5 Ways to Add Value to Your Apartment Rentals

Adding value to your apartment homes will give you the opportunity to increase rent and show tenants you are available and willing to assist them with any need. There are numerous ways you could increase the value of your apartment homes. Here are five ways to do so.

1) Increase Rent 1-3% Annually

Make sure to stay on top of your competition. Research their amenities, apartments, and rents. You can even go for a tour of your competition’s apartments to see what they offer to their tenants. This will allow you to make educated assumptions of how much you can increase your rent. According to Blake Hilgemann of Time Magazine, “Make sure you know the rents in the area, researching sites such as Zillow, Rentometer, Craigslist, and the MLS if you have access. You may find there is plenty of room to increase your revenue a small amount each year (1%-3%) while remaining competitive.” With these tactics in mind, there are plenty of other ways you can increase the rent, as well, in such a way that will keep tenants with you instead of leave you for the apartment complex down the street.

2) Make Updates to Increase the Rent

Paint walls with neutral, earthy tones, and use accent walls to add a home-like feeling. These types of paints can add serious value to tenants. For new tenants, it will draw them in and will likely have them feeling at home just by entering the apartment. While with current tenants, it will show them that your are serious about increasing the value of their apartment homes. Replace aged appliances with new, stainless steel appliances. This adds a clean look that will add value to your tenants’ and future tenants’ apartments. This will likely have them willing to pay an increase on rent come the end of their annual lease agreement.

3) Add a Swimming Pool

Adding a pool to the property will pique potential tenants’ interests, as it is one of the first amenities tenants will want to check out.

Keeping a pool clean and chemically balanced is vitally important if you add a pool in your apartment community. Make sure to have it thoroughly cleaned weekly and have certain maintenance checks done daily, according to your pool guys’ recommendations.

4) Utilize Landscapers for Beautiful Curb Appeal

Keeping a landscape fresh and trimmed is an excellent way to add value to your apartment rental properties. Using a landscaper to do this for you will keep you in the seat of managing the property instead of doing it yourself and possibly wasting your time. This can be a great investment to draw in your audience.

5) Take Safety Precautions

Switch out utility equipment indoors and outdoors for increased safety. Keep outdoor lighting fresh and bright to light up the areas in which they touch. Lighting streets significantly reduces crime. Keep them on timers so that they come on right when it is getting dark. Make sure to change the timers with daylight savings times! Replace the bulbs with eco-friendly, energy-efficient bulbs to reduce costs.

Use bulbs that are around 2000-3000 kelvin to provide light that looks warmer and cozier for areas such as living rooms and bedrooms. Use bulbs that are between 3100-4500 kelvin for bathrooms to help wake tenants up in the morning and for work areas, such as basements. Use bulbs that are 4600 kelvin and above for security lighting outside and garages.

Hire a night guard to show tenants you take safety seriously. Wall in the community and install gates to enter and exit the community. You can event hire someone to screen incoming automobiles at the entrances of apartment communities for added security. These all help increase the safety and security in and around apartment communities.

These are all ways you can increase the value of your apartment rental properties and your profit at the same time. What ways have you increased your rental properties’ values? What are some ideas you would share with others? Tweet me @WDarrowFiedler with any questions or thoughts!

This blog was originally posted here.

How to Prepare for a Networking Event

Networking can be intimidating. Between the awkward laughs, fish-like handshakes, and odd hellos that you can experience, it can be a little bit of a strange incident. Networking does not have to be this way, however. Networking can be rewarding and light-hearted. It can bring you peace not stress. Successful networking comes from successful planning. Planning for your networking event is no light activity. It takes thought and energy and a drive to accomplish what is necessary for your future endeavors.

Business Cards
Put your business cards in a business card holder in your pocket or purse. Don’t have business cards? Get some. You can get hundreds of business cards for only $10.00-$20.00 online. Put your first and last name, phone number (clarify if just for calls or calls and texts), email, and LinkedIn account. This way, the business card will be accurate no matter what company you work for. The LinkedIn account might not be something someone would think to put on a business card, but it can be very rewarding to grow your business network online. You can use this to grow your online presence in a positive light. This way, someone does not have to Google you, because let’s face it, no one has perfect search results!

