Property Management: Cost Saving Tips
on Landscaping, Design, & Decor
Residential property managers are typically hired to increase the return on investment for their clients. In many cases they are asked to reposition entire apartment complexes or units within the complex using cost saving measures. Having a solid plan with emphasis on landscaping, design, and decor doesn’t have to break the bank and, with the following cost saving measures, can have a significant impact on the overall appeal of the property as well as the net operating income.
- Properties located in the Southwest can significantly reduce water expenses by utilizing drought tolerant landscaping throughout the common areas of the complex. In recent years the move toward xeriscape style landscaping has proven to not only be eco-friendly but aesthetically appealing.
- Implementing a storm runoff system is another cost saving measure. The accumulated rainwater is recycled and can be used independently as a self contained watering system or in conjunction with city services to reduce long term water expenses.
- The use of decorative rock as an alternative to grass and vegetation that requires landscaping services as well as watering is another simple cost saving measure.
Design & Decor:
- A fresh coat of paint can go a long way. Using a designer color scheme can go even further and, more importantly, justify rental rate increases to offset cost. Painting the interior of a unit with colors such as Arizona White, Cafe Mocha, or Light Grey is a relatively inexpensive upgrade which makes an immediate impact.
- Implementing a Tenant Retention Program (TRP) which offers tenants in good standing to receive decor privileges upon signing lease renewals.
- Bright idea! Updating common area and interior unit light fixtures is another decor upgrade that dollar for dollar makes an immediate impact with a very quick return on investment.
It is said that you never get a second chance to make a first impression. Implementing the aforementioned cost saving measures can enhance the overall appeal of any rental community or individual unit while reducing vacancy rates, expenses, and most importantly, increasing the value of the asset.
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