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Attracting Remote Workers to Your Multi-Family Property

ATTRACTING REMOTE WORKERS TO YOUR MULTI-FAMILY PROPERTY
 March 31, 2021 |  CRE News, Investment, Management |  real estate trends, building renovation, commercial real estate tenants, multi-family property

The number of people working from home has boomed within the last year, and it doesn’t show many signs of slowing down. 27 percent of the workforce is expected to continue working remotely in 2021, with almost 23 percent of the population going fully remote in the next five years. That number is nearly double what it was just a short time ago. As more and more of your tenants begin to stay home, how do you make sure that your building is able to handle the increased workload and also attract future renters?

Better Connections
First and foremost, remote workers are going to be examining your building’s internet and cellular reception. Living in a building that experiences frequent service interruptions is frustrating for tenants who are trying to complete projects and connect with their co-workers. If you’re getting multiple complaints about dropped service, it might be time to change providers or upgrade your current service plan. It can be helpful, for example, to offer your tenants different speed packages if your present plan includes just one speed. It’s hard to plan ahead when everyone has different needs, but offering as much variety as you can makes it a little easier.

Durable Equipment
Having more of your renters in their units all day puts a lot of strain on your building’s components. Your plumbing, electrical, HVAC system, and appliances need to be outfitted to deal with the extra usage. Older units are especially susceptible to having issues, so it’s crucial that you get out ahead of them. Replacing aged parts can help limit the number of maintenance requests that you have to deal with. Conducting regular inspections will also prolong the life of your expensive equipment and keep tenants comfortable.

Expanded Floorplans and Dedicated Workspace
Being stuck in a small space several days a week can impact work productivity. Most single-person units don’t have the added area to set up a desk and computer monitor without taking out a huge chunk of the room. Creating a layout that allows for extra furniture is very appealing to remote workers. Even a small study nook adds value since tenants won’t have to divide up a bedroom or main floor space to accommodate their equipment. It can allow for that separation between home and office, leading to better efficiency for them when they’re clocked in. If you have a space inside your building that’s sitting unused, transforming it into a meeting space or tech lounge is another great idea.

Quiet Things Down
Paper thin walls coupled with multiple ongoing conversations between units are a distraction as people try to work. Ensuring that your building absorbs sound well and provides a distraction-free environment is important. Potential renters can be turned off from signing a lease if they don’t think they’ll be able to focus, which costs you money in the long-run. Investing in soundproofing your building will end up paying off down the road and give you happier tenants. 

Creating a setting that takes into account the needs of remote workers will make your building more attractive from a marketing standpoint. You’ll be able to manage your turnover rate better, and deal with less complaints from current residents. As you gather more feedback, you’ll be able to transform your property into a welcoming community for everyone.

Schedule Your Commercial Inspection With NPI
Whether you’re buying, selling, or renting out your commercial building, schedule your NPI inspection today.



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