Wednesday, August 24, 2005

The nature of managing rental property

Of the last five tenants who signed leases for apartments at this property 4 did so because I charge less than the places they were living before. This means that they are not here because of ammenitites. They are not here because of they get to choose the colors. They view housing as a commodity.

This is a huge problem. If they view housing as a commodity I'll never be able to raise rents enough to pay for:
1) Mexican tile in the kitchens and bathrooms (Currently, the floor is vinyl!!!!),
2) Baseboards and crown molding (That's right. None of the apartments here even have baseboards.)
3) window seats,
4) Hardwood floors
5) Fancy shower fixtures
6) Cedar-lined closets
7) Viking ranges
8) Sub Zero refrigerators
9) hammered copper sinks

or any of a dozen other cool things that will add beauty to the lives of my tenants.

Hmmmm. Maybe, I can get a local wine store to come and do a wine-tasting once a month? It doesn't add to the property's value, but it is someting fun the tenants might enjoy. I'll have to see what the liability issues are before I do it, but I think it is a capital idea!

In the meantime, I am thinking about Nativity. I know it's nuts. It is still august. But this coming nativity I will have two children. I can hardly wait.

2 comments:

existentialist said...

Hi Matt
Thank you for this humorous post!
BTW I deleted my blog and created another one. If you are interested in it let me know and I will send you the address.
Oly

Mimi said...

You are blessed indeed!