Choosing Paint Colors For Multi-Family Properties
If you own a multi-family property in the greater Kansas City area, chances are you’ve had to consider when or if to repaint your asset. Often times, this decision is based on price…but for sharp property owners, there’s a growing understanding that an outstanding exterior paint job can improve occupancy and even resale value – especially for new construction. It’s a matter of being penny wise but pound foolish to buy based on cost alone.
So, once it’s understood that it’s a strategic opportunity to redefine your property using fresh paint, it’s time to get down to picking the right color for your multi-family property. Again, the right color palette can improve curb appeal, jump-start marketing, attract more residents (or even more profitable residents), improve resident retention, and most importantly boost your property’s resale value on the open market. For new construction, this is a critical opportunity to “get it right” the first time.
The right exterior paint work can help a new property blend into a historic district, help a boring condo collection stand out on a busy streetscape, and even “hide” blemishes in other structural work (ie, sidewalks and roofs) by holding someone’s eye on the positives. Even brand new construction won’t look quite right if the paint job isn’t pristine – and well planned.
Here’s three easy steps to choosing the right color (and the right company to apply it):
Define Your Goal:
What are your color goals for your multi-family property? Stay up with current trends? Better match the historical surroundings? Attract new tenants? Color-match the roof on a newly constructed building? Make sure you know what you want out of your new paint job before starting it. It’s okay to have multiple goals also, so long as they don’t cross paths. If you do have multiple goals, just make sure that you create a hierarchy of importance. For newly built property, the goal is almost always maximizing sale value and decreasing time on market. But there’s always other considerations.
Consider Your Options:
Do some homework on your own of what you like. What you see in the community and what others are doing After doing that this step (color consideration) will be easy for you. Don’t worry, you don’t have to firmly settle on color yet — but you should be gaining color confidence. Pick out a few colors, or even a couple of palettes, to explore more fully for your property. And remember…you have a goal in mind! Always consider the options based on your defined goal above.
Choose The Right Partner:
Made a firm color decision? Pump the brakes just a bit. Make sure the vendor you use will give you a free color consultation as well. This ensures that you don’t make a “bad decision” despite a little research. The ideal scenario is happy marriage of what you “found” and what a painting professional recommends. This happens frequently actually! You’ll also want to make sure that your contractor passes some basic tests. Do they ever subcontract their work? Do they have a stellar warranty? Are they insured? Do they have experience working with homebuilders? Make sure you vette your choice wisely.
If you still aren’t sure about what the right next step is for your multi-family property, please contact us today. We love answering questions, and even if we don’t work together you’ll walk away more informed of what’s possible. Here’s to making a good decision!