The real potential of the IoT in multifamily

The future of the Internet of Things realized.

The Internet of Things (IoT): a connected world.

It’s an interesting concept, a world in which every piece of technology communicates with the rest for the best possible experience. Except, it’s not a science fiction fantasy anymore. The dawn of this age is already upon us.

20.8 billion IoT devices are expected to be out in the world by 2020, according to Gartner Inc. And McKinsey Global Institute estimates the IoT’s economic impact to be valued at $11.1 trillion by 2025.

Think about it, we’re already highly connected. We can already lower our thermostat, lock our house, find our car, order a meal, check our credit score, or monitor our children. All from our phone. And we’re not even at this concept’s final form.

So, what does an IoT era look like practically? What are direct benefits of its eventual realization? In order to address this, we’re using our favorite market as an example: multifamily.

We’ve been talking about how buildings need to get smart for a while now, especially apartments. But, what’s the real danger?

Well, think about it. Everything in the world is growing connected. If apartments don’t start updating for smart technology, they’re quickly going to be left behind. Technology that gives consumers access to data and the ability to leverage it is everything now. If apartments can’t live up to that expectation, they’re going to lose renters.

What do I mean when I reference “smart” technology? The answer: sensors. Sensors that collect data, and allow users to make informed, efficient decisions.

The apartments of the IoT era have lights and HVAC that know when the most traffic will be experienced in the building, and function accordingly. These apartments track their energy use, and know exactly where every dollar and cent is being spent. The appliances of these apartments send their own maintenance requests, instead of requiring someone to check on them habitually.

That’s the benefit of fully realized IoT: pure efficiency and leveraged data. Empowerment through knowledge and access.

No wasting time manually walking the property. No scratching your head trying to figure out where money is being wasted. No losing time trying to gather data in order to use it to its full potential. The future of the IoT in multifamily is money saved, knowledge acquired, and data leveraged.

And that’s what we’re about.

When the IoT era — which has already begun — becomes fully actualized, we will be standing alongside the buildings that made the transition to a smarter, more efficient way of doing.

The question is, will you be with us?