Holiday Gifts for the New Landlord
Do you have a new landlord in your life? Is there someone you know who recently made the plunge into investment property? Or maybe you did, and you're looking to drop some subtle hints to your loved ones about your holiday wish list? Here are some ideas for gifts both large and small that any starting landlord would probably welcome.
Key Cutting Machine. A decent DIY key cutting machine plus a box of blank keys will run anywhere from $400-1300. However, if you figure that every time an apartment turns over you're spending $10 plus gas money to copy key sets, not to mention keys for contractors, Realtors and maintenance staff, you're looking at an investment that could pay for itself within 3 years for a 6-flat apartment building full of two-bedroom apartments.
Paint Sprayer. These run $100-250 for a basic unit to handle interior jobs, although Cadillac models can obviously be far more expensive. This is another one that will pay for itself rapidly. The first time you (or your landlord friend) don't have to throw your back out roller-painting an apartment - or spend a full day painting - you will be so very grateful.
Salt Spreader. Any landlord worth his salt (pun intended) will own a snow blower in Chicago, but few will splurge on a salt spreader. It's a worthwhile investment. Even though they run $200-600, it's a one time purchase that will last for years if treated correctly. A preventative salting of the walks can save a lot of angry phone calls, not to mention personal injury lawsuits. This is another one that may save you a thrown out back, this time from shoveling heavy, iced-over snow. And really, would you rather stop by the evening before a storm to salt nice, dry, clean walks, or go out at 4am to break up ice the morning after?
All three of these top shelf items are available at your local hardware store. I'm not going to link to Amazon here - this is a nice big purchase that you can bring to a family-owned, mom & pop shop. Support your local business!
Professional-Grade Drain Auger/Snake. These run $30 to $150 at a hardware store. Tenants don't pay very close attention to what's going down the drain. It's inevitable that you'll be called out to rod out the drains of accumulated gunk at least once a year. If the tenant has long hair or super fluffy pets that frequency goes up exponentially. Rodding out the drain yourself is far kinder than chemical agents like "Liquid Plumr," and definitely more cost effective than calling a plumber every time. Avoid the cheap plastic versions - this is something you definitely don't want going pear-shaped on you in the heat of the moment. Read the reviews and get something sturdy.
Landlord Locks. These are a specialty item found only at landlordlocks.com. They run about $25-42 each for the locks, $10-12 for replacement cylinders, $3 for a backup master. That's about twice the cost of a standard deadbolt, but they make it up in cost per use, as they're completely reusable. They're designed so that you can pop out the tumbler and swap it for a replacement using a master key. Chicago now mandates that locks be changed between tenants. A system like this will allow the landlord to easily swap cylinders without drilling or damaging the door.
Label Printer. It's amazing how many times you need to label stuff when you own an apartment building. Mailboxes. Buzzers. Circuit Breakers. Laundry Machines. Tools. Keys. A label maker is the kind of gift you never realize you needed until you have one. $25-40 at any office supply store.
Workplace Spanish for Real Estate. This has a considerable amount of language for landlords and leasing agents as well. The book is available used on Amazon for an exorbitant amount, but you can pick up a copy of the book & CD new from Workplace Spanish for about $30.
Dust masks. These are $10-20 for a multi-pack. The number of times you need these when working with investment property is astronomically high. Walking through damp basements. Scraping and painting apartments. Sanding down floors. Replacing moldy drywall. Not glamorous at all, but definitely useful and a way to show that you care.
Keychains. Prices vary for these. You can go all out crazy and get a logo printed on them, you can get a box of disposable cardboard keytags, or you can assemble a personalized collection of them in a variety of sizes and styles. They will be used. Oh yes they will.
Sonic Measuring Tool. This is my personal favorite. at $16-30 each plus the cost of a battery, I have one in every purse. Set the butt of it against one wall and it will bounce a sonic wave off of the opposite wall. I can take measurements of an entire apartment alone in about 5 minutes with mine. Most will automatically calculate square footage and volume, making them useful for contractors as well.
Light Bulbs. It's a curse of living in the modern, eco-friendly age that tenants now tend to take their expensive CFL light bulbs with them when they move out. A pack of soft white CFLs may not be romantic but it will definitely be appreciated.
Credit Card Processor for the Cell Phone. You might think it would make life easier for the landlord to be able to collect rent via credit card. However, the processing companies take a percentage of the payment, and there are online rent payment companies that handle that kind of thing for far less. It really should be a matter of the landlord's personal choice if he/she wants to spend that kind of money on processing fees.
Property Management Software. This is another one that really requires the input of the individual landlord and a lot of testing. Everyone has a different level of comfort when it comes to accounting and data entry.
Landlord Books. Unless you're a landlord yourself with a lot of experience reading how-to manuals, I don't recommend purchasing them for other landlords in your life. It's very tough for someone outside the industry to figure out which books are telling the truth and which are completely useless, especially with the wide variety of regionally-specific laws. You don't want your gift to be the reason why your buddy winds up getting sued by a tenant. Besides, the risk of accidentally insulting your friend is pretty high if you give him "The Complete Idiot's Guide to Being a Landlord." Get a bookstore gift certificate if you must give literature.
Due to the high potential for spam on this article I've preemptively disable comments. If you would like to add a suggestion to this list, please use the general blog's contact form. I'll be back on Monday with a companion list of gifts for the renters in your life.