{"id":25408,"date":"2022-01-28T12:12:08","date_gmt":"2022-01-28T12:12:08","guid":{"rendered":"https:\/\/www.parcelpending.com\/blog\/how-iot-is-transforming-property-management\/"},"modified":"2023-03-31T16:48:06","modified_gmt":"2023-03-31T16:48:06","slug":"how-iot-is-transforming-property-management","status":"publish","type":"post","link":"https:\/\/www.parcelpending.com\/en-ca\/blog\/how-iot-is-transforming-property-management\/","title":{"rendered":"How IoT is Transforming Property Management"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Internet of Things (IoT) is changing every facet of <\/span><span style=\"font-weight: 400;\">real estate<\/span><span style=\"font-weight: 400;\"> including multifamily communities. Let\u2019s take a deeper dive into how <\/span><span style=\"font-weight: 400;\">IoT technology<\/span><span style=\"font-weight: 400;\"> is transforming <\/span><span style=\"font-weight: 400;\">property management<\/span><span style=\"font-weight: 400;\"> and what the <\/span><a href=\"\/en-ca\/blog\/future-multifamily-housing-industry-technology-personalization\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">future of the multifamily housing industry<\/span><\/a><span style=\"font-weight: 400;\"> could look like.<\/span><\/p>\n<h2><strong>IoT Defined &amp; Its Benefits to Multifamily Property Management<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The Internet of Things (IoT) describes the network of physical objects &#8211; \u201cthings &#8211; that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging <\/span><span style=\"font-weight: 400;\">data<\/span><span style=\"font-weight: 400;\"> with other devices and systems over the internet. In fact, The number of IoT <\/span><span style=\"font-weight: 400;\">connected devices<\/span><span style=\"font-weight: 400;\"> is expected to skyrocket to over 75 billion by 2025<\/span><span style=\"font-weight: 400;\"><sup>1<\/sup><\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">IoT technology<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">smart real estate<\/span><span style=\"font-weight: 400;\"> are influencing decision-making when it comes to multifamily residents. In fact, <\/span><span style=\"font-weight: 400;\">Millennials are willing to pay about 20% more and stay longer in buildings that offer modern lifestyle conveniences like <\/span><span style=\"font-weight: 400;\">smart appliances<\/span><span style=\"font-weight: 400;\"><sup>2<\/sup><\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For <\/span><span style=\"font-weight: 400;\">property<\/span> <span style=\"font-weight: 400;\">managers<\/span><span style=\"font-weight: 400;\">, the true benefits of adopting an <\/span><span style=\"font-weight: 400;\">IoT ecosystem<\/span><span style=\"font-weight: 400;\"> approach for their <\/span><span style=\"font-weight: 400;\">real estate<\/span><span style=\"font-weight: 400;\"> include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Improving the <\/span><span style=\"font-weight: 400;\">tenant<\/span><span style=\"font-weight: 400;\"> experience<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Boosting operational efficiencies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strengthening <\/span><span style=\"font-weight: 400;\">multifamily building<\/span><span style=\"font-weight: 400;\"> security<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Automating both mundane and critical tasks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Conserving energy and resources<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Minimizing costs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Improve <\/span><span style=\"font-weight: 400;\">air quality<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reducing human error<\/span><\/li>\n<\/ul>\n<h2><strong>Improving the Tenant Experience Starts with the Internet<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">No discussion about <\/span><span style=\"font-weight: 400;\">IoT <\/span><span style=\"font-weight: 400;\">applications in<\/span> <span style=\"font-weight: 400;\">property management <\/span><span style=\"font-weight: 400;\">and the resulting resident experience is complete without discussing the Internet infrastructure. The typical <\/span><span style=\"font-weight: 400;\">tenant<\/span><span style=\"font-weight: 400;\"> today has an average of 13 <\/span><span style=\"font-weight: 400;\">connected devices<\/span><span style=\"font-weight: 400;\">. Furthermore, Elizabeth Parks, president of Parks Associates, an IoT market research and consulting firm, said its research shows that 53% of U.S. broadband households reported they value technology now more than they did before COVID-19<\/span><span style=\"font-weight: 400;\"><sup>3<\/sup><\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Steve Yahnke, director of IT at Continental Properties, said his firm uses a bulk Wi-Fi model with a white-glove service for its <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\">. Instead of <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\"> signing up with the provider of their choice, the units are already \u201chot\u201d (i.e., connected) at move-in.