Ritter on Real Estate Adding Revenue Through Closet Upgrades With Jim Monk
In todays episode of #RitterOnRealEstate we sit down with Jim Monk. Jim is the President of CLOZZITS. CLOZZITS has developed a program to increase rents 3%-5% while improving the Net Operating Income (NOI) and Asset Value. All without multifamily owners laying out much capital.
His goal is to differentiate beyond the normal amenities and tap into a new area of construction development, renovations, and property management. In this conversation, Jim shares his stories and experiences he’s picked up as a business owner navigating the multifamily industry. Jim expertly discusses what led to this passion, supporting information and why companies like Katerra, Harbor Group, MMA, and Pinnacle are seeing space optimization as a game-changer in turns, make-readies, and new construction. Creating more space for residence is more of an issue than most owners think, and Jim is changing how investors, owners, and managers look at the closet, which can provide an immediate rent increase.
Key Points Discussed In This Episode:
- The importance of multifamily finding additional revenue where they’d least expect it.
- Running 3 financial service companies & transitioning away from those businesses before 2008.
- Discovering the importance of closets in investment properties.
- How higher quality closets lead to 3-5% rent increases in B-C class properties.
- What goes into improving rental closets.
- The positive impact closet renovations have for the tenant.
- Material costs affecting capital expenditure budgets
- Owning 5,000 units.
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Production by Outlier Audio