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:

 

1.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?

 

2.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!

 

3.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!

 

4.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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

 

5.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!

 

6.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.

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