The internet of things (IoT) is all around us, and it is growing by the second. What began as a buzzword to describe a trend in internet-connected devices has exploded into a global market valued at $190 Bn. That growth does not seem set to slow down, with market size forecasted to reach $1111.3 Bn by 2026. Many industries are poised to be revolutionized by IoT technology. Property management is near the top of that list. In fact, forty-three percent of property managers in the US believe that IoT will greatly affect how they manage their buildings in the future. The question is, what are some good internet of things examples for property managers to implement right now?
There are several well-established internet of things examples for property managers already and more applications are emerging by the day. If you believe the people singing its praises, implementing IoT into property management will be a game-changer. Smart devices in buildings and homes will allow property managers to improve service delivery, cut costs, and gain greater insights into the workings of their buildings and the habits of their tenants. Whether you buy into all of the excitement or not, IoT-enabled buildings are definitely going to become more of a norm for property managers as it becomes expected by tenants or landlords. With that in mind, let’s take a look at some internet of things examples for property managers.
What is the Internet of Things?
The internet of things is a term used to describe a network of interconnected devices that can be controlled remotely and also feed data back into the network. There is not actually a separate internet, but rather a huge number of devices that connect with each other in various networks through the existing internet structure. These devices range from earthquake sensors and security cameras to fridges and thermostats. Technically, any device which records some data from its real-world surroundings and sends it to a server somewhere can be considered a piece of the internet of things. However, the term usually refers to devices that are not used to connect to the existing internet, like laptops or phones.
These networks of things are providing companies and users with vast amounts of data and a host of tools for remotely managing the behavior of devices. Products like Nest allow homeowners to control their heating or lights from a distance. Smart locks allow short-term rental properties to be unlocked using a code generated by a computer thousands of miles away and emailed to the guest. Smart sensors can identify traffic patterns and automatically update the timing of lights to improve traffic flow.
Internet of Things Examples for Property Managers
The number of potential applications for the internet of things is huge, particularly in the realm of property management. Some of those applications are available now and already being widely used. Some of them are yet to reach the market but will have significant impacts when they do. For property managers interested in leveraging IoT technology, it is important to know what is available now and how it can be utilized. With that in mind, we have put together a list of internet of things examples for property managers to better understand what is possible.
1. Smart Temperature Control
Smart thermostats are one of the more well-established smart home technologies. By allowing for remote control via an app and automated heating or cooling times based on tenant activity, smart thermostats can greatly reduce energy bills. This can be a huge money saver for landlords that offer included utilities, or for multifamily buildings that have lots of common space that needs to be heated or cooled. Installing smart thermostats in units also increases rental value. Many tenants are willing to pay more for the convenience of smart home features like automated temperature control. They also know that they will be paying less in utilities.
2. Keyless Entry with Smart Locks
Smart locks are an excellent way to increase building security without inconveniencing your tenants. Tenants phones can be used to unlock building doors as well as their own front door. This negates the need for keys or key cards, meaning that you won’t have any more late-night calls from tenants that have locked themselves out. With smart locks, you can also easily control access to certain parts of the building for certain tenants. For instance, if you have a gym in the building with a membership associated with it. Again, by investing in smart lock systems upfront you can charge more rent for units, easily recouping your investment.
3. Automated Lighting
Smart lighting systems like Hue from Philips come with a whole host of benefits for both tenants and property managers. For tenants, automated lighting means turning on the lights on from their car so they feel safe arriving home at night. It also means being able to set up lights while they are away to make the home appear occupied. Sensors can allow for lights that automatically follow tenants as they move around the apartment or house. For landlords, automated lighting can translate to massive savings in multifamily buildings. Tenants feel safe and welcomed by a well-lit building and you don’t need to keep the lights on all night.
4. Smart Laundry
For tenants in buildings with shared laundry, some of the most common complaints relate to laundry machines. Either they are not available or they need maintenance. Rather than having the laundry management company bring in more outdated units, consider going with one that offers a smart laundry system. With smart laundry, tenants can pay via their phone, monitor their laundry to avoid clothes sitting un-collected in the machine, and monitor machine availability. They can even submit maintenance requests directly to the company via an app or web portal. That means you don’t have to worry about handling laundry machine maintenance complaints.
5. Automated Lawn Care
Any property manager will tell you that lawn care is a costly headache. Nobody wants to rent a unit in a building with unkempt lawns, but keeping them looking good takes a lot of time and money. You have to hire a gardening service and water the lawns regularly. By investing in automated lawn care, you can save lots of money in the long run. Sensors can prevent unnecessary watering after it has rained recently. Automated mowers can keep lawns looking well-trimmed on a daily basis.
6. Virtual Guards
Virtual guard systems, or smart cameras, are a much more effective way of keeping your building secure. Human guards are expensive and can only be in one place at a time. Virtual guard systems use facial recognition or remote guards to identify non-tenants and alert building managers or tenants if they are somewhere they shouldn’t be. Tenants can see who is at their door, even if they aren’t home, and let them in if needed. Building managers can keep an eye on their property from anywhere in the world. On top of that, virtual guard systems are yet another thing that tenants are willing to pay more for. Property managers can both save money and increase rental revenue with a virtual guard system.
7. Automated Parking
For multifamily buildings in crowded urban areas, providing tenants with parking can be one of the biggest challenges. Automated parking is one way that developers and building owners can provide ample parking with limited space. Automated parking systems “park” tenant’s cars automatically, reducing the need for large parking garages and increasing the building’s parking capacity. They also give tenants the ability to remotely request their car. That way it is ready and waiting for them when they get down to the garage. Of course, automated parking needs to be built during construction. Once implemented, however, it can greatly increase the rental value of units in the building and be an attractive feature for bringing in tenants.
Summary
These are just a few internet of things examples for property managers. As technology advances and sensors and devices become cheaper there will undoubtedly be even more applications on the market. There are already several ways that property managers and landlords can begin to implement the internet of things. These solutions can save property managers time and money. Smart homes and the internet of things are the future. The question for property managers is whether they will drive the change or race to catch up.
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