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Holiday Decorating That’s Damage Free

Holiday Decorating Damage Free - Window Decor

Tenants like to decorate for the holiday. How can they do so without causing damage so that they can get their security deposit back once the lease is up?

The holiday period is filled with festivity, friends, family and delicious food. Being a renter, you may not be able to put to use all the decorative ideas due to restrictions put by the property manager. Whatever it is, here are a few removable and nail free solutions to decorate your home:

Christmas tree:
Christmas tree is something that each one of us loves to have for the Christmas festival but may not have the space that it takes up to put out. Therefore, think of making use of washi tape for the outline of the tree on an empty wall. Also, the dummy ornaments could be made out of washi tape. Another option is that you cut triangular shapes out of old pallets, fill it with green color and also make a simple trunk.

Damage free hanging lights:
One of the simplest ways to decorate is to put up lights on the outdoor. Make use of ready-made stuff in the market to help you hang your lights and other decorations intact. Also, use of fairy lights in the living room and bedroom gives a very serene touch to your decorations.

Stocking weights:
When it’s the festival of Christmas, mantles and stockings go hand in hand. Decorative stock weights help you fix the stockings to the mantle without the use of nail. Do not over load your mantle, put in only that much your stocking weight can hold.

Tension rods:
Consider using tension rods to hang garlands and wreaths without harming your woodwork. Use the correct size of tension rods and put it up at the window.

Holiday card display:
Don’t know where to put up all the holiday cards you have received from your friends and family? Make use of picture ledge. For an extra personal touch to add to your decor, starry string lights could be used. The picture ledge can be easily removed and also made use of for the next year.

Paper decorations:
The command hooks cannot hold on to a heavy weight, therefore making handmade paper craft to give you the perfect feel of holiday season is got to be your option. Use metallic colored papers and make banners. Also, the feeling of decorating your place by yourself is satisfying.
Decorate your rental space without worrying about your landlord’s restrictions. Don’t be afraid to take an extra step in being creative and wait for Santa to fetch you gifts!

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Property Management Benefits: 10 Signs It’s Time to Hire the Pros

Property management benefits blog post image of a confident woman, smiling while sitting at a computer.

Updated September 2023

Wondering whether it’s time to investigate professional property management benefits? Here are 10 signs that you might need to hire a property management company and make your life a whole lot easier.

10 Situations in Which Property Management Benefits Property Owners

1. Limited Time and Personal Commitments

Do you find yourself juggling multiple responsibilities, personal commitments, and a full-time job? Managing an entire property on top of everything else can be overwhelming. By hiring a property management company, you’ll save time and have the peace of mind that comes with knowing your property is being expertly handled by professionals.

2. Tenant Screening and Placement Headaches

Finding quality tenants is critical for the success of your rental property. A property manager will handle the entire tenant screening process, including credit checks, background checks, and verifying employment and rental history. This will minimize the chances of problematic tenants, lease violations, and rental income disruptions.

3. Rent Collection Hassles

Are you tired of having uncomfortable conversations with your tenants about rent collection? A property management company will handle all rent-related matters, ensuring consistent and timely collection. They’ll also enforce late payment charges and handle any necessary legal actions in case of non-payment.

4. Maintenance and Repair Issues

Responding to maintenance requests and arranging repairs can be a major headache. A property manager will handle maintenance issues promptly, utilizing a network of reliable contractors and vendors. Your property will be regularly inspected, ensuring necessary repairs are identified and handled before they become major problems.

5. Compliance with Tenant Laws

Navigating the complex legal issues that come with owning a rental property can be unnerving. Property management companies are well-versed in local laws and regulations, and will ensure your property is compliant with landlord-tenant laws, fair housing regulations, and any other legal requirements.

6. Marketing and Advertising

Struggling to attract quality tenants? Property managers are experts in marketing and utilize a variety of channels to advertise your property, including online listings, local publications, and social media. They’ll ensure your property stands out, minimizing vacancy periods and maximizing your rental income potential.

7. Handling Evictions

Evictions can be stressful, time-consuming, and emotionally draining. Property managers will handle the entire eviction process, adhering to legal protocols, and ensuring timely removal of non-compliant tenants. They’ll minimize your involvement, saving you considerable stress and frustration.

8. Financial Management

Keeping track of rental income, expenses, and financial statements can be overwhelming. A property management company will maintain accurate financial records, providing you with regular reports that detail income, expenses, and cash flow. This ensures transparency and simplifies tax preparation.

