As property managers explore ways to maintain a competitive edge with their multi-dwelling units (MDU), an internet-ready unit model is sure to come up. This article explores the benefits of upgrading to a connected property for both the property management team and the tenants. For many, the investment rapidly pays itself back in a variety of ways.
Earn Additional Monthly Revenue
Let’s begin with the immediate return on investment of generating additional monthly revenue from each tenant. Tenants will be paying an internet provider anyway, so why not monetize their service for your building?
The average tenant pays between $35 and $80 per month for highspeed internet. With tenants’ growing connectivity needs for work and entertainment, connected properties can meet somewhere in the middle with a cost-effective monthly fee. Consider a flat-rate fee for all tenants that can be added to their monthly rent or a subscription model that is billed automatically to meet varying tenant needs.
- A basic-tier plan for those who have few connected devices and mostly browse the internet at their leisure.
- A mid-tier plan for those who live stream, have multiple connected devices, and work from home.
- A top-tier plan for those who work from home requiring superior connectivity, or who are avid gamers.
Although internet is added to their rent, it’s one less bill to pay each month. Tenants with monthly plans can create an account, add their debit or credit card, and their payment will be automatically processed each month.
Increase Property Value
Raising rent or generating a secondary revenue stream rapidly increases each property’s Net Operating Income, and in turn, the property value. Yes, that’s right—this MDU solution adds financial value!
Once property-wide internet is in place, it can remain with the building for years to come. It’s one of many tech upgrades now being factored into property valuations. It also makes properties and real estate firms stand out from the crowd as innovative industry leaders.
Better Resident Experience
Multi-dwelling unit (MDU) Wi-Fi may initially sound insignificant, but it can have a meaningful impact for tenants. Even before the onset of COVID-19, 93 percent of apartment renters ranked high-speed Internet as a vital apartment amenity. Pre-COVID-19, nearly 5 million Americans worked from home 50 to 100 percent of their workweek, and 62 percent of those aged 22 to 65 worked remotely on occasion. By ensuring tenants have internet the moment they move into their new condo or apartment, property managers can minimize the stress and hassle of their move and minimize disruption to both entertainment and their at-home work schedule.
Each tenant is provided a personal and private link to log in to, allowing them access to your connected property. This means no modem is required in their unit and they will enjoy connectivity from the moment they walk into the building, including common areas such as the gym, pool, and rooftop terrace. If they can’t find their smartphone but are sure it’s somewhere in the building, they can log in to their account on their laptop or computer to view where on the property they left their phone.
It doesn’t matter the demographic of the building, as connectivity is important to everyone. While Gen-Z has never known life without the internet, 70 percent of older adults spend half of their leisure time in front of screens. Middle-aged adults also expect constant connectivity.
Easy Set-Up And Management
Creating a connected property won’t create more work for you. The only thing property managers must do is let their tenants know how to get connected. Setup couldn’t be easier and includes:
- A custom-designed, and deployed property-wide Wi-Fi network.
- Internet connection is provisioned to ensure maximum network uptime.
- Monitoring for network security and connectivity performance.
- A 24-hour user helpdesk if tenants have connectivity questions.
All tenants must do is access the private URL you send them and connect their devices. No need to transfer their internet services, compare prices, or take time off work to wait for the inevitably late Wi-Fi installation. They’ll have internet from the moment they move in and must only log in to each device once. They’ll be automatically logged in every time after their account is set up.
Creating A Connected Smart Property
With property managers always on the move, modern condos and apartments rely on smart technology that must be connected at all times. This may include your security cameras, alarm systems, heating systems, smoke and Co2 detectors, door locks, computers, and employee smartphones.
By connecting devices to an MDU internet solution, buildings can optimize operations and minimize operational costs in a variety of ways.
Property managers can log in anytime to analyze the building’s private IoT devices, analyze overall building internet usage, and even to gain a better idea of how common areas are being utilized. They can even schedule automated tenant notifications, such as sharing the gym rules the first time a tenant visits the gym or alerting tenants at the pool that the pool has closed for the day.
Upgrading to MDU Wi-Fi is an innovative way to attract tenants, improve the tenant experience, reduce operational costs, and increase monthly revenues. It’s an investment that will pay itself back many times over, while meeting the modern tenant’s expectations for connectivity.
Maestro is an MDU Solution created by Datavalet Technologies Inc. We specialize in providing customized connected solutions for apartments, condos, senior living facilities, and for a variety of industry-specific needs.
We invite property managers from Canada and the US to reach out to discuss the benefits of upgrading to internet-ready units and a connected smart property. Let’s get started!