The way that a multifamily building looks from the outside is crucial in getting potential renters to stop and take a look at available units. If the grass between your units is dying and full of weeds, or if your parking lot is crumbling to bits, you’re losing out on valuable tenants and money that could be going towards your investment.
You'll also appeal less to other investors and devalue your building if you are trying to sell your property.
Curb appeal is a term that is quite often used by realtors trying to sell or evaluate multifamily buildings. There are many different elements that can contribute to an increase in the curb appeal of a particular piece of property. New siding, landscaping, balconies and parking lots are all features that can be helpful in promoting great curb appeal for your building.
The first impression that a potential renter gets of an apartment building is the view from the street, and if a property doesn’t look inviting or stylish from the sidewalk, it’s unlikely to appeal to the tenants you are trying land. Multifamily property investors are not looking to sell their property just once, but often hundreds of times, even within the same few months.
Here’s a few ways to make sure your multifamily property has the curb appeal it needs to attract the best tenants.
- Balconies – Maintaining thebalconies onyour multifamily building instantly adds a nice touch to the look of its exterior. If they are constructed out of iron or another dark finished metal like aluminum, they can be polished or repaired when necessary, which can really give the entire property a nice face lift. New balconies can be quite expensive, so in many cases it is more economical to touch the old ones up instead.
- Parking Lots – It is important to maintain the parking lot pavement for your property. Whether you operate a multifamily property, or commercial retail center, a well-maintained parking lot pavement ads curb appeal, and even minimizes the risk of accidental injuries. Furthermore, filling cracks and seal coating your parking lot can help extend the pavements lifespan and reduce the cost of having to replace your parking area. There are many companies that specialize in parking lot paving and preventative maintenance.
- Siding – Exterior siding can add a great deal of value for a potential sale of your building, and also be a determining factor in whether or not you land those desired tenants. When the siding of your multifamily property looks worn, shabby, and unkempt, you can lose up to 10 percent of its value. Replacingmissing or damaged panels can help enhance your curb appeal in a way that almost not other exterior upgrade can. Siding is often what gives a first impression to people as they are passing by, so its importance simply cannot be overstated.
- Landscaping – Nearly every multifamily owner understands that you should landscape for curb appeal. Maximizing your property’s attributes and minimizing its problems to create a beautiful curbside view doesn't have to be difficult, daunting, or expensive. No matter your style or plant preferences, there are countless methods that can be used to transform your property’s yard into a beautiful, attractive space. Remember, a landscape that goes dormant in the winter will look foreboding and uninviting. A landscape with true curb appeal includes structural elements such as trees and shrubs, as well as materials that look good in spring, summer, autumn, and winter.
If you’re ready to make an investment in the curb appeal of your multifamily property, but are unsure of how to approach the task, you should seek the advice of a licensed property management company. They can assess your building and help you to determine which areas are the most in need of sprucing up. They can also coordinate the actual work, since they will have a team of subcontractors at their disposal, and possess the experience necessary to make all the right decisions. This can of course save you a great deal of time and unnecessary headaches in the long run.
Looking to hire a licensed property management company?
Braden Equities Inc. has been successfully managing multifamily buildings in Edmonton since the 1970s. A lot has changed since then, but our commitment to the residents living in each building we manage has not. Contact us today.