The 3 ‘P’s’ for Nationwide Rental Property Investors to Gain Maximum Returns

It is well known that ‘location’ has been the prime focus of investors who seek to harness the booming real estate rental market. Investors, however, need to think beyond the conventional and shift their focus from location-based decisions to the much talked about the three ‘P’s’ of real estate that drive profitability today — Preparation, Promotion, and Presentation.

1) Preparation – Getting started

All properties should be prepped before showing it to prospective renters. All building units should be cleaned and well organized. Multifamily housing units, for example, can emit a mildew odor or one from food stored in the refrigerator for extended periods when tenants are away. Failure to take care of this issue can be a huge let down for prospects who come to see the rental unit. If a property is in a good neighborhood and is equipped with all required amenities, it is usually an automatic lease. If the property is well-groomed, but the location is questionable, prospects may still find ways to rationalize the location. How your rental business fares on the market, therefore, depends on how well you get it organized.

Multifamily Development Company Renovations

2) Promotion – Highlight features

Though preparation is the necessity, you need promotion to bring your property to the targeted market. It is important to highlight your property in order to separate it from the other options in the market today. Highlighting unique features in various marketing campaigns should be the first step in this direction. Pictures, videos, and descriptions should be added in a manner that instantly ignites prospects’ imagination, making them eager to see it. Location of the property may be deterrent to some, but the way you present it in your advertisement can make them curious to at least visit it.

3) Presentation – Build Relations

Once you have preparation and promotion plans in place, the next thing you need to do is to ensure appropriate presentation. When presenting the property, the agent should be ready to answer all questions concerning the property, such as amenities, footage, policies, prices, and more. No matter how well the property looks, if your agent cannot sell the idea of buying your property, you may end up losing the deal.

The Bottom Line

The traditional approach to real estate business is no longer workable in the current environment, and failure to take heed will only lead to losses and missed opportunities. Our renovation experts are here to help you with your renovations to ensure your property’s success.

Floor Soundproofing: An Essential Element of Multifamily Housing Renovations

According to the multifamily housing report released by National Association of Home Builders in 2015, the demand of 55+ multifamily housing units has increased even in the third quarter of 2015. The demand has jumped 10 points from 60 to 70 percent and the future demand is expected to increase by five points. To leverage the growing demand for rental units and stay ahead in the competition, investors are leaving no stone unturned to make their housing units attractive to renters, and therefore, often go for renovations. Surprisingly, not many owners think on the lines soundproofing the floor of their property.

Why is Floor Soundproofing Important?

The loud noises of objects hitting the floor, high TV volume and loud music are some of the examples of annoyances that infringe the privacy of renters. Therefore, if the floors of your multifamily housing units are not soundproof, it is time to hire a professional housing renovation expert to make them more renter-friendly. As privacy is one of the primary concerns of renters, soundproofing the units will definitely help you attract more prospects. Here is an overview of some insulation materials used for soundproofing floors.

Insulation Materials for the Floor

Floors coated with high NRC (noise reduction coefficient) rating material prevent annoying sound produced at upper level units from reaching the units at lower levels and tenants get to live in a noise free environment.  Below are high quality sound proof material, usually, preferred by multi-family housing units investors.

Carpet

Carpet with NRC rating up to .4 – .5 works as an efficient absorptive material. Add carpet to your flooring system with layers of pad in between the floors and it significantly reduces the noise produced inside the room. The thickness of the pad is directly proportional to the amount of sound absorbed, so the more sound you want to reduce, the more pad you need to use in between. Carpet is the cheapest option in the short run, but over time may become a cause of concern regarding durability, cleaning, and allergy aggravation.

Cork

Cork is another great choice for sound reduction inside multifamily housing units. It reduces and absorbs sound produced inside the unit and offers peace of mind to tenants in terms of avoidable noise. In addition, cork flooring adds warmth to the room and make the floor comfortable and easy to walk around. Most importantly, if somebody drops any breakable object on the floor by mistake, there is a good chance that the object will remain intact.

