By Annie Manfredi
In recent months, the COVID-19 pandemic has completely changed the dynamics of business. Instead of commuting, for example, about 4.7 million U.S. employees now work from home at desktops set up anywhere from home offices to spare bedrooms to their kitchen counters. IoT technologies make it possible; even on the national stage, thanks to Zoom and other technologies, delegates all over the U.S. at the first virtual Democratic National Convention were linked by one barefoot man in his family room.
All this decentralization of gathering demonstrates how much there is to be gained from the remote work model. The challenge for multifamily property owners is: How can we power that model for our tenants?
5G Is the Future
At RealtyCom Partners, we think 5G is a great opportunity and will provide immense benefits to the work-from-home (WFH) generation, as well as generate significant revenue and increased value for multifamily property owners’ portfolios.
RealtyCom’s Annie Manfredi recently spoke to Rick Varnell, Partner at 5G LLC (a leading provider of cutting-edge technologies and services) about these benefits.
“In today’s world, we rely on our ability to connect heavily,” said Varnell. What’s more: “Working and studying at home, and reliance on the smartphone and device experience, will continue to grow exponentially.”
Even before the pandemic, 5G LLC’s data showed that “devices in use by individuals has grown by tenfold over the past three years, and – from our internal studies – the residential living demand for wireless connectivity has astronomically increased from a top 10 to a top 3 priority since the start of the year.”
The Power to Zoom
With the advent of Zoom Room culture and the IoT tech required by the WFH generation, Varnell applauds that “live broadcasting is now something you can do from your own home.” He expects that apartment residents will demand a 5G experience as new technology amenities become an essential part of daily living. “Videoconferencing has been a difficult task for many,” but with a 5G network, “you can expect less buffering, fewer challenges and have more people connecting at once than ever before.”
With its increased bandwidth, 5G will make logging into and stay connected to VPNs (something that’s been the bane of many WFH employees) faster and easier. One main objection of employers, that home offices are vulnerable to cyberattacks and other security issues, remains. But perhaps necessity will be the mother of invention; said Varnell, “We also see security on those systems, in particular for those working from home, will be essential and drive the need for a standards authority to ensure network and product cyber safety as businesses extend their network footprint to people’s residences.”
99 Percent Want to Keep Working from Home
What’s certain, however, is that almost all WFH employees – that’s 99 percent – love working from home and want to continue doing so. Concluded Varnell, “5G touches many aspects of tenants’ lives and will become even more meaningful in decision-making for tenants.”
While RealtyCom Partners is optimistic about the opportunities for 5G in the MDU space, we recognize that there can be significant challenges to overcome that can vary from property to property. This is why RealtyCom Partners works with 5G, LLC and other industry experts to provide advice, guidance and solutions to these challenges. Please contact us at info@realtycompartners.com with any questions.
