Isn’t it incredible how far technology has come? Not long ago, the idea of smart, internet-connected devices seemed like a concept straight out of a sci-fi movie.
Today that very technology is everywhere we look. And it’s transforming industries in unimaginable ways. In fact, there’s no slowing down in sight — especially in the property management industry.
According to recent survey data, an astounding 63.43 million American homes have fully embraced the smart home revolution in 2023. This figure represents an impressive 10.2% growth compared to 2022.
As the Internet of Things (IoT) continues to grow in popularity among households, it only makes sense for property managers to embrace it with open arms.
But how exactly does this technology work, and what benefits does IoT bring to property managers? Let’s dive in and explore the transformative impact of IoT in property management in 2023.
What is the Internet of Things (IoT)?
So, you might be thinking, “What exactly is this Internet of Things?” It’s a fair question, and understanding this concept is crucial for anyone looking to fully embrace the benefits.
The Internet of Things, or IoT, refers to the vast network of physical devices, vehicles, appliances, and other items connected to the Internet.
Think of Amazon Alexa, wearable technology like an Apple watch, or a smart TV. These devices collect and share real-time data, transforming how we interact with our everyday environment.
But what does it mean for you as a property manager? Imagine these scenarios:
- A thermostat in an apartment unit sends you an alert when the temperature drops too low, signaling potential heating problems.
- A security system notifies you immediately of a breach, even if it happens in the middle of the night.
- An integrated system that allows you to check and control energy usage across multiple properties, all from an app on your smartphone.
Sounds idyllic, right? Well, that’s the power of IoT. In simple terms, IoT allows objects to “speak” to each other by sharing data, turning them from ordinary objects into “smart devices.”
Now your buildings are more than brick and mortar. They’re interconnected, data-driven ecosystems that can help you run operations more effectively, keep residents safer, and save money.
That’s just the tip of the iceberg. So without further ado, let’s dive into the main benefits that IoT brings to the table.
Manage your property from anywhere in the world
Have you ever dreamt of managing your properties from a beach in Bali, a coffee shop in Italy, or the comfort of your home? With IoT, this is no longer a fantasy but a reality.
Take smart locks, for example. No more rushing to deliver keys in time for check-in or dealing with locked-out residents in the middle of the night. You can grant or revoke access right from your phone, regardless of location. No human intervention required.
And let’s not forget those IoT-enabled security systems that offer real-time alerts and live feeds of your properties. Smart devices can even flag maintenance issues before they become major headaches.
With all of this power accessible right from your internet-connected device. You’re no longer geographically bound to your properties. So, welcome to the future, where you can work smarter, not harder, from any corner of the world.
Adapt to changing renter demands
There are dozens of annual studies on smart home devices with data that paints a clear picture: modern-day residents aren’t just hoping for smart tech in their rentals. They’re expecting it.
And what’s the key to staying ahead in an already competitive market? Adapting to changing consumer demands.
Thankfully, that doesn’t mean you must drop tens of thousands of dollars on IoT technologies and fancy gadgets. Focus on providing the convenience and security that your tech-savvy residents value. For instance, you can offer features like:
- Remote-controlled thermostats
- Advanced security systems
- Smart appliances
- Smart speakers
But it never hurts to check with trusted IoT providers like SAP if you’re still scratching your head about the appropriate gadgets for your property. Why? The potential is vast, from optimizing resource allocation and energy management to enhancing security measures and improving resident experiences.
Fully embracing these tech upgrades can boost your property’s appeal to prospective renters.
In the era of IoT, keeping pace with renter demands isn’t just smart — it’s the key to establishing a competitive advantage.
Add an extra layer of security to your property
Who wouldn’t want to provide their residents with an environment that’s as safe and secure as possible? It keeps your residents happy, and you avoid potential lawsuits with a ten-foot pole.
Thanks to IoT, smart locks, surveillance cameras, and alarm systems all work harmoniously, sending you real-time alerts anytime there’s unusual activity.
Maybe a camera in the backyard senses some unexpected motion. Or someone opened a window, setting off an alarm. You’ll receive an immediate notification straight to your smartphone. It’s like having a virtual security guard on duty around your property working 24/7, providing you and your residents with invaluable peace of mind.
But of course, your property is only as safe as the residents who know how to properly engage and disengage these smart security devices.
To foolproof your rentals, use text-to-speech (TTS) to create short videos. That way, you can simplify the communication about all of the complex IoT features within the home.
Since 83% of people prefer to watch videos to access instructional content, it’s a quick and easy way to help your residents understand technical concepts in a digestible manner. Plus, you’re using artificial intelligence technology to teach IoT. That’s pretty neat.
Anyways, you can embed the video into a welcome email or keep it easily accessible when new residents arrive.
Make your property more eco-friendly
We have one earth. Let’s keep it as pristine as possible. And smart devices offer a straightforward way to make your property greener.
Smart thermostats, for instance, learn your residents’ habits and adjust accordingly, reducing energy consumption. IoT devices can also check water usage and water supply, alerting you to leaks that waste resources.
Going green isn’t just good for the planet. It’s good for your property’s appeal, too. In fact, 61% of renters confirm they’d pay a higher rent to live in an eco-friendly apartment. So why not use that to your advantage?
Save on costs across the board
Imagine spotting a potential maintenance issue before it spirals into a costly repair. And trust us. Maintenance costs aren’t cheap.
So these savings will quickly add up, significantly impacting your bottom line. From preventing major maintenance disasters to saving on utilities, your overhead will decrease significantly after installing smart devices. It’s a win-win.
Unlock access to treasure troves of data
IoT devices are more than just handy tools — they’re data-gathering powerhouses. By monitoring and analyzing usage patterns, you can gain insights into your property’s operations like never before. Think of it as your new inventory management best friend.
This data can help you streamline business processes, improve resident satisfaction, and forecast future trends. It’s like having access to a magic eight ball, giving you the knowledge to make informed, proactive decisions about your properties.
Say goodbye to tedious offline paperwork and hello to operational efficiencies that help you grow and prosper regardless of the economic backdrop.
And there you have it. The future of property management is here, and it’s smarter, more efficient, and remarkably accessible.
Remember, it’s not just about keeping pace with changing times. But about capitalizing on the immense opportunities and benefits that IoT presents.
So why not take that first step today? And if you’re worried about managing it all, don’t be. With innovative software solutions like ManageGo, you can easily incorporate seamless technology into your properties without any heavy lifting.
Here’s to your success!
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.