Community Wifi Services
We’ve discussed digital amenities and new revenue streams here on the blog.
One of them was the value-boosting digital service known as Community Wifi. And it might be far more valuable than you’ve heard. These systems are a new way to grow your HOA or community association, improve services and generate new revenue streams.
Wi-Fi in the community grounds. Image: Resume Genius via Unsplash.
Most landlords, small or mid-market-sized multifamily businesses, HOAs, and community associations are limited to monthly rent/dues which may not be adequate in this era. Looking outside the box to wireless digital amenities and services is the future.
New Wi-Fi-based service packages also help you differentiate your value proposition to residents/members of your apartment building, multifamily development, marina, or HOA/community association. In this post, we illuminate the value proposition and introduce you to some major systems developers who provide white-label managed Wi-Fi-based systems.
More Revenue & Better Communities
While there is practical commercial potential with this, a key benefit is that community-based Wi-Fi systems help bring communities together. From cheap data to home automation to expansive security systems, users feel they’re in a better community. They’re willing to pay more. And that allows you to create service packages to grow consistent revenues.
Additionally, you can operate your community wifi service in conjunction with an association management platform to create a more cohesive experience for your members. Within this system, members are more willing to pay their dues and be engaged with your community association.
Digital Subscription Revenue
While cellular systems you might use now have become dominant, they are overburdened and demand and prices have risen. Consumers in your communities aren’t happy about it.
Wifi 5 and Wifi 6 offer blazing bandwidth volume. Wifi 6 is the latest Wifi bandwidth that can produce up to 9.6 Gbps — astonishing speeds. Tapped into a fiberoptic network and a bulk internet service, an association has an impressive business opportunity for its members.
And as we see here, a community wifi system can replace users‘ higher-priced public cell services. There is a revenue opportunity and a community support benefit. The two new Wifi service markets that are growing are residential Wifi and enterprise Wifi. Residential Wifi will reach $705 Billion dollars in activity by 2025. The trend is clear.
What is Multifamily Wifi or Community Wifi?
A Wifi network is a wireless transmission system that uses remote transmitters called user access points. When these are placed throughout a community and in buildings, users have better access to the Internet. Wifi signals don’t carry far which is why so many access points are needed.
4 Key Benefits of Community Wifi:
- improved security systems
- improved property access and home automation
- lower-cost 24×7 high bandwidth connectivity for residents and members of a community
- improved property and community value
Managed Wifi for Communities
A managed Wifi system gives property managers and community managers centralized control over this service network. And resident can subscribe to a ready-made and branded service without having to install or manage their own Wifi connection.
It’s possible to set this all up yourself, but not advisable given the technological complexity. Instead, you might look to a managed Wifi service provider who can handle the complexity of installing and setting up routers, firewalls, cabling, network switches, and ISP contracts, and optimize its performance and any downtime.
SmartRent, Homebase and Calix for instance, offer solutions for Smarthome services, Smart business solutions for business owners in your communities, and community wifi services. SmartRent has published an informative pdf on the opportunity entitled: COMMUNITY WIFI: A Tactical Guide for the Multifamily Market.
Why is This Exciting and Useful?
In this context, you’re providing value-added services to members thus raising the value of your community association. In fact, net promoter scores rise significantly due to user satisfaction:
Resident Satisfaction by Net Promoter Score. Screenshot courtesy of SmartRent.
Your managed service extends into resident’s homes, serves businesses, and connects your community, kids, teens and adults to enjoy amazing digital connectivity.
Willingness to pay for Community Internet Access. Screenshot courtesy of SmartRent.
What is the Real Value?
Collectively, the value compounds and is limited only by your creativity:
- residents pay $75 a month for internet service and in some areas the bandwidth is poor so they will prefer a better, perhaps lower-cost service
- residents make long-distance calls via their cell phone plans and incur charges — Wifi phone calls make it all free or minimal cost.
- some residents struggle with video meetings via Zoom, or mobile phone Videochats via Facebook because bandwidth isn’t sufficient
- property values rise when these high-speed services are available as residents prefer to live in these Wifi enabled communities and they recommend them to others (net promoter score +12 points)
- good internet service is in demand and residents rate it as more important than covered parking, pet friendliness and TV service
- tiered Wifi plans help access each demographic at their price points
- multifamily investors seek cash flow, low vacancy and appreciation of property values
- improved home access, community access, and security and surveillance systems
- assistance with marketing from providers (e.g., Calix)
- offering convenient Wifi to marina customers gives them the bandwidth they need as they dock or wait to dock
- smart home features such as IoT devices, thermometers and climate control, appliances, lighting
- community associations can differentiate themselves and improve community engagement
The opportunity to build multiple revenue streams for your HOA or Community Association shouldn’t be overlooked. Digital bandwidth access is highly valued by residents/members and connecting your association with that value means you’re more relevant to members.
Such a system can make your community uniquely valued thus members will be more willing to pay their association dues as they won’t want to have their digital services disrupted.
The final dollar value is difficult to weigh for developments/associations of various sizes and types, yet SmartRent indicates their customers recover their system investment within 3 years. For a major business investment, 3 years turnaround is a brief time.
Managed Wifi services are growing fast, because just like SaaS association management software and HOA management software, they provide a foundation for high performance business in the digital era.
Discover more about ManageCasa community association software and how it can help you modernize in 2024.
Call us now at: 415 800 1245 and leave poor management practices behind.
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