Adding Value to Your Montana Multifamily Property: Five Questions to Ask Your Property Management Team
Is your multifamily investment looking into the future? As the multifamily market starts to right itself with more inventory popping up across the state, owners should consider their competitive edge. Jessica Morina, Director of Sterling Commercial Management Group offers a few key questions to ask when analyzing the state of your management. How can you add value to your Montana multifamily property?
Are you maximizing your revenue sources?
Your property manager might suggest simply increasing rent. But without clear investment in the property, tenants are likely to vacate once comparable properties hit the market. Ask what revenue sources could be tapped and if they bring value to your tenants. Services like pet rent, indoor bike storage, or waste valet can be easy ways to increase revenues without raising rents.
What repairs are needed to bring the units up to par with competitive offerings?
If your property manager isn’t working on a preventative maintenance strategy, newer products coming may overshadow your complex. If the competition coming online in the next 12 – 18 months is brand new, a proactive property manager should be thinking of ways to stay relevant and attractive. Is that a coat of exterior paint – or new floors throughout?
What platforms are you currently listing available units on?
Craigslist and a local website used to be a sure bet in Montana. Listing sites changed the game and juggernauts like Apartments.com will always scoop up the premium search rankings. Digital marketing dollars can be stretched thin without a clear audience and plan for reaching your next tenants
How has your touring process changed in light of COVID?
Even as many companies return to in-person touring, your property manager should have a plan in place to offer virtual tours. That’s especially true as prospective students and new residents looking to sign a lease prior to arriving in the city. Morina also cautions against letting potential tenants self-tour. Self-tours are a missed opportunity to connect with the renters. The Sterling CMG team also keeps a stock of masks and hand sanitizer on hand for potential tenant.
Is it time to rethink complex amenities?
Has your property manager looked into cost-effective ways to update amenities at your complex? One clear shift is a new preference for outdoor space. While theaters and fitness centers fell out of favor during the pandemic, outdoor kitchens and grills surged in popularity. In Montana, Morina doesn’t see this changing. The culture is naturally outdoorsy. Even after major COVID concerns abate, these spaces will likely be well-used.
Finally, Morina says that Gen Z and Millennials are less likely to mingle with neighbors. They are active and already very connected online. This group has shown little interest in access to networking events or happy hours hosted by the management.
Looking ahead at the new product coming online, now is a good time to ask your property manager for a 1, 3, and 5-year plan for the facility. Be sure your plan helps position the complex to grow with the community and their needs.
Contact Jessica at 406-290-9800 for more information on how to position your asset in Montana’s shifting landscape.