Clothes
Lay your clothes out the night before. This may seem like a cheesy thing to do, but it is worth it. When you are running from work, which you could maybe just wear your work clothes if professional enough, you have no time to think about what clothes to wear. Have something ready to go right for when you get home. This way, you will be fresh and ready to take the networking event by storm.

Elevator Pitch
Get your elevator pitch solid. In particular, you want to ask these four questions of yourself, and then, put your answers all together.

1. What is your full name?
2. What is your current position?
3. What company do you work for?
4. What are you looking to accomplish?

Once you have come up with succinct, substance-heavy answers to each of these questions, put all the answers together into one paragraph. Get out your stopwatch and track how long it takes you to say this paragraph. It should only take between twenty and thirty seconds in order to keep someone’s attention without monopolizing the entire conversation. This will give someone an answer to who you are and what you are about without having to dig for answers. This is nice to have at a networking event, because people are there to connect and engage others.

Preparing for a networking event can be an exciting activity to get you revved up for a networking event. It can get you prepared by making you forward thinking. Start to think of questions to ask people in order to get to know them better. Follow these three tips to prepare for a networking event, and you will be successful in meeting the right people at the right time.

Do you have more tips for how to prepare for a networking event? Tweet me @wdarrowfiedler with your ideas!

This blog was originally posted here.

10 Red Flags When Considering a Real Estate Investment

If you are looking for real estate to invest in, then you certainly want to read this blog. Make sure to stay away from the ten biggest red flags that you can find when searching for properties.

1) Demands a Deposit
When you have not seen the property yet, do not put down a deposit. Oftentimes, scammers will pull legitimate properties from legitimate sites and then take down the posting and disappear once they get your money.

2) Pressure to Act Immediately
Scammers will pressure you to put money down and act quickly. This is typical of scammers. Doing so can cost you money and legal fees to deal with them after the fact. Go at your own pace and make sure to consult trusted people about your purchase before moving forward.

3) Instructions to Not Consult Others
Speaking more on the topic consulting others, make sure to consult your lawyers and lenders before moving forward. Discussing all investments with trusted professionals before moving forward is vital to a successful purchase.

4) Upfront Fees
Before services are actually given, no fees are allowed to be made, according to the FTC’s Mortgage Assistance Relief Services Rule.

5) Extravagant Guarantees
When someone guarantees that they can expect to make a certain ROI in a certain amount of time and that this would work for anyone buying this property, it’s time to think about another property to invest in.

6) Lack of Documentation
Some scammers promise documents, such as titles and deeds, but they never show. Make sure to get all the documentation necessary to make this deal go through before taking any steps forward.

7) Location is in a Bad Neighborhood
Many factors play into buying a home, but location is the most important. You have probably heard the common phrase, “Location, location, location!” If the home is a great place in a poor or vandalized area, proceed with caution. Stay away from slummy or run down areas. You want to make sure a location has a great school system and economy, as well as an active local police enforcement to protect the citizens.

8) Businesses Are Closing
If you are looking to invest in an area that has businesses closing, beware. You want to invest in an area that has a great economy and demand for residents. If businesses are closing, it’s likely that people are moving out of the area to better locations.

9) Photographs Looked Altered
If you are looking at a property online and the photographs look altered, you may be making contact with a scam artist. People will alter photographs to make a property look better than it really is. Make sure to visit the property first hand before making any big decisions.

10) The Property Requires Too Much Maintenance
A property that requires a lot of maintenance or seems like it would need a lot of maintenance is not a good buy. You do not want your expenses to exceed your income from the property. One way to tell if a property is like this is to see how long it has been on the market. Make sure to do your research on properties to find out if they have been on the market for too long.

Do you think there are other red flags to watch out for? Tweet me @wdarrowfiedler, and we can talk about it!

This blog was originally posted on here.