86%,That's the number of millennials who would happily shell out 20% more money for a "smart" home or apartment. And what constitutes a smart home, you ask? It's an apartment that skillfully incorporates a property management system to remotely control light switches, smart locks, automated thermostats and more. Evidently, there's no escaping the fact that the Internet of Things (IoT) is the future of property management.
But hold on a minute! How would that work at all? For instance, what are some ways IoT could be integrated into a home? Well, we can tell you. So, let's begin!
How To Effectively Use IoT in Property Management
Property management is rife with some unique challenges, be it hiring and maintaining the cleaning staff or ensuring tenant satisfaction and security. Thankfully, at least some of these can now be addressed directly and efficiently with the help of smart device
- Automate Lighting & Thermostat Controls
Let's say you're a tenant who is concerned about electricity bills skyrocketing each month. Unfortunately, you're also not super great at turning off lights and devices on time. In such a scenario, wouldn't you want a smart device to do this for you? Of course, you would, and this is one of the most popular uses of IoT! So, by automating lighting and thermostat controls through reliable property management software, you'd be benefiting from a lower energy bill. To make things better, you could even program your devices to sense natural light and movement to decide if the power should be turned off or on.
- Strengthen Security on your Property
While we're on the subject of motion sensors and IoT, we should have a look at another great application of these. As far as indoor security goes, security alarms are already a good solution. But imagine what it could do with a property management system that also detects motion! You'd be able to alert the authorities of any suspicious activity or intruders in no time.
IoT could also be used to detect open doors, windows, vents or locks and notify you of it before you've even stepped off your property.
- Detect a Pattern in the Activity Log
Aside from helping you detect potential intruders, IoT can also study patterns in the activity your property sees. Say you have a resident who tends to return home late once every week. Without IoT, they would be forced to prove they are a tenant each time they get back to the property. But with IoT, this data can be fed into a machine learning property management software to mark it off as a recurring occurrence.
- Improve Your Operational Efficiency
Tired of hiring physical guards to manually seal off recreational areas after business hours? No worries! Simply install an access control system that cordons off any area you want, preventing accidents from ever occurring. You may also choose to design your software to provide age-appropriate access to common areas, such as the swimming pool, to mandate adult supervision for your younger residents and visitors.
- Be Alerted to any Disruption in Services
You can employ IoT in property management to monitor the overall energy consumption of your homes or offices and highlight unusual spikes. This way, you'd be able to detect, investigate and repair any issues in your power grid before it gets worse.
Conversely, using IoT here would also let you know when there is a major power outage that needs your immediate attention. Doing so will allow you to get the system back up and running as soon as possible.
- Monitor the Air Quality Indoors
With respiratory illnesses being a dime a dozen around us, it has become imperative to monitor and maintain good air quality inside your rental apartments. From smoke detectors to carbon monoxide (CO) monitors and others, you can now hook up any such device to a mobile app. Your tenants can then receive notifications on their devices if there is a dangerous uptick in smoke or CO levels.
This is beneficial for commercial properties as well and will allow you to provide your commercial tenants with breathable air and safe surroundings.
The Incredible Benefits of IoT in Property Management
Alright. So now we know how to implement the Internet of Things to yield better property management solutions. But aren't you curious to know why you should do that at all? What, indeed, are the benefits of using IoT in property management? Let's have a look.
1. It Improves Tenant Experience
With better security and air quality controls, IoT helps improve the experience of your residential and commercial tenants.
2. Helps Reduce Human Errors
Be it forgetting to turn off a light or neglecting the safety of your internal systems, the Internet of Things and its attached property management software can help reduce any number of human errors.
3. You Can Minimize Costs
Needless to say, when you minimize your energy consumption through automated power controls, your electricity bills are bound to drop. This will then reduce the costs of maintaining your property and free up some room in your budget to develop other aspects of your residential and commercial spaces.
Venture into the World of PropTech with Pixbit Solutions
Proptech or property technology is all the rage today. This business model has single- handedly changed the real estate industry. And Pixbit Solutions, being a veteran property management software developer, has carved a space for itself in the field.
Pixbit Solutions excels at offering the best property management software you could ever have, giving you a much-needed competitive edge to adapt to an ever-changing field. Further, by religiously sticking to our motto of providing more with less, collaboration with our experts is sure to be worth every penny.
But it doesn't end there! Each property management system we develop is also dripping with the latest technological innovations that offer cutting-edge user experiences. This way, you'd be able to keep your tenants happy in more ways than one.
So what's your next big proptech idea? Let us know so we can help!