What is the Internet of Things (IoT) - and how does it help the property industry?

Andrew Cox Aug 22, 2023

The Internet of Things - or IoT - refers to the network of physical objects, devices, building fittings and other items that are embedded with sensors, software and connectivity. This connectivity allows them to collect and exchange data with other devices and systems over the internet and react to their environment. 

IoT is the technology that drives the idea of smart buildings and smart cities, because it turns inanimate objects into a network of responsive devices that allow them to behave differently based on the data they are receiving or outputting. 

In the property industry, IoT devices being established in the market include smoke alarms, carbon monoxide detectors, water leak detectors, and sensors that monitor temperature, energy usage and people capacity in a building.

The benefits of IoT in the residential property industry include:

  • Self monitoring and maintaining

IoT devices constantly monitor their own performance and send error messages back to base in the event of tampering, breakdown, battery and other maintenance issues. They also update their software automatically reducing the number of physical inspections required for maintenance. Effectively, you only need to physically check them when you know they require repairs.

  • Cost savings 

IoT devices can streamline operations by preventing equipment failures and can reduce energy consumption for buildings, leading to cost savings. 

  • Improve safety and security

IoT devices can monitor and alert for safety hazards such as smoke or carbon monoxide detection. They enhance physical security by always being ‘on’ and sending an alert when they are dirty and require cleaning, or broken and requiring maintenance. 

  • Enhanced inhabitant experience

IoT devices can provide better inhabitant personalised and real time services improving the customer experience and increasing customer satisfaction.

  • Improved efficiency and productivity. 

By monitoring their own performance, IoT devices remove the need for costly and time consuming regular maintenance inspections. They also reduce downtime should they break by self diagnosing, shortening repair time. 

  • Better decision making

The data collected by IoT devices can provide insights that enable better decision making and strategic planning

How IoT works in the property industry

  1. Sensors or devices collect data from the physical environment

  2. The data is transmitted to a cloud-based platform.

  3. The data is processed and analyzed using algorithms and machine learning.

  4. Insights and actions are generated based on the analysis. 

  5. These insights and actions are communicated to other devices and systems like your CRM or facilities management system allowing you to take action based on the information received. 

  6. In the event of tampering or downtime, an alert is sent so you can coordinate repairs or contact the tenant or owner. 

Sensor Global is Australia’s leading provider of IoT for residential property. Find out how IoT can make life easier - and safer - in your property by requesting a demo today.

Sensor Global delivers life-saving integration with PropertyMe