As a multi-family property owner, you are probably familiar with the power of commercial real estate already. Two areas that should interest you the most will include how to maximize your revenue as well as satisfying the tenants who are residing in your building. In this post, we will discuss how you can kill two birds with one stone and achieve both objectives by following some handy tips.
Make Investment on Capital Projects
Nothing stays in a mint condition forever, and this rule applies to property too. If you want to be attracting new tenants and want to keep your profits growing, you will need to invest in capital improvements. By adding value to your multi-family property, you are also setting up yourself for a better sale price in the future, should you choose to sell your property. Capital projects you should consider should focus on communal areas within your property such as the communal clubhouse or swimming pool as these amenities will attract new tenants and please current tenants.
Leverage on Technological Tools
Everyone knows that energy efficiency and operation productivity will pay off themselves in the long run. If you are running outdated asset management systems, you are not operating efficiently and productively. Evaluate your current asset management platforms and technological amenities such as WiFi routers to see if upgrades are needed. When you are operating in line with technological advances, it will help to streamline your operations greatly, keeping your expenses down the road.
Review Your Vendor Contracts Every Year
You should review your vendor contracts annually, and see if there are any new deals or better vendors out there to consider. From landscaping contracts to insurance policies to janitorial vendors, there are always leeway opportunities for you to either cut down operating costs or grab new upgrades to bring value to your multi-family property.
Slow Season Isn’t Bad News
Let’s face it, every multi-family property owner knows that the annual leasing market has a slow season, which usually happens during later winter and early spring. Don’t sulk and sit in your office lamenting on the dip in interest from prospective tenants. In actual fact, this is the best time where you can start on your upgrading projects and improvements so that your property looks updated and subsequently attractive to prospective tenants as well as existing tenants. When the peak season for the leasing market starts, you will then be on your way to score a resounding win for revenue maximization.
Lack of Funding? Worry Not!
At LP Capital Group, we have a group of commercial real estate specialists that can help arrange funding options for multi-family property owners. We offer new construction loans, bridge loans, rehab funding, and commercial mortgages. Our expertise lies in listening to your needs and providing optimal funding solutions that can complement your financial situation and needs. Talk to us today to learn more about how we can help you maximize revenue for your multi-family property business.