6 Ways to Increase Value with Upgraded Turns
Renovations don’t always have to mean extensive CapEx investments. Multifamily properties can stay competitive with smart, budget-friendly upgrades. From lighting and landscaping to listening to resident feedback, these practical tips can help boost perceived value and increase resident satisfaction.
There are many reasons why a property may need to invest in a Community Upgrade: new competition, aging buildings, dated features, missing amenities, shifting resident expectations, and improving profitability. But whatever the reason, refreshing a multifamily property does not always require a complete renovation or a massive capital investment.
With some creative thinking, input from residents, careful research, and the right partner—a multifamily team can make impactful upgrades that enhance resident experience, improve renewal rates, attract new residents, and increase profit potential—all while staying within the budget.
Episode 29: Increasing Value Through Upgraded Turns
Boost retention through strategic upgrades:
In this episode of The MRO Show Podcast, two multifamily veterans get real about how residents choose a community, why they stay, and what makes them leave.
TIP 1: Strategic Updates Deliver
Multifamily managers don’t always have to invest in a full-property overhaul in order to increase NOI. Focusing on strategic, incremental updates planned around unit turns can make a big difference. Ideas to consider include:
Stylish Light Fixtures
On-Trend Faucets
Custom-Cut Blinds
Updated Outlets and Covers
Smartkey Locks
Cabinet Refacing
Adding these updates during unit turns can lead to happier residents, increased value, and higher renewal rates. But how should a property team decide how to prioritize the items they upgrade? The short answer is to listen to how prospects talk about the property.
TIP 2: Use Walk-Through Feedback to Guide Upgrades
Once you’ve identified potential upgrades, the next step is to prioritize. Let your prospects help. During a walk-through, future residents often reveal what they value most and appreciate least. Listen to what they talk about when they tour a property. What features or amenities spark the most excitement, and which ones never get mentioned? These insights can help property teams decide how and what to prioritize during unit upgrades.
TIP 3: First Impressions Matter
Most future residents begin to build an impression about a property the moment they arrive. They have not toured a unit—haven’t even stepped into the leasing office—but they already have “a feeling.” For many savvy residents, that first impression is enhanced by a quick cruise around the property before they ever walk into the office. They may not know exactly what to look for, but they notice things like:
- Clean, well-tended grounds
- Updated and functional exterior lighting, especially in stairwells and exterior halls
- Parking stops painted and in good repair
- Clean, clear, and undamaged signs
- Prominent pet waste stations
TIP 4: Invest in the Maintenance Team
A well-staffed, properly trained, and equipped maintenance team is essential. They keep properties looking right and units comfortable and inviting for potential residents. Maintenance professionals are also often the property representatives who residents interact with most. Make sure they have what they need to be successful.
Did you know that Chadwell Supply offers in-person and online maintenance training? Check out “ChadwellSupply.com/university” to learn more.
TIP 5: Use Reviews as a Roadmap
Online reviews are often the first impression a property makes. Not every review always needs to be addressed. However, addressing legitimate concerns and making visible improvements can significantly boost a property’s reputation.
IDEA: look for 2- or 3-star reviews. These often mention specific points—good and bad—those reviewers noticed. What are they saying, and what can your team do to respond? IMPORTANT: Before you respond, be sure to have an approved public response plan in place:
- Discuss a social media response strategy with your team
- Be honest, gracious, and professional in every online interaction
- Respond proactively to legitimate concerns
TAKE ACTION: When updates are made, follow up and let people know those concerns have been addressed.
TIP 6: Build Trust Through Clear Resident Communication
Keeping a positive and proactive conversation going with current residents is an effective way to promote resident retention and improve renewal rates—especially when you’re planning an upgrade.
- Communicate renovation plans clearly—If you plan to renew units in their building make sure they know their options.
- Involve residents in the process—Build trust and increase satisfaction by asking current residents what they would like to see and then follow through on those requests where you can.
- Respond to requests—Offer targeted upgrades to current residents when possible.
When residents know a property team values their perspective and responds to their concerns, trust is established and resident satisfaction increases.
RESULTS: Expect to Increase Value
With thoughtful planning, proactive communication, attention to detail, and a willingness to listen, property teams can make meaningful improvements that increase perceived value and resident satisfaction.
Ready to prioritize your next set of upgrades?
Schedule a property walk with your local Renovations Manager.
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Ready for a refresh?
Check out Chadwell Supply's Renovations Idea Book for inspiration on your next upgrade.
