Ask any realtor what their customers are looking for in a condo or HOA and they will quickly point out the importance of the latest and greatest 21st Century technology as one of the top requests. Much like the inherent evolving nature of consumer technology, the tech needs of residents will always be in flux. In order to stay competitive in the strengthening market and keep up with residents’ demands, buildings will need to advance their amenities accordingly.
This is particularly relevant where advanced telecommunications are concerned. Wireless connectivity, cable and DirecTV, and other media are indispensable components of everyday life, and even buildings and condo developments built long before the advent of these amenities must be prepared to adapt their electrical and other capabilities in order to deliver the goods to both new owners and long-time residents.
Today's buyers expect features such as wireless connectivity and 100Mbps Internet speeds. If a building can't deliver these amenities, a building's marketability can surely expect to take a hit.
Older buildings aren’t always prepared for tech and telecom upgrades and retrofits due to improper infrastructure, but the rewards will outweigh the costs in the long run in making drastic changes.
Victor Cypher, president of Cypher Communications, with offices in New York and several other states, is a former condo developer who switched to low-voltage installation in condos a decade ago. He says a lot of companies are going to a fiber infrastructure, but once they get inside the building, the existing structure is antiquated, and they find they can’t do what they want as easily as they hoped.