Topic: How do you add value at your properties?

I'm racking my brain of ways to add value to the property and would like to know what are some things other managers are doing?...outside of raising rents, brand new carpet, updated ceiling fixtures, etc.

I'm thinking about getting pay-per-use wifi (depending on what will be needed to set it up). I've never heard of a property charging for it (usually just hotels and coffee shops) but I'm quite certain I could see a return in it. My community is 100% occupied and 100% pre-leased with a waiting list. It's older and has never had wifi offered so I'm sure people will pay for it.

Obviously, not all properties are the same. There may be things you can do at your property that I can't, but I'd still like to hear it!

Thanks!

We can't afford WiFi or a Security System (which I think would add a lot of value).

I have been working on improving our reputation and curb-appeal to make us more desirable/valuable.

I don't have a pool, clubhouse, or anything, yet I'm 100% occupied.

I'm 100% recommended on ApartmentRatings.Com and have a very clean property.

My tight rules on vehicles helps, too. No damage, no missing hubcaps, no obscence or offensive paint finishes, etc.

Drive through your competition and make your curb appeal better.

That adds value, too.

Raise your rents! If you are 100% occupied, with a waiting list, plus pre-leased, I would raise the rents. You must be doing something right already.

We are doing minor upgrades now. Things like refinishing the kitchen counter tops with a fleck finish which is pretty inexpensive but makes a huge difference. We are also upgrading the vinyl with a more stylish design. Next year I plan to upgrade all the hardware from brass (which I HATE) to a nice brushed nickel.
Have you checked into a valet trash service?
As Mindy said if you are market rate raise your rent! If you are tax credit and aren't at the max, raise your rent! Add that wifi and instead of a pay to use service, raise the rent...seeing a pattern here? lol

Seems like you have it going on! Looking for other things to add to your property, I would have to ask what your current demographics are as far as personnel when it comes to age! For items in entertainment this will for sure be important.

I have known some properties to team up with arcade businesses and have them on their property for a split in profits. You have some which have big trailers and they come during certain times and set up. You have to be shrewed when dealing with them as they are in it for max profit, so you have to work a deal which is beneficial for all!

Working deals with local businesses that give coupons for those living in your community and your property also get a little everytime they go to the businesses.

But, I am big on Customer Service and if you are exceeding the resident expectations, then I see you as a winner. If you are looking for something to bring in some extra revenue, then the above things I brought up are good!

Having your age make up would help to give things which may be more appropriate though!

The greatest value that any property is a great management team that offers great customer service. If you are 100% occupied with a waiting list then you are doing something right. I like your wi-fi idea and would look into. If you have a community room you could rent it out to small churches and businesses for use. As everyone else has said if you need revenue then raise your rents it is the best way to generate more income and do not give rental conessions on renewals. Always remember concessions eat into your revenue. If you want to do something nice for residents renewing get them a special gift for their apartment or a gift card for them to use. If you have not had a renovations there are simple things you can do for your residents such as recaulking the bath tubs,paint an accent wall, install a water saver shower head etc. I'm raising my occupied rents by 3% and I'm at 72% occupied but undergoing a major renovation of the property. For my residents they are getting minor upgrades in the apartment and this will help with the rental increase. Many of the residents were upset with not getting a month of free rent for renewing but when I told them that we were coming in to make some minor upgrades in the apartment and pointed out the changes to the property they were okay with this. Always remember you and your team are the greatest value to your property.

I definitely agree with the use of www.apartmentratings.com; we began using it and it's a great way to reach out to residents and they're happy to give their feedback, especially when they're happy with their home.

Maximize your rents is the best way to add value to a property!

Other value adds are anything you can attach to the property and amenities to provide: Own the laundry machines, the most cutting edge of energy efficient light bulbs/lighting, security in the apartments like alarm monitors or gates at the property entrance, outdoor amenities like volleyball courts/putting greens/picninc areas, rooftop/edible gardens, replace instead of repair older systems or appliances, guest rooms to rent out, services that you can chargeback, and sustainable landscaping.

We add value in little ways- a new faucet, a carpet clean at lease renewal, etc, a pizza or ice cream party. But the most important thing we do is pay attention to our residents and treat them with the respect a customer deserves.

We can't afford wi-fi or a high tech security system either, but I've had more than a few requests for both. We maintain our curb appeal and we are very lucky to have a lot of amenities (indoor pool, huge rec room, 24 hr fitness room) and a great location. Our apartmentratings.com isn't perfect but it's very good for our area at 96%. Even a recent negative reviewer recommended our property.

I shop my comps regularly to make sure we are keeping up with them. Our rents have increased dramatically and are already above market. :)

Keeping tabs on demographics is definitely a good idea! I haven't done that in the past but plan to start.

I find Apartment Ratings .com to be one of the biggest rackets in our industry. The majority of the post on this site are from evicted, or to be evicted or unreasonable residents.

If a manger wants to respond to complaints on this site they are charged $300.00 but the complainers get to do it for free. This is detrimental to the industry and should be deemed illegal.