If you’ve read the blog for a while, you know the importance I place on marketing. The fact that you can get a nice looking site with all the information needed to put your property in front of the right audience for very little money, is a significant advantage, and one not to be overlooked.
Yet, even though ready-made, do-it-yourself, or out-of-the-box sites are easy to come by and relatively inexpensive, they aren’t going to give you everything you need without some effort on your part.
The following infographic from AppFolio is a great graphical representation of property management web design mistakes, and the things that can be done to address them.
Do you need some help getting a site together that will get your property noticed? Our experts have been helping property owners do the same for a number of years. And, that’s only the tip of our marketing expertise. Call us today to learn more at 817-295-5959. You can also reach us at info@classamgmt.com.
The perception renters have of your property—and whether they would recommend it to their friends—can suffer greatly when they can hear every sound their neighbors make. If they often tell others how your property’s walls are “paper-thin,” the assumption is that the buildings are cheaply made and that you’ve cut corners in other places, too.
Understand Soundproofing Measures
If you frequently get tenant complaints about noise, or you’re in the midst of developing a new multifamily property and want to measure noise transmission through the walls, you’ll need to install soundproofing materials with a Sound Transmission Class rating above 50. While 45 is the minimum rating required for the walls between multifamily units, materials with that rating won’t completely dampen loud speaking. Above 50, most loud noises won’t be heard by the neighbors.
Options for Walls
Sound waves can be stopped dead in their tracks with measures to dampen and absorb them. Those options include channels that separate the walls from the studs in new construction, or a special noise-dampening glue to apply between the two required drywall panels on each side of a common wall (a cost-effective solution that deadens up to 90 percent of noise transmission). Adding just two inches of noise-absorbing insulation thickness to the walls can take an insulation’s STC rating from 45 to 57, effectively creating the privacy and quiet that apartment residents have come to covet.
Options for Floors
Noise-controlling mats installed between the subfloor and flooring materials are an industry standard. Lightweight and easy to install, they range in thickness from 2 to 15 mm, and depending on the flooring used, can provide an STC rating of at least 55. Homasote’s 440 SoundBarrier Wallboard is one product that can provide premium sound dampening and can be applied to the walls, floors, and ceilings. Made of cellulose fiber, the boards themselves (without considering drywall, insulation, mats, or flooring materials) offer an STC rating of 53.
To understand how important soundproofing can be to your bottom line, you really need to consider how important it is to your residents. The professionals at Class A Management know what’s important to renters, to owners, and to the continued profitability of multifamily property ownership. Call us today at 817-295-5959 or e-mail, info@classamgmt.com.
A recent announcement by the Texas A&M University Corps of Cadets has the rapt attention of developers, as they take another look at the state of student housing on college campuses everywhere. The land-grant university made news when it needed a new law passed by the 83rd Texas Legislature to enable a private developer to come in and build new dormitories for the Corps, whose dormitories had gone nearly untouched since they were built in 1939.
Ownership of the new dorms will stay with the university, but by funding the estimated $225 million housing development, private investors will effectively lease the land on which the dorms are built. They will then recoup their investment and realize a profit with a lease on the buildings that will be written into a 30-year bond. It’s a public-private partnership that could pave the way for similar opportunities at other universities with student housing options that are aging rapidly and aren’t plentiful enough to meet projected demand.
Universities are also keenly aware that housing availability and affordability is a deciding factor for 70 percent of new college students who live on-campus, and nearly 75 percent of graduate and professional students, many of whom eschew traditional and outdated campus dorms for off-campus rentals. Those rentals in university towns, however, are hard to come by and often substandard. With university populations projected to grow 10 percent each year through 2016, both on- and off-campus housing need a serious revamp to meet student needs and their growing demand for better housing and amenities.
Both public and private investors are poised to step up their acquisitions and development of off-campus student housing, and with Texas A&M’s lease strategy leading the way, competition for public-private partnerships to build and renovate on-campus housing is bound to become more heated, as well. Watch for more discussion and predictions at the National Multifamily Housing Council Student Housing Conference and Exposition coming to Chicago.
If keeping up with the latest investment and development opportunities within the multifamily housing arena is taking up too much of your valuable time, partner with Class A Management—the people who already know property management and will keep you updated on the latest developments that affect you. Call us today at 817-295-5959 or e-mail us at info@classamgmt.com.
