3 Renovation Tips to Make Property Management Easier [With Video!]

3 Renovation Tips to Make Property Management Easier [With Video!]

2 min read
Matt Faircloth

Matt Faircloth, co-founder and president of the DeRosa Group, is a seasoned real estate investor. The DeRosa Group, based in historic Trenton, N.J., is a developer and owner of commercial and residential property with a mission to “transform lives through real estate.” DeRosa creates partnerships to finance select real estate investments and has a proven track record of providing safe, profitable investment opportunities to their clients.

Experience
Matt, along with his wife Liz, started investing in real estate in 2004 with the purchase of a duplex outside of Philadelphia with a $30,000 private loan. They founded DeRosa Group in 2005 and have since grown the company to hundreds of units in residential and commercial assets throughout the East Coast. Under Matt’s leadership, DeRosa has completed tens of millions in real estate transactions involving private capital, including fix and flips, single family home rentals, mixed-use buildings, apartment buildings, and office buildings.

Matt is an active contributor to the BiggerPockets Blog and has been featured on the BiggerPockets Podcast three times (show #88, #203, and #289). He also regularly contributes to BiggerPockets’ Facebook Live sessions and teaches free educational webinars for the BiggerPockets Community.

Matt authored the Amazon Best Seller Raising Private Capital: Building Your Real Estate Empire Using Other People’s Money. The book is a comprehensive roadmap for investors looking to inject more private capital into their real estate investing business and is a must-read for anyone looking to grow their business by using private lenders and equity investors. Kirkus, the No. 1 trade review publication for books, had this to say about Raising Private Capital: “In this impressively accessible introduction to a complex subject, Faircloth covers every aspect of private funding, presuming little knowledge on the part of the reader.”

Matt and his wife Liz live in New Hope, Penn., with their two children.

Education
Matt earned a B.S. in Industrial and Systems Engineering with a minor in Business from Virginia Tech. (Go, Hokies!)

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DeRosaGroup.com
DeRosa Group’s YouTube channel
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When renovating a rental property, managing costs and getting it done quickly should be at the top of your list. But don’t forget about your costs in maintaining the property long-term once it’s a rental!

In the video below, I talk about ways you can smartly renovate your rental with the goal of keeping property management easy and affordable.

Related: Rental Renovations: Which Maximize Rates & Lower Vacancy—and Which Don’t?

1. Paint

The first example we’ll look at is the paint (and paint colors) you’re using in your rental properties. Instead of using a different color for each property that you manage, always use the same color. This way, when a tenant moves out, or you need to go in and touch up the walls, you’re not left wondering, “What color did I use for that unit?” or, “Where did I store the paint cans for that unit?”

By implementing this system, you’ll never have to wonder what color, or where it’s at. It’ll all be the same, no matter which of your units needs attention.

2. Locks

The next item that we’ll look at is your locking systems. Every time a tenant moves out, you need to change the locks for security and safety.

Changing locks can be expensive if you are using a locksmith, and you’ll end up with the telltale sign a landlord: a huge wad of keys! There are technologies out there that help keep this cost at a minimum, but you need to address it during the renovation phase to get the best bang for your buck.

We use a great technology that allows us to change out the core of the lock without changing the whole assembly. We also have one master key to open up everything in our portfolio. Watch the video to learn more!

Related: 12 Rental Property Improvements You Can Make for Under $500

3. Flooring

The last tip is to have durable flooring. This means selecting a material like hardwood or vinyl tile and avoiding materials like carpet. You want to have floors that will be able to withstand a lot of wear and tear. Giving your floors treatments like polyurethane will help them last over the longer term. If you decide to put in carpet, keep it to the bedrooms.

The goal is to make it simple and repeatable. By making these small adjustments, you’ll be able to save money and time over the lifetime of the unit. In addition to systematizing your process, you make it easier when it’s time to turn over the unit from one tenant to another.

Check out the video to learn more!

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Have you completed renovations on rentals? Do you have some tips to keep long-term costs down?

Share them in the comments section! 

Here's how you can smartly renovate your rental, specifically with the goal of keeping property management easy and affordable.