Just bought an apartment building? Do these 4 things to ensure you get the most out of your new investment.
Upgrade the branding
- If the property already has a name, you should rename it when you purchase. You want to build your own brand and let go of any associations with the previous owner. If it doesn’t have a name, you should give it one.
- We suggest hiring someone on Fiverr or working with a local graphic designer to get an updated logo. This logo will be on signs, brochures, emails, social media, et cetera. If you’re not super savvy in the marketing arena and you really need to attract new tenants, it’s a good idea to work with a marketing expert to really amp up the appeal.
- Create a Facebook page for your apartment. This acts as a (free!) marketing tool. People researching your property will find your Facebook page, so make sure to keep it updated and full of good photos and information. Your Facebook page can also be a tool for your tenants to engage with their community and with your property management team. When you’re looking for new renters, you can also pay to boost Facebook posts so more people learn about your property.
Spruce up the outside
Your apartment building gets a reputation just by existing. People either drive by it and think favorably of its looks, or they drive by and think “man, that looks like a dump.” If you’ve just bought an older apartment building, it probably needs help looking its best. Make sure to update whatever is most visible from the outside, whether that’s the signage, landscaping, parking lot, or exterior of the building.
Get the ugly dumpster out of the open—no one wants to see that first thing when they enter the property. Pressure-wash the dirty siding, especially if it faces the road. Trim the bushes. These small expenses will make your new apartment building look instantly better. Now, people driving by or checking out the property will think it looks like a nice place to live, and you’ll boost the curb appeal, property value, reputation, and tenant happiness all at once.
Spruce up common areas
We can’t tell you how many times we’ve seen apartment buildings where each of the units were painted and had new carpeting, but the common areas (lobby, hallways, stairways) had carpet from the 90’s and a dingy paint job.
Common areas make a difference in the perceived value of the property, and the great thing is that you don’t have to wait for a vacancy to paint the walls, upgrade the flooring, or install light fixtures. You can do it anytime. And paint and carpeting is a relatively inexpensive way to make a huge difference!
These branding updates and visual changes will go a long way in upping the perceived value of the property, allowing you to raise your rents, attract and retain tenants, make better profits, and let your property’s true potential shine!