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe pandemic has certainly brought this to the forefront,\u201d Yahnke said. \u201cWith a lot of consumers working from home, streaming from home, playing games from home, they want as fast a speed as they can get. We want to make sure we get the <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\"> the best cost, best speed, and best customer care.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Given the ever-changing return to office policies, <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\"> are demanding the flexibility to work from anywhere in their complex including common areas and what are frequently newly created co-working spaces. Ergonomic seating, multiple outlets, and stable Wi-Fi make it easy for <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\"> to work from home while nudging up the numbers on the happiness scale. Savvy <\/span><span style=\"font-weight: 400;\">real estate<\/span> <span style=\"font-weight: 400;\">managers<\/span><span style=\"font-weight: 400;\"> are also creating outdoor connected working spaces.\u00a0<\/span><\/p>\n<h2><strong>Safe and Secure Parcel Delivery Remains Paramount<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Of course, the pandemic, social distancing, and work-from-home policies have fueled eCommerce sales. <\/span><span style=\"font-weight: 400;\">Digital shopping continued to explode in 2021 even surpassing 2020 numbers: in 2021, eCommerce sales were up 4.4% \u2013 equal to about 13% of all worldwide sales<\/span><span style=\"font-weight: 400;\"><sup>4<\/sup><\/span><span style=\"font-weight: 400;\">. Most of the purchases ended up needing a safe delivery location: enter smart lockers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Smart lockers, utilizing the <\/span><span style=\"font-weight: 400;\">real estate<\/span> <span style=\"font-weight: 400;\">property<\/span><span style=\"font-weight: 400;\">\u2019s Wi-Fi, allow <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\"> to retrieve their packages 24\/7 in as little as 10 seconds with zero human interaction. Research from the National Apartment Association shows that 31% of <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\"> say they would pay more to live in a community that made getting packages easier, with many saying they would pay between $5 and $10 extra per month<\/span><span style=\"font-weight: 400;\"><sup>5<\/sup><\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h2><strong>Cozy + Comfort = Content Residents<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Comfort always remains critical when it comes to a <\/span><span style=\"font-weight: 400;\">real estate<\/span><span style=\"font-weight: 400;\"> rental <\/span><span style=\"font-weight: 400;\">property<\/span><span style=\"font-weight: 400;\">. Of course, thermostats have been around since 1883; however, it\u2019s the new <\/span><span style=\"font-weight: 400;\">smart thermostat<\/span><span style=\"font-weight: 400;\"> technology that is creating a buzz. <\/span><span style=\"font-weight: 400;\">Smart technology<\/span><span style=\"font-weight: 400;\"> allows<\/span><span style=\"font-weight: 400;\"> management to monitor heating and cooling levels. <\/span><span style=\"font-weight: 400;\">Residents<\/span><span style=\"font-weight: 400;\"> even can program multiple daily temperature settings for their units \u2013 all while maintaining <\/span><span style=\"font-weight: 400;\">energy efficiency<\/span><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">Offering this or similar <\/span><a href=\"\/en-ca\/blog\/5-smart-apartment-solutions-for-busy-residents\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">smart apartment solutions<\/span><\/a><span style=\"font-weight: 400;\"> that streamline residents\u2019 day-to-day living experience can help increase a property\u2019s resident retention rate.