In 2022, Nashville took the lead among major US apartment markets, boasting the highest proportion of anticipated apartment deliveries relative to its current inventory.
With an impressive 11,435 apartment units available for lease, Nashville outshines its competitors in the growing rental market.
But Nashville’s inventory isn’t the only thing making its mark on the industry. Believe it or not, most of these units sit within smart buildings.
These new structures integrate cutting-edge technologies and the Internet of Things (IoT) to create more energy-efficient, sustainable, and comfortable environments for occupants.
The market for smart buildings is expanding quickly, estimated to reach $328.62 billion by 2029 in the United States. So, it’s time to jump on the bandwagon and embrace the benefits of smart buildings.
In this guide, we’ll explore the concept of smart buildings, their impact on property management, and how they shape the industry’s future.
Let’s dive in.
What are smart buildings?
Picture this: An elevator that can be summoned with just a few taps on your smartphone, lights that automatically adjust to the perfect brightness based on the time of day, and a heating system that learns preferred temperature settings and adjusts itself accordingly.
Welcome to the world of smart buildings, where cutting-edge technology and innovative design come together to create comfortable, efficient, and sustainable living conditions for occupants.
The result? Happy residents. And that’s music to any property manager’s ears.
Here’s an example of a smart apartment building slated for a June opening in Nashville:
From keyless entry to touch-free elevator calling, the Alcove has pulled out all the stops with advanced technological finishes. It’s a major selling point for new residents and streamlines some tasks for property managers. That’s what we call a win-win.
The Internet of Things (IoT) is the wizard waving its wand behind the curtains to make these things happen. IoT refers to the network of interconnected devices, sensors, and appliances that communicate and exchange data.
In the context of smart buildings, IoT allows for real-time monitoring and control of various building systems, including HVAC, lighting, and security.
There are numerous smart building technologies available today, with some of the most common examples being:
- Smart lighting systems: These systems use sensors and connectivity to adjust lighting levels based on occupancy, natural light availability, and user preferences to reduce energy consumption.
- Smart HVAC systems: By tracking temperature, humidity, and occupancy, these systems can optimize heating and cooling to maintain comfortable environments.
- Smart security systems: Incorporating advanced technologies such as video surveillance, intrusion detection, and biometric access control, smart security systems enhance building safety and security.
- Smart water management: These systems track water usage, detect leaks, and optimize irrigation, helping to conserve water resources, reduce waste, and lower utility costs.
How smart buildings are transforming property management
The impact of smart buildings on property management is nothing short of transformative.
Technology makes buildings better for everyone, including property managers, real estate agents, and residents.
Let’s explore the various ways smart buildings are making a difference.
Improving resident experience and satisfaction
Imagine personalized climate control, automated access systems, and real-time notifications for package deliveries. Smart buildings offer an array of customizable features that cater to individual resident preferences, enhancing comfort and convenience.
A positive resident experience leads to higher retention rates and increased property value. Smart buildings have a competitive edge in the real estate market by attracting and retaining renters with their seamless and modern living experience.
So if you’re managing an apartment complex that doubles as a smart building, you should be shouting from the rooftops about all the awesome features you offer.
Ok, well, maybe you’ll want to resort to a more civilized approach — like taking a page from the real estate website design rulebook and building a strong online presence for marketing purposes.
With the right website design and landing page copy, you can showcase your smart buildings’ unique features through a positive online user experience.
Take inspiration from Harlowe, a resort-inspired luxury apartment in Nashville, where they show off their stellar smart features on a simple, clean landing page.
Try adding high-quality images of your amenities to take your website up a notch. Or better yet, embed a 3D virtual tour of different apartment units and common areas.
Why? According to Matterport, 3D virtual tours (digital twins) can inspire more people to visit your property and increase sales by 14%.
3D tours are one of the most powerful advertising mediums in the real estate industry because they allow potential residents to envision themselves in the property, like this example from 805 Lea:
Real estate agents have seen great success in improving their market position and finding buyers by investing in a good website and proudly showing off their best home features.
