MYPV E2 – Standardize Your Finishes

In order to maximize your property value you need to start treating your rental properties like a business. One way to accomplish this is to standardize your finishes. 
If each unit in your apartment has it’s own unique paint color, then you’re going to spend more money when it comes time for a turnover. You might need to spend time trying to match the existing paint. You might have a store room full of old paint cans that are difficult to match up.  Instead of this chaos, why not choose a color (or a set of colors) that you use for the whole building? Then if there is a repair or turnover, your painter or handyman knows exactly what to do.
It may take more time on the front end to add this to your business plan – but once it’s set then things will be more streamlined.Items you can standardize could include:
  • toilets – round vs elongated. standard height vs tall
  • light switches, outlets, plate covers – white vs ivory vs other
  • paint colors and sheen – have a list for bathrooms, bedrooms, kitchens, trim, ceilings
  • flooring options – carpet, carpet pad, vinyl, etc.
  • appliance brand, colors, sizes features
  • tile – style, color, grout colors / spacing
When the above and other items are standardized you can benefit by
  • not having to make decisions about these things at each repair or turnover
  • getting better pricing through bulk purchases
  • ability to reuse extra materials left over from various repairs / projects
  • having consistent finishes so that the property looks better and more attractive. When things are mismatched it looks like nobody cares
Like what you’re hearing? You can watch this episode on YouTube.

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Like what you’re reading? You can watch the full episode on YouTube or listen on the go using your favorite podcast player. Just search for Maximizing Your Property Value.

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Mark your calendar for the Northstar Real Estate Conference, September 20-21, 2019. Enter discount code “STILES” to get $100 off your ticket: www.nreconference.com

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Thanks to Todd Dexheimer for being a special guest on today’s show. You can learn more about Todd by checking out his podcast: Pillars Of Wealth Creation. Find the show on iTunes or YouTube.

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Are you wondering what your property is worth in today’s real estate market? Download my free e-book that will help you calculate your property’s value!http://www.realestatestiles.com/value/

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