Managing new construction in multifamily is an undertaking that comes with a unique set of opportunities and challenges.
With hundreds of critical decisions to be made, the value in onboarding and even using certain amenities during construction can be easily overlooked.
While it may seem daunting to try to select multiple supplier partners early on in a build, the benefits can certainly outweigh the costs.
Let’s take a look at a few of them:
- Maximize ROI. Chances are, there are certain amenities you need in your temporary leasing office during construction (a printer is a prime example). Using these amenities before residents ever move in not only maximizes your ROI, it also gives you the opportunity to gain a comprehensive understanding of how each one works. You’ll be well-equipped to promote the benefits and drive utilization.
- Stay ahead of comps. It can be tough to differentiate yourself from other new builds. But if you lock in the premium amenities that residents want and need early on in the construction process, you’ll give yourself a major competitive advantage.
- Ensure a seamless rollout. Selecting your suppliers ahead of time gives them the opportunity to work directly with your general contractor to build out amenity spaces with the correct specs - which means a quicker and smoother rollout. Your amenities will be ready to go as soon as your first resident moves in, increasing satisfaction and retention.
- Save money. Many suppliers offer lease-up specials to help make early onboarding affordable and justifiable.
- Reduce stress. Seek out suppliers that offer all-inclusive packages. They’ll be the helping hand you didn’t know you needed during lease-up. The last thing you’re going to want to do is try to remember to order supplies or resolve technical issues.
One of the top amenity trends in new construction is dedicated coworking space.
And for good reason.
Upwork estimates that by 2025, an estimated 32.6 million Americans will be working remotely, equivalent to roughly 22% of the workforce.
Your future residents are going to need spaces where they can comfortably work.
If you need inspiration, check out this free e-book with advice from seasoned execs and a handy checklist to help you ensure you’ve got all of the essentials covered.
One essential takeaway from the e-book is that thoughtful FF&E and design aesthetics are critical in creating great coworking spaces, but technology is non-negotiable.
Where is your money best spent? Here are four smart tech investments:
- Seamless Wi-Fi - Simply stated, you must have Wi-Fi connectivity that extends seamlessly across your community. Remote workers expect to be able to work from anywhere in their community - even outside dedicated coworking spaces.
- Reservation Platforms - Especially if your dedicated coworking space is limited, it’s important to implement access control so all of your residents have an equitable way to gain access to it.
- Coffee Machines and Pantries - Innovative coffee machines and carefully curated pantry services combine the convenience of a traditional break room with the experience of a coffee shop. Plus, they can be enjoyed by all your residents - not just remote workers. Look for solutions that are designed to curb excessive consumption and outsource support.
- Printers - The Wall Street Journal recently named a printer the #1 amenity in multifamily, recognizing that “no one wants a printer, but everyone wants to print.” That assessment is not wrong. Workers still need access to staple communal resources, like printers. Find a self-serve solution that takes the burden of printing and troubleshooting off your staff and makes budgeting easy.To help reduce the burden of vendor management, it’s advantageous to work with platform companies that offer multiple solutions.
WithMe falls into that category, offering elevated printing and coffee amenities with perks for residents and on-site teams.
PrintWithMe’s all-inclusive packages make budgeting easy, while outsourced technical support and auto-shipped supplies reduce the burden on property management teams. Residents love having 24/7 access to reliable printing and live support if they ever run into issues.
SipWithMe also boasts budget-friendly, all-inclusive pricing and outsourced technical support. Residents love being able to order 20+ roast-to-order beverages in the comfort of their own building.
You’re going to need a printer and a coffee machine.
Why not maximize your ROI, ensure a seamless rollout and alleviate the stress of lease-up by onboarding WithMe amenities during construction?
Plus, you can advertise that your building will offer free coffee and free printing! And what prospective resident wouldn’t love that?