by Wifiplex | Aug 6, 2024 | Blog, Blog, Blog
As technology continues to evolve, multifamily property owners and operators are increasingly looking to integrate smart solutions into their buildings. These advancements can enhance resident satisfaction, streamline operations, and boost property value. Here are six crucial factors to keep in mind when adding technology to multifamily properties:
- Resident Expectations and Satisfaction
Modern residents have high expectations for technology in their living spaces. According to a recent report, 82% of apartment operators noted that residents’ expectations have risen, particularly regarding in-unit technology like Wi-Fi, smart locks, and thermostats. Meeting these expectations can significantly improve resident satisfaction and retention, ultimately reducing turnover costs.
Real-Life Application: Consider implementing a resident app that allows tenants to control their smart home devices, pay rent, and submit maintenance requests all in one place. This not only meets their tech-savvy expectations but also simplifies their daily lives. Plus, who wouldn’t want to control their thermostat from the comfort of their couch?
- Access Control and Security
Implementing smart access control systems is essential for enhancing security and convenience. App-based access solutions allow residents to grant temporary access to guests and delivery drivers, reducing the need for physical keys and on-site staff for lockouts. Security camera systems and suite smart door locks not only boost security but also add a layer of convenience that residents appreciate. Leak detection system can also help to bring peace of mind by preventing leaks to cause costly damage to the building and units.
Real-Life Application: A property in Montreal recently integrated a smart access control system that allows residents to use their smartphones to enter the building and their apartments. This system also provides temporary access codes for guests, and service providers, enhancing both security and convenience. No more hiding keys under the doormat!
- Energy Efficiency and Sustainability
Integrating energy-efficient technologies can significantly reduce operational costs and appeal to environmentally conscious residents. Smart thermostats, energy-efficient lighting, and automated HVAC systems can optimize energy use and lower utility bills. Additionally, sustainable practices such as solar panels and water-saving fixtures contribute to a greener property, which can be a strong selling point for potential tenants.
Real-Life Application: A multifamily property in California installed solar panels and smart thermostats, resulting in a 30% reduction in energy costs. The property also received positive feedback from residents who appreciated the commitment to sustainability. It is a win-win for the planet and your wallet!
- Community Wi-Fi and Connectivity
Enhancing Resident Experience with Managed Community Wi-Fi. Offering managed community Wi-Fi can significantly elevate the quality of life for residents. Imagine a smart Wi-Fi network seamlessly covering the entire building and providing reliable internet access:
- Resident Satisfaction: When residents have access to fast, dependable Wi-Fi, it positively impacts their daily lives. Whether they are streaming content, working remotely, or connecting with loved ones, a robust network backbone enhances their overall experience.
- Additional Revenue Stream: Beyond resident satisfaction, managed community Wi-Fi can be a financial boon for property owners. By providing this service, you create an additional revenue stream. As more residents choose your property due to its superior connectivity, your bottom line improves.
- Increased Property Value: Multifamily Wi-Fi specialists are your secret weapon. Their seamless installation process not only ensures reliable connectivity but also delivers the best return on investment in real estate. Once the turnkey system is in place, your property’s economic value sees a notable boost—approximately $9,000 to $10,000 per unit. This increase directly contributes to the property’s overall worth.
- Minimal Effort for Property Owners: The best part? After installation, property owners have little to worry about. Wifiplex manages and services the Wi-Fi network for tenants and operators (including Legal), allowing you to focus on other aspects of property management.
So, consider investing in managed community Wi-Fi—it is a smart move that benefits both residents and property owners alike!
Real-Life Application: A property in Toronto implemented a managed smart community WiFi system that offers high-speed internet to all residents. This service is included in the rent, and residents have reported higher satisfaction levels due to the reliable and fast internet connection. Because let’s face it, buffering is nobody’s friend.
- Enhancing Customer Service to Tenants, Building Operators and Owners
Great customer service is crucial for supporting tenants and building operators/owners. By leveraging technology, property operators can provide exceptional service that meets the needs of modern residents. Communication between tenants and operators use to be complicated. In the last years, some Apps for smart phones started to be created and helps. Supporting building operators and owners with the right technology can streamline operations and improve overall property management. And at the end of the day, tenants and operators are happier.
Real-Life Application: Implementing a Wi-Fi/Internet network throughout the building will significantly enhance the operators’ experience. This service will streamline showcasing demo units, building services (like car chargers), customer services, concierge, package deliveries, resident inquiries, and even amenity bookings.
