In our last post we wrote about the expectations surrounding the potential impact the Internet of Things (IoT) on the property management industry. The most anticipated benefit of an IoT ecosystem is the massive amount of data that will be produced, and then analyzed by property management companies.
“In turn that data should be able to help property management companies examine customer bases to “reveal patterns in consumers’ housing selection criteria that we simply aren’t aware of right now. … we’ll be able to identify that vast differences in those decision triggers likely exist among those who are opting for urban core versus suburban communities,” according to MultiFamily Executive.
Of course, it’s much easier to write or talk about data mining and analytics that it is to actually do it. We’ve gathered three simple tips for how to get started using Big Data to improve the way you manage your properties.
Before you get started it’s important to keep in mind that not all the data generated by the IoT will be useful. Culling will be necessary. Every company and every property owned by a company is different, with its own priorities. The ability to synthesize the data down in a way that fits a property’s unique needs, energy management perhaps, will be a big benefit.
Analyzing data is good, but analyzing and comparing it against industry benchmarks is better. Determining benchmarks helps you achieve your goals and lets you establish how your company stacks up against the competition. Property management organizations and associations are smart places to search for common industry benchmarks.
Even though the data sources available today are capable of producing a massive amount of data, experts predict there will be even more by 2020. This means the processes and benchmarks you set now in 2016 may need an upgrade five years from now. MultiFamily Executive offers similar advice. “While you may have discovered the best practice to make your property better, be open to the fact that experts are still trying to figure out how to define unstructured data, whose evolution makes the process even more difficult to pinpoint.”
The idea of implementing a comprehensive Big Data analytics strategy is intimidating, but it can be done. Easing into the process and taking advantage of an continuously improving IoT ecosystem and new property management software should turn a seemingly impossible task into an easily manageable one, sending you on your way to identifying building trends that will make your property management company smarter, more cost efficient, and future proof.