From cooking and fitness to driving and parking, IoT has found its place in our daily lives, and it would seem IoT tech is here to stay. Fortunately, the changes these technologies have made are pretty incredible and very positive for real estate owners and property management, making it easy to accept such an enormous shift in the way we do things.
As rapid innovation continues with IoT technologies, the results of their combined use are yet to be fully understood. The reverberations of the shift, though, will be felt as an after effect of the sweeping change, the transformation from outdated legacy systems, modes, methods, and tools – to innovative online software solutions in the cloud.
Smart cities are being developed by many individual companies using separate systems that communicate with each other.Â
Market Analysis and Knowledgeable Research
One of the most challenging and logistically confusing daily tasks is parking. Traveling around in cities or unfamiliar neighborhoods, drivers are wasting valuable time and money trying to find the ideal parking spot. At the same time, the home parking garage is still a piece of equipment that has yet to fully be integrated into the digital home.
Whether you’re booking your spare bedroom or an entire investment property, where your guest’s park can make a big difference. Garage space provides a protected and homey welcome, but you don’t just want to leave your garage door hanging open until your guests arrive or make them call you to open it. Multifamily residents currently rely on a non guaranteed reservations for a spot within their garage or guest parking is not even available at the community. Residents also find having to exchange a fob or provide a parking sticker as a means of validation. IoT technology is working together through the innovative cloud and mobile solutions, in order to solve complex logistical issues. The agility and flexibility being offered by the cloud are far preferable to, exclusively, on-premise logistical solutions.Â
IoT technology is working together through the innovative cloud and mobile solutions, in order to create business opportunities and solve complex logistical issues. The agility and flexibility being offered by the cloud are far preferable to, exclusively, on-premises logistical solutions.
Sights On The Future of Real Estate Tech
The IoT is always involved when speaking about smart anything, and almost all technology is smart at this point. Smart parking garages are using monitoring devices to detect vacant spaces, then automatically sharing the data to their own systems and any specified partners.
For instance, the parking garage business may want to automate real-time updates of vacancies to the city’s tourist guide mobile app, or event centers’ apps might want their customers to have access to available spaces.
This isn’t to say that all hardware, paper, and analog systems will be completely eliminated, rather, they’ll be reduced and minimized. SaaS, PaaS, and emerging subscription software are allowing SMBs to streamline, expand, and improve the quality of their work and production – this is hard to ignore. Technology is promising to be the best solution for overcrowded city streets, in the U.S. and worldwide.
Competition in this space has generated an increased awareness from the real estate owners and the providers of these technology stressing their importance for growth. The Future of Real Estate Tech continues to push VC’s and startups in this space for a multitude of reasons. No one has found the key to Pandora’s box at this given junction, leaving the door open for challengers to propel the groundwork needed for the sector’s continued growth and development.
Property Management and Residents Look For Education
The real estate community is using technology in ways that make sense for residents. The advantages and opportunities that innovative cloud and mobile technologies offer are promising to solve parking woes and boost the local economy at the same time. Before, solving parking woes would have meant building more parking spaces, which means cities and/or businesses had to spend money, therefore making taxpayers and consumers pay for it.
The IoT, in relation to smart cities, is the technology and online systems being used to create innovative solutions and solve complex logistical issues, such as parking. For instance, parking spot sensors are being used by parking garages and city governments, in order to inform drivers of vacancies (and owners of non-compliance) and navigate them to the spot – all through their smartphones. Technology and the IoT have even shown to play a positive factor on individual health.
Essentially, what makes IoT technology so powerful is its ability to communicate and integrate with other systems and technological solutions within a city or community. Using cloud and mobile computing technology, combined with the nearly universal rate of smartphone usage, the IoT is creating innovative solutions not possible before. Closing a garage door from across the world through a mobile app is a good example.
Listen To The IoT Parking Expert
Katie Williams recognizes the lack of movement and innovation within the real estate realm. IoT within the private parking/ multifamily properties are newly discovered and emerging – there is a need to revolutionize and disrupt the current trends and inefficiencies with smart real estate technologies and smarter parking.
Katie realizes there is an underutilization of parking assets in the Chicago and surrounding markets. This is evident by poorly managed private garages offering ease of resident-guest experience or lack thereof. She looks to educate multifamily owners, residents, and property managers on the hidden value of their parking and how IoT technologies serve as a tool for the space. They provide an additional amenity in a space that is always searching for the next best thing, with a value-add to aid in boosting their ROI and bottom lines.
Please reach out to Katie if you would like additional information on how these IoT solutions can help your property today!
