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The Foundational Approach to Property Improvements

You’re a property owner. You wouldn’t buy a property with a leaky roof just because it’s got a fresh paint job, and prospective renters deserve the same considerations. Invest in your property for the long-term, and good renters will show their appreciation by investing in your equity.

Building as a guide for rehab

When a building is first going up, everything starts with a stable foundation. Think of your capital investments the same way. Safety and security are the number one concern of any human being. When you’re ready to invest in your property, inspect it for issues that could post safety hazards. Are there water intrusion concerns? Replace rotten siding and structural components before even considering new kitchen counters. Once your investment is safe for those who will depend on its solid foundation and sturdy walls, it’s time to move on to amenities that will stand the test of time.

Keep improvements neighborhood-appropriate

Renters expect an affluent downtown loft to look very different from housing in a middle-class residential neighborhood, and rents usually reflect those expectations. When improving a property’s marketability, it doesn’t make sense to over-improve beyond what the market will bear. Maybe instead of granite, laminate countertops would be a better investment. Or, on the other end, renters in your neighborhood may walk away from a property with carpet, preferring hardwood or laminate.

Improve your property structurally, make it safe and secure, and then make it attractive when compared to what else is available in the area. Foundational improvements are those that improve a property’s value, not just its marketability. Base your rehab investments on what makes sense to tenants and the market, and back away from any big-ticket expenses that won’t add value to your property’s bottom line.

The professionals at Class A Management can manage property improvements, too. Call us today at 817-295-5959 or e-mail, .

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Infographic: Importance of Brand Management

If you’ve followed me for any length of time, you know the importance I place on brand management. Many people in our industry overlook this critical topic, primarily because they don’t view their investment property for what it is: a brand.

But when a lackadaisical approach to brand management is taken, it’s not uncommon to very quickly find out the truth: every investment property is a brand and it is not only easily tarnished, but is extremely difficult to repair once affected.

Don’t take my word for it. See just how deeply impacted our industry is by tools such as online reviews in this infographic from Reputation Scout.

ONSI_012_RS_Infographic

Negative reviews and less-than-stellar customer service experiences is something that can happen to any business and any property. It’s how you prep for and handle those incidents that define the brand.

Working with a property management company that understands this and can help you manage it all on a daily basis is key. Contact the professionals at Class A Management today to learn more about our partnerships. Call 817-295-5959 or send us an email to .

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Decision Time: Are You a Landlord or Investor?

Landlord or Investor

All property owners are investors, but not all of them are landlords. What’s the difference? A lot of time and control to be gained or lost, depending on role(s) you embrace.

First, An Investor…

Every real estate investor is an investor first. Investors are entrepreneurs who are looking to expand an income portfolio by purchasing properties in which others will live or work. They risk financial losses and reap the benefits of tax breaks for small businesses. If an investor chooses to remain an investor only, they otherwise leave the mundane details every day of property ownership to professional property managers. The alternative requires much more investment of self, time and patience.

…Then, A Landlord?

Those who choose to take on the management of their own investment properties take on the title of landlord, and that’s an entirely different proposition. While those who are strictly investors give up some control of their properties, they also benefit from a symbiotic relationship with professional property managers whose wealth of knowledge and resources just make things easier on the investor.

Those property management fees may seem hefty at first glance, but the landlord who chooses to forgo hiring a property manager must then deal with the daily headaches of marketing, leasing, repairs, maintenance and rent collection. It’s a distinction that’s worth researching before investing in a property, because every property manager – whether professional or the investor who chooses to manage his own investment property – knows that being a landlord is very different from managing a property well.

If you’d rather remain an investor and reap the benefits without the headaches, contact Class A Management today and let us handle the day-to-day operations and maintenance details. We know what renters want, and we know what investors and their properties need to succeed. Call us today at 817-295-5959 or e-mail, .

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Infographic: How to Cut Down on Landscaping Costs

How to Cut Down on Landscaping Costs

We talk and we talk about the importance of curb appeal and making a positive impact on the neighborhood around our rental property. It attracts more tenants, and it goes toward improving property values for us and for the neighborhood overall; and that leads to achievement of our ultimate goal: More revenue. Investment success.

Yet, curb appeal isn’t always cheap. The initial landscaping design can be a sizable investment and its maintenance is often a noteworthy line on the monthly budget sheet. Until now.

Thanks to the National Apartment Association, you now have access to 7 easy ways you can trim your landscaping bill each month:

UNITS Landscaping

 

The theme? It all comes down to making the right choices from the beginning. Making the decision to have Class A Management in your corner now will help ensure the best choices in landscaping and all other areas of property management going forward. Give us a call today at 817-295-5959 or send us an email to .

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3 Tips to Choosing Investment Properties by Location

Choosing Investment Properties by Location

Potential real estate buyers look for location above all else when shopping for a home. Buying investment property isn’t much different from buying your own home, so consider what you would look for in a location before you sink capital into a long-term property investment. Prospective renters will consider the same points.

  1. Good schools: Regardless of what type of investment property you’re considering, at some point you’ll most likely rent to families with children. Research local schools to find out if concerned parents would find them desirable. If you’ve got great schools near your property, that’s an added bonus that will attract and retain those serious, long-term renters that every landlord wants to find.
  2. Near major employers: The major industry in your area is a great place to start looking for renters, especially if there’s more than one employer representing the industry. It means renters will be employed and able to pay rent, and will have more than one area employer and thus better chances of staying employed. In an urban setting, consider the property’s proximity to public transportation as a major facet of your location consideration.
  3. Close to amenities: In this case, amenities refers to those in the community, often referred to as conveniences. Grocery stores and gymnasiums are major considerations for future tenants, as well as any business that offers an amenity your property doesn’t. Nearby, safe laundromats may be an important consideration if you don’t offer onsite laundry facilities, for example. Local entertainment and child care could also factor into your purchasing decision.

If it all seems like too much to consider when purchasing a rental property, let the professionals at Class A Management help you simplify the property search process. We know what renters want, and we can use an objective eye and some proven research methods to make sure you buy a property in high demand. Call us today at 817-295-5959 or e-mail, .