Additionally, a dedicated customer service app will enable residents to easily communicate with management through pictures, videos, texts, calls, report issues, and receive timely updates.
A comprehensive property management software that integrates all aspects of building management, from maintenance scheduling to financial reporting, can improve efficiency. This software provides real-time data and analytics, helping operators make informed decisions and optimize property performance.
It is like having a personal assistant for your building!
- Return on Investment (ROI)
When considering modern technologies, it is important to evaluate the potential return on investment. Factors such as budget, resident demographics, and the specific needs of your property should guide your decisions. Technologies that improve operational efficiency, reduce costs, and enhance resident satisfaction are in fact future proofing your building and likely to offer the best ROI.
Real-Life Application: A Vancouver-based multifamily builder made a calculated move: investing in a cutting-edge smart building Wi-Fi system for their 128-unit apartment complex. The results were impressive—a $1,221,000 increase in economic value, just in time for refinancing. They raised rents by $50 per unit, including internet/Wi-Fi services throughout the entire building. Beyond connectivity, the system efficiently managed security cameras, thermostats, and maintenance. Within two years, the investment paid for itself through increased rents, energy savings, and streamlined operations. A smart decision indeed!
By focusing on these key areas and incorporating real-life applications, multifamily property owners and operators can make informed decisions about integrating technology into their buildings. This approach not only creates a more attractive and efficient smart community for residents, but also supports the overall success of the property.
Unlock Seamless Connectivity and Boost Property Value!
Discover the power of managed community Wi-Fi and the technologies your residents crave. Whether you are a property owner, operator, developer, or investor, it is time to embrace the future. Reach out to us at 1-888-777-9778 or drop us an email at sales@wifiplex.ca. Visit our website https://wifiplex.ca/en and let us transform your property into a smart, connected haven.
by Wifiplex | Jul 16, 2024 | Uncategorized
🌟 Wifiplex: Pioneer in Technology for Smart Multi-Residential Buildings 🌟
At Wifiplex, we don’t just see multi-residential buildings as living spaces, but as dynamic ecosystems where technology, community, and sustainability come together to create a secure and exceptional environment. Here’s how we are shaping the future of multi-residential living:
🏢 Smart Communities: We believe in the power of social connections. Our technological solutions promote interactions between neighbors, community events, and shared spaces. Why? Because a strong community is the key to a fulfilling multifamily living experience. Imagine residents who know each other, support each other, and share moments of conviviality. At Wifiplex, we help create these connections.
🌿 Sustainability at the Core of Our DNA: Our commitment to the planet is deeply rooted in our DNA. We design our technologies to reduce energy consumption, minimize waste, and encourage sustainable practices. Our equipment is among the most durable in the industry. Smart sensors can monitor electricity consumption, optimize lighting and heating/cooling, and contribute to a greener future. We think globally and act locally.
💡 Smart Electricity Savings: Each residential unit is a link in our smart technological network. Electricity is a special topic that will increasingly be on the lips of all investors in the coming years. Our solutions optimize electricity consumption without compromising comfort. Imagine lights that turn off automatically when you leave a room, thermostats that adjust the temperature based on your habits, and concrete energy savings for residents, owners and common areas. That’s smart electricity savings.
🤝 Social Inclusion and Circular Economy: Inclusion is at the heart of our mission. Our technology facilitates access to information, services, and communication for everyone. Whether you are a young professional, a family, or a senior, Wifiplex connects you. Additionally, we extend the lifespan of technological equipment by encouraging the circular economy. Less waste, more sustainability, and monthly savings on essential services.
Join us on this journey towards smarter, more sustainable, and more human multi-residential living in a happy and united community! Together, we are building a world where technology serves humanity and the planet. 🌎🏘️
#Wifiplex #Technology #SmartMultiResidential #MultiResidentialLiving #Innovation #Sustainability #Community #CircularEconomy #MultiResidential #BetterConsumption #EnergySavings #ResponsibleEnergy
by Wifiplex | Jun 17, 2024 | Uncategorized
In recent years, rent prices have surged past the growth of the stock market, capturing the attention of savvy investors. If you’ve been following financial news, you might have noticed that while the stock market has its ups and downs, the rental market has been on a consistent upward trajectory. This trend has profound implications for real estate investors looking to maximize their returns.
