By creating a Wi-Fi hot spot, landlords can create over $150-worth of savings for their residents! This is wonderful for the residents, but what about landlords?
Here are some reasons Multi-Family Landlords should create “community wide” Wi-Fi at their properties:
- Marketing advantage against your competitors.
Wi-Fi is the way your property will differentiate itself apart from your competing properties. It’s common for every property to have a pool, a hot tub, a fitness center, a business center, etc. It’s not common to have “in unit” Wi-Fi across your entire property.
- New Income Streams for Landlords.
Increase rents to cover monthly Wi-Fi expenses plus “service fee.” Landlords can easily add $40.00 / month into Residents’ leases upon renewal. You’ve just saved residents a significant amount of money, they should have no problem sharing some of the savings with you. This tactic, of course, should be a win-win; allowing you to net a new income stream while saving your residents a significant amount of money.
- Use this value package to differentiate your units and speed lease up.
- Show prospects that your rents are reasonable, especially in light of the monthly savings.
Prospects get excited when you talk to them about your “housing package” verse your monthly rent rate.
What’s in it for your Residents?
- Reduce your Residents’ monthly Internet expenses.
You may discover that your residents are paying for high-speed internet. Providing that WiFi service would create real, easy-to-understand, value by reducing their monthly living expenses. Each of your residents could save around $40 to $100/month depending on where you’re located.
- Reduce Residents’ monthly Telephone Service expenses.
Believe it or not, people still use land lines. Your residents would need to buy devices like netTALK DUO WiFi (less than $20/year) or Ooma (no monthly fee) to place calls over the internet. If your land line using residents purchased one of these devices, they could save around $27/month.
- Eliminate residents’ TV subscriptions.
Hulu, podcasts, and Netflix are all web-based alternatives to cable or satellite TV. They are accessible from any web-enabled computer or Roku Player. This strategy could save your residents about $60 – $110/month