The property manager of the future
Property managers are tasked with tracking multiple assets and actions over several properties through all stages of development - from planning to building and maintaining. These days, the role of the property manager is becoming increasingly streamlined and data-driven through the adoption of smart technology.
Progress in smarter property management
The property industry continues to make progress in its digital transformation. In KPMG’s 2019 PropTech Survey, the research team looked at the progress made in property’s relationship with technology.
Some key findings from the survey:
- 58% of real estate companies have a digital strategy in place (this is up from 52% in 2018 and 2019).
- 95% of real estate companies have someone responsible for leading digital transformation and innovation.
- In 62% of cases, this is a senior employee
- In 65% of cases, this person isn’t a digital or technology specialist
- Just 25% of respondents have a well-established data strategy that enables the right datasets to be captured and analysed.
From this survey data, it’s clear that property managers know that they need to digitally transform, but may be at a loss on how to start. This can be achieved through undertaking the following advice in smart building management.
Smart lighting controls allow building managers to control their building’s lighting remotely. Examples include:
- Installing occupancy sensors so that lights switch on and off automatically as people enter and exit rooms
- Controlling lighting colours and temperatures according to the time of day, the purpose of the room or other environmental factors
- Setting automatic shut-downs and power-ups at certain times of the day
These smart controls can save a lot of energy and create a more comfortable and productive working environment.
Smart heating and cooling systems help property managers to save energy, and thus save money and work towards carbon and environmental targets. With temperature and occupancy sensors, a smart HVAC system can control the temperature of a room or building in line with the desired comfort levels, space usage and energy-efficiency—without the need for manual intervention.
Smart water safety
Demonstrating Legionella compliance is an important, yet potentially time-consuming activity for building managers. In a manual system, an assigned person will need to run the water from each outlet in the building and take and record the water temperature at regular intervals. These records need to be kept for a period of at least five years. A smart, automated water temperature testing system takes the hard work out of maintaining Legionella compliance and mitigates the risk of Legionella bacteria infection.
Smart fire safety
The maintenance of fire safety equipment is a critical safety requirement for facility managers and building owners. However, the process can become quite overwhelming due to the extensive compliance and reporting requirements. Using smart technology to automatically monitor and manage fire safety service and maintenance activities is key to streamlining this process:
- Smart level sensors can monitor and report on the levels of fire extinguishers
- Automated record-keeping reduces the risk of human error or misplaced paperwork
- Smart maintenance schedules ensure that fire safety equipment is working properly
- Fire safety measures can be set to auto-deploy if the risk of fire is detected
- Instant alarms and messages alert managers immediately to any potential fire danger
Smart utility monitoring
Automated meter readers (AMRs) and smart meters are able to read electricity, gas and water consumption data in real time. By remotely monitoring utility consumption data, property managers can identify wastage and potential efficiencies, implementing changes for long-term savings—all without the time and inaccuracy of taking manual readings.
Another major benefit of access to accurate real-time utility consumption data and reports is simplified sub-metering. At all times, and from anywhere, the property manager will be able to pull the consumption data from individual tenants, allowing for greater accuracy and ease of invoicing.
Working as a smart solution
The uses of smart technology mentioned above are just a few of the many ways that the Internet of Things (Iot) is merging the physical world and the digital realm in buildings around the world.
All of the smart technology applications in this article are enabled by installing sensors and tags onto different assets and connecting them via a central network, ultimately bridging the gap between the physical and the digital world. All data can be viewed on a central, cloud-based dashboard, which is key to helping managers to benefit from big data analytics. Real-time data enables both monitoring capabilities and smart automation, with instant alerts triggered according to predefined parameters.
In summary, the benefits of smart technologies for the property industry include: greater efficiency, less reliance on human resources, compliance with local regulations and obligations, convenience and comfort for tenants and residents, higher property valuation, cost-savings and the potential for improved profitability.
“Hiring smart” means hiring “smart”— new technologies that are bringing property management into the future.