RENOVATE THE KITCHEN
There is a growing trend in Class B and C properties located in higher density populations to adopt to proptech that is typically only seen in Class A properties. Proptech is any type of technology used in real estate to improve efficiencies or provide services to tenants. Although some proptech can be expensive to implement, it doesn’t have to be. Something as simple as switching to online accounting software or billing tenants for rent online costs next to nothing. In most cases proptech helps you save time and provide a service to tenants that can allow you to generate more income or raise the rent. A few value-add items that are being introduced to rental properties to push the rents and NOI are: • Bluetooth keyless entry door locks • A front door security camera with access to open
The kitchen tends to be a the most desired room in the whole house. Not only is it where the cooking takes place, but it also draws in people to gather and hangout. The kitchen is your opportunity to help renters feel more at home and increase overall tenant satisfaction. Buyers and renters seek kitchens with high-end finishes and well thought out upgrades and are willing to pay more for them too. Smart, brand-name stainless-steel appliances are always attractive and more durable so you can expect fewer maintenance issues in the future. If you’re able to create extra storage space in the kitchen, do it, the more storage space, the better. This could include a pull-out pantry, stretching cabinets to the ceiling, more shelves - every little inch matters. Also, something as simple as painting dull cabinets and using brighter lightbulbs allows for proper and abundant light. Help the renter visualize all the things they can do and create in the kitchen.
• Smart thermostats • Smart light fixtures • Common area charging bases • Community Wi-Fi • A car-charging EV station in the parking lot
Renovate the kitchen before you list the home, your pockets will thank you.
Chris Missling Sr. Vice President - Multi- Family Investment Sales NAI Legacy Connect with Chris
Maurice Price Costello Real Estate & Investments Columbia, SC Connect with Maurice
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