What is IoT Adoption?
IoT adoption is growing across all industries worldwide, including in the
multifamily real estate segment. Specific to the MDU segment it is often called “Proptech” or Property Technology.
Recent data suggests almost 50% of MDU properties have at least one IoT solution deployed on the property.
So, What is the Internet of Things? IoT is the “Internet of Things” aka “Proptech” are electronic devices connected to the internet, often wirelessly, to transmit data.
IoT sensors and devices capture data and perform tasks, communicating over IP and other protocols with cloud or local systems to create intelligent systems and enable automation, thus allowing more functionality while saving money and increasing revenue opportunities.
Common IoT solutions we’ve seen deployed are:
- Security Systems
- Access Control Systems
- Smart Lighting
- HVAC
- Leak Detection
- Remote Diagnostic Systems
Each IoT solution deployed on a property has benefits and an ROI specific to the property’s use case and the resident experience. In an MDU environment, IoT deployments can add significant value to a property by:
- Enhancing the resident experience using technology.
- Increase property value through better amenity services.
- Reduce costs of managing the property.
The multi-dwelling housing market is growing, and it’s time to attract new residents and stand out from your competition. What is one-way MDU properties are standing out from the crowd? Smart property initiatives are driven by IoT devices.
IoT devices can add significant value to an MDU property through:
Efficiency – Smart lighting solutions can significantly reduce the energy costs on a property.
Control – Staff can enable guest access through an access control system without having to be there themselves.
Automation- Smart thermostats can adjust the room’s heating and cooling, whether occupied or not.
Safety- Smart leak detection systems can prevent costly water damage to a property and security systems can provide the residents with a secure community.
So you may be asking, what does a managed WiFi provider have to do with the IoT strategy of an MDU property? The answer: if you’re working with the correct partner, they will help a property manager integrate and support IoT solutions across the property.
IoT Adoption in MDU’s
All IoT applications rely on a strong and reliable internet connection. A managed WiFi provider should be able to provide a property with coverage, security, customer support, and consolidation:
Coverage – Ubiquitous wireless coverage to support IoT devices deployed throughout a property.
Customer Support – Proactive monitoring and maintenance of the network coupled with live support available to remedy any networking issues. Your IoT devices don’t just need to work during normal business hours, so your partner should be able to support you 24/7/365 with a truly managed network.
Security – Dedicated and secure internet connectivity for each connected solution deployed on the property. This can be achieved through private or hidden Wi-Fi SSIDs, dedicated VLANs, unique SLAs per internet connected application, and even redundant internet connections for mission critical IOT devices.
Consolidation – Each individual IOT solution will likely have some combination of internet enabled gateways and switching that a property will be purchasing. A managed wireless partner will be able to help a property consolidate their parallel networks on a property into one centrally managed network to cut down on network infrastructure costs.
As technology evolves, your wireless partner should face the challenges and opportunities that come with it to help your property.
Benefits of IoT Adoption
MDU properties are rapidly deploying IoT devices to better control property management operations, create efficiencies, improve resident rental experiences and increase property safety.
Control Operations and Efficiency
A coordinated system of IoT devices can reduce the operational costs and increase the revenue of MDU properties because they can help control property utility costs, lower the number of staff members needed to effectively manage the property, and provide the property management team with real-time information to more efficiently manage the property.
MDU property owners have many opportunities to implement smart building technology, but many may still underestimate the benefits of these smart devices. Using smart property solutions in residential units can be a worthy investment as it helps property managers attract desirable tenants and allows them to raise their rates.
Improved Resident Experience
As our society moves rapidly towards integrating technology in all aspects of life, people are increasingly interested in the possibilities that technological advancements offer to make their lives more comfortable.
When it comes to the place they call home, most people consider the presence of smart devices very important, almost as important as other life-sustaining amenities. Most people looking for a property to rent inquire about the building’s internet connectivity system and the presence of smart home devices.
MDU residents are interested in IoT device applications related to safety and security, energy management, and ease of interaction with the property’s systems. Last year, 43% of US MDU residents reported using smart home devices.
Within the modern connected home, smart speakers and smart displays are now a lifestyle product staple, with 55% of US properties owning at least one such product.
Increased Property Safety
A home’s safety has always been one of the main concerns of any resident, and with today’s technology, people looking for a place to rent benefit greatly from the technological advancement in IoT-based smart home.
Here are some of the ways IoT devices can make a property more secure:
- Remote property monitoring is one of the most significant ways IoT devices can make a property safer. The ability to monitor what’s happening in their home in their absence gives residents an increased sense of security and peace of mind.
- Remote control – besides monitoring, with the help of IoT smart devices, residents can remotely control their homes; for example, once they discover they left their front door unlocked, they can lock it.
- Improved security systems – with the help of IoT-equipped security cameras, residents can monitor their apartment 24/7 by connecting the alarm, camera, or motion sensor applications directly to their mobile phones.
The Link Between IoT Smart Devices and Managed WiFi Systems
Now that we’ve walked you through the many benefits that IoT adoption can bring to an MDU property for both the property and the residents, you may be interested to know the best way to implement such a system on your property.
Spot On Networks has helped MDU properties nationwide deploy managed wireless to enable property and resident IOT solutions. We provide your property with coverage, customer support, security, and consolidation to benefit from the possibilities that IoT smart devices can enable.
At Spot on Networks, we can help your smart property initiative become a reality. Contact us to learn more – https://spotonnetworks.com/sales/