Community Upgrades to Get The Most Bang for Your Buck!

By Cathy Macaione
Cathy Macaione Consulting Services CM@Cathymac.net

With more apartments coming on line, it’s time to plan your interior selections upgrades. We all know that renters want to live in apartments that have a modern, updated look. Upgrading your vacant units so they have what renters want will help decrease vacancy loss. If you’re not sure what’s in demand in your area, tour new home communities, read decorating magazines and watch Home Improvement Shows to get ideas. Following are some quick tips to help you implement what you learn without breaking the bank.

• Have a well thought out plan to make sure your selections will last. Quality doesn’t always mean super expensive. Make a list of your “must-have” upgrades and devote ample room in your budget to those quality items. You can make cut backs on the “nice to have” items.

• Upgrade in phases. There’s no need to do everything at once. You can update the flooring, cabinets, counters, and lighting in each apartment as it becomes available for rent. This will enable you to spread out the cost of the investment.

• Offer packages. Offer renters two upgrade packages—one with total renovations and one with partial upgrades. For example, if you’ve already changed the cabinets, and the countertops are in good condition but the color is outdated, select a paint color that will change look and feel of the kitchen so the countertops don’t look dated. Then offer the apartment as partially upgraded.

• Invest in flooring. Carpeting gets ruined very easily. Make your flooring last longer by installing a laminate floor. A good selection could be a distressed wood look. It’s in style and will hide wear and tear.

• Think green. Install dual flush toilet conversion kits. They’re inexpensive at around $40 each. It is also easy and low-cost to install low-flow shower and faucet aerators. Additionally, installing fluorescent light bulbs will show a noticeable reduction in utility bills. Look for incentives and rebates to help trim costs even more.

• Granite for less. Yes, you can offer granite-like countertops. My favorite sources for countertop makeovers are Giani Granite ( http://www.gianigranite.com/ ) and Appliance Art, supplier of Instant Granite ( http://www.applianceart.com/ ). Check them out.

Upgrades and renovations don’t have to drain your bank account or be a source of anxiety. Carefully planned upgrades can be both simple and profitable. So start your upgrade plan today to make your apartment offerings more desirable. Before you know it, you’ll have a fully leased community.

For more information on this topic, attend Cathy's Webinar in the Apartment All Stars/Multifamily Insiders/NAAEI series called Webinar Wednesday's. Earn CEC credits when you attend.

http://www.multifamilyinsiders.com/shop-multifamily/product/32-upgrade-your-interior-design-selectionswithout-breaking-your-budget

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I'm Adding to the Success Formula

To be successful at work, here's how you must spend your time:
1% Inspiration
9% Perspiration
90% Justification

If you are reading my blog you are probably looking for some ideas or information to solve a challenge you are having. You can find exactly that all over the Internet and I am glad you stopped by my blog. I would like to give you a little advice as to what to do with the information you are gathering today, work it HARD!

In my consulting practice I constantly hear the excuse "the owner will never go for that". It seems the idea just dies there. This is very sad because you are closest to the problem and you just found a solution. I am certain the owner wants to hear this but it is important that you justify what you think and why. This means you need a lot of supporting data and possibly a mock up of what it will look like. Owners live for ROI data. That simply means, "if I make this investment, how will business improve?".

In late 2012 I jumped into the seat of an apartment developer and owner. ROI has become an all too important topic in my office. You see it is not about saving all the money we can, it is about smart spending and knowing that everything we do has a reasonable payback or it is not worth the money. Think and communicate like an owner and you will find your ideas supported.