Rethinking Renovations
Multifamily renovations are not one-size-fits-all. Plans vary property by property and even unit by unit. Operations teams have to be flexible—and they need a renovations supplier with the experience, capacity, and flexibility to keep projects on track.
Every multifamily property eventually requires an update, upgrade, or renovation. But, before you break out the hammers and pry bars, invest some time answering a few key questions to set your team up for success.
- Why are we upgrading?
- What is our market looking for?
- What is the budget?
- Where are the flex points in our plan—are we building in room for changes?
- Who should we partner with?
No two property upgrades or unit refreshes are exactly alike. Big-picture goals vary, and even identical floorplans often hide surprises. A successful renovation begins with a solid plan—and the flexibility to pivot when CapEx surprises inevitably pop up.
Want some winning renovations ideas?
Watch this conversation with Renovation Manager Morgan Bartkowiak.
Project Planning
While every renovation project is unique, one thing every multifamily upgrade has in common is the importance of project planning. Begin with the end in mind. Answer the “what” and “who” questions:
- What is our specific goal?
- What is the intended gain?
- What is the competition getting right?
- What are we missing that our competitors have?
- What is the timeline?
- Who is managing the budget?
- Who is selecting the products, handling the orders, and scheduling the deliveries?
- Who is doing the work: contractor or in-house?
- Who are the points of contact to streamline communications?
Work backwards from those answers:
- If your goal is to stay market-relevant, focus on updating unit features and community amenities.
- If the property looks dated, a refresh in colors, finishes, and fixtures can go a long way.
- If you’re aiming for curb appeal, consider the journey a potential resident takes when they arrive. What do they see? How does it make them feel?
- If you are working with a partner for inventory management, ask them about third-party software setup, and what is their invoicing process?
Collect comp data from nearby communities:
- What are they getting right? What have they added or updated?
- What features or finishes are they offering?
- Are new builds in the area offering something you’re missing?
Prioritize what your residents want.
Investing in trendy upgrades your market doesn’t value can drain funds from improvements that would actually move the needle.
Partnering for Success
Every successful renovation is a team effort. Property managers, maintenance teams, contractors, and suppliers all have to be aligned. This is where Chadwell Supply’s team of dedicated Renovations Field Managers comes in. Our Renovations Managers will walk the property with you, assess unit needs, and help your team:
- Build a game plan that suits the customer’s needs
- Create a realistic timeline and establish the communication stream with the property, contractors, and our team
- Prepare for potential changes and be ready to pivot to prevent project delays
- Identify the updates that will deliver the greatest impact
Maximizing impact while protecting the budget can be tricky.
Customization is essential—but the budget is still the budget. This is where working with a partner who knows renovations and understands the multifamily market is a real game changer. They know how to identify the real difference makers in every property upgrade and how to solve any surprises.
The goal: Keep your project on time, on budget, and on target.
Producing Results
At the end of the day, renovations are about results: happier residents, higher retention, and increased NOI. Getting there depends on your plan, your partner, and your team’s ability to produce.
- Stay flexible, be ready to pivot
- Fit the upgrades to the budget, not the other way around
- Know, in advance, who will take the lead in managing challenges
Embracing the Process
Multifamily upgrades are a project planning process—emphasis on process. Every project has a rhythm, an ebb and flow from one phase to the next. Having the right plan and working with the right partner will produce results that deliver that “wow factor” without breaking the budget.
For more tips, tricks, and product knowledge to help with all your renovations needs, visit Product Knowledge: Renovations
