Posts

Dealing with an angry tenant is one of the least enjoyable parts of owning a rental property; yet, it’s something you’re more than likely going to face at some point in time. From the tenant who is mad at you for requesting on-time payments, to the tenant who gets angry about every noise, neighbor, and broken light bulb, they’re out there. You need to be ready to handle the situation whenever it arises.

Here to help are 5 steps you can take every time to help ensure the situation is diffused effectively and with little (to no) fallout as possible:

1. Listen actively. Sometimes, all a person wants is just to be heard. So, take a stance of active listening, wherein you dedicate the time to hearing what he or she has to say, and repeat it back so it’s clear you’ve heard and understood the problem.
2. Empathize. You’ve heard the cliché: You catch more flies with honey. This applies here, too. You’re a lot more likely to squash the anger if you’re able to allow the angered tenant to believe you see things from his or her point of view, whether you do or not. Use phrases such as: “I can see why that would upset you”, or “I’ve been in your shoes before and know how that feels.”
3. Ask for it in writing. The best way to ensure issues don’t go unnoticed is by asking the tenant to submit complaints via a comment system, either in print or online.
4. Document everything. Once they’ve made the submission, it’s important to document every step taken to rectify the situation. Conversation dates and times, repairs, and any other minor detail should be noted. This will not only help you demonstrate your dedication to problem-solving, but can also come in handy should the situation go south and you need proof of action. Share with the tenant so he/she is aware of what is being done to address the issue.
5. Follow-up. Even if it appears things have settled, festering issues can grow into a big problem if left unchecked. So, just make sure to follow-up with the tenant within a reasonable amount of time to make sure that, not only has the situation been managed effectively, but also the opportunity is taken to remind him/her of lease guidelines, responsibilities, and the like (when applicable). After all, handling anger effectively doesn’t mean conceding on property rules or allowing a tenant to dominate, it’s simply a more productive approach to helping ensure things don’t escalate too quickly.

Do you need some assistance managing the day-to-day with tenants? It’s our specialty. Contact us today to learn how the professionals at Class A Management can help. Call 817-295-5959 or send us an email to info@classamanagement.com.

Investors too often approach the decision to buy a multifamily property without a support system, but the smart money is made when they team up with property managers well before closing. A property manager who knows multifamily property management is an irreplaceable asset for a buyer for many reasons, but there are three primary advantages these real estate professionals bring to the table when shopping for an apartment building to enhance your investment portfolio:

1. Pre-Purchase Property Assessment. Property managers know what amenities and services potential renters want, and they bring seasoned industry knowledge to your property search. A professional property manager can provide a feasibility study, property analysis and market analysis on any property you’re considering. This advance work can keep your business plan in place without getting you in over your head in repairs and improvements, or invested in an undesirable market.
2. Establishing and Implementing a Management Plan. Just like any important business venture deserves a detailed and clearly defined business plan, it’s important to have a management plan in place before you’ve signed papers and are suddenly “the management.” Current residents will appreciate open lines of communication, and a management plan will address how to attract renters quickly to fill any vacant units. A delay at this stage – such as searching for a skilled property management company – could be costly.
3. Built-in Human Resources. Managing a property involves a good deal of grounds-keeping, repairs and maintenance. Property management companies have skilled and licensed workers capable of immediately addressing a property’s needs and quickly responding to tenants’ requests for service. Again, deferred maintenance or service delays just after a purchase could cause irreparable damage to your reputation with the people who pay the bills, your tenants.

You wouldn’t buy large amounts of stock or invest in a startup company without consulting a financial advisor, and the same rule goes for buying commercial real estate. Find a property manager you can trust to guide you through the process and help with a seamless transition after the sale. Contact Class A Management at 817-295-5959 or e-mail info@classamgmt.com for more information.

Resolutions don’t have to be made at the beginning of the year. The beauty of self-driven resolutions is that you can create and act on them at any time. While it’s common for people to write personal resolutions that include action items such as exercising more and going to church, our professional desires for the future should never go overlooked.

By definition, a resolution is a firm decision to do or not to do something, with the goal of solving a problem or creating a positive outcome as a result of that action or inaction. So, creating a list of the outcomes you would like to experience as a property manager would be the best place to start. For the purpose of this blog, we’ll assume some common goals, to include: increase in occupancy, increase in revenue, better tenant relationships.

Once you know your goals, you create the resolutions necessary to reach them. Following are the resolutions we’ve created to encourage the outcomes stated above.

• Evaluate the competition—Take an active approach to understanding your competition. What do they have to offer? How do they market? What do they charge? By understanding how your property compares to what’s available on the market will help you make better informed decisions about what tenants want and how to position your own property to appeal to them.
• Focus on tenants—Make a concerted effort to meet tenant needs. This includes acknowledging requests, responding in a reasonable amount of time, and delivering on promises. Remember that keeping tenants is far less expensive than recruiting new ones. Take action to ensure occupancy is retained.
• Increase level of marketing—What you currently doing to market the property? In this day and age, proper property marketing means four things: intuitive website, social media interaction, blogging, and plenty of media posts (images and video). Find the holes and then fill them in. If you’re already doing all this, make a resolution to do more of it. Always ensure you’re using analytics to track performance and traffic patterns as well.
• Revisit the lease—Never allow a lease to stale. Read through it thoroughly and make the adjustments necessary to clarify wrongs/rights. You should always be aware of any language (inclusion or exclusion) that could potentially provide a loop hole to the not-so-good tenants, therein punishing the ones you want to keep.
• Be consistent—In all you do, be consistent. This means treating all tenants the same—from rent charged to rule application.

