Data Collection & The Future of Property Management
The Future of Property Management:
Data Collection
Data is fast becoming an
integral part of property management, and owners and operators are gathering
more information about everything from water and energy consumption to
building-operations systems.
Instead of
just collecting data to gauge energy and resource consumption and
finding ways to save energy, operators and tenants are asking more
holistic questions.
Because companies and
developers are paying more attention to this and looking for ROI and higher
rents, we’ll begin to see, especially on newer properties, more of a focus on
delivering those amenities, which will ultimately deliver a better experience.
Owners want to know more
about how resource consumption aligns with other expenses or aspects
within a building or portfolio to keep energy consumption down. The big Bay
Area tech companies also are demanding data about the buildings they occupy and
are driving changes in the leased environment. This has all led to a
big push for the collection of even more data.
Pulling all these
data points together in one place so that people can have a single view of how
their building or portfolio is performing is a big opportunity for the
industry, but CRE is not quite there yet. The kinds of data consumers want
also differs depending on the environment. Whereas an office user would want to
know how a building impacts employees, retailers may want to know how much they
spend on energy versus what they generate in revenue.
Figuring out how to
connect the dots between the kinds of technologies we’re all deploying and
monitoring and what the influences are on the things that matter to those guys
is also the hardest and the biggest opportunity.
In the past, CRE companies
have had to spend money on hardware upfront and have faith that it will result
in good returns later, but the return on investment and benefits are hard to
prove.
Property tech companies
need to provide easier access to data so everyone, from those in the basement
directly monitoring building systems to those in the C-suite, can use the data
and understand what it means for building operations.
Much of the data being
collected is from small devices and an expanding Internet of Things is creating
more comprehensive data sets. The Internet of Things can not only provide data
on glass, energy consumption and lighting, but also on usage of toilets and
water consumption.
TOTO toilets have flush
valves that act as micro-turbines that spin and store electricity whenever the
toilet is flushed. The data is collected to report on how often urinals,
toilets and faucets are running and measure the exact amount of water used.
Whenever water is flowing at a higher rate, a maintenance technician would be
signaled to check out the toilet to make sure it is not leaking. This is just
one of the many examples of how much more efficient property management reports
are becoming.
This type of data can also
provide consumers with a better idea of overall consumption. This may be in a
large residential project or hospital that can monitor how people use the
space. Companies and developers are more focused on the tenant and
residential experiences, and are looking to apply more tech-enabled
amenities that can allow for smart locks or apps that allow for payments
online. Tenants will pay more for environmentally friendly amenities that they
care about.
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