- August 25, 2017
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One of the biggest challenges for multifamily owners and managers is how to implement low-cost changes that will still help create better returns. Especially during peak leasing season, managers should not be concerned with trying to find ways to generate revenue. Many updates and changes can have high costs; however, owners and managers can make low-cost changes and still create long-term high returns. Our friends at SVN | Southgate Realty, LLC discuss a few changes owners can make to receive high returns on multifamily investments.
Low-Cost Changes that Create High Returns on Multifamily Investments
Summer is almost upon us and that means peak leasing season is on the way. Before activity becomes overwhelming, owners and managers of multifamily assets should now start implementing strategies that will drive long-term revenue.
By implementing a few low-cost changes, multifamily owners and managers can maximize property value, attract prospective tenants, retain current tenants, and ultimately generate higher returns on their investment.
With the help of our friends at NREI, below we outline a few strategies that should be implemented before the start of leasing season. By taking the time to handle these items now, owners and managers of multifamily properties are setting their investments up for success year-round.
Address those Capital Improvement Needs
Before peak leasing season begins and it feels like there is no time to do anything else, multifamily owners and managers should use this time to address, and invest in, capital improvement needs. By handling stalled maintenance projects andupgrading common areas, investors will not only add long-term value to their multifamily assets, but set them up to be 100% occupied at summer’s end.
According to NREI, the capital expenditures that generate the highest return…