The American Dream used to be reaching the middle-class, an achievement culminating in the purchase of a home. That dream is changing, and now fewer than half of all Americans think home ownership is the right choice for them. What this change means for property managers is that we are no longer marketing a temporary housing solution: we are competing for those ideal, long-term renters who pay on time and help us build lasting multifamily communities. That paradigm shift calls for a new set of rules for property development, as well.
We’re on the threshold of a multifamily building boom. As we develop new properties, let’s remember to provide the most basic of amenities before we start thinking outside the box:
Family. Single renters, young or old, are going to gravitate toward communities that are inclusive and actively work toward building a familial environment. Think shared spaces when you think about amenities, and make those spaces easy to use for all ages.
Technology. This may seem counter-intuitive, but hotspots and business centers with tenant computers, and even digital lending libraries could tip the scale in your favor. Keep it simple, but acknowledge the times in which we live and make it easy for your tenants to stay connected. Also, embrace technology within each unit’s design, offering the latest kitchen, bath, security, and “smart home” design that your demographic and community will support.
Transportation. Building near transportation hubs is a no-brainer for modern and sustainable development, but why stop there? More and more, multifamily developers are moving toward walkable communities—living spaces near food, mass transit, shopping, health care, and social activities for those residents who walk or bike instead of drive.
Funding. Whatever step of the development or rental process you’re in, there’s usually a funding source, subsidy, or grant you have overlooked. Get some help gathering all the latest funding sources and maximizing ROI and appeal for potential investors and residents.
If reading this has left you with more questions than answers, call Class A Management and let us find your answers. It’s just one of the many services we offer as part of our total property management package. Call us today at 817-295-5959 or e-mail, info@classamgmt.com.
Property management companies have to be prepared to manage a great variety of people, personalities, and the challenges that can accompany them. That includes tenants who keep everything – including trash and food – in hoarding piles throughout their rental property.
What is Hoarding?
The idea of hoarding may be fascinating. It’s certainly garnered the attention of a national audience enough to create a few popular television shows. But, what many don’t realize is that hoarding is a real disability with far-reaching implications. See the Appfolio infographic below to learn more about this disorder.
Source: AppFolio.com
Believe it or not, hoarding is a disability protected under the Fair Housing Act. It cannot be used as a qualification criteria.
What this means for property owners and property management companies is you need to understand people who hoard, and what steps to take when addressing a problem situation before it gets too far out of hand.
You can control and protect yourself and the property against the potential issues posed by people with bad credit, criminal records, and prior eviction lawsuits. What you can’t control are the unknowns that come with every other tenant.
Take Ms. Brown in 2A, for example (names and apartment numbers have been changed, don’t worry). She moved in two years ago and seemed to be the model tenant. She was always on time with her rent, quiet and respectful, and kept to herself. But, several months ago, she stopped coming out except on the rare occasion to take out the trash. Even then, other tenants noted odd behavior, and commented on the length of time it took her to discard the bag. Sometimes she even decided not to do so and returned with it to her unit instead.
It was when her neighbor in 1A started complaining of a smell wafting through the vents that it became necessary to take action. The owner, friends, and family were utterly shocked to discover the conditions in which Ms. Brown had been living, at least for several months, if not more.
What Hoarding Looks Like in an Apartment
Mrs. Brown had stacks of items grouped in every room in her apartment. She used every available surface to stack and store a wide variety of items—from old newspapers, bills, and magazines, to boxes and boxes of toiletries and paper goods.
Even the bags of trash were sitting by the door. She said she was going to go through them to see what she could salvage.
What Rights do Property Owners and Property Management Companies Have When it Comes to Hoarders?
According to the Anxiety and Depression Association of America, “Hoarding is the persistent difficulty discarding or parting with possessions, regardless of their actual value. Commonly hoarded items may be newspapers, magazines, paper and plastic bags, cardboard boxes, photographs, household supplies, food, and clothing.”
While it may seem like a harmless condition, the potential threats to a rental, and especially to multifamily properties, include:
Damage to floors where items are stacked
Interior decay from collection of trash and other items
Fire hazards from collection of paper goods and flammables
Obstruction hazards that make access difficult in case of emergency
And these really just scrape the surface.
Relationships Can Help Identify Issues
Know your tenants, and talk to them regularly. Property management companies focus a lot of time on developing relationships between tenants and management, for many reasons. Mrs. Brown’s neighbors noticed a problem, and management was able to get some help and address property issues before her hoarding got too far out of hand. Does your property manager have that kind of relationship with tenants?
