property-management-iot

Every successful person/business, in any industry, has to develop strong problem solving skills. They are assertive, not complacent, when dealing with issues that others may not see as solvable. As a result, their business becomes more efficient, reliable, and affordable. This is no coincidence, and as a property manager, you are no exception. If you are looking to get a leg up in today’s highly competitive property market, then you will need to do the same. Fortunately, every problem has a solution, and that’s why I wrote this piece.

Problems Facing Property Management

Managers of hotels, commercial properties, foreclosed properties, or anything else, all experience similar issues. One prevalent problem is that monitoring properties is expensive. Every year, there are billions of dollars in losses coming from property damages, machinery failure, thefts, energy waste, and more.

In the past, these problems were very difficult to solve. A big reason for this was that if you didn’t hire expensive maintenance teams to do regular, manual checkups on every facet of a building’s infrastructure, problems were inevitable. Then, along came the internet of things, and suddenly everything changed.

The Internet of Things (IoT):  the network of physical objects (“things”) embedded with sensors, software, electronics, and network connectivity, which enables them to collect and exchange data.

Solving the Problem with the Internet of Things

“If it can be thought, it can be a done, a problem can overcome.” – E.A. Bucchianeri, Brushstrokes of a Gadfly

The internet of things enables people to use sensors to monitor the conditions of any environment.  For a long time, the available solutions were too expensive and difficult to use.  This is no longer the case, with companies like Monnit providing affordable remote monitoring systems. These wireless solutions make it easy to monitor almost any aspect of your properties, all at once, from anywhere, at any time.

Let me give an example, to show how a system like this works. A common problem most property managers are familiar with is the prevalent problem of water damage. In the winter, pipes are particularly prone to freezing, and consequentially, breaking. If a pipe breaks, water damage is likely to occur, especially if not caught quickly. In the United States alone, the annual cost of water damage is over 2.5 billion dollars. Generally, this comes out to be about $10 to $15 per square foot. If you are a property manager, you know how quickly these costs can add up. Wireless temperature sensors, like the ones offered by Monnit, can be installed to alert you if the temperature falls below freezing.

If you were to want to make sure your pumps, HVAC systems, or any other type of machinery, are up and running, you could attach a sensor to it and be alerted if something goes wrong, and fix it before the problem gets worse. To enhance security, you can install motion sensors to entrances or open spaces, and receive an alert if there was unauthorized access. There literally countless examples I could give, which is the beauty of IoT Technology: there is no limit to its potential.

Strengthening Your Competitive Advantage

“Control your expenses better than your competition. This is where you can always find the competitive advantage.” – Sam Walton, Co-Founder of Walmart

Problems with damages, thefts, machine failure, etc. will not only affect your bottom line, but the reputation of you and/or your facilities, too. By saving time and money manually monitoring your facilities, you can instead focus on what matters most: growing and improving your business. With an optimized remote monitoring system in place, you add significant value to your property. Clients will be confident that they will be protected from things like water damage, break-ins, HVAC failure, and much more.

By making your properties smarter by pairing them with the internet of things, you make both yourself and your customers happy. Where other companies consider housing damages a variable cost, and accept it as just a part of the business, you will be alerted before the disaster strikes. That variable cost then becomes a much lower controlled cost, and that is an invaluable competitive advantage.

Why It Matters

According to the IBISWorld Property Management report, “The property management industry is highly fragmented, so it is important to have a strategic plan to differentiate property management businesses from competitors. “ Remote monitoring systems, powered by the internet of things, are still relatively new, so most property managers still don’t know about them. This gives you the unique opportunity to enhance your competitive advantage, become a leader in your field, and maximize your bottom line.

Conclusion

The internet of things provides an incredible opportunity to protect your facilities, attract customers, increase profits, and scale your business. Hopefully, you now have a better understanding of how you can use use modern, connected technology to be a competitive force in the property management industry.

Now go do it!

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