5 Inexpensive Ways to Improve Your Rental Properties

5 Inexpensive Ways to Improve Your Rental Properties

Posted on 16. Dec, 2009 by Marc Courtenay in Business

If you had an unlimited budget for upgrading your properties you wouldn’t need an article like this one. In this current economic downturn we have to be creative and financially careful when we are trying to make our units more appealing.

As a property manager, you know what it is like to have a tight schedule and an even tighter budget, so I thought I’d share with you some simple and “cheap” ways to spruce up your inventory to attract new residents. However, if your rental units are as trashed as these then you might have a little more work to do.

Here are five easy-to-do, inexpensive ways to improve the apartments and houses that you manage or own.

  1. Paint the Kitchen Cabinets
    If the cabinets are over ten years old (or look cheap from day one) they are probably ready for a makeover. Replacing cabinets is an expensive proposition, but painting them can make them look as good as new. Use a semi-gloss paint and don’t bother painting the insides. Just make sure the inside of the cabinets are clean and smell good.
  2. Replace the Shower Curtain
    It almost seems like a no-brainer, but replacing the shower curtains and liners with a clean, contemporary look make a bathroom look cleaner and newer. Just go to any large discount chain and you can find nice curtains for $30 or less. While you’re at it, replace the curtain rod as well, which is also a meaningful low-cost improvement.
  3. Upgrade the Switch Plates
    For about 50 cents each you can add some shiny new electrical switch plates that look more expensive than the old ones. Spend a little more and you can find ones that look like wood or brass. This can be an eye-appealing feature and can add that special extra touch that nice details can bring.
  4. New Doors
    Replacement doors can be as cheap as $20 for the basic hollow-core door. If you can’t afford a new front door at least paint or stain the existing one.
  5. Replace or Paint Trim
    If the unit already has trim give it a fresh coat of bright white paint. If it doesn’t, or the trim is in bad shape, add new trim. Trim and molding is around 50 cents per square foot, yet it dramatically improves the appearance of any room.

You’d be surprise how many property managers underestimate what a difference these five easy and inexpensive ideas can make.

Share This Article
  • Print
  • email
  • Facebook
  • Twitter
  • Digg
  • LinkedIn
  • Reddit
  • Yahoo! Buzz
  • del.icio.us

Related Posts
Five Ways For Property Managers To “Pool” Their Resources
“Try Anti-Depressants,” and Other Ways Not to Respond to Resident Feedback
California 2010 Legal Update: Legislation and Case Law That Will Effect Rental Property Owners and Managers
2 More Ideas on How Property Managers Can Prosper in Today’s Economy: Part 2
The Deal Fell Through, So Why Should I Thank You?

Tags: , ,

8 Responses to “5 Inexpensive Ways to Improve Your Rental Properties”

  1. Dave Dugdale

    16. Dec, 2009

    Hey Marc,

    Great title to the post, I need to write better title’s like that one.

    I like your switch plate idea, I had an old house once that had plates from the 50’s, just upgrading them to modern plates can make a difference of how the rental is perceived.

    Dave

    Reply to this comment

  2. Marc Courtenay

    17. Dec, 2009

    Thank you Dave for taking the time to comment. I’m going to be writing a little article on my web site highlighting the fascinating video you created about the renting scammers
    http://www.rentvine.com/blog/index.php/real-listings/

    Property managers need to have safe, secure ways to advertise their listings and screen applicants. The technology for that is getting better every year.

    Reply to this comment

  3. Blake Ratcliff

    01. Jan, 2010

    This kind of savy advice can create huge value increases and significant resident satisfaction gains. Thanks for this post.

    Reply to this comment

  4. Marc Courtenay

    04. Jan, 2010

    Thanks for your comment Blake. I certainly agree with you. Have a healthy and prosperous year ahead.

    Reply to this comment

  5. Scott Hess

    25. Jan, 2010

    Marc,

    Great article. I wanted to share another way to increase the value, and does not cost the complex any money. In California, SCE and PG&E provide brand new energy efficient light fixtures and bulbs. All at no cost.

    Regards,

    Scott

    Reply to this comment

  6. Marc Courtenay

    25. Jan, 2010

    Scott,
    I’m grateful for your comment and suggestion. Contacting the electric utilities for new, energy efficient light bulbs and fixtures is a great idea. Thanks again!

    Reply to this comment

  7. Lori

    19. Feb, 2010

    I would add one more!! Make sure the landscape is attractive! If the landscape is poor, will new prospects even stop in? An inexpensive way to do this is talk to your current landscape providers and tell them your expectations. Possibly add some flower pots with plants that will last most of the year.

    Increasing the curb appeal will greatly increase the chances of attracting new residents.

    Reply to this comment

  8. Marc Courtenay

    09. Mar, 2010

    Great idea, Lori. I’ll mention it in my next article. I just finished a new one on the topic of improvements and wish I would have added what you wrote. Thanks again!

    Reply to this comment

Leave a Reply