9. Market and Rental Rate Changes

Setting the right rental rates can be tricky. Property managers conduct market research and analysis to determine the optimal rental rates for your property. This helps maximize your profitability without pricing your property out of the market.

10. Peace of Mind

Last but not least, hiring a property management company provides you with peace of mind. Knowing that experienced professionals are handling all aspects of your property—from marketing and leasing to maintenance and tenant management—allows you to focus on your other priorities—personal or professional.

Reap the Benefits of a Great Property Management Team

If you decide it’s time to hire a professional property management team to help you in the day-to-day and operations management of your multifamily property, our team is ready to help. Contact Class A Management today to learn more about the benefits you’ll tap into by partnering with our team. Call 817-295-5959 or email info@classamgmt.com.

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20 Must-Ask Questions When Vetting a Property Management Company

How to Choose the Best Property Management Company blog graphic.

If hiring a property management company is on your list of action items, you need assurance that the company’s management team delivers what your tenants, your property, and your investment portfolio needs.

Property Management Company Vetting: A 20-Question Checklist

Aligning on these key needs begins with asking the right questions during the vetting process. Here are a few questions we’d like prospective clients to ask, as well as a few you might not have thought of.

  1. Do you have a list of references? This should be offered before you ask, but at the very least, you need a list of 5-10 property owners you can call directly to ask about their experience with the company you’re considering.
  2. How many units are you actively managing? Understand this answer in context; a small, local company with hundreds of units under management may be stretched thin, while a larger company managing thousands of units could have tried-and-true systems in place to make sure there are no gaps in management.
  3. What does your property manager hiring process look like? A property management company that hires exceptionally well and has low turnover has the ability to manage relationships on many levels, and processes that work.
  4. What services do you offer? Not every company offers what you need, so understand their limitations from the beginning. Feasibility studies, for example, can be an added bonus if you’re actively building your investment portfolio.
  5. What is your pricing structure, and what other fees can I expect to pay? Unexpected fees can hurt your profit margin, and you’ll need to know what percentage of rent a property management company charges and what extra fees to expect when comparing prospective management companies.
  6. How do you handle maintenance? Is there a markup? A great property management company will hire and manage maintenance staff in-house, and has access to third-party repair companies they trust in the event they’re needed. Know in advance what you’ll be paying for maintenance services.
  7. What maintenance reserve do you require? You’ll need to know how much capital to set aside for reinvestment into your property for regular and unexpected maintenance jobs.
  8. What does your onboarding process look like for new properties? It’s important to know what to expect and who will walk you through getting set up as a new property owner under contract with a property management company.
  9. What is your average vacancy rate? This is something a great company will know by heart, and be proud to share. Check average vacancy rates in your area to establish a benchmark for comparison. As of August 2, 2023, the national vacancy rate reported by the U.S. Census Bureau was 6.3 percent. That number varies by geographical region.
  10. Do you have a standard lease agreement? If so, ask to see it. Ask if you have any input in creating a custom lease agreement for your property.
  11. How would you describe your relationship with tenants? Double check this answer against the property management company’s online reviews.
  12. How do you attract quality tenants? Ask about marketing tactics, screening tools, and tenant selection standards.
  13. What is your eviction rate? Renewal rate? A low eviction rate is great and speaks to a quality tenant recruitment process. A high renewal rate means quality tenants stay a long time, which is ideal for any rental property.
  14. Do you offer a tenant portal? A company that makes it easy for tenants to pay rent will likely collect more rent in a timely fashion. If tenants can submit questions or service requests via the portal, that means better reporting for you and higher renter satisfaction.
  15. How do tenants contact you? Multiple points of contact means fewer tenants feel disconnected from their management office. That’s a win.
  16. How would you describe your response time to tenant or owner questions? Typically, one to two business days is acceptable. Taking weeks to respond is not.
  17. What’s an example of a property issue that you handled well? Listen for attitude, adaptability, and innovative thoughts. Pay close attention to procedures that work well for any situation.
  18. What type of reporting should I expect, and when? This needs to be clear from the beginning. You need regular updates on your property’s performance, vacancy rates, rents collected, and progress on any large maintenance projects.
  19. How do you handle vacancies? Are there fees for vacant units? Some property management company policies state that fees are collected on vacant units. If that’s the case, the answer to the first question and question number 9 will be critical in your decision-making process.
  20. What is your community management philosophy? Here’s where you can get an idea about a company’s approach to community building: events, engagement, and tenant loyalty are key factors in building a successful and happy multifamily community.

