Value Adds Suggestions? (by WMH [NC]) Apr 13, 2020 10:32 AM|
Value Adds Suggestions? (by Frank [NJ]) Apr 13, 2020 10:43 AM
Value Adds Suggestions? (by DnB [MA]) Apr 13, 2020 10:44 AM
Value Adds Suggestions? (by LindaJ [NY]) Apr 13, 2020 11:58 AM
Value Adds Suggestions? (by Robert J [CA]) Apr 13, 2020 12:00 PM
Value Adds Suggestions? (by Vee [OH]) Apr 13, 2020 12:01 PM
Value Adds Suggestions? (by 6x6 [TN]) Apr 13, 2020 12:22 PM
Value Adds Suggestions? (by Mickie [OH]) Apr 13, 2020 12:28 PM
Value Adds Suggestions? (by DnB [MA]) Apr 13, 2020 12:28 PM
Value Adds Suggestions? (by Mickie [OH]) Apr 13, 2020 12:31 PM
Value Adds Suggestions? (by WMH [NC]) Apr 13, 2020 12:59 PM
Value Adds Suggestions? (by Oregon Woodsmoke [ID]) Apr 13, 2020 1:16 PM
Value Adds Suggestions? (by LisaFL [FL]) Apr 13, 2020 1:26 PM
Value Adds Suggestions? (by Ray-N-Pa [PA]) Apr 13, 2020 1:43 PM
Value Adds Suggestions? (by Busy [WI]) Apr 13, 2020 2:04 PM
Value Adds Suggestions? (by 6x6 [TN]) Apr 13, 2020 2:08 PM
Value Adds Suggestions? (by Ray-N-Pa [PA]) Apr 13, 2020 2:47 PM
Value Adds Suggestions? (by WL [CA]) Apr 13, 2020 2:48 PM
Value Adds Suggestions? (by MikeA [TX]) Apr 13, 2020 5:11 PM
Value Adds Suggestions? (by WMH [NC]) Apr 13, 2020 5:12 PM
Value Adds Suggestions? (by WMH [NC]) Apr 13, 2020 5:13 PM
Value Adds Suggestions? (by 6x6 [TN]) Apr 13, 2020 5:18 PM
Value Adds Suggestions? (by small potatoes [NY]) Apr 13, 2020 6:31 PM
Value Adds Suggestions? (by Landlord ofthe Flies [TX]) Apr 13, 2020 9:09 PM
Value Adds Suggestions? (by Busy [WI]) Apr 13, 2020 9:24 PM
Value Adds Suggestions? (by plenty [MO]) Apr 13, 2020 11:25 PM
Value Adds Suggestions? (by Oregon Woodsmoke [ID]) Apr 14, 2020 11:47 AM
Value Adds Suggestions? (by LordZen [MA]) Apr 14, 2020 10:14 PM
Value Adds Suggestions? (by Sandra [TX]) Apr 16, 2020 3:07 PM
Value Adds Suggestions? (by April [KS]) Apr 16, 2020 3:21 PM
Value Adds Suggestions? (by WMH [NC]) Apr 16, 2020 3:41 PM
Value Adds Suggestions? (by Mickie [OH]) Apr 16, 2020 5:49 PM
Value Adds Suggestions? (by Jen B [TX]) Apr 16, 2020 7:02 PM
Value Adds Suggestions? (by seagal [CA]) Apr 16, 2020 9:41 PM
Value Adds Suggestions? (by Millionaire N Traing [OH]) Apr 17, 2020 4:21 AM
Value Adds Suggestions? (by Andrew Denns [IN]) Apr 19, 2020 3:59 PM
Value Adds Suggestions? (by April [KS]) Apr 19, 2020 4:25 PM
Value Adds Suggestions? (by plenty [MO]) Apr 19, 2020 5:33 PM
Value Adds Suggestions? (by BRAD 20,000 [IN]) Apr 25, 2020 1:42 AM
Value Adds Suggestions? (by WMH [NC]) Posted on: Apr 13, 2020 10:32 AM
Based on the dishwasher thread, I was thinking about RayNPa's "value add" comment. I thought it might be productive to brain-storm over how to value-add to your rentals, beyond the big stuff like new flooring or new kitchens. Here are things we now make standard in all our properties:
* LED light bulbs in all new light fixtures.
