What is the Internet of Things, and How Does it Impact Your Properties?
The internet isn’t just for information anymore.
If you use temperature-controlling apps, smart bluetooth trackers, smart locks, or voice-controlled home devices (looking at you, Amazon Echo), you’re already connected to the Internet of Things (IoT). Households all over the world are bringing their systems online and expanding their digital network to include, well, things.
But how does this impact property management organizations?
As new technologies emerge at work and on the road, more people are looking for (and in some cases, expecting) enhanced experiences at home and beyond. According to a report from Deloitte, “IoT applications aim to grow margins and enable features such as dramatically more efficient building operations, enhances tenant relationships, and new revenue generation opportunities.” Real estate teams that embrace technology across their portfolio will be at the forefront of the future of property management.
Here’s just a few ways management companies are utilizing the Internet of Things per the report:
- Controlled systems – What started out as motion sensor lights evolved into smart lighting and temperature systems, built to make adjustments automatically based on available building data. These systems boost building sustainability goals in addition to helping save on energy costs.
- Movement patterns – Analyzing data within a space (for example, when and how much time people are spending at particular locations) helps with future decisions on property expansions and traffic flow. If you know a certain retailer is getting heavy traffic at a specific time of day, or a common area in your residential or office space sees certain patterns, you’ll have more information to make decisions regarding remodels and development.
- Behavior patterns – Knowing what people are doing and how they’re interacting with your buildings (retail shoppers, commercial office space staffers, and residents) helps management teams develop and offer better, more tailored services. For example, the onslaught of residential deliveries brought about the expansion of package rooms, which is now a highly sought-after amenity.
The more information you have about the people who utilize your spaces (and how they’re utilizing your spaces), the better you can predict, plan, and grow.