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. Don't forget to like, share, and subscribe for more industry-leading advice!
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