If one of your resolutions is to find the help you need to manage your property or properties, Class A Management can help. Contact us today to learn how we can work together to make the most of your multifamily property investment. Call 817-295-5959 or send an email to info@classamanagement.com.

Image: © John Hix | Dreamstime Stock Photos

If the title sounds like an oxymoron to you, you’re likely not the only property owner who feels that way. After all, trying to update a property with a hundred units is a daunting task that often requires a significant amount of outlay, especially when you’re trying to keep up the Joneses. Yet, it doesn’t have to be that way.

The good news is that you can make a significant difference in the eyes of prospective tenants with these relatively simple and budget-friendly solutions:

1. Focus on Aesthetics. People want things that look nice. It’s in our nature. Simply updating the hardware in a unit can make a dramatic difference without spending a lot of money. Simply do some research online for clearance sales or bulk discounts on items like door handles, light plates, faucets, and knobs. Tip: Pick an upscale décor store online and research their top selling hardware options. Then do a search for the same style at online retailers like Cheaper Faucets, and achieve the same look at a fraction of the cost.
2. Get a Fresh Coat. You will be absolutely amazed at what a fresh coat of paint can do for a unit. Choose a neutral color other than white, such as a soft sand or tan, and you’ll get a completely different look with a more modern feel for only pennies. Tip: Search postings such as those provided in Angie’s List for reputable painters at reasonable prices.
3. Blinds Make a Difference. What type of window coverings are in your units? If you’re still opting for the awful metal mini-blinds, we need to have a talk. You can get faux wood, 1” and 2” slat blinds for very little more than what you’re paying for those hideous metal ones, and the difference in the unit will be amazing. Tip: Select Blinds has options starting at only $10 a window.
4. It’s the Little Things. One of the most important factors to younger tenants? Technology. And, they will expect their apartment of choice to automatically have docking stations and mobile charging options built-in. The good news is that these are relatively inexpensive to purchase and to install. Just look online.
5. Keep it Clean. It may sound silly that we’d even have to mention it, but you’d be surprised…Make sure the unit is thoroughly cleaned before you ever show it to a prospective tenant. This includes the inside of drawers, microwaves, and ovens; in between those brand new blinds; inside the baths, toilets, and all sinks; up the back-splashes; across every baseboard; and the most thorough vacuuming job ever. Tip: Leave a small splash of Pine Sol in each toilet. The smell permeates.

Remember that this doesn’t have to be done in one fell swoop. Spacing out the renovation to address units only as they come up for lease or are available will help with budgeting and make it a more manageable process. And, of course, if you need help handling it all, give us a call at 817-295-5959 or send us a request by email to info@classamgmt.com.

There is a long-standing stigma about the character of landlords. TV personae such as Mr. Roper and Mr. Heckles have defined the role to be limited to those who are pushy, over-bearing, nosey, and non-compliant. To make matters worse, there are those tenants who put the “challenge” into property management, and have the ability to bring out our less-than-cheery self.

It’s not only in these times, but in our everyday approach to the task of property management, we need to remember the words of Brian Tracy, a leader on the topic of human potential. He said, “You cannot control what happens to you, but you can control your attitude toward what happens to you, and in that, you will be mastering change rather than allowing it to master you.”

Here are some simple tips designed to help you gain that control:

• Center yourself. Whether you believe in the power of meditation or not, there is something to be said for what comes of the time we’re able to get by ourselves and focus on our thoughts. The business of property ownership and management is a busy one that often keeps us on the run. If you don’t take time for yourself to regroup and recharge, everything else may suffer; especially our attitude. Find your happy place and spend at least 30 minutes there in solitude—exercising, breathing, or just resting.
• Be thankful. Bad attitudes often come from a build-up of too much negativity. So, instead of allowing it to control your mood and actions, focus on all that you have to be thankful for instead. Make a list and say them each out loud. You can even go the extra step by telling someone why you’re thankful for them. You’ll quickly see that positive attitude grow outside yourself.
• Do unto others. One of the things I feel landlords forget from time to time is that while this is your business, it’s home to the people you serve. When you change your attitude to see things from this angle, it may very well change the way you look at their situation and even their attitude about things. Would you like to go for days without having issues addressed? Would you like to feel ignored? Put yourself in their shoes and then adjust the attitude accordingly.
• Forgive and forget. Forgive and forget. It’s a hard, hard thing to do; and, in many cases, it takes the bigger person. Yet, when you’re holding onto anger, your mental and physical state suffers, influencing everything else in your life. Sometimes, if only to benefit your mental state, it’s best just to forgive and forget the tenant who said something awful or the maintenance manager who botched a job. When done whole-heartedly, the attitude change in yourself will make you wish you had done it sooner.
• Take action when necessary. Sometimes a bad attitude comes when we feel we’re pushed into a corner or don’t have the ability to take action. If you find yourself in such a situation, for instance, where a problem tenant continues to create a toxic environment for you and other tenants, an attitude change may only come once you’ve gained that control. Do your research, seek help, and get control.

Sometimes we find the best way to handle the landlord stigma is to allow a professional to take the reigns. If that’s where you find yourself, Class A Management is here to help. Contact us today to learn more at 817-295-5959 or send us an email to info@classamanagement.com.