FOCUS ON COST-SAVING MEASURES
INCREASE AMENITIES
OFFER A SMART HOME
Increasing amenities and keeping the property attractive at all times are keys to adding value to residents. Can I add washer dryers, a pet park, better mail service, a couple key vending machines, faster maintenance services, small birthday gifts to each resident? As an owner, what can I do to improve the income value of my property? Meet the needs of the best paying residents you already have AND increase the rent on two of each unit type to the absolute highest around. Once you do that, you ‘prove’ the market and proforma value to prospective buyers. Even if you have to upgrade the two units of each floor plan more than you normally would, it improves the value of your property exponentially.
As a rent add-on, offer a smart home tech package that enhances convenience and security, such as smart thermostats, lighting, etc. The rent increase may break even on the upgrades for the first tenant, but the upgrades will last longer than their tenancy and increase rents long-term. Alternatively, provide services like an onsite food truck, auto detailing, or mobile laundry directly on-site, creating added value for tenants while exchanging a profit-sharing model with the vendors of those services. It increases the revenue stream without actually charging the tenants. Finally, just be a landlord that you would want to rent from, and your vacancy rate will remain low even with slight annual rental increases.
To boost property value and command higher rents this summer, focus on cost- saving measures and enhancements. Implementing RUBs (Ratio Utility Billing System) or using tools like DrizzelX can significantly cut down on utility expenses, directly benefiting your bottom line. Additionally, consider small upgrades like energy-efficient lighting or smart thermostats, which not only appeal to eco-conscious tenants but also reduce operational costs. These minor investments can enhance tenant satisfaction and justify rent increases, ultimately improving your property’s market appeal and profitability.
IMPLEMENTING RUBS CAN SIGNIFICANTLY CUT DOWN ON UTILITY EXPENSES.
MEET THE NEEDS OF THE BEST PAYING RESIDENTS YOU ALREADY HAVE.
JUST BE A LANDLORD THAT YOU WOULD WANT TO RENT FROM.
Robyn Wonnell Multifamily Sales & Acquisitions KW Commercial Connect with Robyn
Jason Kogok Investing Coach Investor’s Wealth Education Take Jason’s Class
Taylor Avakian Multifamily Broker/ Founder The Group CRE Connect with Taylor
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