Bathroom Renovation Tips for your Multifamily Property

Photo: Home Depot

Photo: Home Depot

If you are looking to renovate two rooms in your multifamily units that will give you the most ROI then you’re looking at the kitchen and the bathroom. We’ve shared some tips in the past for ideas when it comes to the kitchen and today we’re going to talk all about the bathroom. Because it is one of the most used rooms in a home, bathrooms tend to show a lot of wear and tear so finding cost-effective upgrades can be an important decision. Not only do you want the upgrades to last, but you also want them to stand out amongst your competition.

Clean Up the Caulking and Grout

First and foremost, having bathrooms that look clean are absolutely essential. If the bathroom tile is dirty or the shower looks moldy then it doesn’t matter what upgrades you consider, tenants won’t see past those details. For this reason one of the most important things you can do is to make sure that the tile grout is cleaned to perfection and any discolored or molding caulking is replaced. Key places to look include the floor, backsplash and the shower and bathtub. If there is one thing you should do between tenants, it is this and luckily it’s also one of the most inexpensive upgrades.

Upgrade the Shower head

If you’re looking to give your bathroom a little bit more of a wow factor, then look no further than the shower head. Upgrading the shower head from a standard option to a rain shower head can instantly catch the eye of potential tenants and can be a fairly inexpensive update. Having an upgraded shower head gives a feeling of luxury which will also help set your property apart.

Replace the Toilet Seat

Another suggestion is to replace the toilet seat. Not only will a new toilet seat make the toilet look brand new, but you may also want to consider a toilet seat that has a soft close. Little details like this can show potential tenants that you pay attention to details, plus it makes something that may not be that exciting otherwise stand out a little more.

Upgrade Hardware

Another easy update for your bathrooms is to upgrade the hardware used on cabinets or in the shower. This could include replacing the sink faucet, cabinet knobs, towel racks, shower curtain rod, or the toilet paper roll holder. All options will give the space a refreshed look without having to replace bigger ticket items like vanities.

Small upgrades can go a long way in the bathroom and can extend the fresh look for bigger renovations you have done in the past. Looking for help on how you could upgrade the bathrooms in your multifamily property? Contact us today!

How Knowing Your Multifamily Property’s Neighborhood Gives You an Advantage

Modern Gem Design :: How Knowing Your Multifamily Property’s Neighborhood Gives You an Advantage

You may know the ins and out of your property but what about the neighborhood your property is in? While on-site amenities are nice, potential renters are also looking to see what the surrounding area has to offer. Is there close by shopping for convenience? Walking trails? Renters are looking for a property and location that fits both their lifestyle and personality. This means you can actually use your knowledge of the neighborhood to your advantage when marketing your multifamily property.

Know the Area

It’s important that your property manager and staff are all very familiar with the area whether they live there or not. When prospective residents come in for a visit and ask what the neighborhood is like, your staff should be able to easily answer any questions and provide suggestions. Is there close by transportation if needed? Restaurants and bars? Grocery stores? Gyms? Coffee shops? All of these things factor into a renter’s decision and you want to make sure your staff can not only sell your property but also the neighborhood.

They should also know the area’s demographic trends. Is the area downtown with a lot of young professionals or out in the suburbs with more young families? This can also be a selling point for future residents that are not from the area so they make sure they are living in a neighborhood that fits their lifestyle.

Make Necessary Updates to Fit the Neighborhood

Depending on what you find when it comes to demographic research and trends, you may need to make some updates to your property. Are you noticing a lot more gyms and healthy restaurants popping up in the neighborhood? This may be a sign that people in your area are focusing more on health and you can tailor your property updates and renovations to fit that. Or maybe you notice more families touring your property and moving to the area. That may be an indicator that it’s time to upgrade your playground and add other family friendly amenities. Paying attention to what is happening in your neighborhood is a good indication on the types on upgrades you your put your focus on to attract your ideal tenants.

