Cheap Ways To Update Your Rental Property

When it comes to making money on investment properties such as apartment buildings, the time you put into keeping things both attractive and functional will be paid back to you in the form of consistent tenants. Here are some simple ways to spruce up your older rental property without spending a fortune.

Repaint Inside and Out

Any designer would tell you that a fresh coat of paint can go a long way in making a space feel fresh and clean. If your apartment complex is starting to look a little shabby, repainting it can immediately grant it a new breath of life. If possible, repaint the exterior as well as the interior, as curb appeal definitely adds to your chances of keeping renters.

Refinish Interior Surfaces

Whether or not the surfaces in your apartment lobby and common areas are considered "high end," they could probably use a little TLC. A deep clean and refinish on flooring, countertops, elevator touch pads, and even window trim can really work wonders in making everything look crisp and inviting. By investing in projects such as metal refinishing Manhattan NY apartments immediately set themselves apart from the competition. 

Add Contemporary Trim

If you take a look at any newer multi-resident buildings going up across the country, you'll find that many of them are leaning towards a contemporary design on the exterior of the building. While you may not have much control over the "bones" of your building, you can add a contemporary twist by looking into low-cost options for window and door trim. Many of today's options are made from materials that are durable and easy to clean, while replicating more expensive looks, such as natural wood or aluminum siding.

The truth is, you don't have to spend a fortune to make a big difference in the way your property looks and sells. By repainting and refinishing major surfaces, adding contemporary trim, or looking into other ways you can update the feel of the building, the chances of keeping your investment property full of happy tenants will improve greatly.

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Samantha's Crib

This is the name of our first ever rental property back in my home country. It is a one-bedroom condominium unit in one of the properties constructed by one of the country's supposed to be best developers. We

officially opened and rented it out to short term renters via AirBnB in the middle of 2019. 

A fully furnished unit, there was a lot of investment, time, skills and love poured into this property. The photos say it all, and the positive reviews we received from our guests were just inspiring and overwhelming. Of course there will always be room for improvement as we are newcomers to the hospitality business. 

Then everything went on a standstill in November 2019 when a strong earthquake hit our City. This was followed by a series of aftershocks and then another strong one in December. One of the building's foundations was structurally damaged and our unit was not spared. It incurred major damages and we had to cancel bookings since then. To make matters worse, early this year the COVID-19 pandemic happened, and with the lockdowns and travel restrictions, our unit has been closed since then. We are waiting for the developer to come and conduct the repair works, and this has been postponed again and again. It was supposed to be in October this year and they moved it again to February next year. 

But what can we do? We can only wait... And hope that soon, we will be able to reopen to the public again. Here is praying that things will be moving forward soon. 

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Professional Property Management

If your business is seeking commercial property management Phoenix area locations or any Phoenix Valley neighborhoods, an experienced full service management company can take either full control of the property handling all the day-to-day activities including coordinating maintenance and repairs, or they can just market and lease the property for you and have whatever other part-time duties you assign them. 

You can self-manage what you want to personally handle.  However, if you want to free up your time or want to expand your purchase of other properties, hiring a property management company will prove to be a smart, time-effective, and cost-effective investment.

Choose a property management company that is specifically dedicated to and well-qualified in commercial property management or which has a team devoted only to commercial projects. Contact those that interest you for descriptive details as to what they provide and ask for a free quote. 

They will tailor a services package to fit your specific property's needs, no matter what size and type it is. Once hired, they will inspect the property, do comparative market analyses and take photographs, have a thorough screening process to find the right tenants including credit and criminal background checks, collect rents and make direct deposits of rents to your account, handle lease compliance and enforcement as well as legal action and eviction if needed, comply with any regulatons, do the accounting and provide financial statements, help with asset management, and other important services.

When you review the contract, make sure you understand what tasks and exact costs are included in the  fee, be sure there are no excessive additional potential charges, and discuss that your goals and the goals of the team are aligned with each other. 

Also, make sure that the management team is known to be friendly and attentive as well as  professional in the treatment of your tenants because the members of the team will be representing you. You want to keep those tenants happy, so use good interview techniques on the people on that team.  

Paramount Property Management and Realty is a fine example of a company that you can depend on. It has a mission to provide  the most trusted and dedicated property management in Phoenix and its surrounding cities and to insure the clients' complete satisfaction.  

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