Property Management and Tenant Reaction: What do you think would be the outcome?
I'm getting ready to close on a fairly large deal in the northern Illinois area. My company is not only part owner but also tasked with handling the Property Management. We're taking a "value-add" approach to the redevelopment of these properties and the amenities and services for the tenants. One of the obvious concerns that any property manager would have to control and/or improve is expenses.
We are planning a re-alignment of our expense line items and I'd like to know what you think the reaction of a current tenant would be to sub-metering all utilities. This would be balanced with many other amenities and services being added with one of them being us providing free wi-fi and a basic cable package. This will also come with a re-branding of the buildings and one of our first steps being to update the exterior and common areas to create a perception of refinement and style. The units themselves will follow shortly after.
So my question is, if you were a tenant and saw all these changes happening around you how would you react?