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Naqa Capital Management

Capital Formation and Capital Placement

My Blog

Blog

Uncover Hidden Value in Your Next Multifamily Reposition

Posted on 25 October, 2012 at 1:56
Uncover Hidden Value in Your Next Multifamily Reposition

Use my secret weapon to find hidden value in your new multifamily
investment acquisitions.  This tool (which can also be modified for
other asset classes) will help you find the competitive engine that
drives rents and valuation.
As part of your property analysis and evaluation on any new acquisition,
spend some time comparing your property to its competition.  How
does your property compete? What are its strengths and weaknesses?  
Is there an opportunity to create value by improving its competitive
position?  What's the best way to reposition the property to increase
rents and valuation?
To help compare your property and keep the comparison focused, I have
created a tool that I use on ALL my new acquisitions and repositions.

Competitive Advantage Comparison

There are eleven (11) primary determining factors that potential apartment
rental housing customers evaluate before making a purchase decision.  
Compare your property against the competition by using the eleven (11)
purchasing factors outlined in the following rating chart.
The analysis will compare your property to the immediate trade area
competition by rating each of the eleven (11) purchasing determining
factors on a scale from 1 to 5 with 5 being the highest score.  Don’t
permit a score to go beyond one decimal point (3.5 versus 3.55).  A
rating will be assessed for each of the eleven (11) purchasing deter-
mining factors among the competing properties.  
For example, the first purchasing determining factor is curb appeal.  
Curb appeal will be rated for each property with an average rating in
the right hand column under rating on the chart.  
Compare your property with the other properties to this rating.  Is your
curb appeal better or worse than the market average for curb appeal?  
Continue this for the remaining ten purchase determining factors.
Finally, total the score of each property including your property.  Com-
pare this total score to the other comparable properties and see how
competitive your property is within its marketplace.
When you finish completing the Competitive Advantage Comparison,
you will be amazed at the opportunities you will uncover - opportunities
to improve your new property to make it more competitive so that you
can raise rents.
In some cases, you'll find the property you are comparing will be the
most competitive property in the trade area, which for a value investor,
might not offer any value creation opportunities.
But for those buying a stabilized property, you will want to buy the most
competitive property in the competition set.  This tool will help you find
that property.

SPREADSHEET DOWNLOAD:

  You can download the Competitive
Advantage Comparison spreadsheet as a member of the Value Hound
Academy by clicking this link:

VIDEO:

Watch the video I made explaining the Competitive Comparison
spreadsheet, which includes an examples comparison. 
to watch
my Competitive Advantage Video.
I hope this serves you and I look forward to helping you reach for the stars!

Craig Haskell

-------------------------------------------------------------
This article has been sponsored by Mike Conlon.
Mike recently wrote a book, Unconventional Wealth.
He is offering our members a complimentary copy.
Get yours today by clicking on the banner below.

                

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