Rising Real Estate Prices and Construction Costs
Real estate prices have been climbing steadily, driven by high demand and limited supply. According to recent data, home prices have increased by over 15% in many markets over the past year alone. At the same time, construction costs have also seen a significant uptick. The price of building materials like lumber, steel, and concrete has skyrocketed, making new construction projects more expensive than ever. This combination of rising property values and higher construction costs is reshaping the real estate landscape.
The Permit Puzzle
Adding to the complexity, obtaining permits for new construction has become more challenging. Many cities are experiencing delays in processing permits due to increased demand and staffing shortages. These delays can slow down development projects and further tighten the housing supply, contributing to the upward pressure on prices. For investors, this means navigating a more complex regulatory environment, but the potential rewards are substantial.
Why Rent is Winning
So, why is rent growing faster than the stock market? The answer lies in basic economics. As home prices and construction costs rise, many people find it more affordable to rent rather than buy. This increased demand for rental properties drives up rent prices. Additionally, the flexibility and convenience of renting appeal to a wide range of demographics, from young professionals to retirees. For investors, this trend represents a golden opportunity to capitalize on the rental market’s growth.
Enter Wifiplex: Boosting Income for Multifamily Investors
This is where Wifiplex comes in. At Wifiplex, we help multifamily property owners and operators increase their income by providing high-quality internet services to their tenants. By separating the internet connection and distributing it to individual apartments, we enable landlords to offer a valuable amenity while boosting their bottom line. On average, our clients see an increase of $50-$60 per unit per month in rent. It’s a win-win situation where tenants save money and you get to boost your cash flow and economic value.
The Future Looks Bright
As rent prices continue to outpace the stock market, the future for real estate investors looks promising. With rising property values, construction costs, and very high demand for rental units, now is an excellent time to consider investing in multifamily properties. And with Wifiplex by your side, you can enhance your investment even further, increasing both your income and your property’s appeal to potential tenants.
Ready to take your real estate investments to the next level? Contact us at Wifiplex today and discover how we can help you maximize your returns and stay ahead in this booming market.
by Wifiplex | Jun 11, 2024 | Blog
Wifiplex difference
Our solution focuses on return on investment for the multi-unit building owner and savings for tenants.
For the owner, we transform existing buildings and new constructions into smart multifamily buildings. We don’t just install the internet in the apartments, we install the technological backbone for the entire building. In this way, we can provide internet not just in the apartments, but throughout the building, meeting the demand of 72% of tenants for optimum connectivity in their living environment.
We provide internet and wifi coverage in all areas of the building (gym, pool, terrace, common area, lobby, indoor and outdoor parking, etc.), creating smart community. This approach then enables us to integrate other technologies such as security cameras, smart intercoms, electric car charging stations (which, by the way, requires wifi), smart keyless apartment door handles/locks, residential phone and TV services, water leak detection systems and all future technologies that will emerge in the next few years that will certainly need internet and wifi. This approach sets us apart from conventional suppliers.
By supplying the entire building centrally, our solution pays itself more quickly. In fact, only 1 powerful internet link (dedicated internet line) is required for the entire building, as opposed to 1 small internet link in each home with traditional internet providers.
The more units in your building, the more cost-effective our solution becomes for your optimization project.
Here’s an example of a 24-unit building, illustrating the difference in profitability between Wifiplex and what traditional providers have been doing since the 2000s without updating:
Case study of 24 appartment building
All included
$296/month
- (200$ for 24 units + 24 Service fee)
Internet feed
$35/month/unit
Difference between the 2 solutions
$544/month
Net Income Multiplier (NIM)
20
Additional refinancing amount
$130560
- (Difference X NIM X 12months)
In both scenarios, your tenants will enjoy the advantages of having Internet access. By selecting the appropriate provider, you’ll enhance the Economic Value (EV) of your building. With Internet availability throughout the premises, your building becomes more appealing, allowing tenants to save on an essential service. Moreover, you’re future-proofing your building by enabling the integration of new technologies over time.
Frequently asked questions
Will security be good enough to protect my tenants?
Security will be better than your tenants’ usual security because our computer network specialists will manage your building’s network, we don’t leave any easy-to-hack passwords and we update our equipments and servers frequently to stay on the cutting edge of security.
Who takes care of customer service once the equipment is installed?
Wifiplex handles customer service for both owners/managers and tenants. Our 7/7 Canadian call center is the point of contact by phone, online chat and e-mail.
How long does it take to get my building up and running?
