Owning an Apartment Complex: How to Increase the Value

Landlords, like homeowners, are always looking for ways to increase the value of their estate(s). When it comes to apartments, there are several ways to increase the value of the entire complex without spending a tremendous amount of money. By bringing up the bar on appearance and livability, a landlord can potentially raise the rent rate and, overtime, the general value of the apartment complex as a whole. If you are a landlord and looking for ways to increase the value of your property, here are a few simple tips to get you there.

1. Landscaping

For an apartment complex, appearance can mean everything. It pays off to hire a landscaping team to come in once or twice a week to shape up the foliage while maintaining a natural appeal. Keeping the grass cut, the gardens watered and the tree limbs trimmed will help ensure that your prospective or established tenant will be impressed by the demeanor of the apartment complex. Replace mud with mulch. Where there is dirt replace it with flowers. Where there are branches hanging over parked cars, trim them up and make the greenery uniform.

2. New Paint

When a tenant leaves, spend the time and money to re-paint the place. Often times the walls of an apartment will be marred with scars and marks made from the previous occupant. Any new tenant will be impressed to know a new paint job has been done and it will make them more likely to commit to a lease.

3. Foundation Fixing

Cracks and fissures in the foundation of apartments do happen and should be repaired immediately. Imperfections in the brickwork and foundation will be noticed by tenants. Hiring people to fix this problem will certainly raise the value of any apartment complex while maintaining structural integrity. These improvements will be evident to tenants even if it goes unmentioned.

4. Pool treatment

A pool is often a great selling point for any apartment complex. If you are a landlord and you fall into some extra money, it will pay to provide your tenants with a sauna. Or, if one pool is enough, be sure to continually check the PH levels to ensure that the water is clean and properly filtered. It may also help to hire a professional to do this once or twice a week.

5. Pest-Repellent

The most common problem with apartments are pests. Insects and vermin can commonly infest an apartment complex in no time causing discomfort among tenants. Take the time to ensure vermin, bees and wasps keep away from the residential areas of the apartment complex. This will increase the general moral of tenants and make them more comfortable as time goes on. Ants and spiders, in my experience, have been the most annoying pests to deal with in an apartment. Many times these pests are attracted by the smell of food. It's up to the tenants to clean the dishes and take out the trash--which helps abolish the attraction for these pests--but it's also up to the landlords to ensure that the apartment is prepared to ward off these annoyances before they start.

6. Air-Conditioner and Heater Repair

Before moving in a new tenant, make sure the air conditioner is fully maintained. Check the filter and replace it if necessary. Keeping tenants happy will mean they will be more inclined to say good things about your apartment complex which correlates to better business.

7. Pavement Fixing

A cracked sidewalk or parking lot is always an eyesore. Replacing portions of the pavement can cost a bit of money in labor and materials, but it will make your apartment complex look more professional and well-managed.

8. Decoration and accessories

If replacing a cabinet, drawer, handle or door knob is necessary, take care of it as soon as possible. It doesn't hurt to replace fixtures or hardware on a regular basis. Keeping the faucets and cabinets shiny and new can be a big selling point for any apartment.

9. Carpet Cleaning

This is especially important after a pet-owning tenant has left an apartment. Hair from an animal can often collect along the walls and on the wainscoting. A thorough spot lifting job followed with the vacuum should do the trick.

10. Be a good landlord

Probably the easiest and most important thing to do is to be a courteous landlord. If someone needs help getting their garbage disposal fixed, or if they're having a problem with a wasp's nest--be there to help them out.

Following these simple steps can raise the value of any apartment complex and ultimately the standard of living for everyone staying there. With a little time, effort and money expended now you will be surprised just how much time, effort and money you can save later on down the road.