Vinyl

Vinyl is another commonly used flooring material backed with a foam and has a cushioned and flexible surface. It is a great choice for sound reduction and although, it may be costly but what you get in terms of noise reduction is worth paying for. Vinyl is easy to apply on existing floor and significantly absorbs multiple sound waves. Top quality vinyl provides a nearly noiseless surface to the housing unit.

Conclusion

There are many soundproof floor materials available in the market. So when employing a housing renovation company make sure that you talk to them about your soundproofing needs so that they use the best quality of flooring material for your property. It is suggested to always employ a reputed multifamily housing renovation company to get quality results and long term returns on your investment.

Exterior Renovations: 3 Benefits Multifamily Housing Investors Can’t Ignore

Home exterior renovations are not just about enhancing the appeal of your home. Though looks aren’t everything when it comes to renting out a multifamily unit, it surely doesn’t hurt to have the prettiest property on the block. Moreover, your multifamily unit may have the most beautiful interior, but if its exterior is not in harmony, you may lose out on a good chunk of potential tenants. In this brief read, you will learn why exterior renovations are important for your multifamily housing unit.

1. Increased Rent
They say, “don’t judge a book by its cover”, unfortunately, that’s exactly what prospective tenants do, when it comes to renting a multifamily unit. Renovating your property not only enhances its curb appeal, but also puts it in line with the progressive expectations of tenants and their modern lifestyles. It helps your old property to stand at par with newly constructed modern rental properties that are asking much higher rents, making you a clear winner and giving you the option to increase rents.

2. Reduced Cost of Maintenance
Yes, exterior renovation projects actually enhance the life of your multifamily unit, averting the need of recurrent maintenance. Most of the multifamily unit owners now opt for vinyl siding that offers all the characteristics and appeal of wood, minus the worries of maintenance, rotting, splitting or insect damage. Moreover, vinyl siding never needs paint; if done right the first time, it will be there forever. It just requires periodic cleaning.

3. Faster Rent Outs
An unkempt property is often considered a potential hideout for intruders, which in turn makes tenants weary of the place. Overgrown bushes, feebly lighted walking arenas can make the unit look shady. Exterior renovation can fix these flaws, making it a much more appealing option for prospective tenants. Therefore, by improving the exterior of your multi-family housing unit, you are able to rent out units faster.

Conclusion
For multifamily housing owners and investors, the challenges are increasing by the day, with international behemoths setting up their colonies in all parts of the US. That’s the reason why an increasing number of stakeholders are investing in renovation, in a bid to keep pace with the rapidly changing trends in multifamily property business. Exterior renovations not only enhance the renting prospects of multifamily units, but also minimizes the maintenance cost.

Multifamily Housing: Paying Too Much in Energy Bills?

Energy bills, whether paid monthly or quarterly, are one of the major concerns of multifamily property owners and stakeholders, and in the absence of regular maintenance, the concern becomes graver. Minor maintenance needs may seem like negligible tasks that can be postponed for a later time, but in reality, as time passes, these minor problems often make a major difference to the overall energy efficiency and profitability of the property. Moreover, most of these minor repairs, if unattended, translate into substantial costs. Here, we will discuss five multifamily housing repair needs that influence energy efficiency of properties, and therefore, power bills. Let’s begin.

Roofing Problems
Roof is the one of the most essential parts of any building.  It is, therefore, necessary to address even minor issues in roofing system, before it requires expensive repairs. Calling a professional roofing service provider or home renovation company doesn’t always mean you need to get the roof revamped; rather, it allows you to make an informed decision to fix problems at the right time. As a precaution against heavy bills on roof replacement, inspect your building’s roof at least once in a month or two and if you notice any leaks, loose shingles, discolored spots or defaced patches, consult with a pro roofing service provider as soon as possible.

