Know Your Market

“Things turn out best for those who make the best of the way things turn out.” – John Wooden

These words ring true for me all the time. Life will never be perfect but our success at anything is dependent on our ability to adapt to our circumstances. Take your apartments for example – are you getting the best tenants?

KNOW YOUR MARKET 
Do you know comparable rents for your area? Are you aware of the current properties for rent in your area that you are competing with? Prospective tenants do. They have been doing research, as should you. Keep current (especially if you have a vacancy and even if you don’t). Keep up with the websites offering apartments for rent in your area. Check the local papers, check Craigslist, Zillow rentals, apartments.com, and others who will actually show you interior pictures of your competition.

CURB APPEAL 
You may not have a pool, jacuzzi, or a rec. room, but if a drive-by from a potential tenant shows them a clean well-maintained property in a nice and safe location they will feel a comfort level and picture themselves living there.

INTERIOR APPEAL 
You may not have remodeled your apartments for a while but are they clean functional and comfortable? A well-maintained unit where paint is recent, blinds are working perfectly, and kitchen appliances and floors are immaculate will go a long way with a tenant who could possibly be there for many years and wants to know that you maintain your building. This can translate to the potential renter seeing you as an owner who will be taking care of future maintenance issues on a timely basis.

MAYBE SOME CHANGES 
There could be some inexpensive upgrades that could improve the way your apartments look to a prospective tenant. Maybe some trim paint, that old laundry room, that has been used for storage, could be operational. Maybe a general cleanup around the property. Small investments can produce big results.

Here’s an idea: Hire a professional photographer. I know my photography skills are lacking. If yours are as well, spend a few likely tax-deductible dollars, as I do with my offering memorandums, and put your building in the best possible light.

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!