How to Get a 200% Rent Increase on Your Apartments with Daniel Farber, Episode 253

Apartment investors are always looking for ways to add value to their units. Updating interiors, improving amenities, and adding services are just some of the options multifamily operators use to increase the NOI. Daniel Farber of HLC Equity has identified a unique value-add strategy that considers the flexibility demands of today’s renters and their need for additional services.      Daniel is the CEO of HLC Equity, a multigenerational real estate company that has been in business for 70 years. He shares that furnished apartments are ideal for renters who are new to an area and expecting a short term stay. Think college graduate students, international students, traveling nurses, etc. They also work great for someone who doesn’t want to spend thousands of dollars on furniture. However, what Farber has identified goes beyond offering furnished rentals to offer what they call, serviced apartments.    Partner: Text: “EQRP” to 72000 and receive a special eQRP report on taking control of your retirement money Insights on Managing an Apartment Community and Operations From the military in Israel to join the family business HLC Equity, multigenerational real estate investment company 70 years, business for a century.  Why HLC Equity pivoted into multifamily investing  Building an infrastructure to expand its portfolio by bringing on other investors Multifamily trends and projections:    When the pandemic struck, we took that reality and decided to outperform the market.   What Daniel is leary of for the real estate industry in the near future How Daniel is attracting and retaining tenants and maintaining a 100% occupancy,    We were able to obtain 100% occupancy during COVID by pivoting our operations to cater to essential workers, offering longer leases, furnished apartments, and a sense of community.    Community app and communications are the tools that have helped his business and his tenants during the pandemic.  Creating virtual engagement with tenants together with hospitality to create a safe environment for tenants What are Serviced Apartments: Tenants who want a furnished apartment, also want other services like cleaning, laundry, etc.  Servicing longer short-term rentals (think traveling nurses or corporate housing 2.0.)  Creating the loyalty program, Layers Unlimited, which creates partnerships with local businesses, utilizing technology The profit behind investing in serviced apartments   There’s no doubt about the premium you can get offering serviced apartments: We are seeing a 200% lift on rents    The business structure and strategy behind serviced apartment units  Understanding the serviced apartment model and the tenants they attract  How they are finding and obtaining syndication partners    Bullseye Round:   Apparent Failure: I was badly injured in the military when I was 18 and felt it ruined my future. After recovery, I was stronger both physically and mentally. Which taught me you can come out of any challenge stronger.   Digital Resource: CoStar   Most Recommended Book: Essentialism: The Disciplined Pursuit of Less   Daily Habit: Pray   Wish I Knew When I Was Starting Out: How to spend the right amount of time doing the right things.   Curious About: When are we getting a vaccine   Best Place to Grab a Bite in Jerusalem  Shalom Falafel    Contact Daniel: HLC Equity