* New medicine chest
* New Vanity
* New Commode
* Curved Shower Curtain Rods
* High-power hand-held showerheads
* All-new light switches, plugs and covers throughout
* Shelving or cabinets above washer & dryer, in fact
shelving wherever it makes sense.
* Built-in dressers in odd alcoves
* Pull-out kitchen faucets (we get a LOT of feedback on those. Tenants LOVE them and no, we have not had issues with them.)
* Flip-down plastic liners in wasted space in front of kitchen sinks for sponges
Of course we also include washer & dryers, dishwashers, flat top stoves, over-stove microwaves.
What are we missing? What do you do to add value to your spaces? --50.82.xxx.xxx
Value Adds Suggestions? (by Frank [NJ]) Posted on: Apr 13, 2020 10:43 AM
Comfort height toilets with soft close lid and seat --174.225.xxx.xxx
Value Adds Suggestions? (by DnB [MA]) Posted on: Apr 13, 2020 10:44 AM
usable outdoor space
soft close toilet seats
comfort height and elongated toilets
safety outside lighting dusk to dawn
in - unit W/D
Value Adds Suggestions? (by LindaJ [NY]) Posted on: Apr 13, 2020 11:58 AM
A small thing I always include is a rubber mat outside the entrance door, and a commercial type (rubber bottom, carpet like top) mat just inside the door. The inside ones are tough enough to take outside, scrub and hose down. They pick up a lot of incoming dirt and are usually big enough that tenants will drop their shoes right on them.
Value Adds Suggestions? (by Robert J [CA]) Posted on: Apr 13, 2020 12:00 PM
Many of my tenants have clutter in their units, with no extra storage space... So I first installed lacking cabinets above the back wall in their parking spots (carports).
Then for other units with outside private patio areas, I installed some Rubbermaid Sheds for storage.
Now the tenants are happy their units look less cluttered and have more pride in keeping the clean. --47.156.xxx.xxx
Value Adds Suggestions? (by Vee [OH]) Posted on: Apr 13, 2020 12:01 PM
I have been doing all of what WMH mentioned for at least 10 years but no pullout faucets - the flex line rubs thru in a few years and replacements take a long time to find/get, so I use a double handle with a high arch spout. The water valves are all new and labeled before I rent a place out so if you have to fix the shower fuacet they can still flush the poopulator... --76.188.xxx.xxx
Value Adds Suggestions? (by 6x6 [TN]) Posted on: Apr 13, 2020 12:22 PM
New toilet seat.
Why do you replace the whole toilet? Is it stained?
I need to add more storage space for mine but would have to be an outdoor shed and there is very little yard space to put one.
If you do value adds, do you increase your security deposit?
Value Adds Suggestions? (by Mickie [OH]) Posted on: Apr 13, 2020 12:28 PM
I’ve added outside solar lights so no one’s entrance or garage front is dark. Easy to install and low maintenance. --71.213.xx.xx
Value Adds Suggestions? (by DnB [MA]) Posted on: Apr 13, 2020 12:28 PM
These days toilet paper would be terrific !! --73.218.xxx.xx
Value Adds Suggestions? (by Mickie [OH]) Posted on: Apr 13, 2020 12:31 PM
I like the idea of high power handheld show and the built in dressers- that idea totally rocks and makes your places more distinctive. Great idea. --71.213.xx.xx
Value Adds Suggestions? (by WMH [NC]) Posted on: Apr 13, 2020 12:59 PM
We don't replace toilet between every tenant, but we do put in good ones to begin with and replace seats between tenants if at ALL needed. --50.82.xxx.xxx
Value Adds Suggestions? (by Oregon Woodsmoke [ID]) Posted on: Apr 13, 2020 1:16 PM
My biggest rent increaser is a safely fenced yard that will confine dogs and kids.
A garage door opener is a huge hit with tenants.
