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Maximizing Multifamily Appeal: Strategic Value-Add Initiatives

December 13, 2023

Increasing Multifamily Value

Multifamily management is a dynamic field that requires constant adaptation to meet the evolving needs and expectations of residents. To remain competitive and attract both residents and capital, multifamily management companies and owners must embrace innovative strategies to add value to their multifamily communities. This article explores key areas for enhancement, targeting a holistic approach to elevate property value and resident satisfaction.

Cloud-Based Access Control: Revolutionizing Security

This is the starting point of interaction between your residents (and also potential residents) and your Multifamily. Going in and out in a seamless and secure way is what sets the tone for the rest of the resident experience. This is why a modern – cloud based – access control system is so important to your residents experience as well as sense of security.

In the digital age, security is paramount. Cloud-based access control systems such as Gatewise provide multifamily properties with a modern and efficient way to manage and monitor access via a mobile app. These systems offer real-time control, enabling property managers to grant or restrict access remotely. The advantages extend beyond security, contributing to streamlined operations and enhanced resident experiences.

Beside security, cloud based access control allows you and your residents to enjoy advanced features, such as temporary guest codes, vendors & suppliers time-frame based entrance, and much more.

Smart Locks: Keyless Convenience and Enhanced Security

As a direct extension of the cloud based access control, integrating smart locks into multifamily units is a strategic move that adds a layer of convenience and security. Keyless entry through smartphone apps or key fobs eliminates the need for physical keys, offering residents a seamless experience. Enhanced encryption and authentication protocols ensure a secure living environment while providing operational efficiency for property managers.

The smart lock solution you’ll choose should optimally integrate with your cloud based access control system, so you and your residents will benefit from a seamless experience on your day to day.

Improving Security: Comprehensive Measures for Peace of Mind

Beyond access control and smart locks, a holistic security approach involves integrating surveillance cameras, smart lighting, and alarm systems. Communicating these measures to residents fosters a sense of safety and security, contributing to a positive living experience. A secure environment not only attracts residents but also enhances the property’s long-term value.

Adding a Dog Park: Catering to Pet-Friendly Lifestyles

Recognizing the importance of pets in residents’ lives, creating a dedicated dog park is a valuable addition. This amenity not only attracts pet owners but also fosters a sense of community among residents. Well-designed dog parks contribute to the overall aesthetic of the property while addressing the growing demand for pet-friendly living spaces. Other benefits of adding a dog park are:

  1. Attracting new long-term residents. There are more than 80 million dog owners in the USA. A lot of them are families, who tend to be more stable and willing to settle for a long term.
  2. Increasing the safety of your residents. Continuing on the safety side of things, dogs need walking outside, and without a dog park in your complex, residents need to go outside, sometimes on the side of busy roads, which exposes them to hazards.
  3. Giving your multifamily an edge over the competition. This competitive edge is shown in attracting and retaining new residents, and ultimately will be translated to increased property value.
  4. Sense of community. As mentioned above, a living dog park is a great place to meet and mingle, where friends and neighbors gather to relax and enjoy together.

Dog park amenity

Creating a coworking space

Although the trend of working from home is not going anywhere, thus the need for coworking spaces in multifamily properties is only increasing. Investing in amenities that enable residents to work efficiently and productively is a must for the property. This will not only serve the existing residents but will also work for the prospective residents.

For people working from home, it is hard to concentrate at work in the same space they sleep and eat, especially if there are also kids in the house. This is where the multifamily common spaces can come in and offer a way to work quietly and efficiently.

If there’s no designated shared working space, you can convert a part of the lounge (for example) for this purpose. You can do this by replacing the couches with individual lounge chairs with table arms. Moreover, you can add dividers to create an office-like feeling.

Creating a common workspace shouldn’t require heavy investment – besides adding the designated workstations, all you need is stocking the space with basic supplies, coffee machine, and installing high-speed and secure wifi. The cost of shared internet can be embedded in the amenity fees paid by the residents.

Coworking space amentiy

Modernizing the Pool: A Refreshing Oasis

The pool area is often a focal point for residents, and modernizing it can significantly enhance the overall appeal of a multifamily property. Upgrading pool amenities, such as adding stylish furniture, installing water features, or incorporating innovative lighting, transforms the pool area into a contemporary oasis. This not only attracts new residents but also contributes to resident retention.

Some options to modernize and upgrade the pool experience include:

  • Resurfacing – Every pool needs resurfacing every 8-10 years, depending on the surface type. Resurfacing can be done in different ways, such as replacing the tiles, adding stones, mosaic and other.
  • Adding new features, such as water slides for kids, fountains and waterfalls, or underwater LED lighting. Other elements to enhance the poolside experience can be adding a deck, outdoor kitchen, fire-pit, and so on.

Remodeling Units: Tailoring Spaces for Modern Living

Remodeling individual units is a versatile value-add strategy. By updating interiors, incorporating modern appliances, and focusing on energy-efficient solutions, property owners can meet the expectations of today’s discerning residents. Engaging with residents to understand their preferences ensures that remodeling efforts align with resident needs. Remodeling units is a broad subject and will be discussed later in a dedicated article.

Self-guided apartment tours

This initiative is targeting actually the potential resident, rather than the existing ones. But it is becoming an industry standard, thus you should check it, if you’re not offering this. You can read about the specifics of self-guided apartment tours here.

Developing Enticing Amenities: Attracting Residents and Capital

Enticing amenities are a key differentiator in the multifamily market. From fitness centers to entertainment areas and outdoor recreation spaces, thoughtful amenities contribute to a vibrant community atmosphere (and increase property value).

These amenities not only attract residents but also capture the attention of investors and capital partners looking for lucrative opportunities in the multifamily sector. The options are endless and depend on the nature of your complex, the area it’s located in, local culture and so on.

Conclusion

In conclusion, multifamily management companies and owners can maximize property value and attract both residents and capital by strategically implementing value-add initiatives. From embracing modern security solutions to creating attractive amenities and catering to pet-friendly lifestyles, the key is to stay ahead of trends and consistently enhance the living experience for residents. As the multifamily landscape continues to evolve, a proactive and innovative approach to property management will undoubtedly yield long-term success.\