Here are some reasons multifamily landlords should create a “hot spot” at their rentals:
1. Reduce tenants’ monthly internet cost.
You may discover that your residents are paying for high-speed internet. Providing that service would create real, easy-to-understand, value by reducing their monthly living expenses. Each of your tenants could save around $77/month.
2. Cut tenants’ monthly phone bill.
More and more people rely only on their cell phones, but some still use land lines. Your tenants 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 tenants purchased one of these devices, they could save around $27/month.
I use Ooma [affiliate] at my home and love this $200 device – it quickly pays for itself.
3. Eliminate tenants’ TV subscriptions.
Hulu, podcasts, and Netflix are all web-based alternatives to cable or satellite TV. They are accessible from any web-enbled computer or Roku Player [affiliate]. We use Roku at my home – great device. This strategy could save your tenants about $60 – $110/month.
By creating a Wi-Fi hot spot, landlords can create over $150-worth of savings for their residents! This is wonderful for the tenants, but what about landlords?
New Income Streams for Landlords
Landlords can also benefit by doing the following:
4. Increase rents to cover monthly Wi-Fi expenses plus “service fee.”
You’ve just saved tenants 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 tenants a significant amount of money.
5. 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.
I’ve found that prospects get excited when I talk to them about my “housing package” verse my monthly rent rate.
6. Collect commissions from Amazon’s affiliate program.
Amazon pays commissions between 4 and 8 percent. If you notice a lot of Amazon packages at your complex, then you should definitely look into this income stream.
Let’s your residents know that using your Amazon browser helps them avoid rent increases.
If your tenants can’t afford to buy the devices needed to take advantage of your Wi-Fi hotspot, then consider buying an Ooma or Roku yourself and renting the devices to them. That would be a win-win solution proving you’re a Leading Landlord.
If you liked these tips, subscribe to our site and learn about other auxiliary income ideas.