My tenants all like the solid surface flooring.
I had to replace a bathroom sink and a nice rope edge sink was only a couple dollars more and several tenants commented about how nice the sink was. --98.146.xxx.xxx
Value Adds Suggestions? (by LisaFL [FL]) Posted on: Apr 13, 2020 1:26 PM
Outside storage shed
Auto rent draft --216.186.xxx.xx
Value Adds Suggestions? (by Ray-N-Pa [PA]) Posted on: Apr 13, 2020 1:43 PM
Move in gift basket
Payday payment plans (profit center)
Rent to Own appliances (profit center)
Ownership assistance programs (Profit center)
Landscaping (profit center)
Include the utilities (Profit center)
customized units (profit center)
Value Adds Suggestions? (by Busy [WI]) Posted on: Apr 13, 2020 2:04 PM
1. Insulation and weather-stripping. I like long-term tenants, and my tenants like a comfortable house. A few tenants asked about energy bills and how warm can they keep the house during showings. Weatherization in houses is a very effective thing an individual can do to reduce energy use, so those who are concerned with global warming should definitely insulate, seal, et cetera. And, those who are worried about government spending, and dislike paying for others should also insulate and weatherize, so the energy-assistance programs don’t have to pay out as much.
2. Sturdy storage shelving in basement, bolted to floor, attached to ceiling joists, so it doesn’t tip. Gives me a chance to discuss keeping things off basement floor to prevent mildew, and to discuss the eventual basement flooding. ( sooner or later in my area...) Also provide dehumidifiers, but tenants don’t ‘appreciate’ those until they have a kid with serious asthma/allergies. (Wisconsin is moldy, mildew place. An allergists’ dream...)
3. Beautiful and easy to maintain landscapes. All of my tenants have commented on how pretty the yard is, their family and friends too. Even neighbors appreciate the yards. And in low income/ high-crime neighborhood, nice landscaping is a bright spot. Studies have shown that nice landscaping has a correlation on lower violence and crime. Is it causation, or purely correlation? I know it makes people smile.... --172.58.xx.xx
Value Adds Suggestions? (by 6x6 [TN]) Posted on: Apr 13, 2020 2:08 PM
Thank you WMH
Ray-N-PA, what all appliances do you rent to them? I am assuming the stove and refrigerator go with the unit without an extra charge? --73.120.xx.xxx
Value Adds Suggestions? (by Ray-N-Pa [PA]) Posted on: Apr 13, 2020 2:47 PM
a used one typically comes with the unit.....however for a mere dollars more we can get you a brand new one and divide the cost of the frig over a two year period.
Dear resident, how much would you like to pay extra each month.
Guess who will end taking better care of the unit now that they have a vested interest in the place? --24.101.xxx.xx
Value Adds Suggestions? (by WL [CA]) Posted on: Apr 13, 2020 2:48 PM
These suggestions are IMO for non-rent control areas. Where there is rent control and no-one sane will build new apartments (like CA), you are better off minimizing repair calls by pulling out appliances and increasing turnover so you can bring the rents to market. --174.65.xx.xxx
Value Adds Suggestions? (by MikeA [TX]) Posted on: Apr 13, 2020 5:11 PM
Adding a tile wall inset shelf in the bath in a contrast color gets lots of positive comments.
Replace old/worn door knobs and cabinet pulls. Brass is out so nickel or bronze gets good comments.
Don't forget a nice front porch light when you are updating the interior lighting. It starts with curb appeal.
Run the edger on sidewalks, driveways, and street curb then power wash the concrete, street gutter, eaves, and siding. Nothing says clean like an outside to make a good first impression.
Floating shelves above the toilet have gotten raves.
