The Power of IoT in the Property Industry

It’s no secret that smart devices are changing the way we live and work; not only for residential properties, but also on a much larger-scale. With building management processes often reported as some of the biggest pain points for the multifamily industry, many property management companies are turning to smart devices and IoT-powered platforms to streamline staff workflows, provide crucial insights to daily operations and vastly improve maintenance inefficiencies.

How does it work? Smart devices are installed in individual residences throughout a property and actively report key data back to a centralized platform – which is visible to property management teams. Think of it as remote equipment-monitoring software. The kind of data that is reported can include HVAC runtime, real-time temperature and humidity levels, device mode, just to name a few.

But collecting this data is one thing, it’s what can be done with the data that is most significant.

In a nutshell, insight into this device activity enables property staff to confidently make educated, faster, data-driven decisions when it comes to daily operations. This includes increasing equipment efficiencies, improving building maintenance processes, and automating time-consuming processes to reduce man-hours and resources.

Perhaps one of the most valuable features of an IoT-driven reporting software can be seen in the proactive maintenance alerts. Being notified of a potential problem before it turns into a costly, unnecessary maintenance expense can save thousands of dollars and significantly increase NOI. Real-time alerts that are sent directly to maintenance teams provide an effective method to diagnose issues without even setting foot in a residence. This can be especially useful in vacant units, where abnormal conditions can often go undetected for extended periods of time.

There are expected to be more than 64B IoT devices worldwide by 2025. As smart devices continue to evolve, so will the IoT-driven reporting software that’s behind them. There is a massive opportunity for this technology to produce both income and efficiency gains for property management teams, make sure your building isn’t missing out. Contact us today to find out how the TrustHab Solution combines smart devices with a robust platform to effortlessly reduce costs and increase your property NOI.

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