Business cases for Real Estate Companies
The added value of IoT is for Real Estate Companies has huge potential. But what can you do with it? In this blog, I describe how data from IoT generates new insights for Real Estate Companies.
Business Cases for Real Estate Companies?
IoT technology solutions enable real estate managers to improve and keep their service levels on par by collecting and analyzing data collected from the sensors. These new insights will give managers a focus on how, when, and where to improve business services. There are many use cases where IoT improves real estate services. Examples are focusing on tenant relationships, operational excellence, or improving the performance of their building assets. Therefore data collected using IoT is vital to monitor and improve the performance of your real estate portfolio.
Predictive analytics & preventive maintenance for assets.
IoT devices monitor business processes to create new insights for important decisions-making, such as prognostic budgeting for upcoming maintenance work of assets. Examples here in The Netherlands are; improved efficiency with IoT-based HVAC and IoT-enabled predictive analytics & preventive maintenance. The business cases for these types of solutions are big, real estate companies have up to 1 maintenance request per apartment per year (De Alliantie, 2021). The maintenance costs are EUR 3136 per year.
Delivery of client-centric services.
Customers are used to on-demand services. While Real Estate companies have no real competition for tenants compared to general businesses, tenants do expect services to be digitized and pro-active. Therefore the insights generated using IoT in buildings can be used to engage and provide proactive services to tenants. Examples are the monitoring of technical installations and benchmarking their performance on power usage and comfort using interactive maps.
If you want more information about the development of business cases, get in touch.