How To Ensure Your Older Property Stays Competitive

When you run an older property, you may get stressed out when a new developer comes into your neighborhood and builds a brand new complex full of modern features. However, you can still stay competitive with newer properties by incorporating a few new tactics. Here are some great ways to ensure that your older property stands up to the new guys.

Focus On Your Property’s Best Features

Newer places have tons of amenities and a modern spin, but many of these places are the same thing over and over again. They offer the same amenities and same decor as everywhere else. There are plenty of people who would rather live somewhere with older unique charms and features. So instead of trying to compete directly, think about what sets your property apart from these newer models. Do you have interesting woodwork, historical charm, or gorgeous full grown landscaping? Not everyone wants the same thing, so instead of trying to fit in, stand out.

Upgrade Where Necessary

Instead of going for a full costly remodel, consider ways that you can improve your property that add value. Start with a facelift. Paint your interior and exterior and then add new flooring. Then invest in some modern technology. Upgrade your appliances to newer models, add some tech features like Wi-Fi or a digital common space, and modernize your amenities with new equipment. When upgrading, keep everything that makes your property truly unique. Offering a place with older charm but all the great modern features, is extremely attractive to potential residents.

Focus On Resident Retention

The big advantage older properties have over newer developments is that you are more established and connected to your community. Focus on the community you currently have. It is much cheaper to offer incentives for your current residents to stay than to try to attract new ones, especially in the face of market competition. Have resident events, activities, and make gestures of appreciation to make your community even stronger. You can also consider incentivizing staying by offering lower rents and cutting fees for lease renewals. Make sure that you will offer something the newer complexes cannot, a sense of home.

So if you are facing competition from a newer building, don’t worry. Instead focus on what makes you stand out from these newer buildings. Older properties have some distinct advantages. Focus on these advantages and you will have no reason to worry about the competition.

 

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