Nowadays, apartment rental is a booming business because of the foreclosure crises. As more families lose homes to mortgage bankers, the need for rentals is only going to get bigger.

Amazingly, apartment building prices are just so affordable and financing easy to come by for savvy investors that know how to package the apartment building mortgage application documents.

I am going to give you some insights into how to have an apartment building running smoothly and generating substantial profits into the future!

Running or managing an apartment building regardless of size requires attention to detail and a keen understanding of human psychology.

We will look at the apartment building condition, tenants and management issues.

Apartment Building Condition

I have always noticed how very well managed apartment buildings have clean, and cluster free entrance and lobby.

I can tell the condition of an apartment building by just looking at the outside and inside the lobby. It is best to have your apartment building with the following setup:

Very clean front color. (Best to use off- white color) If it is a brick building, have it pointed and just paint the lobby entrance façade.

This is not a time to buy cheap paint. You need a paint that will stand the test of time of weather and other environmental hazards. You can include bright colors as trims to enhance the beauty.

Your apartment building lobby is the most important part of the building. The condition of the lobby will be noticed by all that visit the building and you should go all out to create a fantastic eye appeal!

Stay away from dark colors. Use vibrant light colors with some trims that convey happy home feeling. For large lobbies, create a corner with a nice leather sofa and a nice wooded table and spread some magazines on the table.

I prefer rugged lobby and hallways, as it conveys niceness that is hard to get with vinyl flooring. Again, go with the most appealing commercial grade carpet with very professional installation.

Visit some office buildings to get an idea the type of commercial grade carpeting I am talking about. Stay away from too light carpets and stick to dark gray with some strings of multi-color running through it.

It is best to use the same bright color used in the lobby, for your hallway walls. You need bright light colors. It will create an ambiance that is inviting and you will know if it is clean or not. You will also save money on lighting.

Use energy efficient, longer lasting lighting bulbs and fixtures. You can easily find fixtures at old antique shops that will give the hallway that niceness buzz.

Be creative in selecting lighting fixtures as you can charge premium rent if utilized properly.

Now that we have jazzed the front, lobby and hallway of your apartment building, it is time to look at the some of the interior needs.

The most critical part of an apartment building is plumbing. You do not want a building that constantly leak water or sewage. If buying an apartment building, have an engineer look at the plumbing setup and get structural report.

You will be making a huge mistake without one. If you already own an apartment building, only allow certified plumbers to do leaking repairs with emphasis on fixing the leaking problem instead of just patching it up.

If a pipe is rutting, do not just let them patch it up. Your motto should be “fix it once, to last”

When you have a vacant apartment, the worst thing you can do is to just rent it right away without doing a complete makeover.

Modernize bathrooms, kitchens, customized paint and the best wood floor or carpet you can find.

Remember you’re dressing it up for a date with a tenant that could lead to potential marriage that would pay handsomely into your bank account.