Top 3 Strategies for Repositioning Multifamily Property
Taking steps to upgrade your multifamily property must rank high on your to-do list. Adding value to the property helps enhance its rentability, and enables you demand higher rentals. United Renovations offers a full spectrum of multifamily asset repositioning services to help you enhance your property’s value without breaking your budget.
What is Asset Repositioning?
Asset repositioning involves introducing changes that add value to your property. A carefully planned project can help you realize various benefits, such as a rise in rental income, better management, and bringing expenses under control. Taking steps to control property management costs and enhance it’s value helps force appreciation.
Most providers follow three major asset repositioning strategies. The measures are focused on introducing three types of changes to a multifamily property.
1. Cosmetic Changes
Cosmetic changes include introducing alterations to enhance the property’s visual appeal. When you hire our services, a team of experts will survey your property to identify and assess the need to change aspects of the property such as landscaping, parking lots resurfacing, installing additional signages, or changing the interior and exterior finishing. Introducing cosmetic changes is usually the least involving of the three processes, but can yield significant benefits and will make your renters sit up and take note. We’ll start working on the final design once you give us a go ahead and a team of quality control professionals will oversee the project to help avoid deviations and resultant losses.
2. Structural Updates
Introducing structural updates to enhance the features of your property is a more involved process as compared to implementing cosmetic changes. Some measures include replacing the roof, repairing the foundation, changing mechanical systems, adding decks, and tweaking floor plans according to the changing market needs. f the need arises, we can also add amenities such as clubhouses, gaming rooms, entertainment and exercising areas, swimming pools. Planning and implementing structural updates can be the most time, efforts, and resource consuming activity of the three strategies, but also in most cases yields the highest ROI.
3. Operational Changes
The way the property management company manages your multifamily building will have a major impact on its value proposition. Professionals offering asset repositioning services often advise their clients to change the way the property operates. Some common recommendations can include changing the asset manager or the asset management company, declining to review rental lease of disruptive tenants, and adding paid parkings, laundry or any other functional upgrades that can help generate additional revenue.
Final few Words
Effective asset repositioning strategies are not limited to identifying the needs to introduce these changes and will include any other alterations that can add value to the property. At United Renovations, we offer a full spectrum of asset repositioning services. We employ experienced professionals who have a keen eye for details and are trained to identify the distinct needs of property owners. To learn more about our expertise, fill out our contact form, and we’ll get back, shortly. You can also call us at (972) 432-6922.