The Internet of Things, which connects physical devices such as sensors and appliances over the Internet to share data, is making big changes in many fields, including building and property management. IoT helps us collect, understand, and act on information to save time, cut costs, and make smarter decisions in real-time.
In property management, IoT can be used to automate a lot of the routine work. Things like keeping the building running smoothly, quickly sorting out tenant issues, and spotting maintenance problems before they get worse all get more efficient.
In this article, property managers will see the best IoT solutions for their properties in 2024.
Influence of IoT Technology
Cashflow
IoT technology helps property owners reduce operational costs by automating multiple processes within the property, which leads to significant savings.
For example, smart systems can predict maintenance needs and prevent expensive emergency repairs. Increased efficiency translates to better cash flow, making properties more profitable.
Utility Conservation
IoT devices can monitor and control the use of utilities like water, gas, and electricity, ensuring that resources are used wisely. This not only lowers utility bills but also promotes sustainability.
Advanced analytics provide insights for ongoing improvements in resource conservation.
Hassle-Free Experience
With IoT, property owners can manage their properties remotely, whether it’s security systems or climate control. This technology simplifies property management by making it less time-consuming and more efficient. Systems can be monitored remotely, reducing the need for time-consuming on-site inspections.
It can streamline tasks that traditionally require manual oversight.
Improved Tenant Management
IoT enables more responsive and personalized tenant services. Automated systems facilitate quicker responses to tenant requests and maintenance issues.
The result? Better communication and service lead to a stronger relationship between tenants and property managers.
5 IoT Solutions for Property Managers in 2024
The world of property management will undergo a high-tech makeover in 2024 thanks to the Internet of Things. Let’s explore the top 5 IoT solutions you can use for your properties.
1. Virtual Submetering Systems: DrizzleX
Imagine being able to pinpoint exactly where your property is using the most energy and water and trimming those costs without breaking a sweat. That's what submetering systems bring to the table. In most buildings, the lack of separate water mains for each apartment unit makes traditional submetering impossible.
To solve this problem, DrizzleX uses innovative IoT micrometers that are easily installed on all water fixtures. With IoT technology, the micrometers are connected to an online dashboard hosted in the cloud that allows for real-time monitoring of water usage and leaks and sends valuable data and alerts to building management.
These smart systems not only break down water usage data by apartment, but also pinpoint usage to each fixture. This way, property managers can identify exactly where overuse and leaks are happening, learn more about usage spikes and take action to reduce it. For tenants, this means fairer billing, as they pay only for what they use.
It's a win-win: the property operates more efficiently, and the environment takes a little breather, too.
How DrizzleX Can Help You
DrizzleX allows you to detect hidden leaks, such as running toilets, high-flow showerheads, and leaky faucets, to stop millions of gallons of waste each year. It also alerts you to excessive water use by tenants. Typically, buildings that use DrizzleX reduce their water bills by 25-45% or more.
And you can expect a pretty quick return on investment (ROI). Buildings with DrizzleX save enough water to cover the entire cost of DrizzleX within about 9 months on average.
Usage Reports
One of Drizzlex's solutions is the “Tenant’s Overuse” report. Since many people aren't really aware of their excessive water usage, an accurate report can be very helpful in preventing unnecessary expenses. Using the reports, you can communicate with your tenants about their water consumption habits, and back it up with precise data too.
Leak Detection
Leaks can be sneaky because they aren't always visible. With property inspection, you can see the obvious ones. But, silent leaks will only show up on your utility bills. DrizzleX gives you water control because you can monitor the water flow in your building.
The system will notify you about where and how much water is being lost so you can fix the problem immediately instead of getting surprised by a spike in your water bill.
E-mail Notifications
Once DrizzleX spots the leak, it will notify you via email. The message you receive will include all the details about the exact apartment and fixture that is the culprit, how many gallons were used, how much it will cost you if the problem isn’t fixed, and even possible causes for the water waste and how to fix it.
Billing
DrizzleX also allows you to bill your tenants. Tenants conserve water when they are the ones paying for it. DrizzleX can easily create water bills based on accurate water consumption and bill your tenants fairly.
2. Intelligent Security Systems: Ring’s Alarm Security Kit
Source: Ring
Security is a priority for any property manager, and the Ring Alarm Security Kit is like having a 24/7 guard on duty.
This intelligent system integrates automated locks with surveillance cameras, allowing managers to monitor their property from anywhere, anytime. Forgot to lock up? No problem.
With a tap on a smartphone, doors lock automatically. And if someone tries to play mischief, the system alerts the manager instantly.
3. Waste Management Systems: Bigbelly’s Smart Max
Source: Bigbelly
Dealing with waste is a messy part of property management, but it doesn't have to be. Meet Bigbelly's Smart Max, which is changing the garbage disposal for properties.
These aren't just average bins. They're super smart stations that squish trash down, making more room and reducing the need to empty them. Moreover, they'll let you know when they're full, making trash collection a breeze.
4. Indoor Air Quality Monitoring Systems: Awair’s Element
Source: Awair
In the era of health consciousness, indoor air quality has never been more important. The Awair Element indoor air quality monitor gives property managers and tenants real-time insights into the air they breathe.
It tracks pollutants, chemicals, CO2, humidity, and temperature and offers suggestions to improve air quality. Whether adjusting the HVAC system or recommending an air purifier, this smart monitor ensures that everyone can breathe easily.
5. Noise Monitoring Solutions: NoiseAware
Source: NoiseAware
Maintaining a peaceful environment is key to tenant satisfaction in multi-tenant properties. NoiseAware gives property managers a smart solution to help them track noise levels within their properties without knocking on the front doors of their tenants.
With NoiseAware, they can quickly deal with noise that goes above the noise threshold (depending on what they set). This type of approach to noise management allows property owners to maintain a harmonious living among their properties.
FAQs About IoT Solutions for Property Managers
How can IoT solutions reduce property management costs and improve cash flow?
IoT solutions can automate tasks and monitor water, energy, and other physical systems, which leads to significant cost savings and improved cash flow by reducing operational expenses.
In what ways do IoT-enabled devices attract and retain tenants, thereby ensuring a steady cash flow?
IoT-enabled devices offer modern, convenient living experiences, such as smart thermostats and locks and energy-efficient buildings, attracting tenants who value tech-forward living spaces and increasing retention rates.
How does IoT technology contribute to the sustainability goals of a property?
IoT technology significantly contributes to sustainability by optimizing resource usage, such as electricity and water, reducing waste through intelligent systems, and improving overall energy efficiency.
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