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As more new properties are built, increasing the value of existing multifamily assets becomes more important. Investing in or even upgrading older properties can significantly impact resident retention rates, as well as help attract new tenants. Ranging from easy to difficult, here are seven ways to add value to communities in your portfolio.
As more new multifamily properties enter the market, older communities are often renovated to remain competitive. Upgrades to aesthetics, the addition of new amenities, and even structural changes are typically part of the process to help assets stay current. But property owners need to be cautious and strategic in their approach as extensive rehab projects can result in units renters simply don't want or can't afford.
There are multiple benefits for increasing energy efficiency in multifamily communities, including the reduced cost of energy bills for both ownership and residents. Achieving energy efficiency goals, however, can become problematic due to the sometimes conflicting interests of property managers and their tenants. Despite these challenges, however, reducing energy consumption helps increase property value and therefore should be included in every property manager's strategic goals.
Property managers and management companies face a variety of risks associated with tenants on a near-daily basis. Safety concerns, pet policies, damage, defaulting on rent...the list goes on and on. Throw in all the vendors and contractors that come on site for renovations, repairs, or routine service, and it becomes clear that a proper risk management strategy is essential. Included in that strategy should be procedures for vetting the vendors you use.
The process of procuring goods and services for multifamily housing doesn't end once contracts are signed and the on-boarding process is complete. In fact, there is no end: as any procurement professional regardless of industry will attest to, ongoing communication with suppliers is essential to maximizing efficiency, reducing risks, and developing strong partnerships.
Encouraging social interaction among residents can help your community thrive. Even though residents have their own busy lives, engaging with their fellow residents fosters a welcoming culture for your community. One of the best ways to promote interaction is to have sufficient common areas where residents can hang out. Common areas in multifamily housing communities are meant to be functional. And if your property doesn't have this functionality, then you could be missing an opportunity for creating an exciting place to live.
Of the many challenges for property managers in the multifamily space, resident engagement remains a top priority. That's because engagement is important to both retaining and attracting new residents. With summer almost here and the weather warming up, residents will be looking for things to do outside. That means it's time to get your community's summer events calendar planned out to keep residents engaged with each other and the community. But we know how busy property managers can be, making it difficult to find the time to brainstorm ideas. Here are eight activities that will keep residents engaged and help attract new tenants.
Being a property manager can be very demanding. Whether it's a tenant, maintenance issues, or an owner, there's always someone or something that unexpectedly needs your attention. Vending machines are no different. And, if you're like most people, you've never given much thought to them (unless one stole your money).
Summer is officially here. As a property manager for an apartment complex, you know what that means. Residents will be gathering at the community pool to take advantage of the warmer weather and longer days. Or, will they?