15 Keys to Successful Multifamily Property Renovations
A multifamily renovation is a big project that can be both time-consuming and expensive. When you consider hiring a company to do the work, it’s important to ask questions about their experience with this type of project. This article will give you 15 keys for successful multifamily renovations—information that will help you decide if your next renovation should be handled by an experienced contractor or not.
Hire the right contractor
Finding a great general contractor to work with you on your multifamily renovation project is paramount. They must have experience working on projects of your scale, and their ability to successfully execute renovations will directly impact how quickly you can get residents back into housing.
Stay flexible in design and stay on budget.
As your renovation plans change and evolve throughout construction, your contractor must be able to adapt to these changes quickly. You should stay within the boundaries of your original budget throughout this process.
Communicate early and often with residents
Good communication is key during a renovation project. You’ll want to be as responsive as possible to any questions or concerns from your residents, as delays resulting from miscommunication can cause real damage here.
Balance communication with privacy
While you’ll want to keep your residents fully informed throughout the renovation process, it’s also important to respect their privacy. For example, don’t post construction updates or pictures on social media unless permitted by a resident first.
Communicate with the city
If working in an urban area, communication with the city is key. Make sure you contact the city’s building and health departments a heads up before any major construction begins, and keep them in the loop as things progress.
Communicate with contractors
Your communication between your multi family renovation company and subcontractors will be critical to keeping everything running smoothly, especially if working off-site. To make sure any last-minute changes catch no one-off guard, encourage your contractors to support each other in the loop as much as possible. Prepare for emergency
Emergencies always happen at the most inconvenient times; you should be prepared for any potential emergencies that might arise during your renovation, including leaks, electrical fires, etc.
Keep good records
There will be lots of paper to push once your renovation is complete, so you must have a system in place for filing receipts and documents related to the project. Have a file folder or box designated specifically for this purpose and encourage all of your team members – especially those working off-site – to keep their receipts organized.
Keep records organized and accessible.
It will be helpful for you to create a digital folder to house all of your renovation documentation, including any plans or other documents that have been made for this project. While paper files can be kept in a box within arm’s reach, it’s helpful to save these files electronically as well.
Get the right insurance coverage for your renovation project
To avoid any issues further down the road, make sure you have workman’s compensation and general liability coverage in place. This will not only protect your workers but will also cover you if there is an incident on-site that causes property damage or causes personal injury.
Be attentive during construction and maintain the property
While the focus is on completing your renovation project, you’ll still need to be alert to the needs of your residents. Keep on top of any issues that arise with the property and make sure to resolve them quickly.
Secure funding early
Securing funding is necessary before beginning any renovation project, as it can take time for renovations to capture an increase in value. Be sure to confirm all funds in advance and avoid using personal accounts.
Be proactive in building relationships with residents
The success of your renovation project will directly depend on the degree to which you’re able to communicate with and relate to your residents effectively. Be sure that their concerns are being heard.
Maintain a clean site during construction
Be it through signage, incentives, or simply asking your site supervisor to communicate with residents, finding a way to clarify that the property is still being taken care of during construction will go a long way.
Give yourself extra time in the design process.
Renovation projects are notoriously complex and can easily take longer than expected. Be sure to allow ample time for any unexpected delays that may arise by setting a realistic schedule from the start.
The key to a successful multifamily renovation project is the right contractor who has experience on projects of your scale and the ability to adapt quickly. Make sure they have a proven track record and a budget that matches up.