Skip to main content

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 If your building is looking dingy and outdated, all you may need to do is add a fresh coat of paint to interiors and exteriors.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Old and outdated multifamily buildings can get a huge boost from technology.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.

Convenience-Based Amenities

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.

Comments

Post a Comment

Popular posts from this blog

NAI Emory Hill Sells Wilmington Shopping Center

  Wilmington, DE – NAI Emory Hill ( www.naiemoryhill.com ) is pleased to announce the sale of a 8,710 square foot shopping center located at 2308 Concord Pike in Wilmington, DE to The Wittig Family at DSM Commercial. Dave Morrison and Jim O’Hara Jr., of NAI Emory Hill, represented the purchaser and Seller in this transaction. This retail center is anchored by Mattress Firm, Green Drop and China Inn. The center is strategically located at the intersection of Sharpley Road and offers a great retail location along the busy Route 202 corridor. NAI Emory Hill is a completely full-service commercial and residential real estate firm serving Delaware and the surrounding counties of Maryland, New Jersey and Pennsylvania. Founded in 1981, we have the resources to design, build, finance, lease, sell, manage and maintain commercial and residential properties throughout the Mid-Atlantic . Learn more about our services at: www.propertymanagementdelaware.com www.emoryhillhomes.com
Post a Comment
Read more

4 CRE Trends We Can Attribute to Millennials

Today’s workforce is undergoing a major shift in population. As of 2017, 56 million Millennials are either working or actively searching for work , making them the largest segment of the U.S. labor force, surpassing Gen Xers in 2016 and this will eventually lead to an impact of office space needs and what companies are looking for with new office leases.   More than one out of every three American workers is a Millennial -- more than Gen Xers and much more than Baby Boomers. And, just as every other generation that came before them, Millennials pride themselves on marching to the beat of their own drum, if you will -- wearing different clothes, listening to different music, and working differently. The very idea of where and how we work is undergoing a revolution right now, with major changes being made in physical design and decor. Here’s a closer look at 4 CRE trends we can attribute to millennials… 1. Millennials prefer non-traditional workspaces   ...
Post a Comment
Read more

5 Surprising Resident Amenity Trends to Watch in 2020

As we transition into 2020, commercial realestate professionals need to start gearing up for the emerging trends that are reshaping the industry. When it comes to the multifamily arena, these popular amenity trends are at the top of residents’ most-wanted lists. Here are the top trends based on the 2020 Apartment Resident Preference Report conducted by NMHC and Kingsley Associates. Smart-powered Voice Assistance According to the report’s data, digital voice assistants are highly coveted by the tenants of tomorrow. More than 40% of respondents say they’d be interested in living alongside a voice-powered AI home assistant, such as Amazon’s Alexa and other variations. Including this in your multifamily package can give you a competitive advantage in 2020 and also be an attractive marketing point. Consider adding in-unit voice assistants as a luxury amenity in your multifamily strategy. Pet-Friendly Amenities Pets are apart of the family, too! Multifamilyren...
Post a Comment
Read more