The recent real estate boom has generated significant profits. But, more advanced and automated software solutions are needed to efficiently manage commercial, residential, and municipal properties.
Software proprietors can provide those solutions to property management companies and municipalities by offering software that can be used to secure and manage properties more efficiently.
The solutions would connect property management software to the Internet of things (IoT) technology that is used for smart cities and smart homes.
What Is Property Management Technology?
Property technology is the utilization of information technology for the real estate sectors. With IoT sensors, the physical objects that are part of a property can be interconnected via software and controlled by an end user.
This type of connection can be used to automate the regulation and maintenance processes used for real estate properties. These processes control electricity usage, HVAC systems, thermostats, door locks, and closed-circuit television (CCTV) cameras.
Managing Utility Usage with IoT Technology
One example of commercial real estate investors implementing IoT technology involves applying sensors as a means to monitor and automate utility usage. This innovation has been used within smart homes and smart cities to reduce the significant expenses associated with energy.
IoT technology can be utilized by property managers to reduce energy costs by implementing sensors to monitor and regulate light usage and air-conditioning in real time.
A smart HVAC system can be used to decrease ventilation flow based on the installation of IoT motion sensors that can detect if anyone is physically present in the area. As a result, the system will be more efficient because it will only run when required.
Software companies should provide enhanced property management system software to further attract commercial real estate investors, ultimately creating a new revenue stream as investors continue embracing software-based options to assist with streamlining property management protocols. These enhancements can also be added to smart homes.
Smart Homes and Smart Cities
Smart homes are designed to streamline how utilities are used for a property. Software companies can help property managers by implementing software-based features to monitor and adjust utilities and other quality-of-life maintenance in conjunction with habits and schedules.
Smart thermostats, software-based WiFi thermometers, and smart locks all have software-based enhancements for optimizing how properties function while best utilizing technology efficiently.
Smart thermostats are an example of leveraging IoT technology to reduce costly utility expenses while promoting efficient usage. A smart thermostat can optimize a property’s energy efficiency and can be set up with smartphone app software. Software providers can offer users remote access and control options to monitor a property’s utilities precisely.
Software-based WiFi thermometers and wireless remote monitors can send alerts to a property manager through an app, providing remote access to and control of a property’s temperature settings. Innovations from sensors include the detection of specific directions and gestures, temperature and humidity, and the presence and proximity of objects.
Embedded firmware development utilizing ROM, OTP, PROM, & PLA structures can power embedded systems and programming components such as smart thermostats.
Smart Security Technology
The safety and protection of property assets are critical for any property manager or owner seeking to preserve the value of a home and commercial real estate assets. Smart locks for doors coupled with software-based apps enable a property manager to remotely control access to a property’s locking mechanisms, deployed with a smart device. The system can simply be thought of as a remote key.
Wi-Fi-connected smart locks give property managers the ability to remotely control usage via cloud-based software. Software proprietors can also utilize algorithms to generate math-based formulas for PIN codes that are used for the smart locks. And, those locks can be operated without a wireless network in place.
Facial recognition and image processing software can be integrated to further enhance smart locks and increase real estate asset security. Software proprietors can offer custom property security solutions for residential properties and commercial real estate sectors.
Smart Technology Optimizes Property Management
IoT innovations have changed the home maintenance landscape, even evolving into a ‘home wellness’ sub-market. This expanding smart home technology includes software-based health monitoring such as air quality and water purity within a home.
Smart homes can be enhanced with voice-assisted technology that can be used to control thermostat settings, lights, locks, and even appliances. Software providers can offer embedded software integrations to connect smart appliances using the Simple Object Access Protocol (SOAP) and REST.
Software companies seeking to enhance existing smart home technology features should include
voice-activated options that work across multiple devices.
Leveraging IoT in Smart City Real Estate
The umbrella term, smart city, simply means city policymakers leveraging information data communication technologies to manage data in real time and optimizing services such as energy delivery, trash collection, and community safety, ultimately practicing efficiency despite nationwide spikes in population.
Software proprietors can enhance property management software to further attract commercial real estate investors, ultimately creating a new revenue stream as investors continue embracing software-based options to assist with streamlining property management protocols.
Smart Cities and the Positive Impact on Real Estate
Innovations in video surveillance systems within smart cities allow for quicker detection of potential property damage, limiting potential threats and damages to buildings, ultimately preserving real estate assets.
Off-the-shelf software providers can further enhance property management software with smart sensors that can alert managers to plumbing issues and other damages to infrastructure. These software professionals can tap into the lucrative and versatile real estate industry by meeting this demand for new options.
Future Market Outlook and Revenue Potential
Software companies have the opportunity to tap into this lucrative market if they can develop and offer the booming real estate industry features that promote the protection and safety of real estate assets and reduce costs associated with utilities.
Property management companies would be the ideal market for these software companies to target in order to create new revenue streams.
The success of smart cities is predicated on effective technology, which is reliant on software-based innovations.
The successful implementation of IoT software, AutoML, MLOps, RFID sensors, and smart city surveillance systems will ensure that software companies are providing the latest technology to the property management industry.
The versatility of the real estate industry enables software proprietors to capitalize on revenue streams by adding enhancements within the commercial, residential, or municipal verticals.
To effectively combine IoT technology with property management software, software company CEOs should seek the services of a software development company that has experience with smart city technology.
This Article Is Written By Paul Bracht: Director of Sales, Chetu Inc
Paul Bracht is an experienced Account Manager with a demonstrated history of working in the computer software industry and Partnership technology landscape. He has worked at Chetu since 2015 and has since built a reputation as a thought leader within the IT community. As the Director of Sales at Chetu, Paul plays a critical role in assisting companies with their partnership technology, marketing, and media-related software projects. He is skilled in negotiation, sales, cold calling, sales operations, and customer satisfaction. Strong sales professional with a Bachelor’s degree focused in Political Science and Government from The University of Akron.
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