Why The Prime Company selected Quext IoT as the clear-cut industry leader
Why The Prime Company selected Quext IoT as the clear-cut industry leader
Why The Prime Company selected Quext IoT as the clear-cut industry leader
Spotlight
The Prime Company Profile
- Headquartered in Manhattan, Kansas
- $250M+ portfolio in 11 states across the country
- 20 years of real estate development, investment, design, and property management experience
Property Highlights
The Prime Company completed a year-long search vetting IoT solutions and partnerships to support ancillary revenue ambitions for their growing portfolio of student housing communities. As they evaluated IoT platforms industry-wide, the decision-making process was underscored by two major considerations: value and longevity.
More specifically, which technologies and solutions would still be relevant 10 years from now, and would those from the other vendors in multifamily provide legitimate value even if they were still around? Furthermore, The Prime Company wanted a solution that would seamlessly integrate with existing property management tools, including their Entrata Property Management software.
We considered the full spectrum of multifamily IoT providers, from legacy products offered by established names to more innovative solutions from newer industry players. Our analysis was that the IoT space is the Wild West. We needed to find an IoT partner that was highly innovative, while at the same time in it for the long haul. Whose product delivered a sleek luxury feel that could be monetized to meet our revenue goals. We found that partner in Quext. Their blend of ingenuity, affordability, and long-term mindset stood out, and provided us the confidence we needed to move forward with our IoT renovation. The seamless rollout really validated that decision for us, with everything being delivered exactly as promised.”
--Josh Adrian
VP of Development at The Prime Company
The Decision
Following an exhaustive review of the full spectrum of industry IoT offerings, The Prime Company selected Quext IoT, highlighting 3 specific advantages that set Quext IoT apart from all other options they considered:
- Holistic platform efficiency enabled by smarter, more efficient proprietary hardware and wide area network technologies.Combining industry-best IoT technology at a fraction of the cost of competing solutions allows Bonaventure to maximize ROI potential, operational efficiency, and resident satisfaction
- Everything from cost to hardware requirements was simply more efficient than competing industry platforms. Quext IoT could be implemented at a fraction of the cost vs alternative solutions and didn’t require running new wires or touching any of the existing infrastructure. Plus, it had all the required integrations enabled right out of the box.
- An unmatched value story delivering best-in-class ROI with enormous NOI potential and property valuation.
- The cost-benefit analysis for Quext IoT delivered value that far exceeded competing solutions. No other IoT platform could offer the same affordability or a complete value story that delivered similar NOI and ROI outcomes.
- Must-have automations that simplify on-site processes like unit turnover and bulk device management settings.Quext IoT eliminates WiFi infrastructure requirements and dependencies to remove points of failure and prevent lockouts.
- Quext IoT’s student housing automations enabled critical new capabilities to streamline operational processes and resident management, including instantaneous “vacate all” processes for unit and resident turnover and remote device synchronization settings to easily bulk manage thermostats to avoid pipe freezing and energy waste between semesters.
Payback’s a cinch
Results
Following contract signing, Quext IoT devices were installed across 199 units and common areas from start to finish in just 35 days. Quext conducted a series of on-site training sessions with property staff, and provided marketing collateral and resident-facing communications templates to help make the transition as smooth as possible. On the go-live date, Quext staff were on-site to assist with keys and provide assistance to property staff and residents.
Over the first year of operation, The Prime Company noted two major financial benefits resulting from Quext IoT implementation:
- $2.32M property valuation increase
- $53,000 NOI
Additionally, property staff were thrilled to unlock several new capabilities that saved hundreds of hours, including:
- Automations for move-in and move-out that dramatically simplified historically hectic time periods
- Automated thermostat settings for holidays and between semesters that eliminated winter walks Complete elimination of lockouts, lost keys, and deadbolt replacements, along with administrative and maintenance costs associated with these services
- Seamless resident unit changes that no longer required reissuing keys
Quext IoT is the only legitimately smart solution that doesn’t require running new lines, cutting holes in walls, or disrupting daily operations. The fact that it met both our financial and operational conditions without any invasive installation requirements made it the perfect solution for us. It’s really the only retrofit that makes sense for a student housing application or buildings built before 2015.”
---Michael Spare,
Regional Manager at The Prime Company
Quext is the premier property technology innovator offering best-in-class smart solutions that maximize operational efficiency and profitability for multifamily operators and ownership groups. Quext's intelligent tech ecosystem facilitates operational excellence across property portfolios by fusing the best technologies and integrations with decades of proven industry success.