Upgrading older rental units can increase your rental property value instantly. Many older rental units don't have the amenities that today's tenants want, namely:
Fiber optic lines for speedy communications.
High-speed copper wiring for fast services.
Coaxial cables for TV access.
Internet access at high speed.

We all live in a wired and wireless world today. So today's tenant wants access to these services as part of the rental agreement. What's more, most tenants are willing to pay extra for these services. So you can increase your income as a real estate owner by offering wired services. Or, as a contractor, you can install these services and earn a good fee for doing so.

Here's how you can earn extra income from your properties as an owner by giving older rental units a new life: Decide to offer wired and wireless services for today's information age using your roof and other unoccupied spaces for:

Cable television Fax machines
Internet access Computers¡ªdesktop, laptops
Telephones¡ªall types Entertainment systems
Satellite television High-speed data transmission

Conceal your wiring behind baseboards, attractive enclosures, ceiling moldings, in mail chutes, elevator shafts, trash tunnels, or any other unused space. Your tenants will love you because they don't have a tangle of wires in their apartments or offices.

But how can you pay for installing such information-ready wiring? You can:

Contact local communications companies¡ªsee your Yellow Pages.
Offer your roof area to communications companies needing space.
Provide space for satellite dishes, microwave antennas, and other communications devices used by these firms.
Work out an annual rental fee for each firm, with three months' advance rent from every firm using your roof space.
Use the money advance from your roof rentals to pay for the internal wiring in your building. Or use a swap deal to have the communication firm(s) install the wiring in place of 3 months' rent.
Estimate your costs for data transmission, video, and voice wiring at $2,000 to $7,000 per apartment, depending on how many outlets you have per apartment, type of concealment, and other factors. Work can be done by outside contractors or by you.

Plan your wiring so it provides the services your tenants seek and need¡ªsee the list above for typical wiring needs. Be certain your wiring is reliable, that outlets are easily reachable, and that new developments in information services and technology can be handled. Then your rental income will boom, with no vacancies.

 

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