Whether you’re a commercial real estate developer, property owner, or investor, it only makes sense to try to increase the value of your multifamily property prior to putting it on the market for sale. However, in today’s day and age of technological advances, there are a number of “smart” ways to enhance your multifamily property that go far beyond the traditional advice of new paint, facility upgrades, etc. Here are just a few of the “smart” things you can do to increase the value of your property.
Install Smart Devices
People want the ease, convenience, and security of in-home smart devices. In fact, studies show that 86% of millennials and 61% off Gen Y renters are willing to pay more for a unit with smart amenities. Things like smart locks or keyless entry, smart thermostats, voice assistants and smart lighting can all increase your property’s value pre-sale. It creates the capability for tenants to have an improved and more convenient lifestyle, which creates a more in-demand building for owners, developers, and investors.
Consider Your Building’s Connectivity
Connectivity is no longer a luxury, but a necessity. Securing a contract with a reliable WiFi provider can give you an added appeal to tenants, as well as future buyers, of your multifamily property. By adding WiFi to common areas of the building you are increasing the value. Similarly, by adding the option for WiFi in individual units you can offer tenants better rates than they would get with a private plan, and make additional income as well. There are companies like Starry that are making this increasingly easier for building owners.
Don’t Forget About Efficiency
Taking steps to make your property more efficient and environmentally friendly can also help the potential new landlord save money in the long run and attract tenants who share environmental values. Installing solar panels, smart lighting, smart meters for water and energy usage of common areas, and other smart advances can help lower costs. Tenants can also appreciate the initiative taken by the landlord and management to reduce environmental damages. Some tenants are even willing to pay more for a building that aligns with their values according to studies such as this one.
Utilize Smarter Management Tools
Management keeps the property running smoothly from day to day. By allowing managers to have access to streamlined, smart technology they can save time and valuable resources. Giving them access to control smart devices in the building can allow them to provide a heightened tenant experience. For example, they can assist a tenant remotely who has been locked out with access to their smart lock.
Of course, there are companies that are revolutionizing this space, as well. Genea, for example, offers smart tools and an app that helps increase tenant satisfaction while reducing the manual processes and last minute requests that property management teams deal with on a daily basis.
Update Building Amenities
Amenities that support growth in technology can also heighten a property’s value. For example, designating an area for rideshare drop-off and pick-ups can give tenants convenience. This can also be used for the foreseen introduction of autonomous, or self-driving cars.
Additionally, providing charging stations for electric cars shows additional initiative. Aside from that, using unused amenities such as a conference room, and updating them based on tenant preference can bring in added revenue — which any potential buyer will appreciate.
All in all, it’s incredibly important to get ahead of technological trends to ensure you get top dollar when selling your multifamily property. If you’re thinking about selling your multifamily property, I’d love the opportunity to discuss which improvements make the most sense for your property and which ones will have the most impact on your property’s potential value. Give me a call! 800-895-9329