L to L

(Landlord to Landlord)

I just found a short article from my cousin Jeffrey Taylor on:

16 INEXPENSIVE PROPERTY UPGRADES/IMPROVEMENTS FOR THE NEW YEAR

I’m posting this because it’s my worst Landlord “sin”. I start advertising a unit as is when a Tenant moves out. Then very gradually make changes and upgrades. So the first folks that see it, usually are not interested. and I wouldn’t want anyone who would take an apartment in that shape anyway. Like the fable I’m then looking for the perfect Tenant (Cinderella) that got away! After two or three months when the apartment is finally in PERFECT shape (or almost Perfect shape but we had to cut the rent $50 to get someone in and promise to complete everything) I’ve upgraded just about everything: Fresh paint, new tile floors, grind and high gloss the poly floors, lights, switch plates, etc

What am I saying here? Print out 2 copies of the list below, write the monthly rent and the daily rent loss you have with that vacant unit. One copy in the apartment and one copy on your car’s sun visor. You should have no trouble completing ALL the necessary work a little quicker! Mike

1. New, inexpensive light fixtures. 2. Replace the outlet and switch covers. Possibly even buy new outlets/receptacles too, in order to make them look super spiffy. That’s another easy job that you can do yourself with very little electrical knowledge or skill. If you buy these, buy the box, it’s very cheap! 3. New toilet seat. 4. New shower curtain and hooks. 5. Caulk tub and around windows. 6. New handles on any cabinets are inexpensive. 7. Decorative hand/bath towels. 8. New toilet paper holder. 9. Mini blinds on the windows. 10. Paint front door and perhaps new door knob and brass kick plate which makes a good first impression. 11. Always helps to have freshly painted walls. 12. Have carpets cleaned. 13. Clean the home thoroughly or hire a professional. 14. New faucet fixtures. 15. New ceiling fans. 16. Add chair rail with a complimentary paint color. Good luck! and thanks to the St Louis Real Estate Association

We appreciate any tips you’d like to share here? Thanks, Mike

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