5 Interesting Ways to Add Value to Your Multifamily Buildings
Looking to boost the value of your multifamily properties? There is no better time to do so than the new year!
2020 has ushered in plenty of opportunities for multifamily owners and developers to up their commercial real estate game. If you’re looking for expert strategies to help expand your portfolios, attract strong tenants, and increase the profitability of your assets; you need to start with the physical buildings, themselves.
Here are 5 expert tips and tricks that will add value to your multifamily properties in 2020 and beyond.
Clean Things Up
The first step to improving your multifamily portfolio is in cleaning up the space.
The best way to attract tenants and boost the building’s value is by keeping things neat and tidy. It may be time to give the property a good deep-clean if it needs one. Consider hiring a bigger cleaning staff to help upkeep the day-to-day maintenance.
You’ll also want to make sure that everything is aesthetically pleasing. If your building is looking dingy and outdated, all you may need to do is add a fresh coat of paint to interiors and exteriors. Make smart moves to increase your property’s curb appeal by investing in some great new landscaping or a new sign.
Sometimes it’s the little things that can make the biggest difference – and the best part about cleaning things up is that it’s cost-effective and won’t break the bank.
Implement Smart Technologies
Old and outdated multifamily buildings can get a huge boost from technology. Smart Technology has the capacity to transform even the weakest assets into a new, innovative, and tech-centric building.
Consider adding popular Smart Tech amenities such as front-door cameras, keyless locks, Smart assistants, and entertainment systems. Make sure to include this in your updated marketing plan for the new year.
Nothing attracts tenants like convenience-based amenities. Contemporary residents are looking for a place to call home that supports them as they cultivate the lifestyle they desire. Some of the most popular convenience-based amenities are locked mail units, on-property restaurants and marketplaces, and state-of-the-art fitness centers.
By adding these popular amenities, you’ll be able to increase rent rates and yield greater ROIs.
Boost the Building’s Connectivity
Did you know that 5G only reaches its max capacity when the required infrastructure is in place?
This is something that is not often mentioned in 5G conversations, but CRE pros need to know about it. 5G connectivity needs an entire network of satellites, wiring, sensors, WiFi emitters, and other tech infrastructure to support the increased data transmission and Cloud storage that 5G is famous for.
Including all the needed 5G tools will be a great competitive marketing advantage for your commercial multifamily property.
Adopt a Community Perspective
Finally, multifamily properties should be approached with a community-centric perspective.
Prospective residents are looking for more than just a building to move into – they are looking for a place to call home. Creating a community is key for filling vacant units and retaining top tenants. Consider adding in lifestyle amenities such as a dog-walking station, kids play area, and even an on-site garden.
Use these 5 expert tips to boost your multifamily property value.