Facilities IoT vs Smart Apartments; What’s the Difference and Why You Should Care
We’ve all heard of “smart” devices. From smart phones to smart TV’s, they’re a huge part of our everyday lives - especially if you’re a current or incoming college student! With our living spaces becoming more and more integrated with these kinds of smart devices, one of the questions that is frequently being asked by property managers is: how can we use this new trend to our benefit and ultimately increase property value and NOI? Let me introduce you to the world of IoT.
IoT (which stands for the “Internet of Things”) applies to a variety of verticals, but in the student housing sector there are typically 2 main categories: Facilities IoT and Smart Apartments. Facilities IoT refers to the devices for which a community’s management team is responsible, either directly or through a third-party vendor. Whereas Apartment IoT (smart apartments) typically refers to items that residents are responsible for and control. However, there is a new hybrid called Managed Smart Apartment Solutions, which blends Facilities IoT and Smart Apartments together into a solution designed for property managers and owners.
With a managed smart apartment, you get a more centralized solution through a supplier partner, such as TrustHab, that provides smart devices in each apartment and easy access for both management and residents. With our current managed solution, if you use smart thermostats for example, not only will you see increased energy efficiency but also the ability to focus on preventative and proactive maintenance - rather than reactive. Property managers can easily access a portal for their community that tracks and analyzes data in real time and alerts you to potential issues.
Using a managed smart apartment solution is a win-win for everyone. Millennial and Gen-Z residents get the smart tech they expect in a living environment, property managers and maintenance staff see increased efficiencies through saved time and improved workflows which will directly increase your property’s NOI.
Have questions on how a managed smart apartment solution could work for your property? Feel free to contact us to start your free trial of TrustHab!