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IoT and Data Analytics Can Make Property Management So Easy

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Laura Miller

Equipment malfunctions. Energy waste. Leaks. Uncomfortable conditions. Addressing these concerns promptly has long been a key responsibility for property managers. But the Internet of Things (IoT) and analytics software that continually tracks building data are changing when and how such concerns are addressed. By integrating analytics and IoT, property management can become easier and more effective than ever before.

Using Data Analytics & IoT in Property Management

Today’s smart technologies help property managers better manage their portfolios by providing deep insight into how buildings function, both in the moment and over time. Often, they can even take over time-consuming management functions by allowing for advanced automation, improving the way buildings perform and transforming the role of property managers. 

Maintenance 

Using IoT in property management allows you to identify both actual and potential issues that can lead to equipment breakdown and gives you opportunities to take corrective action as early as possible. 

In a smart system, IoT sensors collect data that is then mined by an advanced analytics platform. This platform constantly evaluates operations, using machine learning (ML) algorithms within software analytics to identify anomalies and predict failures. By estimating the likelihood of when a failure will occur and making appropriate adjustments, you can reduce strain on your building’s systems, prevent cataclysmic failures, and avoid costly emergency repairs. You can also reduce expenses by allocating resources more effectively, verify fixes, and allow the analytics software to make automatic adjustments to minimize reliance on maintenance staff.  

Energy Efficiency

A prime driver of IoT property management is energy efficiency. Adjusting lighting according to occupancy sensor information, automating HVAC functions according to time of day, season, and weather, and other efficiency-focused automation strategies can lead to significant reductions in energy use. With advanced analytics, energy consumption can be continually tracked, allowing you to easily identify variables impacting use, and data can be mined to identify potential sources of waste. It takes the guesswork out of going green.

Safety, Comfort, and Convenience

Integrating IoT and building analytics in your building management system can improve occupants’ safety, comfort, and convenience. From motion-activated lighting systems that keep common areas illuminated to controlling building access, precooling meeting rooms in anticipation of occupancy, or increasing ventilation during peak business hours, smart technologies allow you to easily enhance the occupant experience. 

The emergence of IoT has also led to a proliferation of software applications that make life easier for both occupants and property managers. These include apps to:

  • Access buildings
  • Book amenities
  • Communicate messages 
  • Control temperature and lighting 
  • Generate digital lease agreements 
  • Make service requests
  • Manage vendors
  • Manage visitors
  • Provide navigational instructions
  • Reserve public spaces for events 
  • Show available parking

One of the most valuable apps in a Covid-19 world is BuiltSpace, a janitorial tracking platform that provides real-time insights into sanitation practices and maintenance. With greater access to information, property managers and building occupants alike can make smarter choices to protect human health.

Tenant Churn Modeling

One of the most innovative uses of analytics software and IoT in property management is predicting tenant churn. As a classic data science function that looks at customer retention, churn modeling allows property managers to predict the probability that a tenant will leave a unit within a given timeframe based upon numerous data points, including a unit’s rental history and tenant demographics.

With knowledge gleaned from data analytics and devices that use IoT, property management can create forecasts to help prevent tenant churn. For example, by understanding which units are most likely to become available, property managers can proactively offer incentives to retain tenants or get a head start on marketing the units. This data can also help predict future cash flow and reduce risk to support long-term financial health.

IoT Property Management & Lead Generation

The usefulness of analytics and IoT in property management cannot be overstated. Property managers can use smart technologies to monitor virtually all aspects of a building, from elevators to electrical systems, as well as the behavior of those within the building. By identifying something as simple as the times when communal areas are most crowded or when meeting rooms are empty, utility costs can be reduced, cleaning schedules can be improved, and automation strategies can be refined. You can also prevent small issues from becoming big problems.

With smart technology, you gain more visibility into building systems and conditions than ever before. With a mobile-first analytics platform, you also gain single-pane-of-glass control. This means you have better information to make better decisions and the ability to stay responsive even as tenant needs evolve. You can see the big picture and put your energy where it’s needed. The result is an easier way of managing your building that lets you focus on what matters most.

Buildings IOT offers the services and technologies you need to make smart IoT property management a reality. Contact our team today.

 

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