“I tend to splurge for convenience. I’ll pay a lot not to waste time.” Tom Anderson

I have changed my view over the years regarding appliances provided by the housing provider (you) when you rent units. It doesn’t always add up to extra dollars, but there may be other advantages.

STOVES. I know very few apartment owners who don’t provide a stove. By providing a stove you have an appliance that most renters do not own and you have the ability to insure that the stove is properly connected. Improperly connected stoves could lead to a gas leak and a potential major damage to your building. Also, some stoves may have leaks or wiring issues, in the case of electric stoves. The stove you provide will likely look good with the kitchen decor, making it easier to rent the unit.

REFRIGERATORS. This is where I have changed. Especially on upper floor units, I prefer to provide the refrigerator. I am concerned about the tenant, or their mover, who could slip and fall causing damage to themselves and to your building which could result in an expensive lawsuit. Additionally, many renters have older units which may leak on to a lower floor, or be noisy as to bother other tenants. When your tenant moves in with an old refrigerator, it will likely go out. This produces the same problem when they purchase another used refrigerator and they again have the need to move it into your unit. Ask yourself if you were renting, would you pay a little more for a unit with a new refrigerator.

WARRANTIES. Even purchasing new appliances can be a problem. It won’t be a problem with the fit or the appearance, but the new unit can stop working as well. Having a warranty can be great. In most cases, the company that sold you the unit can replace it with another one. This makes you look good to your tenant and keeps everything in working order.

WASHERS AND DRYERS. Many newer or recently remodeled units come with a washer and dryer, usually the stackable type. The is a huge convenience for tenants and many are willing to pay additional rent for that convenience. It may not make sense for smaller or older units, but if you are remodeling, try this on a 2 or 3 bedroom unit to see how it goes. If you decide against it in the future, you can always add more cabinets.

“Learn from the mistakes of others. You can never live long enough to make them all yourself.” Groucho Marx

What we at PRS PROPERTIES CAN DO. We can give you a good idea of the current value of your building. We can suggest changes you might want to make before sale to give you an idea what type of building you would be able to exchange into. You may decide to stay in the rental business or you may want to move into a more passive real estate investment, such as a triple net or a DSL.. We are always available to chat. We can give you referrals for professionals, such as lenders, contractors, and engineers, so that you can decide who you feel best with. We can supply you with rent and sale comparable in the area of your properties, so that you know what rental values are in your area. It is important that you know the true value of your rental units, so that you can get them rented right away at market value, or at least as much as possible with rent control restrictions. We can look at potential purchases that you may be interested in to make the property more desirable, and maybe look at potential issues that an insurer might require you to repair.

If you should decide to sell your building, we can help you exchange into a larger or smaller properties. We can even help you move into something with less management responsibilities. We can also help with getting the paperwork together for a refinance if that is your desire. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other easy and inexpensive changes that might allow you to get a higher value. 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 are currently looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We can offer a 7 day escrow and all cash at closing. Give us a call. We have also put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are currently 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.

We look forward to a prosperous 2025 and we look forward to be of any help we can to buyers and sellers of multi unit properties.