SMART MOVES
These steps can enhance your property’s value.
1. Look for “off-market” or unlisted deals. Transactions that have recently fallen through can also provide opportunity. Approaching an owner with an unsolicited offer may also provide a starting point for negotiations, but go in low and then ask for metrics to put together a more realistic offer.
2. Big capital improvements can result in big increases in rent. But they also entail the most risk. “We look at the core foundation, framing and roofing systems. If the core isn’t right, we won’t touch it,” says Jonathan Moore from The Value Group.
3. Cosmetic improvements can go a long way in improving your resident profile. Focus on a property’s curb appeal, raise your resident profile, and increase rents.
4. Services and resident programs can also add value. Resident mixers, scheduled monthly service calls, and amenities such as laundry or dry-cleaning drop-off and pickup can garner increased rent.
5. Use technology, such as property management software and utility submetering systems, to improve the efficiency of operations at your property.
