We typically spend in excess of $26k to $30k per unit when we rehab and reposition a 1960 vintage property, in exchange for $350 to $550 per month, per unit rent increase. The investment and subsequent increase in NOI generally drive the property value up proportionately. This business model and approach has worked well for us and we have successfully repositioned (14) properties in and round Royal Oak MI. It worked well for Village Green Companies too, as we executed a reposition program on some (35) properties and nearly 12,000 units over my career with them, while branding the Village Park Product.
But what if you are not rehabbing a property, then what? How do you add value to substantiate your rent, and do SOMETHING to set you apart, and Break From Apartment Commodity? Well, here are a couple of ideas, which is what you can expect from these blog posts, ideas that work, not theory. We know they work because we use them and test them first. The ideas may not be appropriate for every situation, but our point is we want to openly share and exchange ideas as we all traverse the evolving terrain.
Perhaps the best few hundred dollars we have spent on some of our aging properties to keep them fresh and Urbane are gas grills. We purchased Stainless Steel Gas Grills at Home Depot for less than $200 each. We added black Adirondack chairs. So for less than $500, we created something that is hip and cool, classy and, MOST important, something that residents use. And, there was a hidden bonus, the chairs and grills have created and fostered Community, which is what this business is about.
What have you done at your property to create community? We welcome your ideas and insight.
Eric Brown
Eric’s background is rooted in the rental and real estate industries. He founded metro Detroit’s Urbane Apartments in 2003, after serving as senior vice president for a major Midwest apartment developer. He established a proven track record of effectively repositioning existing rental properties in a way that added value for investors while enhancing the resident experience. He also established Urbane Media, a social media marketing and PR laboratory, where innovative marketing ideas are tested. Eric has been featured in Entrepreneur Magazine and Business Week Magazine. You can connect with Urbane_Media on Twitter. Eric also writes regular articles for the following publications; Multi Housing News Social Media Examiner Search Engine Guide
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