Multi Housing News May 2012 : Page 25
non. McDowell Properties in San Francisco recently turned to Charter Furniture when it closed on 16 properties in three states. “We sold 16 models in one day for this owner to quickly reposition their newly acquired assets,” says Gannon. Other clients that turn to Charter Furniture include BH Management and Lincoln Property Company. “We shop hard and diligently [for furniture and accessories] in North Carolina twice a year,” adds Gannon, whose team stays abreast of design and consumer trends and also works with some clients on custom projects. Who is the target market? Make sure to do your research before undertaking improvements, advises multifamily marketing ex-pert Lori Snider, founder of The Lori Snider Com-pany. “What kind of amenities and features are your desired competitors offering? Then, change it up a bit. What are they not offering that would be ap-pealing to the desired profi le?” Snider offers the fol-lowing tips for mature properties that are struggling: 1) Create an outdoor fi re-pit with pavilion to reinvent the typical—and dated—grassy courtyard. A pavilion provides a gathering place other than the pool for resident functions and can dress up an area that wasn’t providing much value. 2) Offer free WiFi in the clubhouse and sur-rounding areas. It’s a must. 3) Choose an exterior paint palette that is fresh and a bit daring to capture interest and provide a dramatic facelift. Utilize a service like The Color People to maximize positive impact. 4) Remember that nothing says “dated” like pickled kitchen cabinets and mauve countertops. Whether you paint them or replace them, an up-dated look is a must. New appliances, granite coun-tertops, a simple backsplash and new fi xtures and fl ooring add value and make old seem new again. 5) “Brassy is not classy” is a mantra to be stated over and over again during any repositioning. Re-cessed lighting and satin nickel faucets, doorknobs, drawer pulls and towel bars will lend a modern “wow” impact. “The key with an older community,” says Snider, “is to work with what you have to make it even bet-ter, inside and out.” She adds, “If your community is brand new on the inside, but tired and old on the outside, you’ll have a hard time convincing clients of its value.” MHN To comment on this story, e-mail Diana Mosher at dmosher@multi-housingnews.com Charter Furniture in Addison, Texas offers seven model unit concepts at a price point for B and C properties. The service (left and above) replicates the look of a custom model and provides step-by-step guidance for property managers. ment should focus on the apartment units since that’s where they spend most of their time, while others are more enthusiastic about sprucing up common areas, curb appeal, the lobby or fi tness center so that they feel like they’re getting a “lux-ury” experience for a lower priced apartment unit. “Products such as Survey Monkey costs pennies on the survey, and involving residents in the process can be a big selling point, and may even help drive retention,” explains Thompson. Making visual enhancements According to research conducted by Apart-ments.com, prospects are interested in seeing more interior shots of living spaces when they visit apart-ment community websites. If your budget can’t accommodate the services of an interior designer, Charter Furniture in Addison, Texas offers a turn-key solution that can transform your multifamily product quickly and affordably. The idea behind Modeleasy, says John Gannon, vice president/sales at Charter Furniture—a furni-ture company that has forged strong relationships with multifamily companies in its area—was to cre-ate a way to replicate the look of a custom model with a price point that works for B or C properties. “This is for an owner/developer who hasn’t budget-ed the $25,000 to $50,000 required to redo a model with a professional designer. It’s also for when you have a ‘dog’ on your hands that just won’t move.” Modeleasy’s solutions are priced from $7,800 to $11,000. Charter Furniture selects and gathers ev-erything needed for a professionally designed mod-el—from living room, dining room and bedroom furniture to rugs, lighting, art, decorative accesso-ries, bed linens, bath towels and shower curtains. This merchandise has been packaged into seven concepts for sale to the multifamily industry. Own-ers and property managers can select the concept that best suits the property and demographic—for example: Tribeca, West Park, Midtown, or Eco Chic (visit www.furniturebycharter.com and click the Modeleasy icon to see all seven concepts). Since Charter keeps all the models in stock, quick delivery is available as well as installation and/or instruction on where to place the furniture and ac-cessories, this along with guidance on paint colors and accent walls. Charter Furniture introduced its Modeleasy solu-tion nearly fi ve years ago to the local suburban Dal-las market and now it ships all over country. “We sold one this week to a client in Florida,” says Gan-www.multi-housingnews.com | May 2012 25
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