Preparing Multifamily Assets for Possible Market Correction
- Pearson RE Group
- Mar 22, 2018
- 1 min read
We really like this recent article from National Real Estate Investor (NREI). If you haven't subscribed already, you should! I mean, we'll provide those articles most relevant to you anyway; but still, your quiver should never be short on sources of timely and relevant information. Make informed decisions.
The title may be alarmist (I'm still searching for that downside catalyst...), but don't let that get in the way of good business practice. Whether an up, down, or sideways market, next to capital improvements vacancy is our largest cost (that cost BTW extends beyond just monetary). Any sensible operational practice which (a) shortens the duration of vacancy, (b) alleviates vacancy altogether, or (c) increases perceived value in the building and/or community is a practice which should be repeated again and again. And then again.
Whether you own a duplex, or a 500 unit apartment community, this article offers great insight to ensure your lease-up and (more importantly) retention efforts are rewarded and stand apart from your competition. A pet-wash station! Perfect!! Simple, inexpensive, tenant-focused. I'd bet most of your competitors don't offer a pet-wash station (even those that do allow pets).
Click here for the full article.
Happy Investing!!
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