Our Capital Expense and Renovation Management Team has the experience needed to help our owners accomplish full property renovations and improvements at a speed and quality that will allow for our management team to push rents and income to the property’s maximum level as quickly as possible.
The reasons behind each renovation vary widely. As such, Catalyst approaches each project based on the asset’s unique requirements and economics. We take an in-depth look at the customer’s needs and requirements to make sure that our proposal is a comprehensive solution that addresses any existing or future challenges that may arise.
Catalyst works diligently to develop and foster long term relationships with many contractors and subcontractors that adhere to our budget, scheduling procedures and quality standards. This allows us to focus our attention on the management of repairs and renovations that reflect quality work at great value. We deliver an experience that is seamless and professional.
Strategies for Success:
- Analyze the Bottom Line: Coordinating any renovation project is a serious undertaking that requires due diligence. Determining the goals and objectives of a property before deciding to proceed is key to ensuring the success of a given venture. It is vital to ask question such as: what are the goals and objectives, is the timing right, and are there any barriers to entry, physical or financial that may hinder the completion of an effective renovation?
- Property / Market Research: Taking the time to truly understand a property and its place in the broader market allows us to more accurately determine the strength of a proposed renovation. Internally we ask ourselves: are there any strengths to the building worth capitalizing upon, are there features worth saving? Externally, as it pertains to the overall market, we ask question such as: what is our competitive advantage, what value additive amenities would differentiate us from the competition, what would increase the living quality for the residents and reduce vacancy loss?
- Flow of Communication: Communication is vital to every phase of a renovation project. We establish a positive flow of communication between every team member on the ground and each stakeholder and supplier involved in the venture. In turn, this fosters an environment built on transparency; greatly reducing conflict and increasing overall project execution proficiency.
- Convention of Continuous Planning: Planning should occur long before any actual renovations begin, with continued revising and development throughout the length of the project. Unforeseen circumstances are bound to arise during a renovation project, often affecting the plan and timeline. As such, we instill within every team member to be proactive, for it is a surefire way to minimize unexpected complications and maintain the projected timetable.
- Observe and Inquire: Field elements can dramatically impact the workflow of renovation projects. Often a time it requires physically seeing the issue before a resolution can be created. Since construction and renovation are a constantly evolving industry, we encourage everyone involved to continuously ask questions and improve upon their current level of education as it pertains to a given project.