IOT-ENABLED SMART PROPERTY MANAGEMENT SYSTEMS

CHALLENGES AND FUTURE PROSPECTS

Abstract

The integration of the Internet of Things (IoT) in property management has revolutionized real estate by enabling smart, data-driven decision-making for enhanced efficiency, security, and sustainability. IoT-enabled Smart Property Management Systems (SPMS) leverage connected devices, cloud computing, and artificial intelligence (AI) to automate operations such as energy optimization, predictive maintenance, security monitoring, and tenant experience enhancement. These systems allow property owners and facility managers to remotely monitor and control assets in real-time, improving operational efficiency and reducing costs. Despite these advantages, the adoption of IoT in smart real estate presents significant challenges. Security and privacy concerns arise due to the vast amount of sensitive data collected from IoT devices, making smart buildings vulnerable to cyber threats. High implementation and maintenance costs also limit scalability, particularly for small and medium-scale property owners. Furthermore, interoperability issues stemming from the lack of standardized IoT communication protocols create barriers to seamless system integration. Connectivity and scalability limitations, especially in developing regions with poor internet infrastructure, further hinder adoption. Future advancements in 5G, edge computing, AI-driven automation, blockchain, and digital twin technology are expected to enhance the reliability, security, and efficiency of IoT-enabled property management systems. The integration of these innovations will enable predictive analytics, automate lease agreements through smart contracts, and optimize resource management. Addressing existing challenges through standardization, cybersecurity frameworks, and cost-effective IoT solutions is crucial for large-scale adoption. This paper explores these challenges and presents a roadmap for the future of IoT-driven smart real estate management.