Drafty Windows and Doors
Cracks in old windows frames and doors may increase the energy bills as air enters inside the room through those cracks and disturbs the insulation. In addition, they reduce the aesthetic appeal or your multifamily housing unit making it less attractive to potential tenants. When you contact a professional renovation contractor, ask him for a thorough inspection of windows and doors for any such disturbing leakages.

Accumulated Rain Water
Rain water accumulation on the roofs, if unchecked, often leads to serious damages over time. Not only it can cause leakages, but unchecked water runway from roof to the ground can deface the exterior of the building. In addition, there might also be a case of soil erosion affecting the integrity of your multifamily property’s landscaping. Having a proper rain water harvesting facility in the building can help you manage the flow of rainwater from the roof.

Poor Insulation
Insulation helps in regulating indoor temperature throughout the year. Poor insulation inside multifamily housing unit can significantly increase the energy cost.  Lack of proper insulation means half of the energy used to regulate unit’s temperature is  lost, which in turn increases energy bills. Repairing the insulation system in your multifamily housing unit not only adds to the comfort level of the tenants residing there, but also allows you to save a lot on energy bills.

Unchecked Leaky Faucets and Toilets
Leaky faucets and toilets, if left unchecked for a long duration leads to water accumulation on the floor. It not only makes the floor messy and stinky, but also damages the whole flooring system as well as the walls of the building. If you notice a sudden hike in the water bill than usual, it is likely that there are some leakage issues in your multifamily housing units. To be on the safer side, call a plumber and make sure there are no hidden leaks inside the unit.

Conclusion
Home improvement repairs, if left unchecked, might cost you in the long run in the form of high energy bills. It is, therefore, important to get multifamily housing units inspected periodically to ensure that there is no pending repair. Hiring a professional multifamily housing renovation company ensures overall maintenance of your property in an efficient manner. Moreover, getting your rental property upgraded through renovation often results into increased business, as most tenants opt for well maintained and modern housing units.

5 Trending Renovation Tips: Get the Most out of Your Multi Family Property

“Deluxe is the new standard.” The reason, more and more multifamily property owners are offering deluxe facilities in their properties to an extent that they have become a standard now. Those who are left behind in this offering are only going to find it difficult to beat the competition. In fact, clean, light and bright feel spaces is trending in the multifamily property business, and every builder wants to give the nicest living and roaming space to its customers. This article presents 5 trending tips that property investors looking for multifamily development company for renovations can use to get the most out of their investment.

Welcome Green
Delighting renters with the sight of green. That’s what most property owners are doing these days–adding more green spaces within their multifamily building spaces. You can lure more tenants by adding succulents in seating areas. To bring in more natural light to living spaces, use doors with window panes, and use a single pane to provide more pool view.

Try Tiles
Tiles are the ‘in’ thing in  business these days, as many multifamily property owners are using them owing primarily to their aesthetic offerings. Get any brilliant design from brick looks to herring bone, and large cement tiles from the market to make an impact among your audience. Forget not, that these updated classics–we mean tiles–are quite economical and durable as well.

Wood Finishes: Don’t Stick to One
Though using one wood throughout may look like an obvious option, it is not anymore. Get rid of this habit if you are still using it, as the trend is of mixing. According to many interior designers, mixing wood in interior designing has become the new status quo to get that high-end look. The trend is evolving and is expected to exist in the market for a while.

Add Large, Appealing Furniture
You must have noticed that most studios often have oversized and comfortable furniture. The good news is that these type of furntiures are no more limited to studios only. Many spaces within multifamily property buildings, especially lounge, and the entry areas have big and oversized tables, sofa sets, and more these days, fitted mainly with a purpose to give customers a warm and welcoming feeling. Try on with your property, and feel the difference.

