Thinking about investing in multifamily properties? Over the last two months, coronavirus has changed the industry in more ways than we can imagine. This has left owners wondering what the future will hold once lockdowns are over and people finally start going back to work.
The good news is that even though we currently live in challenging times, multi-family homeowners can add value to their properties in a post coronavirus world by following these simple tips.
Tip #1 – Create An In-House Mail Room
One thing that most people have in common during coronavirus is that they are ordering more of the products that they would normally purchase locally, over the internet. This includes ordering items like toilet paper, dried foods, electronics, and of course perishable items.
What happens when somebody orders an item online? It’s going to be delivered to them and in most cases, placed in front of their front door.
Sadly, when an item that’s ordered over the Internet is placed in front of the door of a unit to a multi-family property, if that person is gone for the day at work, or any other reason, if they don’t return home promptly to receive that package it creates an opportunity for a thief to steal it.
This presents an opportunity for owners of multifamily properties because an owner can create an in-house mailroom in their multi-family property which would allow the tenant to have a safe place to have their packages delivered instead of informing UPS or FedEx to place the item that they ordered at their front door.
By creating a smart, in-house mailroom, that’s accessible via key fob or code, owners can create a secure room so that they are very able to track when tenants come into the mailroom and when they leave. This will also eliminate the possibility of packages being stolen and give tenants confidence that future items that they order online will be received in a safe environment and be available for them to pick up at their convenience.
Once the in-house, smart mailroom is built, storage lockers will have to be installed so that packages can safely be deposited into a storage locker for the tenant to pick them up when they are home.
Tip #2 – Automate Public Spaces To Multifamily Properties
Another thing that coronavirus has taught us is that it’s more important than ever before for everyone to avoid touching surfaces as much as possible. This includes touching light switches, doorknobs or any other surface where coronavirus could reside.
Thankfully, this also presents another opportunity for multifamily owners across the United States because, once they start focusing on creating automated public spaces, this will attract tenants who are interested in living in a multi-family property that is fully automated.
Some of the automation features that owners should consider implementing include automatic doors, elevators that are voice-activated, touchless light switches, and so much more.
Tip #3 – Create A Space For Remote Workers
Remote workers were a part of the workforce before coronavirus but, the percentage of remote workers has increased across the United States dramatically within the last 90 days.
With a higher percentage of remote workers than ever before, this also creates another opportunity for owners who want to make their multi-family buildings even more attractive to potential tenants by creating a space for remote workers to come in work instead of just having to work within the units that they are living in.
Besides creating a space for remote workers, owners should also include adding a conference room to their multifamily properties as well so that tenants who currently work remotely can also have a conference area that they can book to conduct business when needed.
Tip #4 – Implement Property Management
There’s no doubt that there may be many owners who are intent upon managing their multi-family rental properties themselves but, the reality is that anytime an owner adds another property to their portfolio, this also creates a wide variety of additional responsibilities that they need to handle.
Since Coronavirus, it’s become more important than ever before for owners to have a strong customer service presence in their multifamily properties and the only way to do this is by having a dedicated property management team to manage the property for the owner.
By default, property management should be essential for any owner because of the obvious fact that it saves them the time, money, and hassle of having to manage their rental property themselves.
Before hiring a property management company, an owner should take the time to thoroughly analyze the company that they plan on hiring by reviewing feedback their customers online, reviewing their social media profiles etc.
Tip #5 – Add A “Human Connection” To The Multifamily Property
Last of all, but most important, another great way for owners to add value to their multi-family properties in a post coronavirus world is to add a human connection to their properties.
What does this mean? During coronavirus, most people have been self-isolating as they’ve been stuck in their rental units to avoid contracting or spreading the virus to other people.
Once the need for self-isolation ends, it’s going to be more important than ever before for people who have been self-isolating to resume having a human connection with the world around them.
This creates an opportunity for owners of multifamily properties because they can recognize the need for having a human connection by creating more ongoing events at their properties for tenants to connect and interact with each other after work or on weekends.
By having more special events for tenants like mixers, parties, and holiday events, this will create opportunities for tenants to live in a building to connect and interact with each other regularly.
Besides creating opportunities for tenants to interact with each other, this will also help more tenants to feel like the multifamily property they live in is actually their home and it also means that once it comes time for their lease to renew, the tenant will be more inclined to renew their 12-month lease instead of looking for another rental property elsewhere.
Contact Trier Capital
Are you interested in building wealth through multifamily investing but, you don’t have the time to start investing in multifamily properties yourself? If so, we can help!
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