Property Management 2.0

5 Great Ways to Increase an Apartment Building's Curbside Appeal

1. Exterior Power Wash

This is by far the most cost effective way to give your apartment complex that freshly painted look.  Here is a link to a plastering company that we use locally to do our power washes: A&D Plastering.  The process is generally a 1-day deal for about an 1/8th of the cost of paint the entire structure.  And yes, they do windows!

 

Keep in mind, however, that the power wash only works if the current paint job is decent shape, other wise the high pressure water will blast the paint right off.  But if the paint is being shot off by water - it is probably time to repaint anyway.

 

2. Exterior Paint Job

Is the building's current paint job too old to pressure wash?  It's time to set aside a budget and save for a professional paint job of the building.  If done correctly, an owner or management company should be able to set aside a 4 to 6 month budget to fund this work.  Be sure to use a LICENSED, BONDED and INSURED paint contractor.  Yes, your handy man will be cheaper, but chances are he is not insured...and its bad news if he - or one of his guys - falls off that scaffolding and hurts himself... 

 

We use a great nation wide company that does the job in less than 2 days:  http://www.empirepainting.com/

 

3.  Landscape Repair

Does the grass in front of property have dry spots - or worse - areas where the is nothing but dirt?  Are the flowers that were planted two summers ago looking more like clumps of sticks?  Give your landscape contractor a call to get a quote for a few rolls of sod and maybe some new flowers that are a little less fragile.  Life and color (or lack thereof) are one of the first things that a new prospect will notice when walking into the building.  Dead grass, wilted plants and un-kept trees gives the impression that the owners do not take pride in the building - so why should the prospect?  And if the owner doesn't take care of simple things like his plants, how will he be able to take care of me (the renter) when something comes up?

 

4.   Update or Replace Property Signage

A new or updated sign in the front of your building can really catch the eye of new prospects.  It can be as simple as giving the existing sign a fresh coat of paint or as intricate as rebranding your property with a new logo and look.  No matter what route you take, make sure that the sign has an area to attach a "vacancy" placard to encourage walk by traffic to stop in for information. 

 

5.  Entry Way and Building Up-Lighting

Many owners and managers have the misconception that apartment renting is only done during the daylight hours.  This thinking is incorrect - especially in the winter months when it is getting dark by 5pm.  If prospects are scheduled to tour the building when they get off of work (and we definitely want prospects who are working), then they will most likely be arriving at night.  And when they show up at the property, the first thing the prospects will see is the exterior lighting scheme.  Is the entry way well lit and welcoming?  Is the address illuminated so that guests can easily locate it?  Does it feel "safe"?  First impressions are everything, and we want our prospects to leave with a good vibe.

Most landscape and up lighting can be done by your maintenance staff, and will save you from the expense of a contractor.

There are many more methods to increase curbside, but in my experience, I find to be the most effective, and in most cases the most cost effective.  And we all know these are very cost sensitive times.

Good luck out there!

-TH

Top 5 Ways to Increase Rent Value in a Down Market

Many of us in the property management field are seeing our “For Rent” signs up longer than owners would prefer. In today’s economy, we face not only the challenge to fill vacancies, but the challenge to increase and maintain rent values. To continue to watch your revenue increase we suggest the following tips.

 

1. Increase curbside appeal:

It’s easy to make a few minor adjustments and improve the exterior of a rental. Replace dead or dying landscape and fill pot holes in the parking lot or car port. Make sure the outside lighting is up and running, no one likes a dark rental.

These things are cheap and easy and can change an outside impression of a home quickly.

 

2. Install energy efficient utilities:

Aside from the appeal of “Green living,” using energy efficient utilities such as lights can actually save you money. If you pay for your building’s water use low-flow shower heads, these types of showers actually save about 75 dollars a year.

 

3. Superior tenant service:

The better a tenant feels about a property, the happier they are going to be.  We suggest making it easy for your tenants to pay rent online and submit maintenance requests through a 24 hour system that ensures their requests are received. Today’s tenants want fast and efficient service,  nothing is quicker than an online request and response.

 

4. Analyze market rent value:

To ensure you are getting the fair market value for your units, take a look at what Mr. Smith is getting for his units down the street.  Is he getting $50 per unit more and his property doesn’t even have a pool?  Then maybe it is time to increase rents.

 

5. Appeal to the tenants emotions

Tenants want to be proud of their surroundings.  This emotional need can be appealed to by doing some of the following:

·              Cleaning common areas

·              Washing external windows

·              Cleaning and painting hallways

·              Striping the parking lot

·              Removing weeds and debris from landscaping

 

 

Each of these steps creates a space where tenants can feel happy and secure and in turn remain loyal to you. For more information on property management tips visit us at www.firstlightpropertymanagement.com

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