Three Strategies to Win More Business & Reduce Tenant Turnover
Written By: Ben Sarna – Broker Associate at Panorama Commercial Group
Within any competitive market, owners of multifamily residential assets have (at least) one goal in common: Attract a greater number of residents than the competition, and keep those tenants happy, settled, and paying for as long as possible.
Over the years, the difficulty of doing exactly that has risen steadily, while the owners and investors who have kept these consideration at the forefront of their operations have been most prosperous. In this article, we highlight three effective strategies that can help any multifamily investor increase the stability, and attractiveness of their return, while positively impacting their community at large.
Leverage Property Management
After retaining the services of a great property management team, you have soldiers on the front lines identifying issues before they escalate, and ensuring tenants pay on time. Not to mention arguably their most important function, freeing up your time so that you can focus on continuing to add more assets to your portfolio.
Keep Things Clean
The reality is, people tend to care less for their home when it’s being rented. With ever-increasing access to listing portals, you can be sure that tenants are at least searching local inventory when it comes time for their renewal. Be careful not to allow a few tenants’ living habits drive your overall vacancy up.
Offer Modern Amenities
During recent years, the most lucrative amenities in multifamily residential have evolved, both in nature and importance. The general desires of the primary renter demographic have become centered around a more connected, and convenient lifestyle. Some amenities that are likely to add a high degree of value to tenants in 2021 are high-speed internet, online maintenance and payment portals, smart unit connectivity, and ample outdoor green space.
As multifamily residential units continue to flood the market in Colorado at an unprecedented rate, it is more important than ever that investors are agile and strategic in their positioning. It is the most surefire way to win business over their competition in the long term. By taking an initiative to leverage property management, keep assets clean, and think for the future in terms of common area amenities, one can rest assured that they are on the right track to optimizing the performance of their investment for many years to come.
Panorama Commercial Group is a full service commercial brokerage and management company in Denver, Colorado ready and able help with all aspects of commercial real estate. Please feel free to reach out with any real estate questions or needs at 303-996-0696 or via PanoramaCommercialGroup.com.