects of any changes are seen immediately and plans can be altered without wasting too much time.
Watchnet monitors and manages all of your connected devices, in a single pane of glass. The lack of a centralized service platform has been a gap in the adoption of IoT. Not having a platform like us means more time spent, more money wasted. By centralizing IoT systems, property managers can gain a more comprehensive understanding of their operations, make data-driven decisions and improve efficiency. Let us have a peek into some of the applications of IoT in Property management. Watchnet Vacant Property Management
Indoor Air Quality Assurance
Other than at home, we spend most of our time at the office. Do we have any idea if the air we are breathing is polluted? Air pollution is the number one environmental cause of premature mortality. Amazingly, few buildings have many ways to determine whether indoor air pollution exists in the space. Some spaces may measure CO2, but it is rare for office spaces to measure advanced IAQ metrics such as Volatile Organic Compounds (VOCs), combustion byproducts, and airborne Particulate Matter (PM). Unhealthy levels can trigger nausea, headaches, asthma, or respiratory irritation. Indoor Air Pollution in property management provides assurance to tenants of a critical feature of the occupied space by continuously measuring IAQ. Property managers are heroes when they alert tenants before IAQ becomes problematic, rather than responding to an issue after tenants complain. Until IAQ becomes a non-negotiable for tenants, they will not breathe easy. Watchnet Indoor Air Quality
Water Conservation and Leak Mitigation
While water plays an important role in wasting budgets, hours, and attention for property managers, it is clearly just the tip of the iceberg. By centralizing the control of lighting and HVAC systems, property managers can reduce energy consumption by up to 20% per year. We offer a comprehensive IoT platform that includes a range of services such as water and energy management, lighting and HVAC control, security and surveillance, and access control. This allows property managers to have all their IoT needs fulfilled by one company, making it more convenient and cost-effective. Watchnet Water Leak Mitigation
Automation
Automation is the performance of redundant tasks by technology to free up the hands and time of humans. While it is thought that automation is set to replace humans, it is actually enhancing their work. In the field of property management, this can be applied to document management, contract management, and portfolio management. You can configure workflows for those processes and ensure that everyone in your organization adheres to best practices. That is because the workflows in the platform are pre-configured for those, thus your team members can follow them with ease. Communication is also another area of property management that automation can make a difference in. For example, clients need assistance with an issue in their units. Instead of calling or visiting the property office to lodge their requests, they can simply pull up the property mobile solution. Therein they can create service requests that is processed smoothly by the app so that your maintenance team can take care of them in order.
Air condition verification
IoT streamlines the verification of the air condition, through sensors recording properties such as temperature, humidity or dust concentration. We are able to continuously monitor various parameters concerning indoor air quality and thanks to the integration with BMS systems automatically adjust them or use as a contribution to the analysis and implementation of corrective measures in order to significantly improve the comfort of building users. Watchnet HVAC Solutions
Monitoring equipment parameters
Sensors can monitor various equipment parameters such as temperature, pressure, vibration, fluid level, working hours, etc. This allows for continuous monitoring of equipment and machines, so that we can plan maintenance much better, predict faults much more accurately, which in turn increases the time of failure-free operation of equipment. Moreover, we can receive automatic alerts in case of breakdowns, which significantly reduces service technicians’ response time. Watchnet Asset Management and Tracking Solutions
Parking availability
With RFID readers, it is possible to provide unattended access to the parking lot not only for regular employees, but thanks to the application of an appropriate system it can also work for invited guests – when the vehicle appears near the entrance, the gate will be opened automatically based on information from antennas or cameras. Moreover, having information about the total number of parking spaces and monitoring the number of entries and exits, the information about the number of currently available spaces can be very easily accessible for users. With RFID technology for vehicle automation, before entering, they will know whether they have a chance to find a place for themselves or whether the parking lot is fully occupied. What is more, if we integrate the sensors detecting the vehicles, it is possible to install the light signals informing drivers which spots are empty. Watchnet Smart Parking solutions
Smart Homes
IoT applications in the home are some of the most recognizable manifestations of the Internet of Things to most of the population. Each smart device in your home is a component of the Internet of Things. Smart home technology offers several advantages to homeowners including:
- Enhanced security – Through a smart home app you can view video from security cameras and lock doors remotely. Security can be customized for the specific needs of a homeowner.
- Saving time and energy – Smart appliances can save up to 15% on energy bills as the devices optimize the use of electricity or heating capacity. Users can control many aspects of their home from a centralized or remote location for more convenience and time savings.
- Increased resale value – The installation of smart appliances and home devices can have a substantial impact on the value of your home when you go to sell it. In addition to the increased value, smart technology will make the property more attractive to many younger customers and easier to sell.
Reduce bottlenecks
By understanding the levels of activity at entrances and exits, commercial buildings can manage bottlenecks. This can reduce high traffic and enable smoother functioning. For example, certain entrances in shopping malls are often crowded. Using IoT sensors, such areas can be identified to create better floor plans. Due to reduced waiting time, customer satisfaction will also improve. Watchnet Automation Monitoring
As the millennial population continues to grow and digital transformation continues to move it into the e-commerce market, the role of IoT in property management will become more dominant. Incorporating IoT into existing initiatives allows industries to leverage the significant benefits of future innovations. Looking at this overwhelming shift from traditional methods to smart techniques, more and more technicians and developers will create IoT apps to revolutionize the market. If we look at IoT’s impact on property management through the years, we can analyze that there is plenty of room for IoT to come up with new solutions to streamline our lives.