For example, Jason Oppenheim has over $300 million in active listings and is constantly breaking sales records in Southern California. One secret to his success: an emphasis on building a luxury brand and representing that on his website.
So, as a property manager, why not follow suit? The competition is already heating up. It’s your job to flex your muscles and convince potential renters that your property is the best in town.
Streamlining maintenance operations
Smart buildings can anticipate and solve potential maintenance issues before they become critical issues, reducing downtime and maintenance costs.
Companies like Penn Tool Co, a leading supplier of power tools, accessories, and building supplies, play a crucial role in supporting the development and maintenance of smart buildings.
But sometimes, the biggest players in the game have the power to drive prices higher due to convenience and reliability in the industry.
That’s where ManageGo’s new PurchasePro partnership comes into play. You can compare prices across all of the power tool suppliers in the game to help you find the best prices for your maintenance needs. Not to mention you can easily manage requests and orders, as well as track invoices.
Say goodbye to maintenance headaches and hello to a streamlined process that works, all without the heaving lifting (pun intended).
With access to real-time data through smart devices and a robust property management system, you can significantly improve decision-making and allocate resources more effectively, resulting in smoother day-to-day operations.
Enhancing security and safety
Sadly, we live in a world where theft and crime headlines fill our news stories, making security and protection a top priority for property managers and residents alike.
Thankfully, smart buildings are rising to the challenge, using advanced technology to enhance security measures and create safer environments for all occupants.
From biometric and multi-factor authentication (MFA) access systems to advanced surveillance cameras, smart buildings employ cutting-edge security measures to protect residents and guests.
For instance, ManageGO can grant guess key access as a highly-secure solution to keep everyone safe with PIN-protected key pickup and ID verification.
Combining multiple security measures and using the right property management software can improve the detection of potential threats and make incident response easier.
The result? The ability to provide occupants with a more secure living and working space.
Embracing smart building technologies is a step towards a more secure future, where your residents can sleep easy at night knowing they’re well-protected from potential threats.
Prioritizing energy efficiency and sustainability
Smart buildings use the latest and greatest technologies, such as intelligent lighting and HVAC systems, to minimize energy waste. These systems can significantly reduce energy consumption by tracking and adjusting to factors like occupancy and ambient conditions.
Installing smart technologies lowers energy bills and contributes to a greener future. That means more money in your pocket at the end of the day. And, of course, reducing energy usage helps decrease greenhouse gas emissions and lessens our overall environmental impact.
Challenges of smart buildings for property management
As with any technological advancement, adopting smart buildings in the property management world also comes with its fair share of challenges and concerns.
The are a few hurdles worth addressing:
Privacy
Smart devices are known for collecting data. They’re always on and waiting for the next command while analyzing data about your residents and their habits. And with that comes privacy concerns.
It’s important that you address these concerns by implementing transparent data handling policies, following privacy laws, and protecting renter data securely and responsibly.
Data security
With the increasing reliance on interconnected devices and systems, smart buildings have become potential targets for cyberattacks.
To safeguard against such threats, prioritize data security by employing robust encryption methods, secure networks, and regular security audits.
Implementation costs
The initial investment required to implement smart building technologies can be substantial. But it’s an investment in the future of your business.
By carefully evaluating the return on investment (ROI), the long-term benefits of energy savings, improved resident retention, and streamlined operations, it’s likely to outweigh the initial costs.
Wrapping up
Smart buildings are the way of the future. They provide an amazing living experience by keeping residents comfortable and safe while offering convenient solutions to mundane tasks.
So as the demand for smart building technologies continues to grow, investing in these solutions can help you stay ahead and maintain a competitive edge in the ever-evolving real estate market.
It’s time to embrace the world of smart buildings as a wise investment in the future of business and a crucial step towards a more sustainable and efficient future in property management.
About the Author
Guillaume is a digital marketer focused on handling the outreach strategy at uSERP and content management at Wordable. Outside of work, he enjoys his expat life in sunny Mexico, reading books, wandering around, and catching the latest shows on TV.