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Improving Image of Investment property

I have a multi family that I sold to an investor who did a total renovation and it is beautiful. modern and upscale. Unfortunately it is in a neighborhood that is low income and has a reputation of being a bit unsavory.  Any ideas on how to market  and change the reputation and bring tenants to the complex that are willing to pay a higher rent?
  • December 23 2012 - US
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Answers (2)

Pictures always tell the story so if you are trying to attract a higher caliber tenant, I'd suggest investing in getting professional pictures taken and possibly staging the property. In the ad, point out the positives of the neighborhood and think about who you want to market to - maybe a working professional? Point out if the building is convenient to local interstates and close to grocery stores for quick shopping trips for a person with little time to spare. 

You have to weigh the pros and cons of this as well because if you make the building look amazing on the inside and the neighborhood has a tendency for issues, you may be advertising for neighborhood vandals to come in the damage the property. If that is the type of neighborhood it is in, I'd invest in making the building very secure to make prospective tenants feel safer and to protect your property while it is vacant. You can do this by installing a secure access front door (accessible by security card), installing cameras around the premises, and making the outdoor areas around the building like parking lots and entrance ways very well lit at all times.

Happy holidays!
  • December 24 2012
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That is going to be pretty diffcult...I had a client that did the same thing (against my advice) and ended up just selling the property "at cost" because nobody was willing to pay more to live in that particular neighborhood.

Wishing your client better luck..

Best wishes from So-Cal and good luck
  • December 24 2012
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