Coat and key hooks inside the house by the garage door if there is a place for it. --50.26.xx.xxx
Value Adds Suggestions? (by WMH [NC]) Posted on: Apr 13, 2020 5:12 PM
No Rent Control in NC, WL. Rent Control is pretty much confined to CA and NC. Maybe MA. But the rest of us don't have those restrictions. What we DO face is lack of income growth. I can charge a bazillion dollars if I want to, but if no one qualifies, what have I earned? --50.82.xxx.xxx
Value Adds Suggestions? (by WMH [NC]) Posted on: Apr 13, 2020 5:13 PM
CA and NYC not NC!!! --50.82.xxx.xxx
Value Adds Suggestions? (by 6x6 [TN]) Posted on: Apr 13, 2020 5:18 PM
Thank you Ray --73.120.xx.xxx
Value Adds Suggestions? (by small potatoes [NY]) Posted on: Apr 13, 2020 6:31 PM
- Agree w/ comfort height toilet- find tenants want to replace seat when they move in so the one that is there when they move out is fine.
- Yes to ceiling fans, unfortunately the drop ceiling in my current reno wouldn't hold one.
- update bathroom vents w/ light; older ones whine and look grungy.
- I have done one curved shower rod so far, not sold on that.
- new medicine chest has been on radar in the past year + vanity light, all th older ones look rusty.
- new bathroom floors did one tile plank, it was a lot of work but looks fantastic. Citadel Rock Solar Morning sheet vinyl from Bargain Outlet also looks sharp.
- LED lightbulbs allow you to make dreary fixtures brighter.
- Adding light switch to wall sconce; plan to replace sconce w/ ceiling fixture, Yes to new outlets n switches.
-new shelf liners in cabinets and drawers + put vinyl sheet/ flooring that matches kitchen floor under sink cabinet.
-I did motion lighting at one place, but tenants turn the switch off. I don't like the dusk to dawn light; tenant turn them off for sure. Also do motion flood lights along the perimeter to light up the driveway.
- update thermostat w/ digital 5 day/ 2 day feature.
- have been running hardwire doorbells where possible. Our lease puts a battery one on the tenant and the batteries freeze in the winter and then tenant doorbell doesn't work.
Along w/ what to add, what I take away are vinyl mop boards,
especially along the tub, storm doors, and most drop ceilings.
Oregon Woodsmoke, what flooring do you like?
Busy, what shrubbery is in your places? --24.194.xxx.xxx
Value Adds Suggestions? (by Landlord ofthe Flies [TX]) Posted on: Apr 13, 2020 9:09 PM
I like buying things that tenants won't damage that improve the value of my house. I prefer additional things to just improving things.
Lower their utilities by:
- Foam insulation or additional insulation
- Better insulated windows
- Insulated doors and sliding glass doors
Make them feel safer:
alarm system (they pay monitoring)
Lawn irrigation system
and the best perk - lawn service
Granite - not too expensive if have less counter space.
Backsplash - granite or full tile to cabinets. I prefer tile that compliments the counter rather than matching the counter because if counter needs replacing, you'll have to replace both.
Value Adds Suggestions? (by Busy [WI]) Posted on: Apr 13, 2020 9:24 PM
Small potatoes, my favorite landscape has an ornamental plum tree, a tiny dogwood tree, blue pencil junipers, a couple of clusters of ornamental grasses (unknown varieties on clearance from Wal-mart) and along one side, the Fairy rose and Elijah’s blue fescue grass.
What I always suggest or someone who isn’t sure about landscaping is, go driving around some posh business areas. Copy what the professional landscapers have done. Doesn’t have to be a posh area, really. One of my favorite landscapes is at a business across from the city drop off center .
Musser Forests is a great source for quantities of shrubs, trees. The plants always arrive healthy. Skinny little sticks, but they grow well. --70.92.xxx.xxx
Value Adds Suggestions? (by plenty [MO]) Posted on: Apr 13, 2020 11:25 PM
For a dark hallway switch out a regular wall switch with one with a light in the switch. Really nice in the dark, helps to find the switch. Been doin many of your things and it does help rent the home. For a 3 bedroom make sure the refrigerator is large enough for a f as family. A new or easily operating mail box is important cause they use it daily. --99.203.xx.x
Value Adds Suggestions? (by Oregon Woodsmoke [ID]) Posted on: Apr 14, 2020 11:47 AM
[[[[[......Oregon Woodsmoke, what flooring do you like......]]]]]
