” The price of anything is the amount of life you exchange for it.” Henry David Thoreau

Most apartment owners aren’t losing money on obvious things. They’re losing it on the quiet stuff — the small, easy-to-miss decisions that add up to real dollars over time. Here are five of the most common ones I see.

1) UNDER-MARKET RENTS AT TURNOVER. Every time a unit turns over, it’s a chance to bring rent up to market — and it’s often the only chance, depending on where you own. Owners who are hesitant to raise rent on a new tenant (the way they might be with a long-term one) leave real income on the table, year after year, on every unit that turns.

2) MISSING EXTRA INCOME STREAMS. Laundry, storage units, covered or reserved parking, pet rent, utility bill- back (RUBS) — these add up faster than people expect, and plenty of buildings simply don’t have them in place. If you haven’t looked at your ancillary income in a while, it’s worth a second look.

3) SKIPPING A COST SEGREGATION STUDY. This one surprises people. A cost segregation study can reclassify parts of your building for faster depreciation, which can significantly reduce your tax bill in the years after you buy. Many owners never even hear about this option from their accountant unless they ask.

4) DEFERRED MAINTENANCE. A tired-looking building doesn’t just cost you curb appeal — it suppresses the rent you can charge and the price you’ll get when you sell. Maintenance you put off doesn’t disappear; it just becomes a bigger number later, paid by someone else’s discount on your building.

5) SET IT AND FORGET IT INSURANCE AND LOANS. Rates change. Carriers change. What was competitive five years ago may not be today. Owners who never revisit their insurance or financing terms are often quietly overpaying, sometimes for years, simply because nobody told them to check.

None of these require a big life decision — just a closer look at what’s already sitting in your building. If you want a second set of eyes on any of these for your own property, I’m always happy to talk it through.

” The true test of a man’s character is what he does when no one is watching.” John Wooden

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 45 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.