As a rental property owner or manager, there will likely will come a time when you find your property is no longer attractive to residents in the way it once was. The change will likely come upon you slowly and you may cast off the discrepancy to market conditions, rather than something specific about the unit or your building.
Evidence of the change might show up first in longer vacancy periods, a visible lack of interest or enthusiasm by prospects during property showings, or a reduced number of applicants for your available units. If you see signs of a changing market, check with your colleagues to see how they are faring during the particular economic cycle. If your rental experiences seem less robust than those of your business associates, consider the possibility that your unit has become functionally obsolete and needs a make-over.
Signs of a Dated Property
It may be the “style” or condition of the property, a lack of landscape or the type or style of landscape, the amenities of the building, or the condition of the unit interiors. There are many reasons a property falls out of favor and needs to be repositioned in order to obtain the most profitable rents. Some elements of a makeover are expensive, such as the addition of a laundry room, pool or pool spa; others are relatively inexpensive amounting to no more than a can of paint and some creativity.
When an owner or manager is faced with the need to reposition a rental property, an element of that plan will be the “look” and personality of the property.
Whether the property is high-end, middle-end, or attempting to draw a moderate working class clientele, design and style are important to everyone.
The Power of Color
An inexpensive but essential tool for property owners and managers is the creative use of color at a rental property. Color is most often thought of merely in terms of various simple shades of white or beige for apartment walls. But that is the old world of color. Today’s world of color is sophisticated and rich. White and beige are drab and dated. Chestnut, nutmeg, spice and citrus are lively and modern.
Today, dramatic and powerful colors are available to impact every aspect of a property: from the exterior shading, to the highlights and lowlights of the greens and browns in plants and landscaping, to the subtle shadows of roof lines, and the tones and textures afforded by exterior hard-scape. Inside, color defines a unit and provides prospective residents with a pallet from which they will build their lifestyle and imagine themselves in their new home. Brought together, rich floor colors are accented by powerful wall and trim colors, and the prominent focal points of window coverings. This cocktail of color crafts the beginning of an inviting and interesting home.
Color is an essential and a cost effective tool to update and lift a property from dull, drab and out of date - to lively, modern and fresh.
It is important to remember, color has definable life-cycles. Avocado green, harvest gold, pink, beige, black, and today’s stainless steel have all had their day in the headlines. Colors and the subtle nuances of their shades and hues go in and out of favor. Color can make your property feel dated and old, circa 1980; or fresh and new, circa 21st century.
When looking for color trends, you have to do your research and become a student of color.
Some places to begin your property management color education follow:
Do you have color sites you would like to recommend? Please share them with us.
Saturday, April 24, 2010 at 11:10AM 
