A friend suggested this as a way to 'stand-out' among other properties. It is a pretty creative tactic and I would love to know if any one else has tried it (or have alternative little property perks).
My friend owns a handful of SFH in A-areas. To save on his own expenses, he paints all of his floor/ceiling white/light gray. When he advertises his properties, he points out that tenants can paint the walls any color they wish (not unusual for rentals), AND he'll pay for the paint.
I thought that was such a clever way to differentiate from all of the other available rentals. Thoughts from other landlords?
@Alex Huang while I have never tried this myself, and my properties are in B-areas, I think this could be a really good tactic. If the homes are in A-areas then you probably have to repaint them after each tenant anyways. The only concern that comes to my mind is what painting over all those different colors over the years would be, most likely a slim to non exist concern, but I paint my rentals the same color so I don't really have any experience in that. If you do end up trying it, let me know how it goes!
Best of luck to you,
@Alex Huang We aren't quite so free in our language/marketing. However, I'm a fan of empowering a tenant.
I typically pick 2-5 colors that I know will work in a space and let the new tenant choose which of those colors they like best. I controlled the potentially crazy options. The tenant got to pick. Best of all, when it comes to re-rent the apartment down the road, you don't need to help the prospective tenant visualize what the space could look like with their preferred color. For as much as most people think they have perspective, stagers wouldn't be employable if most people really did have perspective. This system has worked wonderfully for me and results in a great start to a working relationship. Give it a shot. I think you'd be surprised at the success.
I wouldn't let them paint. Too many people THINK they can paint and can't. There will be paint on everything that isn't supposed to have paint on it. You will get the paint job you pay for.
I wonder how much it actually makes the properties more marketable? Are vacancy rates higher in these A-properties that makes the owner need to have a move-in incentive? I think a one month rent discount would be more compelling and then you don't have to deal with bad paint jobs, or tenant deciding to paint the living room black. Plus the cost of a single month discount sounds more affordable that offering to pay for entire paint job for your new renters
Agree that painting quality and color choices vary a lot. We had one tenant that we approved painting because her boyfriend was a professional painter, and it was better than we could ever do but the bedrooms were odd choices, including a bright orange room that we offered to repaint for later tenants. Another tenant gave is a parting gift of painting everything mint green. And I do mean everything- walls, trim, ceiling, outlet covers, everything. We paid to have some of it repainted so its not all green. We market both as not the drab white/colors. But I wouldn't let them paint/choose colors.
Never let them paint themselves. If you really want to test this marketing plan, would offer to paint an accent wall in the living room and/or a childs bedroom (some kids, girls really enjoy personalized colors). If they really want more customization they can ask and you can decide case by case. Home Depot, online places, etc have stickies for walls....big polka dots in primary colors. I thought about offering to buy a set for kids bathrooms. I am currently thinking about installing some wooden curtain rods in a house and allowing tenants $50 per window to pick out drapes...$25 per panel pair. And leave them when they move.
Back to the paint, I would only pay half the paint...that way they have to want it enough to chip in. Or they buy the paint, one coat paint, and you hire a painter.
Also think letting tenants pain is a bad idea.
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