The Internet of Things is More than Just Nest-Deep in Multifamily

Talk to a facilities manager and property manager about the Internet of Things and you’ll probably get two very different perspectives. A property manager may have visions of IoT toys, those smart devices designed to make life a little easier, while the facilities manager might focus on system management. A bigger difference is that the property manager just may get a little overwhelmed thinking about how to leverage devices as leasing amenities because of all the unknowns and costs. Measuring a return on investment might be a little cloudy. That’s a common fear in multifamily today. Video doorbells, thermostats, lighting controls and other apartment bling aren’t cheap. Linking them so they can be effectively managed between resident and property manager is another concern. Their worth and the IoT, however, is more than nest-deep. Attracting residents is one selling point, but the behind-the-scenes IoT is another that’s just as big. That’s a conversation that RealPage Senior Vice President Jason Lindwall recently had with a client over lunch. When a twinkle transformed into doubt over the return on the smart devices, the discussion took a different turn. “The way you really to need to look it is from an asset management perspective, not just an amenity perspective,” said Lindwall, who has more than 24 years of building and developing technology centers. “When you look at it from asset management perspective, there are some significant savings that you can create.” He points to a model of building management systems that commercial real estate properties have used for years. Systems have allowed identification of mechanical issues, better utility management and water leak detection that aren’t always visible. The benefit is driving down management costs as well as extending the life of mechanical systems through proper preventative maintenance, Lindwall says. And multifamily can enjoy the same through...