The Ultimate Amenity
It’s no secret that quality amenities play a key role in keeping residents satisfied and happy. But with so many options to choose from, it can be hard to know which amenities will provide the most value for residents, while also adding to your bottom line. When it comes to decisions about amenities, many overlook Managed WiFi as a source of real income, letting major telecom providers reap the profits, and missing out on thousands of dollars of NOI, and millions of dollars in added valuation.
Homebase has helped countless developers and owners flip the script on what’s possible, capturing a portion of the resident’s wallet that was previously going straight out the door. That’s why Managed WiFi should be at the top of your list when thinking about underwriting and adding to your NOI.
In addition, residents are starting to demand more convenience from their WiFi experience. A must-have amenity in the digital age, Managed WiFi allows your team to provide high-speed, move-in-ready internet, while future-proofing your smart property for decades to come.
10 Benefits of Managed WiFi
1. Instant WiFi for residents. Managed WiFi allows residents to access the internet immediately when they move in. Instead of having to call a third-party company and wait for a stranger to come to their home to turn on their WiFi, residents can connect without delay. This seamless move-in experience leads to happier residents.
2. Easy move-in and move-out process. When a resident moves out, their WiFi is automatically turned off. They don’t need to call anyone or return any hardware. This smooth and convenient move-out process allows you to turn over units more quickly.
3. Revenue generation. Offering Managed WiFi provides a great opportunity to create new income. Instead of losing money to an outside Internet Service Provider, revenue from Managed WiFi goes back to your property. This new guaranteed monthly revenue can help boost your net operating income (NOI), potentially adding millions of dollars in valuation for some building owners.
4. Stand out from the competition. By providing instant Managed WiFi, property owners can undercut the competition, differentiate their property, and attract more prospective residents. This can help can boost occupancy rates and streamline the leasing process.
5. Create an internet infrastructure for your entire property. Your Managed WiFi enables connection for smart devices like cameras, smart thermostats, and TVs in amenity spaces. Providing these smart devices can be a huge attraction for residents, who enjoy the convenience of controlling devices from their smartphones.
6. WiFi is the new electricity. It’s needed in office spaces, for guests, for staff, and even during construction. It’s essential for everyone, and providing it as a secure and seamless amenity to your residents will make them appreciate it more and make your property more desirable.
7. Customize your WiFi tiers. Homebase gives property owners the ability to customize the speed and pricing of each internet tier to maximize profit potential.
8. Give residents the ability to change their passwords and instantly share them from the Homebase app. This security feature is not available with the older “bulk” WiFi model that other companies provide. Homebase’s Managed WiFi model gives you the best of both worlds by providing individual private networks for residents, while also creating a seamless property-wide network for staff. This added security and flexibility is especially appealing for residents who have experienced the frustrations of bulk WiFi before, or who need secure networks to work from home.
9. Automatically pause WiFi for non-payment. WiFi suspension automations automatically pause WiFi if residents have not paid after a customized amount of time. Service resumes when they pay. This way, collections are automated, taking one more thing off of your staff’s to-do list. This feature allows property owners and staff to track and forecast incoming revenue without additional work.
10. Boost occupancy with WiFi concessions. Free WiFi credits provide residents with an incentive to sign up, and give staff an easy way to attract new residents without offering free rent. This feature allows property owners to reward their residents without losing profit.
The Amenity that Pays for Itself
To sum it up, Managed WiFi is the ultimate amenity. It provides instant WiFi, makes move-in and move-out easy, boosts revenue, and provides the foundation for an ecosystem of smart devices. It’s important for everyone.
Rather than hoping your residents will value more niche amenities like game rooms, lounges, or rock walls, you can invest in necessary infrastructure that you know your residents will use. Along the way, you’ll increase profit, so the return on your investment is guaranteed.
Contact our Smart Building Specialists today to invest in your community’s future.
Homebase brings the smart apartment experience to new build and retrofit multifamily with trusted technology that delivers intuitive building access control with smart locks, automation of property management, new revenue with property-wide WiFi, and IoT technology amenities residents enjoy. All completely installed and managed for the multifamily innovation leaders of this decade.