Are you looking for ways to improve the quality of your multifamily home? Do you wonder if there is a way to heighten renter experience and draw residents to your property? If so, then you need to learn about different ways you can improve multifamily homes, in addition to energy efficiency.
Doing so can help you add value to your property. All it takes is a few tweaks, repairs, and additions to separate your multifamily house from any others on the market.
Be sure to read below for several things that multifamily homeowners can do to increase their property value and send tenants gravitating towards it.
1. Make Essential Repairs
Renters have never been more knowledgeable on real estate and rental agreements than they are right now. The information online has given them a better understanding of what to look out for when touring a potential rental property.
If you try to put off repairs or replacements, then your potential renters are likely to spot the problem. They’re much more elaborate and intentional with their tours these days.
As the property owner or landlord, you should opt to fix these repairs (especially the glaring ones) before scheduling tours. That way, both you and the potential tenant have peace of mind.
Such repairs include:
- Ensuring the garbage disposal works
- Putting down a new layer of paint
- Fix all appliances
- Fixing plumbing issues
- Treating any water leaks
- Warding off and protecting the home from pest infestations
- Utilize energy efficiency programs
The list goes on and on. There might be certain things that pop up after your tenants have moved in, and that’s okay! As long as you make yourself available and ready to make the necessary repairs, your tenants will appreciate your dedication.
2. Integrate Smart Home Technology
For those of you that really want to separate your property from the masses, you can invest in smart home technology for your multifamily home. You’d be shocked at all of the capabilities there are on the market.
Here are just a few of the devices that you can offer your home:
- Smart Thermostat– Allows your tenants to control the temperature from their smartphone. LEAN offers this through our program!
- Smart Lock– Your tenants can lock and unlock the front door from their smartphone.
- Smart Doorbell– Video doorbell that records activity and alerts your tenants to any motion at their front door.
- Smart Speaker– Think Alexa. Allows your tenants to control several elements of the house from a voice command. Essentially anything compatible with it.
- Smart Lighting– Your tenant can control the lighting in the house from their smartphone.
- Smart Security System– This is for you. A smart home security camera allows you to keep constant surveillance on the property and protect your tenants from any danger that may or may not occur.
As you can see, integrating smart home devices can give your multifamily property a plethora of amenities. These devices are cost-efficient, durable, and super convenient for your tenants. It’s becoming more and more of an expectation for tenants in this day in age.
3. Invest in a Whole Building Energy Upgrade
You may not realize it, but your multifamily properties are eating away at your wallets with their energy usage. It’s a combination of things like your lighting system, HVAC system, electrical system, and so on.
You owe it to yourself and your renters to change that. You can apply for the LEAN Multifamily Program to have an energy assessment completed by an energy expert, upgraded, and inspected (after the upgrades) to ensure a reduction in energy costs at no cost to you! Doing this can help lower your renter’s energy bills and make their apartment more comfortable, and could lead to a reduction in renter turnover.
Do you have more than one property? No problem! Simply mention it on your application and we’ll be happy to help you out.
4. Focus on Curb Appeal
Curb appeal isn’t just for aesthetic purposes. It also offers protection for your renter and the well-being of your property.
For example, hiring a pressure washing service every year can help you sanitize your property and prevent things such as mold growth in your siding and roof.
It can also attract renters to your property. Think of things like adding a deck, outdoor lighting, a desirable fence, and so on. You want to give your tenants space from the other residents, making them feel as if they have their own slice of heaven away from all other families.
Improve Your Multifamily Homes With These Tips
Now that you have seen several ways to improve your multifamily homes, it’s time to use these tips and tricks to your advantage.
Be sure to read this page for answers to some of our most frequently asked questions about the LEAN Multifamily Program.
If you have any other questions, please fill out the general inquiries form at the bottom of our home page and we will be happy to assist you further.
