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Tips for Weathering a Market Correction

resident retention upgrades

Digested from National Real Estate Investor

If the market turns sour, basic amenities, such as cell phone reception and parking will matter a lot.

Apartment owners who have weathered multiple cycles know things will not stay good forever. The best way to be prepared for a market correction is to make changes before a downturn occurs.

“Now is the time in the cycle to proactively implement changes that matter most to residents,” Western National Property Management’s Donna Gill writes for National Real Investor. “By focusing on amenities that are known to increase resident retention, property owners and managers can maintain their existing renter base while also adding value to their properties.”

Gill says savvy owners should focus on the amenities first, including the basics like parking and cell phone reception.

“The installation of a security gate or cell phone signal boosters can increase resident retention and property value now and will also help owners and managers keep residents in place for longer periods of time,” Gill writes.

Small upgrades in curb appeal can also have big results. “Owners should consider minor exterior improvements, such as a fresh coat of paint or minimal landscaping upgrades, now in order to be prepared to stand out among the competition should the economy slow,” Gill writes.

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