The art of bespoke renovation: Tailoring your property to attract quality tenants - by Ron Fanish

When you own, manage or develop properties for long enough, renovations become inevitable. It may simply be because the building has grown outdated and needs more modern touches. Another reason may be an unfortunate disaster, like a fire or flood, that necessitates rehabilitating significant portions of the property.

Despite the cause, veteran property owners, managers and developers know that a renovation is also a major opportunity. It provides the chance to enhance and tailor your property in a manner that surpasses rival offerings and draws in high-caliber tenants. A state-of-the-art, bespoke renovation is an essential competitive edge and a reliable means to maximize occupancy. As you embark on your next renovation, consider these four strategies to maximize its potential.

Understand your neighborhood. For a renovation to truly be bespoke, the property should respect and speak to the broader community in which it exists. You want to complement the character of the city or town you’re in — not clash with it. And a renovation is a chance to better align the property with the neighborhood’s reigning aesthetic. For example, if there are several striking historical properties in the area, you could restore your property to its former glory, too. And if your building is a newer one, you can still take steps to give it a historic vibe – use touches like old-school masonry, classic brick work, and period doors and windows. 

Work alongside specialists. Property owners, managers and developers often have a broad skill set. When it comes to getting a bespoke renovation just right, however, it can be advantageous to work alongside specialists. Don’t hesitate to bring in designers, architects, tradesmen, and other professionals with deep and specific expertise. They are well-versed in understanding the preferences and expectations of potential tenants. For instance, an architect may recognize the rising demand for loft-style spaces and high ceilings among renters. An interior designer can identify current trends like open layouts. And a skilled electrician will be able to skillfully incorporate tasteful, period-appropriate lighting into your historic building.

Prioritize amenities. These days, tenants are looking for more than just square footage. They’re also looking for first-rate amenities. In a residential building, these amenities might be an on-site gym, swimming pool and locker room; work-from-home pods peppered throughout the property; and patios and terraces spread across the outdoor space. In office buildings, amenities might entail coffee shops and lounges, fitness and wellness rooms, and, of course, ubiquitous Wi-Fi. If you want to attract quality tenants, it pays to offer the whole package. 

Tenant management. Even when the final nail is hammered, don’t consider the renovation done. Property owners and managers still must work on tenant management — that is, ensuring renters have all the support they need during their stay. Owners and managers should have reliable, two-way communications channels with all tenants. They should practice tenant screening, to ensure every new addition is a good fit for the community. And they should go the extra mile, organizing events, get-togethers, movie nights, and other social activities to keep both residents and office workers satisfied. 

Property renovations are substantial endeavors, demanding time, financial resources, and specialized expertise. However, they also represent a significant opportunity. Through investments in top-tier, custom renovations, property owners, managers, and developers can align their buildings with market needs and position themselves as the premier choice for discerning tenants. As you embark on your next renovation project, keep these four strategies in mind.

Ron Fanish is co-owner of Rainbow Restoration of Westchester, Yonkers, N.Y.