Get Involved in the Community

A great way to get to know your property’s neighborhood better, as well as market it, is to get involved in the community. Whether it’s encouraging staff members to get involved or you do it as a team, this is a great way to get to know the people in your community. This in turn will also potentially introduce your property to those in the community and help spread the word about your staff and your property.

Update your Marketing

Last but not least, once you get to know your property like the back of your hand and you make any necessary renovations, it’s time to update your marketing. You’ll obviously want to highlight the changes you’ve made but you’ll also want to highlight any particular hot spots in the neighborhood that your ideal renter’s would be interested. While saying close to grocery stores and shopping is great, highlighting specific hot spots will help draw in more people. Whether you do so with photos, a map of the surrounding area, or in your copy, it’s important to make sure renters know what they’re getting from both your property and your neighborhood.

If you need help with renovation suggestions based on your area, contact us today to schedule a consultation!

Amenities Multifamily Properties Should Consider to Appeal to Families

Modern Gem Design :: Amenities Multifamily Properties Should Consider to Appeal to Families

Did you know that 33% of renter households have kids? If you haven’t considered kid-friendly amenities at your property then you might be missing out on appealing to a third of your potential audience! Today we’re discussing different options that can help your property stand out for families.

Playground

When it comes to kids, having a playground is usually the go-to amenity for properties. If your property has available space, this can be a great option to have onsite so that kids are able to play where they live which makes life a lot easier on parents! Plus, it gives kids chance to get outside to run around and burn off some energy which can also be a perk to other tenants.

Daycare Services

If you want an amenity that will set your property apart and you have the resources to do so, onsite daycare can be a huge draw for working parents. Finding quality daycare services nearby is often a top concern and having it available onsite can be a game changer. If you don’t have the resources to do so, another option is to partner up with a local daycare provider for this service as well. By partnering up, you’ll be supporting local businesses while also providing a coveted service to your residents.

Community Center

Having a community center that can be reserved by families can be another great amenity as well. Renting out places can be costly for children’s birthday parties and other celebrations so having a space available within your complex can be a great option. Another perk to having a community room is having the option to host seasonal events for kids at your property. This is another great way for your tenants to mix and mingle and get to know their neighbors. When it comes to families, having a home that feels like a community is top of mind for continuing to rent.

Theater Room

One last option you may want to consider is having a theatre room. This is another unique amenity that tenants get excited about and it can be great for kids too. Families can reserve the room to watch their favorite movies as a private theater which is always an extra special treat for both kids and parents alike!

As with all amenities, it’s all about adding value to your residents’ lives, both adults and children alike! This helps keep them satisfied and happy to continue to renew at your property meaning these amenities will have a great ROI for you. If you don’t already have amenities appealing to families then now is the time! Give us a call today and we can discuss some options that may best fit your property.

5 Wellness Amenities to Consider Adding to Your Multifamily Property

Modern Gem Design :: 5 Wellness Amenities to Consider Adding to Your Multifamily Property

It’s no secret that wellness is becoming increasingly more important to people and many companies are shifting their focus to help cater to this. In fact, many multifamily properties are focused on creating a wellness community. This means adding new amenities and other services to be more in line with spas or even high-end gyms. The main focus is to encourage residents to be active, get outside in nature and promote a healthy lifestyle. If you’re looking to add some new amenities to your property, you might want to consider some of these!

Walking Path

If you have extra land around the perimeter of your property, you may want to consider adding a walking path. This encourages residents of all fitness levels to get outside in nature for some exercise. Many will use it for a daily walk while others will use it for a running path. While it may be a bit of an investment upfront to level the ground and pave a path, it will have minimal upkeep after it is completed, meaning your return on investment will be high!

