In today’s world, billions of connected devices, from smart vehicles to smart meters and even electric scooters, generate ever-increasing quantities of valuable data. By using data from devices, many businesses have started to look at new business models like delivering their products as a service to attract new customers and help reduce costs.
As for real estate, today’s rental market is hyper-competitive. No longer are luxury amenities, like spa services and high-end kitchens are enough. In order to future-proof their properties, developers must find new ways to attract and retain tenants.
Smart home adoption has established a foothold among almost 20 percent of U.S. broadband households, the majority of which are homeowners. The highest level of purchase intention for smart home devices is expressed by young adults in the millennial generation (40 percent), many of whom live in apartments and rental properties.
The development of smart home applications for the unique lifestyle situations of apartment renters and building owners will help bring sought-after technology to the one-third of U.S. consumers who are not homeowners. Developers can attract a greater number of prospects and more quickly rent their properties for a premium by offering advanced IoT functionality.
IoT as a Service (IOTAS)
IOTAS, which stands for IoT as a Service, is a Portland, Ore.-based developer of a smart home platform for the rental market. The company enables property developers to easily and quickly install smart outlets, switches, thermostats, door locks, sensors and more by streamlining the set-up and deployment process. With this premium offering, building owners and operators can attract new tenants and premium rents, while lowering utility and management costs.
When a renter moves in, they download an app that gives them a floor plan of their apartment and control of all of its connected devices. There is currently 10 pre-set automation on the app, including “good morning” and “welcome home” settings that trigger certain functions when a person walks in a room.
Reduce Energy Cost and Adapt to Behavior with Machine Learning
The IOTAS platform can be installed during construction or retrofits. By placing IOTAS Connect hubs in each unit and common spaces, IOTAS will enable developers to reduce their overall energy costs and control vacant units with a touch of a button from the dashboard. IOTAS also allows them to track potential water, heating/cooling, and electrical issues, so maintenance can address them before they become widespread problems for tenants.
A technology agnostic device, the IOTAS Connect hub drives the entire smart home ecosystem, controlling products from Honeywell, Nest, Echo, Schneider, and GE, as well as outlets, lights, thermostats, sensors and locks from a growing list of other vendors. IOTAS Connect supports automatic pairing and provisioning with these devices, delivering a turnkey process that allows new residents to be up-and-running and controlling their apartment with the IOTAS smartphone app in a matter of minutes. With advanced machine learning capabilities, IOTAS Connect can over time adapt to resident behavior and fully automate energy savings initiatives.
More Connected Home by using IoT
While some industries can be slower to embrace new technologies, the real estate sector is quick to adapt to consumer preferences. This proves that the real estate industry wants differentiation.
IOTAS Connect not only achieved differentiation, it meets the needs of developers, property managers and renters alike, digitizing the entire property and giving them all the control they individually desire. With today’s IoT technology, we now have the ability to addresses the challenges property developers and owners face when trying to deliver the complete connected home experience that today’s technology-savvy renters wanted.