Renting a place is not only about having a roof over our heads. Not any more.
Today’s tenants look for top-notch amenities, patios and pools, around-the-clock security, roof terraces, gymnasiums. And property developers are fighting the war to put out the properties with anything that adds an extra oomph in the property’s appeal. But why is it that property managers, owners and builders are still not seeing the massive opportunity of In-Building-Wireless (IBW)?
IBW is not only a great magnet to attract the mobility-loving modern tenants, but it also increases the profit and boosts the property value. On the retrospect, poor IBW is also one thing that forces the same tenants to move out regardless of how fine the property may be. After all, wireless has become a fifth utility, and the ubiquitous network, indoors and outdoors, has become an expectation.
Most of your tenants’ modern day needs now hinges on mobile connectivity, and being a technology-advocate in this tech-centric world will only bring in more tenants in the door.
IBW may not be a direct and tangible ‘amenity’ that makes the tenant sign the contract, but the lack-thereof will certainly be one that will make them never renew it, or worse, break one. Lack of a solid IBW infrastructure is often cited as the increasing factor in the tenant turnover, and this does not only result in the turnover itself. In a world where online reviews are accessible for almost every possible item, people now check reviews before buying a bucket in amazon. So when an annoyed tenant leaves the building, they’ll leave bad reviews - and these reviews can be detrimental to the future prospects.
Having to run for the nearest window or balcony to take or make calls, or having to struggle to even send and receive emails or browse the web will be a straight fire way for the frustrated tenants to kiss the building goodbye!
We’re in an era where seeing one or no bar signal makes us feel like we’re in the stone age. And poor or no IBW is not simply a lack of a ‘good-to-have’, but detrimental to our living.
A research done by Global Workplace Analytics shows that:
- 50% of the U.S. workforce holds a job that is telework compatible;
- 80%-90% of the U.S. workforce says they’re keen to telework at least part time, with 2-3 days being the sweet-spot;
- Fortune 1000 companies around the globe are already entirely revamping their space because most of their employees are already mobile, and not at their desk 50-60% of the time;
This shows that our homes have now become our offices. Our apartment lobbies have become our ‘common area’. Our patios and balconies are our phone booths. And yet, if building managers and owners can still not realise the opportunity in this space and make IBW a core element of their offering, then they’ll soon be very much behind the game. Yes, despite the location, the charm, the building, and all its modern-day amenities!