Your Guide to Property Management Using IoT 

12.07.21 07:00 AM Comment(s) By Assetsoft

Your guide to property management using IoT

Technology is revolutionizing traditional building management systems. While BMS has a handful of thermostats, air conditioning systems, and ventilation, IoT aims to make the system smarter and more efficient.  

 

The Internet of Things or IoT is already influencing many parts of our lives. According to a CTA study, 70% of American households have at least one smart device. This shows that the technology is not new to us. But the popularity of the technology is increasing as people gradually realize the benefits of IoT. So, what exactly is IoT and how can it be used for better property management?  

What is IoT?

The Internet of Things or IoT is a network of various sensors, software, and devices. They are interconnected using the internet to facilitate the exchange of real-time data. Better access to sensor technology, cloud computing, and machine learning have made IoT available to all. According to Garter, over 25 million devices will be connected through IoT by the end of 2021. 

 

In real estate, IoT has been used to measure energy consumption, gauge the safety of the buildings and keep track of maintenance.  

How does IoT impact the real estate industry?

IoT implementation has endless possibilities. Before starting with IoT implementation, you need to understand the overall impact of IoT on real estate spaces.  

IoT improves energy efficiency

Using IoT sensors, you can keep track of energy usage patterns in your buildings. These patterns identify maintenance needs and ensure the smooth functioning of devices. Proper usage of sensors can reduce operational costs by increasing energy efficiency. There are many ways you can use IoT devices: 

Better ventilation

Most buildings have well-planned ventilation systems. Yet, depending on the occupancy of the buildings, they might be over-ventilated. To balance this, buildings also require heating or cooling systems. You can cut down on this unnecessary energy usage by using sensors. IoT devices can sense the level of CO2 in buildings. CO2 serves as an indicator of the number of occupants in a room. Ventilation systems can be automated to work according to the CO2 levels.  

Reduce peak energy usage 

Energy usage is not consistent and depends on the time and season. For example, more people use heating devices during winters. Similarly, air conditioner usage is increased during summers. This can cause energy usage to rise to a peak in those seasons. By using IoT sensors, you can identify devices consuming the most energy during peak times. Later, you can strategize the usage of said devices to cut down on costs without compromising on comfort.   

Utilize renewable energy

People are becoming increasingly aware of renewable energy and its importance. Solar, wind, and thermal energy are some of the common renewable sources used. If you want to harness any of these, IoT sensors will help you. The projected value of IoT in the energy sector is 32.5 billion USD by 2025. No matter which renewable energy you use, IoT sensors will play an important role in their usage. For example, a solar panel installation also requires a solar energy tracking device. This is nothing but an IoT sensor.  

IoT helps make buildings smart

IoT has redefined building automation systems (BMS). Traditional BMS lacks the scalability to generate insights at a granular level. With remote sensors, IoT can measure and generate feedback for a variety of building functions, such as: 

Holistic facility management

Apart from the general ventilation and lighting controls, IoT enables property managers to understand the health of their facility. Timely inputs can save buildings from extensive damage. For example, using sensors, you can detect damaged pipelines and waterways early on. Fixing this problem can save your building from getting waterlogged.  


Sensors can be similarly used to gauge the integrity of various metrics such as temperature control, lighting, and so on. It provides an accurate picture of the health of all your facilities. By detecting problems in the early stages, you can save your property from permanent damage.  

Access facility usage

IoT provides a multitude of options through which you can understand tenant behavior. This is especially helpful to know what facilities are used most by tenants. Through motion sensing, temperature, and CO2 detection, sensors can identify the areas with the most activity. For example, a higher level of CO2 and temperature in the gym area means that tenants enjoy using that facility. By understanding this, you can improve popular facilities while eliminating those that do not add any value to the building. 

Generate more revenue

Newer data-driven avenues provide a multitude of opportunities for revenue generation. IoT generates massive amounts of data which is valuable both to property managers and their clients. For instance, data generated about space utilization helps clients design better floor plans. Focusing on such usage, you can leverage the data and insights to improve property designing and management.  

IoT makes decisions faster 

IoT provides real-time data and insights. This enables companies to make instantaneous decisions. 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.  

IoT and its applications in real estate 

The many benefits of IoT make it a popular technology in almost all real estate sectors. The real estate industry can benefit from IoT through many applications, such as: 

Smart lighting

Lighting improves the tenant experience and productivity in both commercial and residential buildings. A CBRE research showed that employee performance increased by 12% when the right lighting was used. But the natural light levels determine the usage of artificial lighting in any building. Also, areas lacking natural light need more artificial lighting. There are many ways to use IoT for better lighting control. By sensing the brightness in the surrounding, IoT devices can adjust the number of artificial lights in usage in a room.  

Indoor air quality improvement

Most employees spend considerable time in their office buildings. In busy areas, the air is polluted due to increasing vehicle activity. Ensuring good indoor air quality is important for better employee health. Research by EPA shows that indoor air might be two to five times, and occasionally even 100 times more polluted than outdoor air. You can use IoT sensors to continuously evaluate indoor air quality as well as to detect pollution. They can also adjust the ventilation and air conditioning systems according to the occupancy in the room.  

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.  

Beacons for properties

IoT sensors can be used as beacons and placed throughout the buildings. Through a mobile app, visitors can interact with the property beacons to know more about the surroundings. This can be utilized in several ways. For example, in shopping malls, people passing the beacon are prompted with ongoing offers and discounts through their app. 

 

You can also use it to arrange agentless property tours. Prospects on self-guided tours can use these beacons to gather relevant information about the property. This spares the time of real estate agents, allows prospects to inspect properties in privacy, and improves the whole property viewing process.  

Sales improvement

For property managers looking to improve sales, data is the best friend. As IoT gives access to large amounts of real-time data, this can be used to drive sales suitably. Consider a lead having children looking for an apartment. The metrics they will focus on are low crime rates and good education. By combining IoT with big data, property managers can provide relevant stats to such clients. Moreover, for every client’s unique requirements, different stats can be collected.  

Timely maintenance

Property managers can use IoT sensors in a variety of ways. It can measure the levels of metrics such as temperature, humidity, air quality, and so on. By strategic placement of these sensors, property managers can keep track of building health. For example, by continuously monitoring building temperature, you can gauge the health of your thermostats. These helpful insights enable you to act on time and prevent any considerable damage. They also make regular maintenance and inspections easier.  

 

The Internet of Things provides unparalleled insights and analytics. It is wise to utilize this technology in commercial and residential property management, as it holds a lot of potential. The future of real estate and PropTech can see major usage of IoT because of the various applications it has.  

Leverage the benefits of IoT through Assetsoft

IoT works best only when it is used in the right way. To benefit from IoT, you will need expert resources. Assetsoft understands the benefits of IoT usage and helps companies integrate them effectively. We can implement IoT devices to help with both automation and remote monitoring.  

 

We help you utilize your resources better with our effective IoT services. Find out how to save on money through our energy audits. Through our partner Facilio, we can help you get the most out of IoT through smart choices. Want to know more about IoT implementation? Reach out to the Assetsoft team today! 

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