Repurpose to Control Costs
Chances are, cost is a concern for you during renovation. To optimize your investment, without exceeding expenses, use small things that make big impact. Go with 100 percent paint. Rip out the old carpets and window treatments to redo and add other details. You may salvage the facility’s floor to keep it shining and looking new, without having to invest a hefty amount on reflooring it entirely.

Conclusion
Renovating your multifamily properties is a nice and economical way to create better living spaces, without enduring a costly project that starts from ground zero. To optimize your investment, however, you need to focus on the latest trends in your business that other multifamily property owners are experimenting, and residents are embracing. At the same time, it is imperative to find an experienced multifamily development company that provides renovations services.

Multifamily Housing: Market Trends you Need to Follow

There has been a surge in demand for multifamily housing properties in the U.S as majority of people especially millennials now prefer rental apartments over ownership. According to National Association of Home Builders, 351,000 multifamily units were started in 2014, i.e. 14% over 2013. However, today’s informed renters do not just rent any random housing unit, instead they go for units that are equipped with required amenities, facilities and are aesthetically appealing. This in turn has forced multifamily housing contractors to focus on interiors as well exteriors of properties to ensure that they are aligned with the demand and follow the market trends.

Here are the top trends that are propelling multifamily businesses.

Trend #1: Desire for Urban Lifestyle
Multifamily rental apartments are gaining popularity among millennials who prefer to live an independent life without having any limitations of living in owned houses. Having said that, they prefer multifamily units that offer them a taste of urban lifestyle. So if you are investing in multifamily housing, you need to make sure that your housing unit offers them urban lifestyle.

Trend#2: Affordability with Luxury
Many renters aspire to live close to main town, but the kind of lifestyle that they demand doesn’t come cheap there. Therefore, they often ignore the properties that cost them heavily on their pocket. So now the real challenge for you is to provide high-end properties that possess upgraded features and offer luxury at affordable rates. To tackle the affordability issue, opt for pre-construction action plan and look around for options where they can cut down on operating cost without compromising on the quality of the offerings.

Trend#3: Units Embedded with Modern Technology
The Holy Grail for existing or newly constructed multifamily business is to provide their tenants personalized services. Housing industry is empowering tenants by providing them with greater command over their environment starting from their entry door to HVAC units. There are many multi family unit providers in the U.S who have installed cloud-connected devices in apartment projects that enable tenants to monitor and regulate lightening, cooling and heating of their rental housing unit.

Final Word
Following market trend in multifamily business not only attract potential tenants but also increase the market value of your property. It is, however, suggested to take assistance of an experienced multi family renovation contractor to give your property an urban appeal in the most efficient and cost-effective manner.

Innovative Ideas to Make your Laundry Facility More Spacious

Multifamily property owners are leaving no stone unturned to get better returns on their investment. Some property owners have started providing a laundry facility in their property in an effort to include all the necessary facilities to the tenants. Laundry facilities in multifamily housing project also give an opportunity to create more cash flow for the property owner.

A safe, clean, well-lit laundry facility with coin-operated machines benefits the tenants who may not have washers or dryers in their units. Everybody needs to use the laundry room and we all know how packed it may get especially during the weekends. There are a few things you may implement in order to magnify the space, regardless of flooring space that you may allot to the laundry room. Here are some ideas that will help you save space and design an appealing laundry room for your tenants.

Overhead Counters: An Easy to Reach Place to Keep Laundry Items
This tip is especially useful for multifamily property owners who have space constraint. Instead of wasting the overhead space above the washing machines and dryers, you can simply add a countertop. It provides space to the residents to put their laundry baskets, soap, fold their clothes post-wash and such things.

Custom Cabins: Where Else will the Linen Go?
You can install custom cabins in your laundry room if you have space constraint with the help of a multifamily contractor. An expert multifamily housing contractor will construct custom-sized cabins, after taking the dimensions of the laundry room and the machines that will be installed. You can allot these cabins to the residents on temporary or permanent basis. This way, they’d have a convenient place to store their things to avoid any clutter. If you are on a budget, you can also add kitchen cabinets to the laundry room.

