What Items to Improve When Repositioning a Property: PART 2

In the previous article, we discussed our strategy to improve a property, thus creating wealth and attracting and maintaining quality tenants.  We strive to improve the look and perception of the property by performing all deferred maintenance, while tending to all maintenance calls from tenants.

Our goal is to recoup our investment in these repairs as quickly as possible.  Some repairs, or upgrades, may take as little as twelve months; while others, such as kitchen cabinets, may take as long as a few years.

In this article, we are going to address the next 3 items we improve on our properties.

Paint
One of the easiest things you can do to massively increase the value and appearance of your property is to paint the outside of the property. You’ll be amazed at the transformation of your building once you’ve applied a fresh coat of paint. We begin by power washing the exterior to remove any dirt or rust from metal structures.  Then we add paint to stairwells, doors, and siding. We also add budget-friendly shutters to the windows to add a bit of contrast and decoration. The vacant units get painted in a two-tone color scheme, the trim and doors get painted with bright white semi-gloss, and the walls get painted shaker beige.

Tenants love the fresh clean look, and it’s one of the least expensive ways a landlord can increase the perceived value.   We’ve even had tenants move from their apartments that were lower in rent to newly turned more expensive apartments all because they liked the new paint job.

We never like to show an apartment that has not been freshly painted and in move in ready condition.  Our office is set up as an apartment, so when a prospective tenant appears at our door, they are standing in our typical apartment.  This gives us time to turn the vacant apartment and still show the prospective tenant exactly what they would be renting from us.  The office is furnished with appliances and furniture from Rent-A-Center, and we make sure the office is always looking fresh and new.

Gutters
You don’t want rainwater puddling up against the building where it could eventually find a way to penetrate the foundation and create havoc in the basement.   Keeping gutters clear of debris can prevent water from overflowing the gutter and pooling near the structure. Because gutters are so visible on a property, they’re also one of the first things that a potential tenant notices.

We install white PVC gutters, but you can match the gutter to the color of the siding.  We clean the gutters every spring and fall by climbing on the roof and using a leaf blower to remove any debris.  Cleaning gutters should be one of your preventative maintenance actions for the property.

Driveway
Sealing the driveway doesn’t increase the value of your property, but it does add a fresh new look. It lowers the deferred maintenance on the property if performed every few years.  Sealing adds a layer of protection from the elements and improves the appearance while increasing the life of the asphalt. Before adding sealer to the driveway, be certain to patch any holes. Once the sealer has been applied, you can re-stripe the parking lot.

In our next article, we will discuss the next three items we improve on our properties. Leave us a comment below and let us know what you like to fix on your property.

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