HOW TO INCREASE THE VALUE OF MULTI-UNIT RENTAL BUILDING

Scarborough

If you´re thinking how to increase the value of your multi-unit rental building and how get more money with it; you will find in this article some strategies to achieve that. In the case of condos, the price point is even lower.

The first step to increase the value of your property is making the renovations and remodeling that are necessary, for example, painting, updating flooring, getting new appliances; but when you want that your tenants feel comfortable, is important that you invest in improvements like heating, air conditioned or all related with HVAC systems.

It is important that your property looks good and it is in good conditions, otherwise you´re going to attract people that don’t have good manners and behavior, for that reason it is imperative that you assign a small percentage of your budget to make the necessary maintenance, this is important because if you fix the things on time and regularly, you will avoid spending substantial amounts of money to replace them.

On the other hand, as a homeowner, if you want to reduce utility cost, consider investing in Energy-efficient thermal insulation, replacement windows, and lighting, also, to avoid suits from your tenants, because their safety is compromised. It is suggested that you also invest in home fire alarm systems, security doors, and fire sprinkles systems.

Second, if you wish to increase the value of your multi-unit building, the strategy to subdividing or combining units is a good option, if you have a unit between 2,800 square feet and 3,500 square feet, you can consider dividing it into two units, it will be easier to rent, the cost will be reduced for each tenant and your target will be wider, the big benefit of this strategy is that you are going to reduce the vacancy, keeping the unit occupied most of the time and will be able to generate income continuously.

Alternatively, if you have a space in your building, without windows, you can rent it like a storage space, some companies are looking for space like that, is a good option to get more money and without the stress of having tenants.

In any case, have a premise of not sacrificing the quality of your property, but, if you want to reduce expenses, think about cutting expenses such as accounting, advertising, insurance, lawn maintenance, legal fees, licenses or property management, that will help you a lot.

In view of that different tenants have singular ways to manage public services (utilities) like gas or water, it is important that you consider that each tenant pay his/her utilities separately, there is a huge industry that can help you assign the utility expenses equitably to each one of your tenants. 

One thing that works when you want to increase the value of your multi-unit rental is to rent a premium parking, which means, rent an exclusive parking lot, the reason is because some tenants want to reserve good space for their “treasured vehicle”; the other main reason is that in multifamily properties the shared recourses are abused and the tenant does not use them adequately.

As a last strategy and even if you don’t believe it, it is to charge a pet fee to the tenants that have pets. The main reason is that if your building is not pet-friendly, automatically you´re going to eliminate 50% potential tenants, so, with this fee you can have peace of mind in case that the pet makes some damage or get extra money at the end of the month.

With all the strategies mentioned in this article, you can find many ways that can help you increase the value of your multi-unit rental building, the final objective is that you can use them according to your own needs.

Online Marketing – A Beginner’s Guide

If you are looking for a Toronto SEO, here is where to start.

 

Social media marketing is a process of gaining web traffic and attention through social media websites. During this process, creative content will reach the audience through the publicity coming from the third party websites. It will also make people share content of their interest with others and make a vicious chain that’d make the business cover as well as go beyond the targeted market audience.

Each online marketer must have a product, a goal, a cause, and a service to promote through the internet. If you have such things defined in your mind, then you are on the right track. This could be the hardest part of entering into social media challenge and each of your efforts will contribute to reaching your goals flawlessly and efficiently until you put your feet on social media guru status.

Facebook pages such as this Toronto SEO Expert Facebook page can be a very valuable asset as well. And don’t forget Vimeo just because Youtube gets all the action. Vimeo has some features such as “video swap that Youtube does not!

The world of social media is more extensive and much wider than you think. It’s a strategic marketing platform, which reaches various ages, cultures, genders, religion, interests, and locations. That is the reason why social media is an ideal option to target and reach your audience and achieve success.

As a beginner in social media marketing, here are the things you should know:

Do Your Homework

Behind each exceptional social media campaign is an effective strategy. Social media revolves around connecting with your audience in a genuine way. To do this, you need to fully understand your potential and current customers. Start by defining your audience and determine their individual characters. Never say it out loud and take note of the details that represent your target audience. Just remember that every social media channel isn’t made equal. Social media channels have different primary audience, focus, and cadence. It is essential to understand the differences so you will know where or which social media channel you should exert your effort on.

Coordinate the Social Channels

If you treat social media platform as a standalone effort, your success has limitations. Your network must work together to help you reach your goals. Your website is the home base of your brand. Coordinate social media efforts to push people to your site where they can purchase your service or product. Use a blog to establish the voice of your brand and try to share information. It’s a valuable way to engage with your website visitors and leads them through the sales funnel. You may optimize your blog and website for social media through adding some elements to your design.

Get Started and Consider Starting with Small Steps

You have defined your target audience, you know where you can reach them and you already optimized some marketing touch points. Now, it is the best time to get social. One of the most important tips when getting started with social media marketing is to start with small steps.

To guarantee consistency in social media marketing, you have to incorporate social media in your routine daily. Just do this in 1 or 2 different time slots each day.

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