I often use Allure and I occasionally use wood. I do a pine floor out of 1X12 pine boards that looks great, the tenants love it, and any scratches of dings just make it look more rustic.
I've put some leftover commercial oak flooring into one house. I've currently got some commercial Koa hardwood flooring that I bought for another location and didn't use, so that will go into one of the rentals. I put Hickory into one house because I got a great sale price on the hickory.
I just bought a new construction and had them put solid flooring in the whole house. There was no choice about what they used but it is a click together flooring and supposed to be waterproof. It looks really good and the new tenant is thrilled with it. He's also happy that he won't have any carpet cleaning fee when he moves out. --98.146.xxx.xxx
Value Adds Suggestions? (by LordZen [MA]) Posted on: Apr 14, 2020 10:14 PM
Very good post indeed, thanks all for your sharing! --98.216.xx.xxx
Value Adds Suggestions? (by Sandra [TX]) Posted on: Apr 16, 2020 3:07 PM
How about installing bidets? Less stuff down the drains. --174.238.xxx.xx
Value Adds Suggestions? (by April [KS]) Posted on: Apr 16, 2020 3:21 PM
Biggest resident favs:
- keyless entries. Fav of mine too. Changing locks codes between residents is seconds and free. No late night lock outs. No more torn window screens.
- Upgrade a few outlets to USB charging ports
- Dual shower heads (Delta In2ition)
Anything their hand touches has to be nice and not rental-like:
- Handles, knobs and pulls are bronze (hides dirt & grease)
- Kitchen faucets are pull down, spiral-coiled and cool looking. Residents spend a lot of time at their kitchen sink using their faucet. Make it a special place.
- dual flush toilets (Home Depot has them for $100ish). Again Residents spent a lot of time in their bathroom so make it special.
For a one-time investment of $500-$600 I started getting $100 more per month per unit. The upgrades paid for themselves in months. The residents feel like they live in a high-tech, luxury home.
Best part - started attracting much better quality applicants. win-Win!
Value Adds Suggestions? (by WMH [NC]) Posted on: Apr 16, 2020 3:41 PM
I think it's absolutely crucial to be making a profit, but I'm not a huge fan of individually obviously "profit centers" per se. You have to know your market and here, LLs are already considered greedy if we simply don't pay the utilities (we don't.)
So here, appliances are provided. Washers and dryers are a necessity - we have one broken-down laundromat within 100 miles or so. We have converted BEDROOMS to install washers & dryers rather than not have them. We don't charge "extra" for them in a separate line item. But we do maximize the rent.
Same with Pet Rent. I was an enthusiastic Pet Rent charger but recently, I have just started calling us "Pet Friendly" - and jacking the rent for everyone rather than as an extra charge for just the pet owners. It includes one dog and one cat, registered on petscreening.com, and negates the whole ESA issue. Above that, I will either not take them at all or charge more for more animals. --50.82.xxx.xxx
Value Adds Suggestions? (by Mickie [OH]) Posted on: Apr 16, 2020 5:49 PM
I like the way you’re handling profit centers. People don’t feel like they’re paying for extras yet they’re living is a home that give the feel of luxury and when their friends complain about their current homes your tenant ends up advertising for you. Clever. --71.213.xx.xx
Value Adds Suggestions? (by Jen B [TX]) Posted on: Apr 16, 2020 7:02 PM
Remote control ceiling fan in the master bedroom
Upgrade vinyl blinds to 2" faux wood
Solar Screens(helps keep utility bill low for tenant)
Electronic lock for front door with multiple programmable codes
Manual garage doors upgrade with opener
Exterior lighting(retail ready upgrade for owner)
Auto/Sensored/switch driven lights for closets/laundry rooms --70.119.xx.xxx
Value Adds Suggestions? (by seagal [CA]) Posted on: Apr 16, 2020 9:41 PM
1) I changed out the switches to lutron rockers and I put in nice updated brushed nickel "contemporary" switch and outlet cover plates. The cost is minimal, but sends the message we care how it looks. 2) When I do drywall updates ; when possible - I am converting wall phone outlets to combo wall phone outlet & USB charging outlets where power allows. I drywall between studs as a niche, and put a granite tile cut as the shelf - like a narrow cell charging shelf in the hallway. they love it. CA required landline so we cannot abandon those fully. 3) We have tile and faux-wood vinyl flooring and I always provide a new libman "freedom spray mop" and cleaner at move in. I also give them a 30% credit to next months rent not to exceed $50.00 if they bring me a new vacuum receipt. 4) I always give my new families a roll of laundry room quarters and load the kitchen sink cabinet with small size assorted housekeeping solutions, sponges, paper towels & TP for the first few days use upon move in. Lots of subliminal messaging - KEEP IT CLEAN !
