Change is constant in real estate, but often, it seems like a slow-moving mountain; you know it's moving, but you can't see it moving in real-time. Property built just twenty years ago with fully functioning hard-wired internet in every room were all the rage. Five years later, wireless knocked this hi-tech to the wayside in just under a minute. Inreality,thenewestconnectivityhadalmostovernightadvancementfrom wired to wireless, the from 3G to 4G to 5G, now 10.
Short-term leases (6 to 12 months in duration) are practically mobile immediately; they can go where the action is – be it for amenities or jobs. Staying in-the-know allows you, as a property owner, to prepare for change and stay ahead of competitors. It's not always a big thing that's required to "stay current." It could be something as simple as changing all lighting to LED or replacing appliances, one unit at a time, from white to stainless steel. Small things, but things that keep residents and retain revenue.
Think of this shortlist as a springboard to keeping your eyes open about changes aroundyourassets. Stayingin-the-knowwillkeepyourassetcompetitiveand revenue flowing while others fall behind.