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7 Tips for Making Property Management Transitions

7 Tips for Making Property Management Transitions

Whether you’ve ever made the decision to transition away from one property management company to another, you can be sure that it’s something done regularly. The relationship between owner and manager can be a contentious one; resulting in turnover as needs and provisions change and conflict. All the more reason to have a thorough vetting process from the beginning.

However, if and when you find yourself faced with the need to make such a transition, it’s important to have an effective plan in place. Here are 7 tips to building one:

  1. Have a plan. You need a strategy. You need to know what you’re looking for, why you’re leaving the current company, and how the new company is going to get you there. You then need to write it down and get your staff on board with the change. This includes letting them in on the timeline and the selection process, as appropriate.
  2. Onboard the incoming team. Your timeline must include adequate time to onboard the incoming company. They need to be aware of your business and marketing plan, your brand strategy, and your communications plan. Essentially, you need time to get them up to speed on how to accurately manage and represent your brand.
  3. Inform outgoing team. This is the hard part. Yet, it’s only business, and they’re aware of the possibilities (especially so if there has been ripples in the water). Be upfront with all information and make sure to go about the process as outlined in the contract with that firm.
  4. Encourage collaboration. Introduce the incoming with outgoing team and foster a collaborative relationship so the two can transition all back- and front-end office processes and seamless as possible.
  5. Communicate with tenants, clearly and often. As soon as the details have been nailed down, begin communicating the change with tenants. Use multiple channels, be clear, and be consistent in delivery. Have a process to answer questions and address concerns and be ready for backlash. No one likes change and some tenants may fight it. Have a strategy to address this challenge and follow-through.
  6. Meet and greet. As soon as the new team is ready to begin, plan an event where they can meet the tenants. It doesn’t have to be fancy. Even drinks and cookies during a 2-hour window in the leasing office will suffice. An allotted time for face-to-face is important, however.
  7. Monitor performance. All that’s left is to stay on top of things with regular surveying of the new management, as well as tenants. Ask for regular reporting and analytics, and make sure to stay involved with back office operations so you’re alerted early of any potential issues.

Ready to make the transition to Class A Management? Our professionals will help ensure it’s smooth and easy on everyone involved. See what a difference it can be to work with our tram of trained and certified property managers. Call us at 817-295-5959, or send an email to .

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Infographic: How to Choose the Best Property Management Team

How to Choose the Best Property Management Team
If hiring a property management company is on your list of action items, you need assurance that your needs are aligned with the PM company;s offerings. Gaining this assurance begins with asking the right questions during the vetting process.
The following infographic was created by the bright minds at First Residential to provide tips on choosing the right HOA management firm, but the questions are right-in for guiding your PM selection process as well.

How to Choose the Best Property Management Company to Fit Your Needs

From Visually.
See what a difference it can be to work with our tram of trained and certified property managers. Call us at 817-295-5959, or send an email to .
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The Multifamily Podcast

The Multifamily Podcast

“Gone are the days where you produce content and you throw it up on the blog or you put it on social media and people come. Those days are over!” – Tami McQueen, Director of Marketing for Triblio

While throwing content out on social media to see what sticks isn’t a winning strategy anymore, people still expect content. They still want information, want to understand your level of expertise on their topic of interest, and they want to know you care. They just want you to be a lot more deliberate and strategic about how provide it.

Podcasts are a great tool for achieving this objective, and are something even property owners/managers can put to good use. A podcast is “a digital audio file made available on the Internet for downloading to a computer or portable media player, typically available as a series, new installments of which can be received by subscribers automatically.” A podcaster will typically design a channel or show (Class A Management’s Multifamily Show) and then post individual podcasts, or episodes, to that channel/show.

Once you’ve got your channel up and running, its time to develop content. And, if you think tenants and prospects wouldn’t want to listen to their apartment complex’s podcast, you’re wrong. The reason podcasts are becoming increasingly popular is for their ability to directly tap people into topics of interest. So, consider these opportunities for episode topics:

  • News and updates
  • Local community events
  • Crime watch and awareness
  • Focus on family
  • Renovations and repairs
  • Policy changes

You could even take the opportunity to offer bonus classes/lessons/offerings on topics tenants want to learn more about that tap into the talents and knowledge of staff and other tenants (art, photography, etc.). Such a great way to tap into the trend of offering more in your amenity package!

Ready to create your property’s very own podcast? Lifehacker has a great step-by-step tutorial you can follow by clicking here.

Interested in more suggestions like this? Our professionals know multifamily marketing. Contact us today at 817-539-6787 or by email to .

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Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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Student Housing and Pet Policies

We’ve talked a lot about pet policies and whether it’s a good idea to even allow pets on your property in the first place. What many property owners and managers tend to ask, however, is whether pets are a good idea when it comes to student-specific housing. And, the answer, again, is: it depends. Like everything else in business, you need to make all considerations to determine the best decision for your property.

If you decide it’s reasonable to allow pet-tenants, it’s best to view them as just that—tenants—and treat them in the same manner you would any other tenant. This includes:

  1. Lease Language—The lease is your contract and the lifeline of the property. It ensures protection for both you and the tenant. And, just as you would use a tenant to identify the responsibilities of the landlord and tenant, it should also be used to identify the responsibilities and expectations of pet and pet owner. At a minimum, this should include cleaning up after the pet when outside, responsibility for damages done by the pet, noise-related restrictions, and the like. It should also clearly define any breed or weight restrictions, where applicable.
  2. Pet Deposit—Just like the standard deposit due at move-in, a pet should also require its own deposit. This money is the insurance a property manager needs to hedge against risk of damage or default. This way, the funds are there to cover repairs that result from pet-related issues. Whether the deposit is fully refundable or non-refundable should be clearly identified and defined in the lease.
  3. Pet Rent—The widespread practice of requiring separate rent for pets is fairly new. Yet, it’s catching on and many properties are now asking pet owners to pay additional monthly rent, often in the range of $10 to $25. The idea, again, is simply to treat the pet as an additional tenant.

Pets can be a slippery slope of challenges for property owners. That’s why you need a knowledgeable property manager in your corner. The professionals at Class A Management have more than 30 years’ experience in the industry and know what it takes to ensure satisfaction—for 2-legged and 4-legged tenants alike.

Call us today at 817-295-5959 or send us an email to .