Value Adds Suggestions? (by Millionaire N Traing [OH]) Posted on: Apr 17, 2020 4:21 AM
Some Very good ideas! So value adds
We put backsplashes in all of our rental units
We take out old door knobs and put in nickel (it looks great against the black doors that we're currently painting all of our doors and cabinets)
All new flooring of course.
We add new ceiling fans in most of our units.
One of the things we're looking at now is adding granite and installing a higher quality mil flooring in our higher end rentals!
We have replaced most of our roofs and windows so that gives a better appearance on the outside!
We have a little under 200 units and we're almost done renovating most of our units it has have several years to get to this point! --71.79.xx.xxx
Value Adds Suggestions? (by Andrew Denns [IN]) Posted on: Apr 19, 2020 3:59 PM
For those in the midwest, do any of you provide lawn care for the tenant in a SFH, or only have the tenant do it?
I initially was going to take care of it but found it is a lot more expensive than I thought when it comes to:
mowing 3-4 time a months
trimming bushes and trees
removing older branches and such from winter
fertilizing and weed control --73.229.xxx.xxx
Value Adds Suggestions? (by April [KS]) Posted on: Apr 19, 2020 4:25 PM
Andrew Dennis (IN) - I'm in KS and I pay a 3rd party to provide lawn care services. I advertise lawn care is included and add $75/month to the rent. Residents feel pampered and grateful when they see someone else mowing their lawn every week. They love it! I charge an extra $900 per year/per unit so I typically come out ahead in my duplexes. Basic tree trimming and gutters should NEVER be done by a tenant for liability reasons. I clean gutters myself on single story units. That way I can also inspect the roof while I'm up there. I have a handyman for 2-story buildings. I don't hire pro's to trim trees if they're smaller trees. Too expensive.I do it myself. Larger trees get pro's bidding against each other. --24.111.xxx.xxx
Value Adds Suggestions? (by plenty [MO]) Posted on: Apr 19, 2020 5:33 PM
For homes with outside hose water we use the freeze proof even if hose is left on it it won't freeze in the basement. There is a special kind we freeze proof even if hose is left attached, available at Homedepot. --99.203.xx.xxx
Value Adds Suggestions? (by BRAD 20,000 [IN]) Posted on: Apr 25, 2020 1:42 AM
We add ceiling fans everywhere, even the laundry room. (Always gets a WOW!)
ALWAYS replace the toilet seat
Super nice welcome gift basket
Deadbolts (Momma likes security)
SimpleSafe systems are down to $100 so I'm starting to install those in nicer homes (they pay monitoring)
And a few RING doorbells
Handheld shower head with massage feature
Nicey nice homes get a "car wash" shower - 6 heads facing the body at all levels.
Remove ALL carpet.
Gray walls, white trim looks modern and clean.
We do a 200 point checklist so the home is clean and ready, no problems. Move in ready.
Great website to make applying easy. I think making the app process easy is a HUGE benefit to them.
Virtual staging on the ads. GREATLY increases the perceived value of the home.
Offer my lawn guy's number - they can hire him
Stainless appliances set us apart
Dishwasher/disposal (Momma likes)
Dedicated text phone. They can text us 24/7. ($20/month) A helper monitors it during waking hours, can respond first thing in the morning. Helper and res can communicate while the res is at work during the day.
Curved shower rods
Garage door openers, WITH the Q connection to their smartphone.
(Taller toilets don't fit everyone, like my WIfey with short legs)