Protect Your Rental Property Investment with a Fresh Coat of Paint
Posted on May 14, 2017
- Painting your rental property can help attract new renters to your commercial condo and apartment properties.
- A fresh coat of paint can improve your rental property’s exterior appearance and help keep current renters.
- Professional painting services are suggested over DIY painting projects to ensure your commercial property is well taken care of.
You want your commercial property rentals to be as profitable as possible, and that means getting noticed. Potential renters are out there right now, ready and eager, looking for a new space they can call their own. The first thing to grab their attention while they’re searching around town is the property’s exterior. Will your rental property speak to potential renters? Make sure they can distinguish your condo and apartment rentals from the competition. A professionally applied fresh coat of paint is a simple yet significant way to make a big impression, and have renters choosing you over the other guy.
Take a closer look into how to protect your investment on your rental property, along with tips for getting the job done right with professional commercial exterior painting for HOA’s, rental properties and housing properties.
Why Painting Matters
When dealing with your rental property, every property manager should have the following goals in mind: maximize rent, minimize operating expenses, and increase the resale value. In today’s intensely competitive housing rental market, there’s a long list of upgrades and renovation projects – but which ones will deliver the most bang for your buck? Exterior house painting lands at the top of this list. Because not only does it make a huge difference aesthetically, but it’s also a major marketing opportunity.
Painting your commercial property doesn’t only add value to the property, it may also keep current customers interested in visiting your store. For rental properties, repainting can make tenants feel as though their building is better kept and can keep them interested in returning to the property more often. The happier the tenants are with the way the exterior of their property looks, the more likely they are to spend their time with you.
Investing in Retention
Routine painting is also an investment in your relationships with your current tenants. In fact, multifamily real estate investment expert, Theresa Bradley-Banta a Real Estate Consultancy, lists both “curb appeal” and “property refreshes” as valuable tenant retention strategies. “In a highly competitive market, it’s critical to show your residents that their ‘home’ is getting some love,” says Bradley-Banta. “Simple property refreshes such as new paint, landscaping, and updated common areas and units will go a long way in helping you outperform your competition.”
Not to mention that when you invest in keeping your properties looking their best, tenants are likely to return the favor by doing the same.
The Maintenance Mandate
Keeping your commercial property looking top-notch with a flawless coat of paint may allow you to attract more renters and increase your profit, it’s also an investment in avoiding costly deferred maintenance situations.
Exterior paint serves as a protective layer against the elements as well as insects and rodents. Without this layer, the materials of the property can be damaged, which can escalate into bigger, more expensive problems if not promptly and professionally addressed.
Dry rot, paint chipping and peeling, extreme cracking and breaking at the base of the building, are all indications that a building is a candidate for painting. Additionally, if caulking around doors and windows is showing signs of age, painting can help restore a property to its full potential.
A commercial property that gets full sun throughout the day will fade prematurely due to the sun’s strong rays. This can happen even if it was painted professionally. A building that receives direct sunlight most of the day will need a new coat of paint in as little as three to five years to look fresh, well-maintained, and attractive to potential renters.
Additionally, a coat of paint done professionally will last significantly longer than if painted by an amateur—saving both time and money in the long run.
In short, exterior painting protects the value of the building itself.
Incorporate Brand Colors
Do you have signature brand colors associated with your rental property or your commercial business? Creating a brand for your business and taking it across all platforms, including the colors of the rental property’s exterior, can help potential renters notice you.
Determine what type of color scheme you’d like to pull from your branding to incorporate into your exterior. Reds or deep, vibrant colors fade faster than lighter tones or pastel shades. Take this into consideration and how often costs will allow you to re-paint before committing to a color palette. Shades that do not fade as quickly will be much more cost-efficient in the long run.
Go the Extra Mile
Giving the exterior a refresh may mean just the walls to some, but taking it a step further can make all the difference when it comes to enhancing your curb appeal. Make sure any trim has a fresh coat of paint and that all the shutters were also taken care of.
Choosing Your Painting Partners
The benefits of outsourcing a painting project versus keeping it in-house are profound. Not only is the process surprisingly complex and multifaceted, but it can also direct the attention of property managers away from other tasks that can only be handled in-house.
By working with reputable and knowledgeable exterior painters with proven multi-unit expertise, you gain the confidence of knowing that the task is in qualified hands while simultaneously freeing yourself and your team up to focus on other key property management responsibilities.
CertaPro Painters® is North America’s largest residential and commercial painting company with more than 350 franchise owners located throughout. Our professional exterior house painters aren’t just experts in interior and exterior painting projects for managed or HOA properties, but they also offer unparalleled communication and continuous customer service throughout the process. In other words, they manage the project so you don’t have to.
For each project, CertaPro Painters® assigns one specialized point of contact. You can feel fully supported throughout the project and beyond, knowing that your rental commercial property buildings are in the right hands. CertaPro Painters® offers a wide range of commercial painting services, with expertise in many verticals.
The reality is the appearance of your rental properties can make or break your operation. You constantly need to be setting your properties apart from the competition to attract new renters. A fresh, professional paint job from CertaPro Painters® is one of the most compelling ways to give your condo and apartment rentals a business-boosting makeover. Call 1-800-689-7271 or start the process of getting your free painting estimate!