While multifamily housing is growing increasingly popular, Joe Fairless of Cincinnati notes that property managers can’t rest on their laurels if they want to keep tenants long-term. As the co-founder of Ashcroft Capital and the creator of the Best Real Estate Investing Advice Ever Show, Ashcroft has ample experience dealing with multifamily property investment, construction, improvement, and sales, and his advice offers valuable insight into what tenants are looking for in a multifamily complex.
Increased use of technology is a must for bringing in tenants and keeping them long-term. Complexes with vacancies would do well to offer 3D tours rather than just photos of vacant houses or apartments, he says, as many buyers prefer to tour a place for rent without an agent present. What’s more, allowing prospective tenants to view the home/apartment and grounds without having to come in person will attract buyers who would otherwise be unable or unwilling to make time in their busy schedules to visit in person. However, the use of technology doesn’t stop there. Apps and online payment systems have become integrated into daily life. Residents will want to live in a complex where they can pay rent and other bills, schedule maintenance, and even let in guests via a video IP system without leaving their living room or home office.
Joe Fairless, a Cincinnati local, also explains multifamily property managers put a premium on inclusion and diversity. While some complexes cater to the needs of specific target demographics, i.e., senior citizens, families, university students, etc., he points out that many tenants are eager to find not just the right house or apartment but also an engaging, diverse community made up of people of all ages and walks of life. He also recommends that complex managers organize meaningful community events for residents to help people get to know each other, network, and make friends. Furthermore, he states that complex managers should also consider diversity when hiring staff members, as doing so will encourage innovation and help tenants feel comfortable with those in charge of maintaining the premises, handling mail, taking care of maintenance, etc.
Naturally, the housing units need ongoing attention as well. Joe Fairless of Cincinnati recommends durable vinyl flooring and granite countertops as they will look good after years of wear and tear, thus reducing home improvement costs long-term. Light, cheery paint colors are better than dull ones, as many people work from home and enjoy an atmosphere that has a cheery feel and ambiance. An open floor plan gives even small spaces a spacious feel and ambiance, as does ample natural light. Eco-friendly building materials are also a plus, as they reduce energy consumption while creating a comfortable living environment. He notes that multifamily complexes have to offer more than just nice housing. Convenience and community are high on many tenants’ priority lists. Using technology to its full potential while putting a priority on building community in the complex are two ways in which a property manager can keep profits high while providing a friendly, safe, engaging neighborhood for tenants.