We Help You Ask the Right Questions

At Class A Management, we’ve been managing single-family and multifamily homes for our clients successfully for more than 40 years. We think our services and track record are pretty impressive, and we like sharing stories about our communities and developing customized strategies for yours. Reach out anytime to ask about property management company vetting questions, or to set up a time to ask us all these questions and more. We offer the service and experience you need to grow your investment portfolio and value.

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Single-Family vs. Multifamily Property Investment: Which is Right for You?

Multifamily property investment image next to a single family property investment image.

Updated September 2023

Interested in adding to your real estate investment portfolio, but not sure whether a single or multifamily property investment is right for you? The two types of property investments have their distinct benefits; so, let’s look at a side-by-side comparison of what each option brings to the table.

The Benefits of a Single-Family Property Investment

  1. Easier entry point. Single-family properties often have a more accessible price point compared to multifamily complexes, making it an excellent starting point for novice investors or those with limited capital.
  2. Wider market appeal. Single-family homes typically attract a larger pool of potential tenants, including individuals, couples, and small families. This broader appeal can minimize vacancies and enhance rental income stability, without the occupancy rate concerns multifamily properties can bring.
  3. Lower resident turnover. Families or individuals tend to stay longer in single-family homes, often favoring the stability of extended leases. This means reduced turnover and maintaining a more consistent rental income stream.
  4. More control. With single-family investments, you have a higher level of control over the property and can make decisions regarding maintenance, renovations, and decor choices without the buy-in of (or potential for criticism from) multiple tenants.

The Benefits of a Multifamily Property Investment

  1. Economies of scale. Owning multiple units under a single roof allows for potential cost savings since expenses—such as maintenance, repairs, and management fees—can be more efficiently applied in multi-unit properties. This may enhance your overall profit margins.
  2. Diverse income streams. With multifamily properties, your investment isn’t solely reliant on a single tenant. A vacancy in one unit won’t jeopardize your entire income, as the rent from other occupied units can offset the loss.
  3. Streamlined management. By consolidating your investment into fewer properties, management becomes more efficient. You can potentially reduce time spent on admin work and direct your attention to growing your portfolio or exploring new investment opportunities. What’s even better? Hiring a property management company that specializes in apartment management.
  4. Lower vacancy rates. Multifamily properties tend to experience lower vacancy rates due to higher demand and the convenience they offer, especially in today’s housing market. A multi-unit building with desirable amenities attracts tenants seeking affordability and convenience.

Partner with Class A Management Before You Buy

Ultimately, the choice between single-family and multifamily properties hinges on your investment goals, market conditions, location, and personal preferences. Remember, seeking the advice of property management professionals or experienced investors can provide valuable insights tailored to your specific situation.

Which investment type is right for you? If you still need help deciding, the professionals at Class A Management are here to help. We offer market analysis, feasibility studies, and pre-purchase consulting that comes with more than 40 years of successful property management experience. Contact us today at 817-295-5959 or info@classamgmt.com, even before you buy.

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Generational Insight: Marketing to the Mature Generation

Also known as the Silent Generation, Matures were born between the mid-1920s to the early 1940s. They married young, work hard, are family-centric, and are known civil rights activists. They have lived through World War II, the Korean War, Cold War, and Women’s Liberation. Most notably, many of them were children who lived through the Great Depression.

Because of what they have lived through, Matures are loyal, value-driven, extremely traditional, and trusting. In terms of marketing, multifamily owners and managers should consider this when choosing channels and crafting messages. Here are some tips:

  • Traditional marketing tends to be more popular (newspaper, talk radio, printed collateral)
  • Social media is growing
  • Face-to-face conversations build trust and provide more opportunity for detail, so invite them in for a tour
  • Coupons work well

Encore Perception Marketing suggests the following approach to digital and print advertising: “When using imagery in your ads, use one image over a collage of images. They are fond of lifestyle images of a group or family and love pet images. Because of their limited eyesight, they prefer simple fonts and subdued colors. If marketing to them via your website, make sure your message uses an authoritative, respectful tone and includes information from experts in your industry.”

A Mature Decision

Need some assistance creating a marketing strategy that will reach all generations? Contact the professionals at Class A Management. Contact us at 817-295-5959 or send us an email to info@classamanagement.com.

Sources:
http://www.accountingweb.com/practice/team/identifying-understanding-and-marketing-to-the-generations
http://maryhabres.com/marketing-to-the-silent-generation/