Wall Cubicles: What’s the Point of Wasting all that Wall Space?
Property owners often make the mistake of wasting wall space, not just in bedrooms and living rooms but also in laundry rooms. You can save a lot of space by installing wall cubicles in your laundry room. It just takes a few slabs to make this space count. The cubicles may be used to keep deterrents, clothes, baskets. You may also add hooks to individual cubicles for residents to hang their towels and clean linen.

Drop Down Ironing Boards; That Hide Away
Ironing boards are quite prominent fixtures of laundry rooms, the average dimension of a standalone ironing board are about 4 X 1.5 ft. When the ironing boards are not in use, they definitely get in the way of things, especially on a busy foot traffic day. The smarter way to go about it is to choose drop down ironing boards that roll back up into the wall. This also helps in hiding clutter and also gives enough room to store the iron.

Make It a Multipurpose Room
If you have a spacious laundry room, you may add a few tables and closets to store house cleaning supplies, sports equipment, craft things. The residents can use the room for crafts, as a mud room, and for storage.

While it’s possible to implement some of these measures post construction but at times may turn out to be a costly affair. It’s advisable to get in touch with a multifamily housing contractor who has expertise in constructing a multi-functional laundry room even if you have space constraint

Green Tax Credits: An Insight

Going green is not just in but also helps you save money in the form of tax credits. Multifamily property owners get certain benefits in the form of tax exemptions, otherwise known as ‘tax credit’ for undertaking environment friendly renovations. Tenants are also ready to pay a handsome rent for such environment-friendly homes as these properties are not only pro-environment but also energy efficient.

Important Considerations in Regard to Tax Credit
It’s, however, advisable to be aware of a few things when dealing with tax credit. The term ‘credit’ does not imply that the government pays property owners for going green; tax credit is a deduction in the total amount of property tax owed by the property owner to the federal government.

Different tax credit norms apply to various fixtures like doors, windows, insulation, roofing, solar energy systems and so on. For instance, you qualify for a 30% return of the cost (including installation) for installing a photovoltaic system.  The maximum amount of tax credit one can gain is $500 and dates back from 2006-07. This implies that if you have already received tax benefit of $500 in 2006 you are not eligible for additional tax credits. On the contrary, if you have received a tax credit of $300 in 2006, you are still eligible to get $200 tax credit.

Tips To Get Maximum for Green Tax Credit
You need to hire certified professionals for renovating the property in order to manifest green tax credit or else you may not qualify for it. If you hire someone who does not have a proper license, you might be disqualified for a tax credit. Green Tax Credit is something both builders and property owners qualify for, so it’s sensible to ask contractors about the renovations that will earn you credit.

There may be some local ordinances regarding green tax credit, so it’s sensible to hire someone who deals with and possesses tax related knowledge of nationwide multifamily renovation processes. When you plan to install a major appliance, ensure that you get information about the appliances that qualify for tax credit. Green renovations are not the only thing associated with tax credits, you may also get local rebates for various energy, water efficiency. It is, however, sensible to take the help of an experienced and reliable renovator in the same regard.

The rules relating to tax rebates for green construction keep changing with time. For instance, several of these benefits were withdrawn for a brief period in 2008 but were applicable again from 2009. It’s advisable to check the currently applicable rules, before commencing with the construction or renovation.

Conclusion
There are many benefits of green construction are multifold and extend to energy efficiency, increased market value and of course, tax credit. Laws relating to tax credit are, however, closely connected to state laws, federal laws, and contractual obligations with the builders involved.

Green Roofing-A Smart Option for Property Owners

Green roofing is both aesthetically appealing and environment friendly which makes it highly popular among people looking for accommodations for rent or purchase. An important prerequisite for multifamily housing contractors is to be well-versed with the green roofing options available in the market. On that note, we will discuss some of the prominent green roofing options for multifamily property.

