7 Steps to Fostering Tenant Loyalty with Innovative Building Technologies

Innovative building technology has been a hot topic in the real estate realm for quite a bit. The trend gained a substantial boost in popularity due to the COVID-19 pandemic, as more and more businesses and salaried individuals relied on technology to stay afloat. Intelligent building technologies include everything from HVAC (heating, ventilation, and air-conditioning) automation, lighting controls, surveillance and security, and the ability to monitor and manage buildings through mobile applications and intelligent devices.

The technological possibilities are endless for both residential and commercial real estate, and they will only grow with time. Like any other innovation and technological advancement, the goal is to improve the overall consumer experience — in this case, for your tenants. Today, building owners look at smart technology as an opportunity to provide a higher standard of living to their tenants.

From energy savings to optimized building efficiencies, smart building technologies can immensely help you understand and cater to the needs of your tenants. By making the right smart technology investments to improve your tenants' experience, you provide more value to the people in your building and gain a competitive edge over some other buildings in your area. Naturally, that translates into higher revenues. With more satisfied residents in your building, you can expect an increased tenant turnover, more referrals, and, most importantly, higher tenant loyalty!

What Are Smart Building Technologies?

For building owners, smart buildings are managed with a centralized internet-based system. Every vital aspect of the building's functioning is integrated; everything from security, emergency alerts, lighting, HVAC, and more. This dramatically simplifies the hassle of managing the building and the operations within it.

For tenants, smart building technologies make communications and connectivity effortless. They experience a wide range of benefits, including cost savings through smart energy consumption, improved safety through smart fire extinguishers, smart lighting, and much more.

Smart building technology allows buildings to disseminate and exchange information between core systems of the building to create an easy experience for occupants through optimized performance.

There are many different types of smart building technologies. All of these have one common factor, though; they make tenants' lives easier. They make tons of modern and unique amenities possible for occupants and visitors, along with custom solutions for different problems.

All trends related to smart building technology show massive greenlights and a bright future ahead.

The market for smart buildings was projected to grow from 66.3 billion USD in 2020 to 108.9 billion USD by 2025.

The major catalysts for this immense growth will be an accelerating adoption rate of IoT-enabled systems for building management, increased space utilization awareness, higher demand for energy-efficiency and sustainable energy solutions, more regulations, and higher industry standards for luxury and amenities.

Here are 7 of the most important smart building technologies to adopt and upgrade in your building(s) to foster tenant loyalty.

HVAC control

Manual HVAC control systems installed in older buildings can't adjust according to the building's occupancy. There's no place for such inefficiencies in today's world, especially in the fight against global warming and carbon emissions.

One of the examples of smart building technologies is sensors that communicate with the building's HVAC systems. It adjusts to the usage of the building occupants as it varies throughout the day thanks to the real-time occupancy data provided by the smart sensors.

Real-time energy monitoring

Through real-time energy monitoring technology, smart building solutions streamline the way we use power. This yields many positive results such as savings on utility bills and transitioning buildings towards sustainability.

Modern software for managing buildings allows teams to access and analyze energy consumption data in real-time while also helping them project forecasts and define thresholds for the building.

Air quality control

Caring about the health and wellbeing of your tenants will naturally earn you genuine tenant loyalty.

Just like smart buildings help with HVAC systems monitoring, they also help improve the building's air quality.

For this purpose, specialized smart sensors are installed in the building to track indoor environmental factors like heat and humidity.

They also monitor the mixture of gasses present in the building, such as nitrogen, oxygen, and carbon dioxide, etc.

With that data, it helps increase/decrease clean airflow into particular rooms as and when needed without requiring any physical intervention.

Incorporating smart building technologies for effective air quality control will have a hugely positive impact on the health and wellbeing of your tenants.

Software influx

As the word 'smart' suggests, these building technologies have very little to do with hardware. They are mostly software-centric. Property management teams can modernize the oldest of buildings using these innovative technologies.

These software solutions can integrate into the building's current infrastructure of technology. It can also function through cloud-based platforms.

A smart building that adopts cloud technology solutions or IoT can easily implement all of the solutions in this list at scale and conveniently.

An optimized software infrastructure means these technology-based amenities will work smoothly and as desired, and your tenants will thank you for it!

Energy optimization

Smart buildings can optimize the usage of energy throughout the building in many ways.

Systems like lighting and HVAC can switch on and off automatically according to the building's occupancy. Smart sensors can also detect any underperforming hardware that's taking up more energy than usual.

For instance, if the air-conditioning is using up more electricity than it usually does, the system takes note of these through consumption records and data analysis.

These sensors can also highlight the specific piece of hardware that needs to be replaced. This results in cost savings for your tenants and hence has a positive impact on tenant loyalty.

Remote management

Most of the features listed above can automate themselves through a smart building infrastructure without requiring any physical inference.

This allows you to operate these systems remotely for any part of the building. Whether it be access to the building, HVAC, or lighting, property teams can adjust any aspect of the building as and when it's needed.

This improves the overall tenant experience as problems get solved quicker!

Building-wide connectivity

A smart building is only smart if the tenant can communicate seamlessly through all devices and channels. As they take a walk from the lobby to the rooftop garden or lobby, they shouldn't be afraid to lose the signal.

Building-wide connectivity is the backbone of a smart building. Everyone should have uninterrupted access to the fastest and most reliable internet connection, regardless of where they are in the building. It's vital to ensure complete tenant satisfaction in a smart building.

What can MyEListing do to help you improve your experience?

Just like this one, MyEListing has a number of articles that give you insight into commercial real estate and its various aspects. MyEListing is the largest and most comprehensive free commercial property listing site to help you sell your commercial real estate or find your next commercial property purchase.