CAI-NJ May 2021

NEW OLD... from page 32.

the building is already at a premier location and by reno- vating the façade we breathe new life into a dated asset. WHEN TO MAKE THE CHANGE Knowing when to make the leap from ideation to realization is crucial to starting the process. Are long-time owners listing their units due to the age of the building since it doesn’t offer newer amenities within the neighborhood? Are real estate values declining? Is new competition in the area driving potential buyers to these other properties instead of yours?

REPOSITIONING Repositioning is more ambitious and is aimed at reintroduc- ing a desired lifestyle brand to the community, both internally and externally, by attracting new residents and retain exist- ing residents who might be looking into options to reinvest in newer, more updated properties. This type of targeted improvement can yield faster completion times when phased while minimizing the disruption to the building’s occupants. This option introduces architectural elements like rede- signed entrance canopies, adding exterior elements such as lighting and creating a greater community brand iden- tity presence through graphics. The ability to add these elements to the building’s façade creates a greater street presence and can also generates an aesthetic influence within the greater urban environment. REBRANDING Rebranding can be the most ambitious transformation of an asset that can uncover its unrealized potential. Often,

“The ability to add these elements to the building’s façade creates a greater street presence...”

Consulting with the property management team and leaning on their experience and exper- tise within the market is the key to understanding what the existing owners need and prospective residents want.

Factoring in short term budget expenditures vs. long-term planning goals that can be incorporated into the Reserve Fund can help position the building to compete in this new market. n

Experience. Service. Satisfaction.

At Premier Management Associates, the ultimate goal of everything we do is resident satisfaction. That’s why over 100 associations across the region count on us. We have over 40 years experience managing the regular, day-to-day needs of a community and the resources

to reliably deliver the fast response you deserve. PREMIER MANAGEMENT ASSOCIATES

Corporate Office • 201-947-1001 140 Sylvan Avenue, Englewood Cliffs, NJ 07632 Central / South Jersey • 732-390-1100

info@premiermanagement.net www.premiermanagement.net

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