A Day in the Life 77
A Day in the Life…
Starting things off during the holidays with a subject based on a comment from one of our friends, Jessica Peterson, we are going to dive in a bit to the added value design can bring to your space! Though she was specifically referring to resale, we are modifying the topic slightly and shifting the focus towards rental units (as many of our clients either keep their home or have had us redesign their income properties!). Though the topic varies slightly in a different direction, the general ideas behind the assessed increase in value remain the same.
When it comes to design, and striving for maximum return, differentiation is the key (…and many of you business guru’s know how important that is!). Anything you can do to separate yourself from the “competition” will pay dividends in the long run. Separating from the masses gives you recognition, which translates into higher rent and/or increased occupancy (or on the selling side, increased revenue and fewer days on the market). Let me lead with this…What brings you in to buy that LouisVuitton purse? Besides the fact that it is a Louis (and amazing), it’s also how it’s displayed in the window…the “décor” around the item sets it apart, along with the targeted marketing real you in for the purchase! The same rings true when it comes to property. Though it may all sound like basic ideas, many don’t implement them when it comes to selling or renting their home. Professional tip #1…it’s no longer for YOU…it is for someone else!
If you want to sell or rent for higher dollar, the old adage of “someone will want it” has to go out the window, and the appeal factor needs to be dialed up to 11 so you can target your renter (or buyer). If you aren’t taking that into account and making adjustments to give yourself the edge, you will end up getting stuck somewhere in the middle.
At this point you may be looking for an example…
So…take one of our 1 bedroom condo remodels (the photo attached may be a clue 😉 ). This unit started out as a rental and remained one after our clients purchased. Pre-renovation, this unit was very near the bottom of the pool and receiving some not so decent feedback. However, post renovation this unit has jumped to the top 2% of available rentals in the area, and this year it was rented out over 300 days! I would say that is a huge success!
To get back and address the original topic, not only did we increase the revenue, we created a great new space and generated desirability that differentiated the property from others in the area!
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