Attractive features can play a significant role in how fast a property is rented or sold. While existing properties may have limitations on what perks can be integrated, a new property offers a blank slate. But how can developers know which features to focus on?
In short, it’s wise to consider their customers’ current and future needs—what will actually be useful to them in the short and long term. To help you do this, a panel of Forbes Biz Council members shared 14 attractive features that future tenants and homeowners won’t be able to resist.
Members of Forbes Biz Council share attractive features developers should focus on in new properties.
Photos courtesy of the individual members.
1. The Indoor Environment Health
The health of the indoor environment is important, when homes are literally built with the function of promoting the long-term health of people, from construction to interior design. Features such as no-VOC material, with real attention to building structure, envelope and furniture characteristics, make a difference. Many people live in homes with bad indoor air quality, which affects respiratory issues, mood, cognition and behavior. – Marco Calignano, CALIJUS Investment & Business Management
2. Energy-Efficient Upgrades
Commercial real estate developers should strongly consider implementing energy-efficient elements into their projects. Simple upgrades such as motion-activated LED lighting systems and rooftop solar panel systems can help a property stand out from the competition. – Josh Gopan, Simone Development Companies
3. Features Specific To The Target Audience
Different target audiences necessitate specific product features. For example, a single-family home in a good elementary school district will ideally require three bedrooms with large closets and two bathrooms on the same floor for parents to be able to easily access their kids’ rooms. In comparison, it would suffice for an urban condo to have a small but well-utilized space with smaller closets. – Deniz Kahramaner, Altasa
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4. Redundant Power
Redundant Power is more important to people than they know. Lots of homebuyers want IoT—lots of integration with smart appliances, lighting and temperature control—but without a backup generator, most of those integrations become obsolete. Most people don’t think about a generator for an apartment building, but it is key. Developers need to graphically highlight the benefits. – Kristin Geenty, The Geenty Group, Realtors
5. Climate Change Mitigators
Developers should be focused on climate change and how it is going to directly impact their clients. Siting a house to avoid potential flooding is important, even if a property isn’t currently prone to it. Solar panels and similar green tech is important for actually combating climate change. Additionally, providing efficient heating (and particularly) cooling is going to be important as our world warms. – Chadwick Ciocci, Chilton & Chadwick
6. Flexible Home Office Spaces
As life returns to some semblance of normal, many companies are seeing increased returns and productivity from their work-from-home employees. Creating flexible spaces that can serve that need, whether a converted garage space or a metro shed in the backyard, can definitely add value. The space doesn’t need to have a full kitchen and bath—it simply needs to be adjustable to buyers’ volatile lives! – Courtney Poulos, ACME Real Estate
7. Integrated Home Gyms
During the pandemic, many consumers invested in home gym equipment and became addicted to the convenience of working out at home. Moving forward, developers will need to start thinking about how to integrate home gyms seamlessly into properties. After all, no one wants a treadmill in their living room or bedroom, even if they do prefer working out at home. – Kevin Markarian, Marker Real Estate
8. A Spacious, Functional Backyard
During the lockdowns, many people reconsidered what they wanted in their ideal home. Many home buyers are now searching for a property with a backyard to provide a safe, private place for their children and family. When listing a house (either for rent or sale) with a spacious and functional backyard, they’ll likely go the extra mile and try to show off that property feature. – Joseph Edgar, TenantCloud
9. Open Concept And Outdoor Living Spaces
Buyers use indoor and outdoor space in different ways. Developers should consider more open concept living spaces and expand outdoor living spaces (where applicable) so that buyers can make the best use of space for their familial situation. – Cheryl Abrams, Re/Max United Real Estate
10. Attached Garages In Multifamily Communities
Attached garages in multifamily communities are a huge win that gives properties a competitive advantage over their counterparts. While these designs can be expensive to build, they offer an unrivaled amenity that tenants will actually use. – Spencer Gray, Gray Capital
11. Pool Areas And Outdoor Kitchens
In the short-term rental space, kitchens are the biggest reinvestment priority followed by outdoor spaces. In light of the pandemic’s impact on the perceived value of safe gathering spaces, things like outdoor kitchens and great pool areas are some of the surest linkages between incremental costs and incremental revenues. – Clark Twiddy, Twiddy & Company
12. Energy-Efficient Spaces
One feature developers should focus on when planning new projects is creating energy-efficient spaces. According to “Knight Frank’s 2021 Global Buyer Survey,” 84% of participants noted the importance of energy efficiency. Environmentally friendly smart homes featuring green roofs, vegetable gardens, solar panels and sustainable materials will appeal to buyers and save them money. – Tara Hotchkis, Compass
13. ‘Man Caves’ And ‘She Sheds’
“Man caves” and “she sheds” are a feature that many developers should not overlook in their new properties. In an era where more and more people are working from home, especially couples, having one’s own “private space” within the home becomes even more important. Developers should look to expand relationships with companies that specialize in providing these amenities and offer them as upgrades. – Sherman Ragland, Tradewinds International Holdings, LTD
14. Resiliency And Sustainability Features
Designs that seamlessly incorporate resiliency and sustainability features will be most successful in the future. For example, we’re designing buildings with advanced systems that save energy while offering a more intuitive, bespoke experience for users. Consumers are more informed than ever, so buildings that don’t prioritize the health and wellbeing of occupants will soon become obsolete. – Andy Cohen, Gensler