Tiles
The USP of tiles is that they can last up to a lifetime, especially, if you live in the warmer areas. The key to the green status of tiles depends on its ability to be recycled, composition and shape. Available in a wide range of colors, the thermal mass of tiles helps in keeping the air inside cool especially during hot summer days.

Single Ply Thermostat
It consists of roof membrane that have been derived from natural gas and oil. These roofs are ideal for a multi family property as they are well sealed and keep the buildings insulated. These are good at withstanding the damage caused by sunlight. It is advisable to use lighter colors as they act as better insulators to keep the temperature low during summers.

Shingles
Shakes are quite a popular choice for roofing materials. Engineering and installation, however, play vital roles in determining the level of reflectiveness of shingles and not all nationwide multifamily construction projects are taken care of by proficient workers who consider these essential aspects during the construction phase. Reflective pigments is also an additional way to improve the green qualities of shingles.

Roof Pavers
Pavers come in many shapes and forms, and even the least environment-friendly ones reflect around 78% of the UV rays. In addition to this, roof pavers also provide aesthetic appeal to your multi family property. The pavers also come with insulation benefit and are great for little areas such as the balconies as it provides insulating benefits too.

Metal
Metal roofs are environment friendly and add aesthetic appeal to your property. It is a coated metal that has a light colored paint with a reflecting pigment. High level of resiliency is an additional benefit of using metal roofs.

Those were 5 green roofing options that can help you increase the market value as well as aesthetic appeal of your multifamily building. You need to get in touch with a multifamily building contractor in order to choose a green roofing option for your multi family property.

Multifamily Units-Designing Comfortable Homes

Multifamily units have suddenly become the choice of youngsters and people looking for apartments on rent. Their reasons are different but ultimately they find solace in a multifamily arrangement. For youngsters a multifamily unit mean more of facilitates with less responsibilities and for older generation multifamily living arrangement defines company, comfort and safety.

Most affordable housing contractors are making the most of this increase in the multifamily housing system by adding much needed amenities. They are making the deal attractive by providing the customers with amenities that make living in a multifamily community a blessing.

Intriguing Trends that Lead to Increase in Sales
Most of the multifamily units in the market are up for rent. They are an investment property for their owners who constantly face heavy competition. Selling simple houses with basic amenities is not enough anymore. Customers are looking for value for money and that comes from providing extra comfort. There are various amenities that attract renters even at higher prices. From a rooftop Jacuzzi to personal bike parking, anything can boost sales.

Bike Parking
Parking is a common problem with no solution across all kinds of home units. A multifamily unit with a secure bike parking, will add 5 stars to the rating of a building. If the unit has a basement parking for cars as well, then nothing can stop the property from becoming the hot property of the block.

Planned Security System
Most people opt for an apartment in multifamily unit for the sake of security and if the building has a planned security system in the form of a hired security agency, it will definitely attract renters.

Recreation Center
Hectic life schedules leave no time for recreation but if there is some recreation available in the vicinity, anybody will be tempted. A gym at the residential unit or a squash room can easily add to the appeal of a multifamily unit.

Child Care Center
Child care is one of the most required amenities in modern households. Working couples with children struggle hard to find good daycares and what if they have one in their own apartment block? Yes, that will be completely welcome and all affordable housing contractors should think about when designing a multifamily unit.

Laundry Service
Laundry service is like a boon to busy people and there can’t be anything better than an in-house laundry service. This is definitely one amenity which will make renters go for a multifamily unit even if it comes with extra costs.

Conclusion
living in multi Family units is a lifestyle choice, wherein, everything is best available on fingertips. So, how do you make them more appealing? Of course by adding amenities that everyone needs but haven’t been thought about, affordable housing contractors can make good money out of their investment. Increasing sales is always about path breaking ideas and for multifamily units it is about bringing more and more facilities to the doorstep.