Community Garden or Living Wall

Having plants has become increasingly popular among all ages recently. Many millennials are filling their homes with houseplants, while other adults enjoy having a garden to tend to. Incorporating this trend into your community can have a huge benefit on residents’ wellness. Try adding a community garden where residents can reserve a plot for themselves. This not only gets them outside and moving but allows them to grow their own fresh, healthy vegetables! No space for a community garden? Consider adding a living wall in a shared space that residents can enjoy. Somewhere like the business center or game room will help encourage residents to mingle while still feeling the effects of nature.

Update Exercise Room

When most think of wellness, they think of exercise so you want to make sure your exercise room is in tip top shape! This means updating any older equipment and adding anything new that you’ve had requested from residents. This might even include some functional fitness equipment like a rock climbing wall for example. This will give residents something new and fun to try while also getting in a good workout! Another suggestion you may also want to consider is separate workout rooms where residents can do yoga, kickboxing, or another activity without disturbing (or being disturbed) by others in the gym.

Wellness Services

Your amenities don’t always have to be physical spaces you provide to your residents (although those are extremely important). Adding some services focused on wellness can help make a huge impact on residents. Consider adding a bicycle repair service or an all-natural cleaning service for residents to book through your office. Both of these options and others will provide a trusted service your residents desire without having to do the added research on their own, showing your residents you are committed to their health and wellness as much as they are!  

Water and Air Filters

While energy efficient appliances are an easy way to show your commitment to the environment, you can go a step further by adding water and air filters to your units. This can help purify the air and water your residents consume, helping with allergies and any other environmental effects that affect residents’ health. This is a great way to show your commitment to their health while saving them the inconvenience of having to integrate any other filters they may need.

These amenities may seem like extras to add but residents who want to live a healthier lifestyle will truly appreciate these upgrades. You’ll also be able to use these in your marketing to attract more qualified leads as well as premium rents helping to ultimately boost your bottom line. If you’re looking for help incorporating any of these amenities or other, please contact us today.

Making Your Multifamily Property Appeal to Millennials

Modern Gem Design :: Making Your Multifamily Property Appeal to Millennials

There is a lot of talk about the millennial generation in the media and for good reason. The generation born in the early 1980’s ranging to the late 90’s make-up the largest generation in the U.S. workforce right now which also has a lot of implications in the real estate market. Known for being digitally engaged, quick movers and valuing work/life balance, this generation has a different set of priorities when it comes to the apartments they rent. Despite being the largest generation in the workforce though, home ownership rates are also low amongst the group for a variety of reasons making them a key target in the rental industry. So what is the key to making your property appeal to millennials?

Location, location, location

The old phrase rings true in this situation. While there are many reasons that millennials are not buying homes, one of the biggest is that they are choosing to live in cities, where home ownership is often out of reach. Leading them to stay in the rental market longer than generations past. Apartments are more than just what is within the walls for millennials too, they want to live in the heart of it all, near restaurants, bars and other entertainment. Highlighting nearby attractions and other things that may improve their quality of life is key when it comes to marketing your property.

Maximizing Digital Marketing

Having grown up with the Internet most of their lives, millennials are known for being digitally engaged so be sure to maximize your digital marketing efforts. If your property does not have a quality website or active social media accounts, it may be overlooked by this audience. Take the time to create quality content and take photos and videos that they can easily find of your property. This generation moves fast, and the more information you can provide online, the faster they will be to decide if your property may be a good fit for them. For further social media tips, be sure to check out our blog post on “Tips for Showcasing Your Multifamily Property’s Upgrades on Social Media”.

Advertise Work/Life Features of Property

Work/life balance is important to millennials and they like their homes to reflect that as well. Especially because millennials also represent a large percentage of the workforce that works from home or are entrepreneurs. Do you have a business center or built-in office features at your property? Be sure to highlight those if you do! Same goes for nearby co-working spaces or cafes that they could work or meet clients at.

There are many things you can do to make your property more appealing to a millennial audience from adjusting your marketing strategy to focusing on work/life upgrades. If you’d like help identifying things that could benefit your property please contact us today.