Whether you’re transitioning from living in your home to renting it out to new tenants, or you’re looking to upgrade a property you already rent out between tenants, making upgrades to your property is never a bad idea. Repairs can be pretty costly, but there are some projects out there that are relatively inexpensive, that will still really improve the look of your rental property.
Paint in general isn’t that expensive, and you don’t need a lot of it to make an impact. Try choosing a cool, neutral tone for an accent wall in a main living area or bedroom. This can add a lot of depth and interest to a room with minimal effort. For example, if all your walls are a light color, such as white or beige, pick a dark grey or mint on one wall in the room.
In the kitchen, consider painting your cupboards. Although this can be slightly time consuming depending on the amount of cabinetry you have, this will really elevate your kitchen. Try either a dark stain or a white paint. Either of these colors will look great with stainless steel or black appliances, and your kitchen will look more modern than the light yellow/brown most cabinets are when you purchase a home.
Add a backsplash
This is a really great way to add some interest in either a kitchen or bathroom. You can get easy peel and stick backsplash tiles at any home improvement store, like Lowe’s or Home Depot. You can also choose from a variety of different colors and patterns. A backsplash doesn’t cost very much to do yourself, but it will give your room a whole new look, and will make it feel more expensive.
Update the lighting
Changing the light fixtures in your home seems like it will be a time intensive and expensive project, but it doesn’t have to be. If any of your lights are dim or dingy, swap them out with a new light fixture. Try a simple chandelier for a living area, or a few pendant lights in the kitchen. If you’re relatively happy with the light fixtures in a room, try installing a light dimmer instead of replacing anything.
Swap out small hardware
Add new knobs to all your cabinets! This will give an entire new look to the room. Also consider switching your faucet out with something new. These are small do-it-yourself projects that will only take you a few hours, but will give your kitchen or bathroom an elevated feel.
Upgrading your rental doesn’t have to be expensive, but small changes like these will increase the value of the property and will attract potential tenants.
One major decision you have to make as a property manager is whether or not you are going to allow your renters to have pets. And even when you do decide you want to allow pets, there are a variety of concerns and accommodations you’ll want to consider. Here is a look at what to consider and how to accommodate when you allow your tenants to have pets. (more…)
Sometimes, watching others live in your property is a hard thing. You can’t help wincing at each stain, bang, dent, and chip. Every renter has the right to make a home out of the place they’re renting, and this includes “normal wear and tear.” However, “normal” can mean something different to everyone! The truth is, when something doesn’t belong to us, we’re just not as careful of it, and the odds are good that you’ll have some tenants now and then that don’t care for your property as well as you would. (more…)
Low-income housing has been a hot topic in the state of Utah for about a decade now. This is due in large part to a “housing first” initiative that was implemented in the state of Utah a little over 10 years ago, back in 2005. The initiative was part of a larger 10-year plan to end chronic homelessness, with the reasoning that the state spends more money incarcerating and hospitalizing the homeless rather than actually housing them. According to the 2015 statewide point-in-time homeless count, the 10-year plan has been largely successful. As of 2015, there were 178 chronically homeless people living in the state―down from almost 2,000 in 2005. This means that chronic homelessness in Utah has been reduced by just over 91 percent over the last decade. (more…)
When searching for a new home, some of us have a hard time even knowing where to get started. Most listing sites will make you start with choosing what kind of property you’re looking for, whether that’s an apartment in a high rise, a unit in a multi-family home, a single family home, a condo, or townhouse.
Remember that each kind of property can come in a wide variety of styles. For example, a unit in a multi-family house could be anything from your own detached guest house to a couple rooms in the basement. Take a good look at each property’s listing, and don’t assume that just because it’s a single-family house, it will have all of the advantages that you’re expecting. However, this rough guide could give you a starting point, and some ideas for considerations you’ll need to think about with each kind of property. (more…)
Over the past several years, we have seen a dramatic rise in rental prices across the country, as people are paying more and more to rent property, rather than utilize other housing options. Indeed, this current pricing structure is the highest level of rent-to-income proportions since the 1950’s. Nearly half of all renters are currently paying more of their income than what was traditionally considered affordable (below 30%). Like most rising prices, there is an array of factors that could be contributing to this latest spike, as well as a few that might actually drive it back down. Here is some information about renters and rising prices… (more…)
Many properties will have a space that is the perfect venue for hosting events. Whether this is a community barbecue during the summer, or a property Christmas party, there are many benefits that are inherent to hosting property events. While it may be a little more of an expense, it’s often a small price to pay for the bridges that this can build between landlords and tenants. Here are some of the benefits of hosting tenant events on your property…
Build community on your property
We live in an age where we are less and less connected with the people who live around us, despite being well-connected with the rest of the world. This makes for a less enjoyable living experience for tenants. However, nothing brings people together like a summer barbecue where tenants and their kids can enjoy each other’s company. This community building experience helps create a safer environment, and one where tenants begin to trust each other. It also makes your property a much nicer environment to live in, which means you are providing a better service.
Establish trust with your tenants
One of the most important elements to managing a property is being able to create an open line of communication with tenants. If a landlord and their tenants can communicate with each other without a level of distrust, then it creates a better experience for everyone. Oftentimes, just having this line of communication open will help people manage their problems much, much better, and at less cost to you. Having these community events is a way to open this line of communication and establish trust with tenants by getting them all together and getting to know them.
Creates a better image for you
The stereotype of a property manager is a faceless entity that controls the lives of their tenants. However, this image doesn’t have to be the one that persists. By hosting community events, a landlord is opening themselves up to the community experience that they are trying to create, which builds a new image as an actual human being that tenants can interact with. It is much easier to communicate issues and problems with tenants if they can see you like how they see their peers; as just people.
Becoming a green company is almost like a passage of rite in the business world of the 21st century. Even Wal-Mart has had their own green revolution, which saved millions of dollars and created a new face for a company who has frequently struggled with its public image. The property management industry is no exception, as there are several benefits of going green with your property. Being environmentally friendly is a great PR move, and is actually able to help businesses save on energy costs and taxes. Here are some tips on how to be sustainable and green in property management… (more…)
The most successful residential properties are the ones that don’t have to cycle through waves and waves of new residents every time a batch of leases is up. Indeed, one of the most important numbers to pay attention to when running a property is the rate of resident retention. Having a low retention rate means constantly needed to use resources to try to find new residents. Instead of getting stuck in that mess, it is often much more productive to simply find a way to make your residents happy enough to stay. Naturally, you will always have people who need to move after their leases are up, but it’s better if this number stays on the low side. Here’s some ideas on how to improve resident retention.
Winter, while bringing along wonderful things like the holidays and good spirits, can also bring about a few negative factors, such as increased expenses for landlords. While tenants can pay things like increased energy costs, there are definitely several expenses that will have to come from whoever is managing the property. Here’s a list of some of the costs that winter brings to landlords… (more…)