The demand for property technology is at an all-time high, driven by its ability to lower operating costs and increase efficiency and convenience to delight residents and staff alike! In fact, the proptech market is set to skyrocket from a valuation of $19.6 billion in 2023 to $47.8 billion by 2033. As property owners and developers scramble to capitalize on this trend, the integration of new technology has become not just strategic but essential.
In this blog, I’ll delve into the transformative power of upcoming technology and how it can be strategically leveraged to not only enhance properties but also maximize revenue and resident satisfaction.
Why You Should Leverage Tech to Enhance Property Value and Revenue Streams
The integration of new technology enables property owners to enhance their offerings and differentiate themselves in a competitive market. By 2025, around three in five US consumers are expected to adopt smart home technology, which gives forward-thinking property owners the opportunity to start offering smart home tech, powered by a strong connectivity infrastructure, in their properties now.
Smart home add-ons, property staff networks, building systems, and enhanced guest amenities are just a few examples of how technology can be leveraged to maximize property value and resident satisfaction. From intelligent thermostats that optimize energy usage to mobile credential-entry systems that enhance security, modern consumers are drawn to these features.
The integration of new technology also opens up new revenue streams for property owners. Internet services, for example, can be offered as part of an amenity program, attracting residents who are willing to pay for superior connectivity, convenience, and dedicated support resources. By investing in property technology to enhance security systems and streamline operations, owners can reduce costs and increase profitability.
Read more: 4 Ways Property Technology Benefits MDU Owners
The Power of Dual SSID Capabilities and Robust Connectivity
At the heart of every modern property is a strong foundation of connectivity, which enables seamless integration of modern smart home and property technology innovations. Among these advancements is equipment featuring dual SSID capabilities. SSIDs, or service set identifiers, permit multiple secured wireless networks on a single router. This is particularly useful for harnessing the power of connectivity to deliver bulk internet across your property. This technology provides the flexibility needed to adapt to evolving resident connectivity demands and ensure that properties remain future-proofed against technological obsolescence.
A strong connectivity foundation offers numerous benefits beyond just Wi-Fi access. It facilitates smart home integrations, enhances security systems, and optimizes resident experiences. Whether it’s ensuring uninterrupted connectivity for all units in an apartment complex or enabling cutting-edge smart devices in all units, a strong connectivity foundation serves as the conduit through which property owners can deliver value-added services and amenities to their residents and guests.
How to Harness Technology to Maximize Revenue Opportunities
After the economic turmoil of the pandemic and the uncertainty around future inflation concerns in 2024, proptech can be harnessed to maximize revenue opportunities and improve the resident experience. Fast, reliable internet connectivity, for instance, can lead to higher guest satisfaction, positive reviews, and increased occupancy rates. By offering premium Wi-Fi services to residents as a value-add amenity, property owners can unlock new sources of income while providing guests with the connectivity they demand, often at a lower cost than retail services to the resident.
Implementation and Best Practices
Without a reliable, third-party partner like Onboard, implementing new technology in the real estate sector requires meticulous planning and execution for optimal results. Trusted technology partners navigate deployment complexities and ensure alignment with the property’s needs.
Here are some additional best practices for implementing new technology:
- Choose technology solutions that are scalable and can grow with the property’s needs. This flexibility allows for easier adaptation to future changes and expansions.
- Prioritize data security and privacy throughout the implementation process.
- Gather input from residents and staff about their experience with the new technology and use this feedback to make continuous improvements and adjustments.
- Stay informed about emerging trends and developments in the property technology sector.
- Regularly review and evaluate the performance of the implemented technology against established objectives. This allows property owners to measure ROI, identify areas for improvement, and make informed decisions about future technology investments.
Overall, the integration of new technology presents a unique opportunity for property owners to enhance their offerings and drive revenue while delivering value-add services to their residents. By understanding the benefits of upcoming technology, leveraging it to their advantage, and implementing best practices, property owners can stay ahead in an increasingly competitive market. As the industry continues to evolve, embracing innovation will be key to success in enhancing properties, increasing resident satisfaction, and driving revenue in the years to come.
We Can Help
Onboard specializes in end-to-end property tech solutions for owners, residents, and service providers. From unlocking value-added tech amenities to streamlining resident access and property revenue generation, we remove the guesswork with our comprehensive approach. Our ongoing management ensures seamless implementation and resident satisfaction, while our detailed dashboard keeps you informed every step of the way.
Contact us today to see how Onboard can work with the nation’s leading service providers to enhance your property’s tech infrastructure and resident experience.
