The best time to plan for success is before you jump into a new venture. Invest in rental real estate with these seven essential tools in your toolkit, and you won’t be leaving your success up to fate or luck.
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If your advertising isn’t exactly bringing renters in the door, take a few minutes to assess your existing ads. Attention to detail—and the essential property marketing elements outlined in this ForRent.com infographic—will soon have your conversion rates climbing as quickly as your occupancy rates. Your bottom line will thank you.
At Class A Management, we know advertising. We’re ready to help your property reach its full potential using this tactic and others. Contact us today to learn more at 817-295-5959 or at .
If you’ve decided to purchase a rental income property, but you’re wavering between the single-family and multi-family, you’ve come to the right place. In a head-to-head comparison, there are five simple reasons why a bigger investment now yields higher gains over the life of your investment:
- More tenants lead to greater income potential. Multi-family properties naturally require more renters, which leads to more rent collected. Also, vacancies aren’t a 100 percent income loss like with single family. While more tenants also means more need for maintenance and solid property management, building a great team from the beginning lessens any potential headaches.
- Younger generations want apartments. They don’t want to mess with maintenance or a house or a yard, and they want amenities that only apartment communities offer. Generation Y has affectionately become known around the world as Generation Rent.
- Multifamily communities appeal to downsizing Baby Boomers. For many of the same reasons as their younger counterparts, Boomers want apartments as they downsize from their high-maintenance family homes. In growing numbers, these young-at-heart retirees choose communities that offer great amenities, convenience, and community, rather than retirement communities.
- Multifamily requires on-site staff. That’s not a negative. It means that a core group of trained professionals will handle all of the maintenance and business aspects of your rental. That’s a win for property owners.
- Per rental unit, multifamily is a better deal. If you were to purchase 150 single-family rental units, you’d pay a pretty penny for that investment. Multifamily offers efficiency of scale in a compact package, and can compete price-wise with even one single family property any day. This means you’ll get a quicker and more substantial return on investment with multifamily, and that’s what it’s all about.
We’re here to walk you through the investment process, including assessment, due diligence, the purchase decision, and everything that follows in the multifamily property management lifecycle. Call us at 817-295-5959 or send an email to .
It’s been said that the most expensive aspect of multifamily investing is replacing tenants, but that’s only half true. Any employer can tell you that replacing professional staff members can be just as costly— to both your business’ bottom line and its reputation.
Finding long-term tenants and building their loyalty to your community’s brand is important, and it’s just as important to do the same when hiring leasing and maintenance team members. Especially among Millennials, finding a job that offers purpose and identity is important. Productivity suffers as much as 60 percent among employees that aren’t engaged, so scout your new hires like you would great tenants—recruit for the long-term.
Start with your brand
Every community has unique selling points. Find yours and build your branding effort around what makes your rentals really feel like home. Build your tenants’ sense of community with a cohesive marketing effort that includes both external and internal messaging. Hiring should be a natural extension of those external messages, and should emphasize that working for you means becoming an essential member of your community’s family.
Follow industry best-practice leaders
The best in the business focus on building a pervasive and inescapable corporate culture of excellence. Employees that embody the highest levels of customer service and professionalism are rewarded, just like great long-term tenants get extra perks at the best apartment communities. It’s important for upper management and owners to get boots on the ground and be seen setting the example for how employees are expected to act. Personal attention to those top-notch employees will have a huge influence on culture and overall job satisfaction, so put in some face time with your best hires.
Ask for feedback
Annual tenant surveys can help apartment managers spot gaps in customer service and maintenance, and annual employee surveys can highlight threats to morale and culture. How employees feel about the work environment directly affects their loyalty and job satisfaction. Take their feedback and suggestions seriously, and implement changes that let your staff know you’re listening, and that you value their hard work and dedication.
Need a recruiter?
It’s our speciality! Contact Class A Management today at 817-295-5959 or send us an email to .
Steady economic recovery means rental rates are continuing to climb nationwide. Combined with sustained high occupancy rates, that means the rent is going up. That’s cause for both celebration, and a sensitive approach on the management side.
No renter enjoys paying more each month without additional benefits. Renters do understand inflation and the increasing cost of living, however, so just a few extra steps on your part can help ease the burden of higher rent.
1. Provide reasons.
Research the current inflation rate, and know what your competitors are charging. Emphasize your property’s unique selling points and their added value. If those amenities are new or the cost of their maintenance is increasing, share that with your renters. Give them some ownership of that extra cost, and help them translate it into extra value instead.
2. Communicate directly.
A formal letter explaining your reasons for the rent increase is a show of extra effort on your part. That conveys your respect for tenants’ hard-earned money. Provide a few ways tenants can contact you to voice any concerns they may have about the rent increase. This shows that you understand they may have concerns, and it will help them be more receptive to your reasons if you’re willing to listen to them.
3. Allow an adjustment period.
Give tenants a month’s notice, at the very least, when their rent will be increasing. It’s far less thoughtful to wait until their lease is due for renewal. Everyone needs time to adjust to change.
4. Provide enticements for great tenants.
We never want to alienate great, long-term renters. Consider lower rent increases for existing tenants than for new leases. Or, offer complimentary access to special parking or other amenities. If you’ll be making aesthetic upgrades, start with those renters you most want to keep happy.
Communicate strategically and openly with tenants, and you’ll find that the respect you show translates into loyal renters who won’t mind the occasional rate increase for such a valuable rental property.
How do you raise the rent?
With our help. Contact Class A Management today at 817-295-5959 or by email to .