by Annie Manfredi
In the near future, 5G connectivity is expected to provide massive capability to carry data-rich solutions, and power many cutting-edge solutions like IOT, autonomous vehicles, intelligent robotics, drone logistics, and more. RealtyCom Partners’ Annie Manfredi recently spoke to Rick Varnell, Partner at 5G LLC (a leading provider of cutting-edge 5G technologies and services) to learn more about how 5G can benefit property owners and operators.
“In today’s world, we rely on our ability to connect heavily,” observed Varnell. “When a new tenant comes to a property, one of the first things that they do is pull out their cell phone and look at how many bars of service they are getting.”
Streaming Is Just the Beginning
Having good wireless connectivity is not just for faster Netflix streaming (although that’s totally a good thing). Today’s tenants are working from home, schooling from home, and socializing while home. That means that WiFi connectivity is more important to tenants than ever before. For that reason, providing 5G is a great opportunity for multifamily property owners to offer an amenities-rich environment while generating significant revenue and increased value to their portfolio. With 5G, said Varnell, “We can connect hundreds of devices in a six-foot area with low latency (meaning faster response) and geolocating that’s extremely accurate.”
Tomorrowland For Today . . .
Multifamily property owners and operators will also benefit with increased capability for building automation, logistics management, and smart building technology. “There are all the amazing uses that 5G connectivity has empowered at residential properties for the property owner this year,” noted Varnell, naming, “Wireless Power Metering, Public Safety Cameras, Inventory Management, Supply Stocking, HVAC Proactive Management, Slip & Fall Detection, Water, Air and Power Quality and Usage. “Smart” Lighting, Displays, Kiosks, Parking, Elevators, and Robots for Public Areas.” Not to mention using virtual reality to conduct 24/7 property tours. If it feels like Tomorrowland, you’re not alone.
As for tenants, remember that smartphone bar check on the property tour? “A 5G smartphone experience is upwards of 1,000 faster!” said Varnell, while noting “5G touches many more aspects of tenants’ lives.” In addition to Smart Home IoT technology (thermostats, lights, and security), Varnell’s examples include:
- With a 5G-enabled environment, you are more likely to complete your objective or react to others in an environment faster.
- Live broadcasting is now something that can be done at home, with less buffering, fewer challenges and more people connecting at once than ever before. And post-processing edits home are simple, enabling budding entrepreneurs to create more content from their homes.
- With 5G’s accuracy, tenants can determine their pet’s location within three inches. All that’s needed is a collar tag and the family pet will be easy to find.
. . . AND Tomorrow
As for the aforementioned autonomous vehicles, intelligent robotics, drone logistics, what about Smart Charging Vehicle Monitoring, Smart Vehicle Navigation (your car can drive to the charge station when it’s your cars turn); Smart Medicine Delivery and Retail Delivery Lockers; even Smart Plant Watering and Pet Food Dispensing? These may be the contributions to revenue benefits and improved tenant experience.
“People use these capabilities and more to power their lives,” said Varnell. “We have seen the advent of the Smart Home features, and these will continue to expand.”
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. If you have any questions, please contact email@example.com.