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Emergency planning and disaster recovery may be one of the most important, laborious, and stressful must-dos for any property owner. After all, this planning isn’t only for one person or one family. It’s for multiple families…multiple lives. And, as a Texas-based property management company, we at Class A Management know just how big that job can be.

The good news is that you have resources. There are easy to understand and follow steps, like those found in the infographic below from FEMA, the American Red Cross, and Property Management Insider, which you can use to draft and implement a comprehensive plan for your property:

Can we help you with the emergency planning and disaster recovery for your property? Contact us today to get started. Call us at 817-295-5959 or send us an email to info@classamgmt.com.

What should my rent rate be? It’s a question asked often by multifamily property owners, especially those just breaking into the game for the first time. Of course, you want to price it so that you achieve the greatest amount of profit; but it has to be done strategically so as not to price you out of the market.

Here are 5 considerations that will help you achieve that delicate balance between a rent rate that is too high or too low:

1. Location—We all know location is everything. This is especially true when it comes to pricing. People are simply willing to pay a bit more to get a home with proximity to the places they frequent. This typically includes metropolitan areas, such as downtown areas, as well as restaurant rows and shopping.
2. Competition—What is your competition like and what do they charge? Now, remember, that you must have comparable properties to use this as a guide, but using those that are, in your same area, is a good way to determine ranges. This, of course, applies only if the property you’re comparing to is well-occupied. (If it’s not, then there’s something wrong and it is no standard by which to do business.)
3. Property condition—Ask yourself honestly: are people going to think you’re crazy for asking the price you’re considering given the condition of the property? If it’s an older property without much in the way of modern aesthetics, then you likely don’t have as much invested and can offer a more modest price. If, on the other hand, it’s a new property or all the upgrades have been made to compete with nicer complexes in the area, asking a higher price is expected.
4. Amenities and extras—Tenants will also often be willing to pay more for amenities. This is especially true of Wi-Fi services, pools, and fitness rooms or gym memberships. Consider what you have to offer in comparison with the competition. Similar amenities = similar pricing structure, all else being the same.
5. Utilities—Are you an all-bills-paid property? If so, then charging a bit more than comparable properties that do not offer such a perk is perfectly acceptable, all else being the same.

Need some additional help making sure your property is priced for achieving total occupancy? Call the professionals at Class A Management today. You can reach us at 817-295-5959 or by email at info@classamgmt.com.

First it was Facebook, then it was Twitter, then came Pinterest, and now it’s Instagram. If you’re not a fan of social media and are having a hard time wrapping your brain around the need to learn yet another networking site, this is a good place to start. Here, you’ll gain some understanding of what it is, how it’s used, and how it will help your property management efforts when used correctly.

What Is It?

Instagram is known to pros as the back-office network. There’s no “poking” or chatting. There’s not an endless feed of suggested pages or advertisements. There is a strict adherence to protected feeds that only feature images posted by people, business, or brands in your connections. In fact, when you first view the “feed,” it may look a bit boring. It’s this bareness, however, that is attracting many users over the advertising frenzy that has become Facebook.

Instagram is where brands allow customers and end users to see their more personal sides. It’s the behind-the-scenes stuff we weren’t always able to see before, and it’s allowing businesses to connect with customers in a whole new way. For instance, if you visit the profile page for Real Simple magazine, you’ll get a sneak peek through photos at what goes into making the magazine. From behind-the-scenes at photo shoots to inside the cubicles of the writers and staff, there’s a different side unveiled.

How Can I Use It?

The power in Instagram is in this ability to connect businesses with audiences in a whole new, less-salesy way. And, property management companies are doing it successfully, too. Here are just a few of the ways you can make it work for your property:

• Show off the property—First and foremost, show off the property. Get cool angles of the archways and foliage, spring colors in the gardens as they begin to bloom, and even pics of the staff as they go about taking care of the tenants and property.
• Boast about the neighborhood—Show off the area in which you’re located by promoting local businesses. Take pics of street signs and neons that are markers for the neighborhood. Promote places to shop and the best places to eat (including pics of plated food!).
• Offer discounts and promotions—You don’t have to worry about being salesy with this one; prospects and tenants will thank you for it. Take a cool pic of a flyer with a discount for new and existing tenants. Offer referral discounts as well.
• Talk about events and opportunities—Having a community BBQ? Take pics and post!
• Promote community work— Participating in a Habitat for Humanity program? Talk it up through images of your work on Instagram and get noticed.
• Give apartment related tips—Making some repairs? Document the process with Instagram pics that will help tenants in attending to their own units when needed. You can also highlight a new amenity or offering this way, like parking lot expansion or a new pool.
• Highlight the happy tenants—Of course, when you have their approval, there is little else that will go as far to prove the credibility of an apartment complex like happy tenants. Show them off.

Still thinking you might prefer some help when it comes to connecting on social media? Our professionals can handle it all. Contact us today at 817-295-5959 or by email to info@classamgmt.com.

As investors and advisors to investors, many conversations typically include the proverbial warning about putting all your eggs in one basket. Words of caution related to the dangers of an undiversified portfolio are more than familiar to us. What we may not be so familiar with, however, is the level of recommended diversification and, more pertinent to our topic, the number of real estate investments a portfolio should contain.

In other words, is one real estate investment enough in this asset class to add the right amount of diversification and achieve the potential benefits?

The answer: it all depends on your answers to the following questions:

1. Why am I investing?
2. What are my expected returns?
3. What do I plan to do with the interest (monthly income stream or re-invested)?
4. How long do I expect to be invested?
5. Do I plan to have a property management company involved by going with more than one property?

So, if you’ve answered that you’re investing because you desire a long-term investment with a monthly income stream coming directly to your pocket with plans to make your living off that stream of cash, then a multi-property investment may be the perfect option for you, given you have the upfront investment. If, on the other hand, real estate makes you nervous, you want to earn a steady 4 percent interest over just the next five years in order to put toward a child’s college tuition, a multi-property investment is not likely the most reasonable option for your particular needs and desires.

Wondering what’s best for you and your investment? The professionals at Class A Management understand not only overall portfolio diversification, but also the intrinsic ups and downs of every real estate transaction. Let us help you get the most from your investment decisions by making the right ones from the very beginning. Call us at 817-295-5959 or send us an email to info@classamgmt.com.