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Top 5 Tools for Managing Renovations

Real Estate portfolios strive to increase asset value by pursuing renovations and other strategies.  Yet the tools available to manage such strategies haven’t changed dramatically even as technology has continued to evolve.  To understand the pros and cons of the various available tools, one needs to understand the key criteria considered to renovate.  Then, one can analyze the most popular software tools against these criteria.   The decision to renovate is typically financially driven and can be determined looking at the expected revenue gains and costs versus not renovating at all.  Given that renovations require a unit to be vacant, a company must manage their renovation schedules to minimize vacancy loss within reason.  If not paying close attention to all of the activities required to be coordinated between staff and suppliers / contractors, renovations can easily drag on much longer than expected, resulting in higher costs and greater challenge in meeting the financial goals. With this in mind, we provide what is believed to be the most important criteria for evaluating a renovation software tool/solution: Does it track financial performance of the renovations over time? Is it user friendly and intuitive? Does it allow for easy data collection (including pictures) for efficient reuse for future tasks? Does it enable efficient collaboration with suppliers and staff? Does it provide execution insight allowing for proactive decisions to save money and for ensuring critical tasks are completed?   Renovation Tool Criteria Financial Performance Tracking When undergoing any investment, it is critical to understand whethe......
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3 Energy Efficient Roofing Solutions For Your Multifamily Property

3 Energy Efficient Roofing Solutions For Your Multifamily Property
Multifamily occupants nowadays are becoming more concerned about cutting down their house energy footprint and save on electricity bills and therefore look for energy-efficient units for rent. In an effort to attract as many prospective tenants as possible, rental property owners hire professional renovation and construction services provider to convert their rental property  into energy-efficient housing units. As roofing system plays a key role in maintaining energy efficiency of a building, this post discusses top three solutions to make your existing roofing system more energy efficient. 1. Light-colored Shingles Dark roof can significantly increase the temperature of your multifamily or commercial property. On an average summer noon, a dark-colored asphalt roof may reach the temperatures between 150-175 degrees fahrenheit. This coerces the air conditioner installed in the building to consume more energy and provide cooling. Asking your multifamily renovation general contractor to use light-colored shingles along with white roof coating can help reduce the temperature of the roof by 50 to 60 degrees, thereby reducing the energy consumption by air conditioner to maintain the temperature. 2. Roof Insulation Due to poor roof insulation your multifamily property is forced to consume more electricity by air conditioner during summer season. During winters, it will take more energy to keep the thermostat working and keep the house warm. You must, therefore, get your multifamily renovation general contractor to insulate the roof, because a well-insulated roof keeps the air intact inside the room, thereby reducing energy consumption during both winter and summer season. 3. Highly......
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