For an existing building, it can take between 2 and 4 weeks from the time you accept your quote. For new buildings and those under construction, we will work with the builder to ensure that everything is up and running when the first tenants arrive.
What Internet speed will my tenants have?
Our specialists will make sure your tenants don’t run out of Internet by suggesting a speed for the building that will last for years to come. Your tenants won’t run out of speed and will be able to use unlimited Internet 24/7.
I have different buildings of different sizes. How do I know what equipment will be needed to cover the entire building with Internet/Wifi?
Our specialists can look at your plans and go on site to suggest the best practices for covering all your buildings according to your needs. We’ll take care of you to make the experience as smooth as possible.
Do I have to use your customer service?
Our customers don’t want to have to answer calls from tenants with IT questions, and that’s why they do business with us. Our specialized multifamily response team will provide full service to your tenants for a small monthly fee, which is paid by your tenants. Responding 7/7 to tenants is essential to keeping your tenants happy with this essential service!
by Wifiplex | Jan 8, 2024 | Uncategorized
The multi-residential Internet network is a technological solution offered by WifiPlex. It’s the only state-of-the-art, dedicated Internet network designed to supply multi-family rental properties only (in Eastern Canada), and it’s also highly secure. This solution enables builders and owners to provide high-speed Internet access to their tenants, transforming their multi-dwelling building into a smart building for the inclusion of other technologies.
Wifiplex or another internet provider?
For your multi-residential building, the usual internet providers in Canada will sell you 1 internet connection per unit, plus 1 extra for your common areas. To understand the difference between their internet system and Wifiplex’s, here’s an easy-to-understand real-life example from 2024 for a 32-unit building:
Usual Internet provider: $35/month/unit + $95/month for the Internet in your common areas with a 5-year contract: ($35/monthx32 units)+$95: $1,215 x60 months: $72,900
Wifiplex Internet: $270/month for all units and common areas +$4/month/unit for technical service over 5 years: ($4×32)+$270:$398 x60 months: $23,880
A monthly saving of $817/month and therefore, in major centers, an economic value (EV) of $196,000 more simply by choosing Wifiplex instead of the usual Internet providers. When you refinance, you’ll have a large part of this amount in your bank account, so you can continue to grow your real estate portfolio.
So in short, over 5 years, you’ll save $49,020 just in recurring costs simply by opting for our Wifiplex Internet network instead of one of the usual well-known providers. Less equipment will be needed, which reduces ESG and helps respect the environment.
Independent and priority
The network is designed to be completely independent, secure and powered by suppliers who provide fiber optic links between Europe and the Americas (transatlantic), between Canada and the United States, other countries around the world, and several datacenters around the world. Our internet is therefore called dedicated internet, and is not shared with neighboring buildings in your area, as is the case with regular internet providers. So at peak times, speed is guaranteed for your building and your tenants. No one is immune to breakdowns or outages. In the event of a problem or outage, our Internet is restored first, before any of your neighbors on shared Internet lines. This reduces the time it takes to resolve possible outage, and means greater customer satisfaction.
The Wifiplex Internet network for multi-unit buildings is also quick and easy to install. Every day, our technicians install new multi-residential buildings. Our Internet network is currently available in cities in Eastern Canada. Speeds can also be increased as needed, often within the same day.
Unrivalled advantage
It also lets you link several buildings belonging to the same owner, so you can manage them as if you were on site in all your buildings at once. This is a major technological advance, and a very practical way of accelerating the different technologies installed in your IPMs. Once your buildings are connected to our Internet network, you’ll be able to view your security camera, intelligent intercom and other systems as quickly as if you were physically present in each of your buildings. So you can optimize the time of your management teams.
In addition to providing high-speed Internet access, the multi-building Internet network offers other advantages. For example, it enables landlords to reduce their tenants’ Internet costs, increase the economic value of their building, and monitor their property with security cameras and entry intercom systems. It can also transform even the most outdated buildings into intelligent ones. You’ll be able to offer residential telephony, TV service and soon other equipment that will improve the energy efficiency of your building’s various systems, including your thermostats and switches. Once your building is powered by our Wifiplex Internet network, there are no limits to the technological optimization of your ILM.
The multi-residential building Internet network is an innovative technological solution that offers many advantages to building owners, builders and their tenants. If you own a multi-family rental property, we strongly suggest that you consider this solution for providing high-speed Internet access to your buildings.
If you have any questions, please contact us directly.
