In the competitive world of multifamily living, it can be challenging to make a property stand out from others on the market. Modern properties must be equipped with every modern convenience and meet the rigorous standards of today’s buyers. Expectations are rising, so property value has to do the same. Here are some tips and tricks for increasing property value in ways that appeal to both you and future residents.
Upgrade to smart tech
Upgrades are everything these days. Smart technology is sweeping the multifamily market, and residents have come to expect a certain degree of home automation in their apartments. Everything from smart light and smart locks to smart thermostats and motion sensors have become almost commonplace in the modern unit. Not only do they increase resident convenience and comfort, but they also make a property more attractive as a long term living arrangement. Smart technology is one of the most marketable ways to increase ROI and give a property the future-ready feel that residents want.
Find a strong marketing strategy
It is imperative that multifamily communities stand out in today’s competitive market, and a good marketing strategy is the key. Reaching residents where they are has never been more important, and a prominent online presence is one of the most important weapons in any property’s arsenal. Social media allows properties to advertise new features, post pictures of their units, and connect with interested residents. Google ad services can lift your website from obscurity into the limelight, as long as you know what residents are searching for. It’s not enough to wait for residents to come to your property. Instead, multifamily communities need a strong marketing approach to drive interest and business through their doors.
Invest in what residents want
Keeping one eye on the market is a must for a successful multifamily property. Owners and managers need to know what potential residents are looking for, whether it’s amenities, services, or unique features. Although some properties may be reluctant to spend the money on sustainable practices or smart devices, ultimately these aspects of a property are investments that no administrator should shy away from. The return on investment will be well worth it, so long as the choices are based on what modern residents are looking for in their new homes.
Residents want sustainability in their homes, so they’re willing to pay more for it. Although the investment in more sustainable practices may seem daunting, property managers who make this transition see increased ROI, resident retention, and energy conservation. Environmentally friendly living doesn’t have to be complicated; energy-efficient technology, recycling programs, and responsible materials are becoming routine aspects of multifamily operations. These can also increase property value by demonstrating to residents that it’s more than a complex - it’s a community. Sustainability takes a property beyond profit and into action that supports an ideal many residents value.