Amenities are aspects of the property that can’t be added to a property. Why would I bring these up if there is nothing we can do about them? Even though you can’t add them, there are ways to manage these items to make them more desirable to your potential tenants and make you more money.
- Outdoor space
- Swimming pools
Parking is number one. For most of the buildings that we manage, parking availability rarely matches up with the number of units you have. With this being the case, we have a few rules in regards to how the parking is allotted.
If you have a mixed makeup of units (i.e., a combination of one bed, two beds, or studios), parking always goes with the larger units. This allows you to market the property for a higher amount, and you will have a larger pool of potential tenants to choose from.
Additionally, if you have a unit located above a garage or attached to a garage, you should include the parking with the rental because the use of that garage would disturb that tenant.
In the cases above and the case where you have the same number of units as you do parking, you should always include the garage with the unit. You don’t want to rent the spaces to people who don’t live in the building because it will be complicated getting the space back when you want to rent it to someone in your building.
In the case that the unit makeup is the same (i.e., all one beds, two’s, or studios), you offer available parking to the tenants who have been there the longest. It rewards tenants for staying and also provides some additional income.
Outdoor space is another amenity that can be altered to provide a more desirable unit. Any chance you have to make an outdoor community space into a private space, you should take it.
Places with private space are worth more, could more easily accommodate a pet, and would be more frequently used. Community outdoor space needs to have rules of use, does not provide as much utility to the individuals, and is used less.
Pools are highly coveted, and you can’t really alter their use much to make them more or less profitable for yourself. But since they are a source of liability, you wanted to make sure they are covered by insurance, are maintained correctly and are safe.
If the property has a diving board, most insurance companies will ask for it to be removed, and even if they don’t, they should be removed. Also, if you don’t have a fence around the pool, you should consider doing so. A pool with a fence around it would attract families with children, which are usually great long term tenants, because a pool without a fence, might be deemed unsafe.
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About Belmont Shore Land Co.
- What Are Tenants Looking For In Their Next Rental Property? (Part 1)
- Lease Up Fees
- 11 Common Mistakes Made By Rental House Owners
Do you own an investment property in Long Beach? Or are you thinking of buying one in our great city? Get in touch. We would love to help.