<\/span><\/p>\n<h2><strong>Boosting Operational Efficiencies<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">As resident expectations change, the <\/span><a href=\"\/en-ca\/blog\/how-property-management-duties-are-evolving\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">duties of a property management company<\/span><\/a><span style=\"font-weight: 400;\"> can be expected to change as well. <\/span><span style=\"font-weight: 400;\">Many property managers are embracing <\/span><a href=\"\/en-ca\/blog\/5-savvy-property-manager-tools-you-should-be-using\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">property management tools<\/span><\/a><span style=\"font-weight: 400;\"> like<\/span><span style=\"font-weight: 400;\"> smart access controls which allow residents and staff to effortlessly enter locked areas. Whereas on-site managers of yesteryear needed to physically lock areas such as pools or gyms, today these areas are managed through IoT devices, which lowers labor costs. As a bonus return on investment, residents often pay for the property\u2019s electronic fobs, key cards, or mobile apps.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A buildings\u2019 IoT <\/span><span style=\"font-weight: 400;\">system<\/span><span style=\"font-weight: 400;\"> automation also contributes to operational efficiencies. Dashboards of connected devices highlight spikes in energy consumption and recommended remedies. These connected devices can alert<\/span><span style=\"font-weight: 400;\"> the building manager<\/span><span style=\"font-weight: 400;\"> about <\/span><span style=\"font-weight: 400;\">energy<\/span><span style=\"font-weight: 400;\"> usage, water access, and any disruption in service \u2013 which can <\/span><span style=\"font-weight: 400;\">ultimately help multifamily communities <\/span><a href=\"\/en-ca\/blog\/5-strategies-for-reducing-operating-costs\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reduce operating costs<\/span><\/a><span style=\"font-weight: 400;\">. 43% of the building managers in America today believe that IoT technology will have a massive impact on how they run their buildings<\/span><span style=\"font-weight: 400;\"><sup>6<\/sup><\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are even new IoT devices using artificial intelligence for predictive analytics so that managers are alerted to perform preventive maintenance<\/span><span style=\"font-weight: 400;\">. According to a Johnson Controls survey of the company\u2019s Building Efficiency Panel, 70% of respondents believe that the ability to predict and diagnose problems and provide or propose solutions will be a \u201cgame changer\u201d<\/span><span style=\"font-weight: 400;\"><sup>7<\/sup><\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><strong>Strengthening Community Security<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Safety and security are a perennial concern for <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\"> Residents shouldn\u2019t have to wonder <\/span><a href=\"\/en-ca\/blog\/how-to-prevent-package-theft-in-multifamily-communities\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">how to prevent theft in the community.<\/span><\/a><span style=\"font-weight: 400;\"> Communities looking to strengthen their security measures can install connected cameras and <\/span><span style=\"font-weight: 400;\">wireless sensors<\/span><span style=\"font-weight: 400;\"> to act as virtual sentries, alerting management to a break-in. Software can automatically send <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\"> and\/or <\/span><span style=\"font-weight: 400;\">managers<\/span><span style=\"font-weight: 400;\"> photo or video reports. Some buildings even offer these amenities in each unit, affording <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\"> peace of mind.<\/span><\/p>\n<h2><strong>Improving Air Quality<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">COVID ushered in an era of <\/span><span style=\"font-weight: 400;\">heightened<\/span><span style=\"font-weight: 400;\"> awareness of indoor <\/span><span style=\"font-weight: 400;\">air quality<\/span><span style=\"font-weight: 400;\"> (IAQ). New <\/span><span style=\"font-weight: 400;\">smart building systems<\/span><span style=\"font-weight: 400;\"> afford multifamily <\/span><span style=\"font-weight: 400;\">real estate<\/span> <span style=\"font-weight: 400;\">managers<\/span><span style=\"font-weight: 400;\"> the ability to monitor humidity, temperature, volatile organic compounds, C02, combustion byproducts, and airborne particulate matter. Adopting this type of <\/span><span style=\"font-weight: 400;\">building management system<\/span><span style=\"font-weight: 400;\"> technology literally allows <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\"> to breathe easier.<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">As <\/span><span style=\"font-weight: 400;\">IoT devices<\/span><span style=\"font-weight: 400;\"> become readily available <\/span><span style=\"font-weight: 400;\">to the multifamily<\/span><span style=\"font-weight: 400;\"> real estate industry<\/span><span style=\"font-weight: 400;\">, they become a future-proof competitive edge in the battle for residents. To find out how IoT technology \u2013 like smart lockers \u2013 can help you attract and retain residents,<\/span><a href=\"https:\/\/www.parcelpending.com\/en-ca\/markets\/multifamily-parcel-lockers\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">contact a Parcel Pending by Quadient representative<\/span><\/a><span style=\"font-weight: 400;\"> today.