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How landlords and tenants can benefit from IoT

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As adoption of IoT surges, we explain the tangible benefits landlords, tenants and registered providers can gain from this technology.

There is no doubt that The Internet of Things (IoT) is changing our lives, with consumer IoT products such as Hive and Nest now common place within homes. It is therefore no coincidence that it is now an emerging force in the housing sector.

Whilst many early adopters focused on energy efficiencies and temperature usage, application is now being widely extended, with data integration becoming core to business processes and workflows.

One of many key benefits is it can allow the right information, insights and actions to be delivered to the right people at the right time. Consequently, when used to its full potential, it can free up time and resourcing and save money.

 

In Social Housing

IoT can contribute significantly in helping local councils and housing association satisfy their responsibilities and duty of care to tenants.

In addition to facilitating operational efficiencies and safeguarding tenants, they can benefit from substantial financial savings.

In particular, it can provide safeguards to protect the welfare of the elderly and other vulnerable tenants, through its ability to provide non-intrusive, real-time monitoring without constant interaction.

Example housing sector uses

Benefits

IoT deployment delivers benefits for not just property landlords, but also to the tenants and registered suppliers.

For Landlords

  • Greater Control – through real time accurate visibility of property condition.
  • Improved Efficiency – by means of better energy utilisation and improved deployment for resources based on real time data.
  • Simplification of Compliance – savings through fewer property visits and automatic collection of accurate compliance information.
  • Protection of tenants and property – through detection of defective and tampering of safety devices such as smoke alarms, carbon monoxide detectors, etc.
  • Carbon impact – enabling reduction in each properties carbon footprint.
  • Improved Customer Service – through predictive maintenance, automatic alerts to potential issues allowing problems and repairs to be identified and rectified early.
  • Healthier Buildings and Tenants – through early warnings of potential issues.
  • Reduced administration – due to automation of tasks.
  • Financial benefits – insurance companies and financial institutions recognising improved property management, which can lead to reduced premiums.

For Tenants

  • Improved customer service and response times.
  • Cost saving from lower energy consumption
  • Improved living conditions by landlords having real-time knowledge of a property’s condition.
  • Improved welfare, particularly for more vulnerable tenants due to risks be automatically detected and alerted.

 

For Registered suppliers

  • An improved and more responsive service based on real-time monitoring and predictive fault detection.
  • Improved resource utilisation and cost efficiencies by a reduction in site visits (including the administrative and arrangement costs).
  • Data analytics to highlight potential issues and spot trends.

Taking the initial step

For businesses that are yet to adopt IoT, this may appear daunting. But it doesn’t have to be.

Barriers to entry have diminished due to: cheaper data storage; IoT device cost reduction and proliferation in type; greater connectivity options; cost- effective applications for different needs; ever improving cloud IoT platforms to easily develop and manage new solutions and a growing range of off-the shelf IoT solutions that don’t need huge amounts of technical expertise to implement.

Further, IoT is a journey with many benefits to be realised every step of the way.

That said, it’s also true that the more sophisticated your strategy and implementations are, the more you stand to gain.

Summary

IoT provides infinite opportunities for landlords to improve management of their property asset, satisfy their responsibilities, whilst at the same time delivering an improved tenant service. The good news is that this can all be achieved whilst benefitting from cost and resource efficiencies.

Finally, benefits can be realised beyond day-to-day operational matters, as the associate IoT data can provide a reliable source for analytics and insights to support medium and long term strategies.

 

About notiria

notiria are specialists in IoT deployment, the enabler for Big Data.

Find out more by: email info@notiria.com or visit https://notiria.com/contact-us/

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