“By failing to prepare, we are preparing to fail” Ben Franklin
In any competition, we must always put our best foot forward. Apartment rentals are no different than other endeavors. In seeking a qualified tenant for a vacant apartment in our building, we must outshine other available properties or be left with the less qualified tenant and maybe a lower rent and possibly a longer time on the market which ultimately will result in a loss of income. Nobody wants that.
CURB APPEAL
It is always a great idea to make sure the building looks good from the street. Would you want to live there? Is it a place that a good tenant would be proud of? Curb appeal doesn’t always involve a new exterior paint job or expensive landscaping. Is there debris around the property? Overgrown vegetation? Would it be possible to remove some items to make the property look cleaner? What about painting the trim? Sometimes small things can make a difference between an applicant and a pass.
INTERIOR APPEAL
Does the unit have fresh paint? clean carpeting? New window coverings can make a difference. Always do a thorough cleaning between tenants. If there is no laundry room, are there laundry hookups? Is everything working? Install or replace any non-working items, especially smoke detectors and carbon monoxide detectors.
COMMON AREAS
We have talked about the front curb appeal, but is your laundry room clean and well-kept? How is your parking lot? Is your property well-lit? Will your tenants feel safe there at night? Installing motion-sensitive lighting in outdoor and parking areas can go a long way as far as keeping your building from being attractive to burglars.
MARKETING
Have you done a rent survey to make sure you are asking for a fair rent compared to other similar properties for rent? Are you offering a month-to-month rental or a lease? You should know what security deposit requirements your competitors have. If your property is just a little better than the others, you will likely be the first choice. Are you listed online in CRAIGSLIST, ZILLOW RENTALS, AND OTHERS? You may or may not want a sign on the property, but if you do, get a professional-looking simple sign with a business phone number or email for easy contact, and return calls promptly as, most likely, yours is not the only property a prospective tenant is inquiring about. A good ad should include address, price, bedrooms, and baths along with your contact information.
“Success is where preparation and opportunity meet” Bobby Unser
What we at PRS PROPERTIES CAN DO. We can discuss with you the current rents in your area and supply you with comparable rental prices for similar properties. Before you hire a manager, make sure the compensation is fair to you! We can also look at your building for changes that might allow you to get a higher value in order to create value without huge expenses for your building. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.
We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, a moratorium, or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are in 1031 exchanges and need to identify a replacement property before their 45-day identification period runs out.
Should you decide to put your property on the market, we will put together an aggressive, targeted, and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.
Remember – KNOWLEDGE IS POWER!
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