\u00a0<\/span><\/p>\n<p><b>Sources:<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Statista. <\/span><i><span style=\"font-weight: 400;\">Internet of Things (IoT) connected devices installed base worldwide from 2015 to 2025 (in billions)<\/span><\/i><span style=\"font-weight: 400;\">. (2016, November 27). <\/span><a href=\"https:\/\/www.statista.com\/statistics\/471264\/iot-number-of-connected-devices-worldwide\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">https:\/\/www.statista.com\/statistics\/471264\/iot-number-of-connected-devices-worldwide\/<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Brivo. (n.d.) <\/span><i><span style=\"font-weight: 400;\">Proptech Investments to Improve Your Multifamily Portfolio<\/span><\/i><span style=\"font-weight: 400;\"> [Report]. Retrieved from: <\/span><a href=\"https:\/\/resources.brivo.com\/multifamily\/brivo-proptech-investments\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">https:\/\/resources.brivo.com\/multifamily\/brivo-proptech-investments<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Serlin, Christine. Multifamily Executive. <\/span><i><span style=\"font-weight: 400;\">7 Takeaways to Leverage Proptech<\/span><\/i><span style=\"font-weight: 400;\">. (2021, June 1). <\/span><a href=\"https:\/\/www.multifamilyexecutive.com\/technology\/7-takeaways-to-leverage-proptech_o\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">https:\/\/www.multifamilyexecutive.com\/technology\/7-takeaways-to-leverage-proptech_o<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Oberlo. <\/span><i><span style=\"font-weight: 400;\">How Many People Shop Online in 2021?<\/span><\/i><span style=\"font-weight: 400;\">. (n.d.) <\/span><a href=\"https:\/\/www.oberlo.com\/statistics\/how-many-people-shop-online\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">https:\/\/www.oberlo.com\/statistics\/how-many-people-shop-online<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">National Apartment Association. (2018). <\/span><i><span style=\"font-weight: 400;\">Irresistible Amenities: Here\u2019s What Renters Want<\/span><\/i><span style=\"font-weight: 400;\"> [Report]. Retrieved from: <\/span><a href=\"https:\/\/www.naahq.org\/news-publications\/units\/march-2018\/article\/irresistible-amenities-heres-renters-want\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">https:\/\/www.naahq.org\/news-publications\/units\/march-2018\/article\/irresistible-amenities-heres-renters-want<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Daintree Networks, Inc. (2014, October 21). <\/span><i><span style=\"font-weight: 400;\">Open Standards-Driven Solutions Key to Future-Proof Smart Buildings<\/span><\/i><span style=\"font-weight: 400;\"> [Press release]. Retrieved from: <\/span><a href=\"https:\/\/www.prnewswire.com\/news\/daintree-networks%2C-inc.\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">https:\/\/www.prnewswire.com\/news\/daintree-networks%2C-inc.\/<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deloitte. (2016). <\/span><i><span style=\"font-weight: 400;\">Smart buildings: How IoT technology aims to add value for real estate companies<\/span><\/i><span style=\"font-weight: 400;\"> [Report]. Retrieved from: <\/span><a href=\"https:\/\/www2.deloitte.com\/us\/en\/insights\/focus\/internet-of-things\/iot-commercial-real-estate-intelligent-building-systems.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">https:\/\/www2.deloitte.com\/us\/en\/insights\/focus\/internet-of-things\/iot-commercial-real-estate-intelligent-building-systems.html<\/span><\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>The Internet of Things (IoT) is changing every facet of real estate including multifamily communities. Let\u2019s take a deeper dive into how IoT technology is transforming property management and what the future of the multifamily housing industry could look like. IoT Defined &amp; Its Benefits to Multifamily Property Management The Internet of Things (IoT) describes [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":25233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[326,323],"tags":[],"class_list":["post-25408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-multifamily-en-ca","category-blog-en-ca"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How IoT is Transforming Property Management | Parcel Pending<\/title>\n<meta name=\"description\" content=\"The Internet of Things (IoT) is revolutionizing multifamily properties and enhancing the tenant experience. 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