They say don’t judge a book by its cover, but that’s exactly what homebuyers considering a condominium do.
While they tend to care more about the square footage of their home and the number of bedrooms and baths, they also look at the home as a whole, which includes the shared areas of the building.
If that’s the case, what can you do as a property manager to increase your unit’s resale value by caring for the shared spaces?
1. Who are You Selling To?
You may not be selling the units themselves, but you are contributing to the overall occupancy rates when you upkeep the building. So, before we dive deeper into how you can help improve those rates, let’s talk about your desired resident.
Answer these questions:
- What age range do most of your owners fall within? Are they:
- Bachelors/bachelorettes?
- Young families?
- Retired couples?
- Seniors who can still live independently?
- What is their average household income? Are they:
- In the top 20%?
- Or middle income?
- Where is your condo located?
- Is there a culture or ethnicity that is predominant in your neighbourhood?
- Is it a vibrant downtown vibe or quieter and more relaxed?
Once you know exactly who your demographic is, you can target your brand to them with your upkeep decisions. This may also be written in part into your condo bylaws, for example, if you only allow 55+.
2. What is Your Condo Design?
What is your building’s first impression? Has it been updated recently or is it stuck in the 50s? As you take a good look at your current curb appeal (including your foyer and common areas) think about the demographic you just outlined.
Depending on the residents you want to attract and the budget you have to update and keep your common areas refreshed you’ll look at a couple of areas.
- Do you have a décor theme?
- Is it classic and simple?
- Trendy and modern?
- Or funky and retro?
- Are you in need of an overhaul or will a simple facelift help freshen the space?
- Do you enlist the help of a designer?
- Do you paint, update some furniture and perform a deep clean?
- Is it cleaned regularly and maintained?
- Are your sidewalks clear of ice and snow?
- Are all of your lightbulbs working?
- Has your upholstery been cleaned recently?
- Do you consider added elements like the scent of your foyer or even Muzak?
- How are your residents welcomed to the building?
- Do you have a concierge or doorman?
- What other elements might help their use of the space?
- If you’re targeting seniors, do you have a ramp, elevators and wide enough hallways for wheelchairs?
- Are residents able to buzz guests up easily?
The design goes well beyond aesthetics to consider the overall experience of your homeowners.
Talk to GoJaxon about upkeeping your building with cleaning and maintenance services or creating a welcoming atmosphere with a concierge.
3. Is it Safe & Sanitary?
When prospective buyers visit your condo building, they’ll be looking for obvious signs that you care for safety and sanitation.
First off, is your space cleaned regularly or are there scuffs on the walls, dust bunnies running amok and puddles sopping your entryway?
Next up, look at these other signals:
- Are your elevators inspected regularly and are they all operational?
- Do you have fire extinguishers, hoses and defibrillators available in your common areas?
- Do your board minutes accurately reflect recent maintenance on the building?
- Is there a cleaning and maintenance team that cares for your building regularly?
- Are there precautions taken in the winter or rainy weather for slips and falls?
- Are there pests visible or signs of them?
- Are your HVAC systems clean and free of mould or dust?
When your building appears to be well-cared for, it’s an obvious sign that you’re working to maintain a high level of resident satisfaction. This needs to go beyond a routine cleaning schedule and expand to maintain the overall upkeep of the building.
Otherwise, it could be a red flag to prospective owners that there will be a big condo fee hike soon after they move in to address large, outstanding issues.
Get in touch with our team to see how we can help you clean and maintain a safe and sanitary building.
4. How Does Your Condo Compare?
Comparing your competitor set doesn’t just apply to the individual units when it’s time to sell, it applies to the building as a whole.
Look at similar condos in your area and see how they stack up against your building:
- Do they have amenities like a pool, gym or rooftop patio?
- How well are these areas maintained?
- Are they in a similar location to yours?
- Do they target the same demographic?
- Are the units comparable for size, appliances and furnishings?
Once you’ve compared your buildings and units as a whole, you can look for areas where you can differentiate to help increase the market value.
For example, if you meet all of the same criteria as other condos, perhaps look at adding a concierge to help welcome residents home. Or, offer more social opportunities to help integrate the community.
The list is long of ways you can differentiate your building, but if your resident experience is elevated compared to the competition, you’ll see higher occupancy rates and better resale values — making your building the most sought after.
No matter what just make sure your efforts are consistent, not just when it’s time to sell.
See how GoJaxon can help you differentiate your condo, relieve some of your duties and elevate your owner’s experience.
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