Research is essential to having a solid plan, whether for considering an acquisition or sale, or for improving an asset you already own or are part of. It is safe to say that many, if not most, owners do not perform as much research as they could and should. Being aware of current market trends should always be a part of it. Examples are being able to monitor for potential rent increases (to keep with going rates) and monitoring for improvements and amenities of similar properties in close proximity.
As the below linked article reminds us, there is a lot to be said for planning or making design adjustments and updates within a rental and perhaps a property for sale. The more you can offer that the tenant or potential buyer values, the better your chances. You don’t want to lose out when a buyer or tenant chooses another property because of something they found which your property does not. Although it’s not possible to add “everything”, being aware of neighborhood trends can be of benefit.
One example is when you have multiple bedrooms to offer. You could mention in your copy that the unit includes ideal office space “the size of a bedroom”. Doing so allows readers to create their own vision which has a better chance of appealing to what they are looking for. If the unit is or will be vacant, it could be worth exploring adding more electrical outlets and checking WiFi strength. Factors like rooms getting sunlight in the morning or with a special view can be highlighted.
Doing “keeping up” research, as I call it, is not necessary. The point is that it can help. Knowing what you can add or change and how quickly you could do so could be the difference between immediately filling a vacancy or getting a sale done and having an empty unit for several months. If it is now October, and you have a unit leased until May, my advice is to research the area now and be ready with a plan in case your current tenant decides to vacate in April. Depending upon the change or improvement, you might consider implementing it as soon as possible. Look at it as a way to help keep the tenant in place and saving the stress of having to rent or sell it when the time comes.
Knowing what to add or change, or whether or not you could easily increase the rent or your asking price based on what is going on around you is a long-term benefit from regularly performing simple research. As we tell the agents and brokers we work with, helping your clients, whether preparing to sell or not, with strategies to improve keeps you top of mind with them.
Our team is ready to help you and your team be “first in” on making the best decisions!
Here is the article: ( https://multifamilyaffordablehousing.com/research-uncovers-a-few-surprises-about-todays-renter/ )
