Welcome to today's episode of the Multifamily Collective, where we dive deep into the critical concept of speed to market in multifamily renovations.
Join us as we explore:
A Brief Journey from Acquisition to Renovation: Unveiling the process from buying a community to executing renovation plans, especially in value-add spaces.
Scoping and Bidding: The art of balancing market demands with renovation budgets to avoid over-improving or under-improving your units.
The Numbers Game: Making the math work is just the start. We discuss why this is essential but not the sole focus.
The Essence of Speed to Market: From the day renovations begin to the moment a resident moves in, discover why reducing this timeframe is crucial for success.
Avoiding Value Burn: Every day of vacancy during renovations equals dollars lost. We talk about strategies to minimize this and optimize overall community value.
Collaborating for Success: Techniques for aligning contractors and stakeholders with your project's pace through innovative contract designs and performance-based incentives.
Beyond the Units: The importance of speed to market in enhancing common areas and the overall community experience.
2024 Focus: Why speed to market remains a key factor in maximizing renovation projects in the current year and beyond.
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