- March 30, 2018
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If you are an owner or an investor in a multifamily property, you know that potential tenants are more drawn to properties that appear clean and well-maintained. This might seem daunting if the prospect of getting your property up to snuff seems like a lot of work, but in reality, there are many simple and easy ways to help make your investment more visually appealing, and they don’t necessarily have to break the bank. Making a few quick changes both inside and outside of the building can add long-term value to your property and help you to attract the right tenants.
The quickest way to offer your multifamily property an entirely new look is to apply a fresh coat of paint. A building that has faded or chipped paint gives the impression that it is old and neglected, and may not properly reflect the state of the actual units. Similarly, dark, heavy colors can make your building appear outdated or boring. Add some charm and appeal by choosing colors that are clean and bright. Use a crisp white for trim and add some cheeriness by painting doors to common areas with a more vibrant, complimentary color. You might be amazed at what a difference some paint makes!
2. Power Wash
The outdoor common areas of your multifamily property can get grimy quickly with the constant use of so many tenants and their consistent exposure to the elements. Hiring a company to come and power wash shared hard surfaces throughout the property, such as parking areas, tennis courts, walkways, and picnic tables, is a cost-effective and relatively simple way to refresh the space. Depending on the size of your property, this may take as little as a weekend, or as long as a few months, but the end result is well worth it and will last for quite some time.
You may not think that the state of your windows would be a driving factor in the appearance of your multifamily property, but it actually makes a big difference. As time passes, exterior windows can collect layers of dirt, bugs, and muck, adding an element of tiredness to the look of your building. Thoroughly cleaning and re-caulking windows will brighten up the look of the entire building, as well as enhancing the interior appeal by letting more sunshine pour into the individual units.
4. Use Your Green Thumb
Landscaping can greatly contribute to the appearance of your multifamily property. This doesn’t necessarily mean you have to hire a professional landscaping company to implement a complete overhaul either. Sometimes the simple act of planting a few flowers in common areas and outside of building entrances is enough to offer a warm and inviting tone to your potential tenants. If your property has the space, you may even clear out an area and designate it for a community garden that your tenants can maintain together.
There are lots of quick fixes you can make inside the units of your multifamily property as well that will help to expand your audience. Replacing carpeting or old linoleum floors with a mid-quality laminate or a simple tile is a great way to start updating older units. An upside to this is that, if you are on a tighter budget, you can go unit by unit as they are empty in between tenants. A clean, uniform floor throughout the unit will help it appear more spacious, easier to maintain, and much more modern.
Another easy and relatively inexpensive way to spruce up the interior of units within your multifamily property is to update the fixtures. A leaky faucet or showerhead is a surefire deterrent to a prospective tenant. Similarly, broken or mismatched fans and light fixtures can make an apartment seem dreary or run-down. Purchasing new fixtures that match one another and are in proper working condition can help to create a sense of flow and conformity throughout.
Looking to Invest in a Multifamily Property in the Baton Rouge Area?
Now that you know some easy tips and tricks to keeping your multifamily property up to par with the competition, it’s timemult to find the perfect property for you. At SVN | Graham, Langlois, & Legendre, our team uses our over 99 years of combined experience to help investors, tenants, and landlords get the absolute most value out of their commercial real estate investments. With our dedication to you and our knowledge of the Baton Rouge multifamily market, you’d be doing yourself a disservice to work with anybody else! Take a look through our database of available properties and contact a member of our team today so that we can get started working for you!