Industry authorities continue to publish new studies every day proving what many apartment owners already know to be true: that fast, reliable WiFi is hands down the most important amenity for attracting residents. Some of the most recent reports rank WiFi and internet above in-unit laundry facilities, and residents name poor WiFi as a primary reason why residents don’t renew their leases. Since WiFi is so clearly ubiquitous, it’s safe to say it has crossed the line from an amenity to an essential utility.
Many business owners are well aware of the value their current and prospective residents place on connectivity, but they may be unaware of the many internet choices available for property owners that weren’t in the market place until now. Don’t leave the potential profits up for grabs. Instead, turn it into your own source of ancillary income by taking charge of your internet offerings.
Do your residents really care?
Overwhelmingly, residents are dissatisfied with their current WiFi and internet providers. Survey results indicate that 81% of MDU residents consider having very high speed and reliable internet as the most important feature when considering an apartment community. Building Design + Construction reported that over 60% of builders included community-wide WiFi infrastructure in their apartment projects within the last 24 months.
In short, yes – residents really care.
But what’s in it for you?
1. Increase in Profit
Until now, Bulk Internet had not been a popular choice among property owners. But with the advent of new technologies in bulk services that or equal to or better than individual service packages, owners are taking notice. Plus, fiber-backed Bulk WiFi has entered the market, allowing property owners to attach their brand to a reliable service with blazing-fast speeds that residents actually love. A superior WiFi service is undoubtedly an amenity – some would say utility – that drive residents to your community.
For more on Bulk Wifi/Internet, check out Epproach’s article, Debunking the Myths of Bulk Wifi in the Greater Wilmington Business Journal.
2. Increase in Property Value
Multifamily investors know that high speed WiFi and internet is a valuable amenity to residents, and prospective buyers will want to take advantage of the revenue stream after a purchase. By controlling your property’s internet infrastructure, you not only create an increased sales value, but you open up a whole new world of profitable opportunities by providing an infrastructure for your property to connect to the the Internet of Things (IoT). According to Multifamily Executive, today’s renters are “61% likely to rent an apartment specifically because of its electronic-access features, including keyless entry doors, and 55% are likely to pay more for an apartment that has “high-tech” door locks.”
3. Greater Retention, Loyalty, and Satisfaction
Take it from a fellow Property/HOA Manager,
“We were a top-rated resort, but we kept reading complaints in our online reviews that our WiFi service was poor. After the Epproach system was installed, there was a big improvement. All the reviews we’ve been getting now show how much the guests really like the superior service.” – Butch Puplava, HOA Manager, Hilton Head Harbor Resort & Marina
Watch the full video here.
4. Easy Selling Point
The Fiber to the Home (FTTH) Council recently released a study showing that access to fiber-delivered internet raises rental values by up to 8%. Property-wide WiFi and internet that actually works is harder to find than you would expect, making it the perfect attraction to set your property apart from competition.
At Epproach, we specialize in Bulk WiFi packages. The communities we service have seen an increase in renewals and net operating income, as well as gained a competitive advantage by providing residents with a reliable Internet solution without the hassle of third-party installations and support. In a world where WiFi is as ubiquitous as water or electricity, “going bulk” with wireless internet service is a no-brainer.
The more you know your options, the easier it will be to make the best decisions for your community. To learn more about Epproach’s Managed Bulk Wifi Solution and other services, visit epproach.net or call (877) 364-5907.