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Weekly UpdatesIN A TIME WHEN MOST PEOPLE ARE IN SEARCH OF THE LATEST GADGETS, FASHION, EARS & EVEN HOME TRENDS, SOME OWNERS & MANAGEMENT COMPANIES ARE LEFT WITH A QUESTION TO ASK THEMSELVES:
"What can I possibly do with this 85-year-old building to keep it appealing to todays renter?" It may seem difficult, with the new construction and condo boom just behind us and the influx of fractured condo reversions, but there is certainly something to be said about owning a historic building. It can truly be a real treasure when it is understood and marketed properly.
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So what does a historic building offer that a newer one may not? For starters, historic buildings capture the essence of the past and many times can tell a story in just one glance. It could be in an original piece of furniture that a public figure loved to sit in when frequenting your building, which may have been an expensive hotel from the early 20th century. Or maybe there is a mural or colorful mosaic in your building's stone work that depicts a time period that people immediately sense when viewing it.
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One positive aspect of having an older structure is the solid construc tion work that went into building it. The quality trade talent and materials that these buildings were established with can be hard to replicate. Fewer noise complaints occur in older buildings because there is typically solid concrete separating the floor, as well as plaster and lathing walls that prevents noise between apartments. Larger, spacious apartment homes with walk-in closets and separate dining rooms and alcoves are also more prevalent in historic buildings than those built now. Hardwood floors are vastly popular in today's contemporary apartments, but they cannot compare to the original classic red oak or wide-pine floors that are often found in historic apartment buildings.
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Selling all of the aforementioned characteristics is an excellent way to market an older community and, in many cases, you will find that some renters actually seek out residences with these distinctive features.
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TO PRESERVE & PROTECT
To preserve the historic nature and original feeling of a building, but still keep renters interested, one might consider plans for a series of capital improvement projects. If planned strategically, a strong capital improve ment program over the course of a building's lifetime will make a tremendous impact on the property's financial success.
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Budgeting accordingly to ensure that proper resources are available is the first step in carrying out these plans. If a building is experiencing a need for an updated lobby in order to grab prospective renters as soon as they enter the building, without a doubt, make the investment, A warm, inviting entryway can be the first impression a prospective resident has of your firm and could be the determining factor in whether or not he or she decides to dwell in your community.
Even behind-the-scenes-modernizations, like upgrading a building's hot water system, can be used as a marketing tool. Older buildings are often riddled with antiquated, faulty pipes and systems that are in constant need of repair. An upgrade of this nature can save money for your firm not only in repair and maintenance labor costs, but also reduce vacancy and fill apartments with residents.
Any upgrades to an existing building will also strengthen your finm's resident retention efforts. The current residents will in turn create a bigger buzz for new, potential ones.
CAPITAL IMPROVEMENTS
Remember, in comparison to newer communities, you have to be able to sell the value of your older one. Ask yourself, "Why would 1 want to live here?" Maybe it really is the fact that your building has so much historic value and presence that renters cannot imagine passing up the opportunity to live there. Or, it could be the fact that most historic buildings are located in urban, infill areas that are now the hot, convenient neighborhoods where renters want to live.
Often close to many modes of transit and all the finest in shopping and entertainment, historic buildings additionally have an edge on modern-day communities with the numerous highlights they possess. In cases like this, improvement projects only make the situation that much better. Preserving the historical aspects of the community while simultaneously making necessary renovations still allows owners to convey a story of the past.
Washington, D.C. owner/manager, DARO Realty, Inc., AMO, for example, has been in business for nearly 75 years. With 13 historic buildings scattered throughout the nation's capital, DARO prides itself on maintaining many of the aspects of historic build ings that were previously mentioned. DARO communities are well known in the metropolitan D.C. area for their vintage appeal of gleaming hard wood floors, built-in bookcases and black-and-white tiled kitchens and bathrooms.
Ann Sullivan, CPM[R] Candidate and ARM[R], is a property manager at DARO. "Managing a portfolio of historic properties in Washington D.C, is a challenging but very rewarding experience," she said. "While working on various upgrades throughout my buildings, I have discovered that historic buildings can maintain their unique atmosphere and beauty--if upgrades are done carefully--to simply add modern convenience to tradi tional elegance. I now further appreciate the significance of preserving older buildings and their history."
Creating a sense of history for the resident or new prospect and selling the value and character of the apartment home (and of course the perfect location of being in the heart of our nation's capital) are all ways DARO has been successful at sparking interest and effecting rental decisions based on the charming historic buildings they own.
"With 75 years of being in the industry, we have a strong sense of what's important to our renters," said K. David Meit, CPM, ARM, executive vice president of DARO. "Each generation's demands arr different but we pride ourselves on being able to maintain the unique character that our buildings provide while still staying true to our mission and essentially giving our renters what they want."
In recent years, DARO has completed various capital projects to maintain the value of and draw residents to their buildings.
Balcony restorations, elevator modernizations, roof deck enhancements and total lobby and common area renovations are just a few ways DARO has enhanced the value of tlieir communities.
FULL STEAM AHEAD
" Another unique facet of many older buildings is the art of maintaining steam heat systems. Maintenance and service teams must be trained specifically on how to work efficiently when it comes to steam radiator heating. Certain applications may seem odd and antiquated, but it is important that staff realize why these systems and practices must be upheld by original maintenance techniques.
There are essentially four points to consider when working with steam heating systems. First, there must be proper and thorough cleaning of all boilers, inside and out, to remove any soot and/or scale buildup. Also, with accurate chemistry control and proper insulation of all pipes ensured, energy efficiency and fuel savings provide direct, long-term results. Third, proper and regular burner maintenance maximizes fuel efficiency as well, which keeps both die owner and renter satisfied. And finally, the most significant concept stressed by Bill Lehan, CPM, ARM, director of operations at, is that if you don't know how it works, don't mess with it.
"I have been called on numerous occasions for advice from other owners who have experienced boiler systems issues when their staff didn't realize certain things were in place for a reason--like a u-shaped pipe bend--and in their attempt to 'fix it,' they made it much worse," Lehan said.
By managing these basic processes effectively, there will be fewer residents frustrated with the common nuisances that steam heating can create.
DARO Realty is proud to be celebrated for providing superior service to all residents. There is a culture of pride and ownership among the maintenance team at the company, with the "don't make it do, make it right" attitude that each member of the team possesses. This behavior allows DARO to maintain histoty within their buildings and make them functionally modern, while still retaining and/or lowering maintenance costs.
Meit said DARO has been fortunate to find employees who understand the business and have sensitivity to the histotical nature of their buildings.
"It is our obligation and duty to restore our buildings, but there is always a benefit when you have people on your team who genuinely value and comprehend your firm's ideals," Meit said.
Owning an older community in this eta of convenient, contemporary living can provide rewarding chal lenges. When you consider all of the positives of having a historic building and realize what is involved in main taining your hidden jewel, you are sure to exceed the expectations of your prospective renters. Again, it's all about value. In the grand scheme, granite countertops aren't the only things that matter when you have original terrazzo, classic wide-pine flooring and vintage built-in bookcas es to entice your renters.
Chrystal J. Brown is the director of marketing & communications at DARO Realty, Inc., AMO, in Washington, DC.
ALL IN THE NAME "Vintage character" is an excellent way to describe older, historic buildings as they take you back to a time when black-and-white tiled kitchens and bathrooms were popular and terrazzo floors, arched entryways and built-in bookcases were the norm.
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