How to Save Time and Money with IoT Device Management for Multifamily Properties

Does your IoT device management process help you get the most out of your smart devices?

Internet of Things (IoT) devices are a hot amenity tenants increasingly expect from multifamily properties. However, simply installing IoT devices doesn’t do much. You also must manage them efficiently to see any benefits. 

However, if you manage your IoT devices manually or with a multiple point solutions, you’re not maximizing the ROI of your device investment. This fragmented device management reduces efficiency, increases costs, and hurts the tenant experience.

So, how can you maximize the benefits of your IoT devices? That’s what we’ll cover in this post. To start, let’s look at what IoT device management is.

What is Internet of Things (IoT) device management for multifamily properties?

IoT device management is the process of setting up, controlling, and collecting data from your smart devices. Common IoT devices for multifamily properties are smart thermostats, door locks, security systems, and appliances. 

What makes IoT devices different from standard devices is that they connect to the internet. Instead of having to manually turn up the temperature or put a key in a lock, you can change the temperature and unlock doors with your smartphone. This is possible because IoT devices connect to each other, hubs, and your phone through things like Bluetooth and WiFi. 

To manage your IoT devices, you need technology that connects to the devices and allows smartphone or computer interactions. There are many point solutions for IoT device management. However, a standalone solution for device management can make it difficult to efficiently control your IoT devices

Instead of a point solution, you should look for an all-in-one property and device management platform. You can manage all your day-to-day operations from this platform. And, this platform can connect your IoT devices to your other property management tools. With a comprehensive platform, you can maximize the benefits of your IoT devices. 

How does IoT device management work for multifamily properties?

IoT device management begins with property owners or managers selecting a smart device (like a thermostat or smart lock). These devices connect to each other and smartphones/other devices through different protocols (like WiFi or Z-Wave). Whatever device you choose has to have a compatible connectivity protocol with your device management software. 

Once you choose a compatible IoT device, you then have to connect it to your management system. This registration process is usually specific to individual devices and management solutions. 

After the device is connected to your IoT management system, you can then interact with the IoT device with your smartphone, tablet, or computer. So, you can open door locks with your smartphone or adjust the temperature from your computer. 

As you interact with your IoT devices, your management system will also collect real-time data (like usage data or device status data). You can then use this data to optimize your building, workflows, tenant interactions, and more. 

Why does IoT device management matter for multifamily properties?

Now that you know a little more about IoT device management, you might be wondering why it matters for your multifamily property. After all, an IoT device is just a device – so why do you need IoT devices or management for them?

One major reason you need IoT devices and tech to manage these devices is tenant expectations. More and more tenants expect a smart building experience. If you don’t have smart home technology or a way to manage it, you’ll fall short of tenant expectations. This makes it hard to attract and retain tenants. 

Along with meeting tenant expectations, IoT device management can also help you improve efficiency and cut costs. Tech to manage your devices reduces your team’s workload and helps them get more done. IoT device management also helps you optimize your property to save on energy, water usage, and more – which helps you reduce your costs. 

Without IoT device management, you risk your multifamily property falling behind your competition in terms of the tenant experience, efficiency, and costs. 

6 ways IoT device management for multifamily saves time and money

Here’s a look at some of the top ways IoT device management can save your multifamily property time and money:

Easier to attract tenants

IoT device management can streamline your leasing process and make it easier to attract tenants. Instead of property managers showing your property, IoT device management can set up self-guided tours for prospects – saving your team time. See a video on self-guided tours here. 

Smart apartment technology is also a huge wish list item for tenants. With IoT device management, you can advertise your property’s smart apartment capabilities. This makes your property more attractive and reduces the work your team must do to get tenants. Plus, it can help you rent your property faster – boosting occupancy and reducing vacancy costs. 

Better tenant experience

Another benefit of IoT device management is that it creates a better tenant experience. Traditional multifamily properties require tenants to remember keys, manually control their environment, coordinate deliveries and guests around their schedule, and more. All of this can be a lot for tenants to manage. As such, it can create a negative tenant experience.

With IoT device management, you can create a modern, digital, and streamlined tenant experience. The right platform allows tenants to control access, set thermostats and lighting, access common areas, and more from the same, easy-to-use app. This creates a seamless tenant experience to help you retain tenants and reduce turnover – saving money.

Premium rents

IoT device management can also help you charge more for rent. According to a survey, 75% of tenants are willing to pay more for smart apartment amenities (like smart access control). A majority of renters are willing to pay at least $20 more for IoT device management. With IoT device management, you can make sure you aren’t leaving money on the table with how much you charge for rent. 

Improved staff efficiency

You can also save time and money with IoT device management because it reduces work for your team. Manually managing IoT devices means your team has to let guests and vendors into the building, track who is coming and going, set vacant unit temperatures, collect and interpret device data, and more. 

With IoT device management, property managers no longer must do everything manually. Instead, the management platform can use automation for access control, logging entries and exits, managing vacant units, collecting data, generating insights, and more. This saves your staff tens of hours a week – which is time they can spend on high-value activities instead. 

Energy efficiency 

IoT device management can also help you save money by improving energy efficiency. IoT devices collect data to optimize energy and water usage. This data can help you set thermostats at the right temperature to reduce heating/cooling energy, reduce energy used by lights, and more to reduce your utility bill by thousands a year. 

Proactive maintenance 

IoT devices aren’t just thermostats, locks, or other visible devices. They can also be sensors for your crucial equipment (like your HVAC). These IoT devices can help you monitor your equipment and spot problems early. So, your maintenance staff can make small repairs, instead of having to completely replace the equipment – saving you money. 

Data optimization 

One last way IoT device management can save you time and money is through optimization. IoT device management allows you to collect data across your multifamily building. With this data, you can find areas to optimize the tenant experience, streamline workflows, increase operational efficiency, save money on vendors, and more. This optimization can help you significantly cut costs and improve efficiency. 

Enable unparalleled IoT device management with BeHome247

IoT device management can help you drastically cut costs, increase efficiency, and improve the tenant experience. But, only if you choose the right IoT device management platform. 

If you’re looking for the best IoT device management platform, BeHome247 is the way to go. BeHome247 is a comprehensive property and device management solution for multifamily, single family, vacation rental, and hospitality properties. 

As such, BeHome247 doesn’t just help you manage your devices. BeHome247 also helps you manage all your day-to-day operations – like inspections, maintenance, vendor invoicing, tenant app, message center, digital rental agreements, and more.

BeHome247’s cloud-based platform is also device agnostic. Unlike other IoT device management providers, BeHome247’s platform works with most IoT devices – regardless of their protocol. So, you can use any device with BeHome247, including devices you already have at your property. 

Plus, BeHome247 is a middleware solution that works with any legacy tech you have. So, you can keep using any tech you already have with BeHome247’s platform. As a middleware solution, BeHome247 can also add functionality to your existing tech (like EV charging stations). 

Whether you’re looking for just IoT device management or complete property management, BeHome247’s modular platform has what you need to manage your multifamily property better. 

Get your BeHome247 demo today to see how you can manage your IoT devices smarter and more efficiently.