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Apartment Finders: Strategic Partnerships that Fill Vacancies

Apartment Finders: Strategic Partnerships that Fill Vacancies

In the competitive and ever-changing real estate market, property owners and managers are on a constant quest for innovative strategies to maximize visibility and efficiently fill vacancies. One approach that is gaining popularity is forging partnerships with local apartment finders.

What is an apartment finder?

Apartment finders are professionals – sometimes even Realtors – who specialize in finding rental properties for their clients. Apartment finders act as intermediaries, connecting property owners with prospective tenants. 

Why apartment finders matter

Managing your property’s online reputation and connecting with potential tenants in a vast and diverse metroplex like Dallas-Fort Worth (DFW) is where apartment finders shine. These professionals specialize in understanding the local real estate market, making them invaluable in helping individuals find their ideal rental spaces. 

Property owners can tap into their expertise and leverage their network to showcase available units when they partner with a finding service. With a deep understanding of their client’s preferences and needs, finders give property owners the tools to target their marketing efforts. This targeted approach expands marketing reach and increases the likelihood of finding suitable tenants.

The strategic partnership advantage

Two key advantages to property owners emerge when they choose to work with an apartment finder: 

  • optimizing online presence; and,
  • maintaining an efficient system to keep property availability information up to date.

Optimizing online presence: With more than 70% of renters using mobile websites to find their next home, a strong online presence is crucial. Apartment finders often have well-established websites and online platforms, providing an additional avenue for property owners to showcase their listings and attract a broader audience.

Efficient tenant search: Property owners typically manage inquiries, schedule viewings, and conduct background checks, making the tenant search a time-consuming process. A finder service streamlines this process by pre-qualifying potential tenants, ensuring property owners can invest time in qualified inquiries. This efficiency markets your property in the right places and translates to increased occupancy rates and reduced vacancy periods. 

Apartment finders and property management work together to attract and keep ideal tenants

Apartment finders can benefit from leveraging advanced search algorithms and machine learning to streamline the property search process for potential renters. Their user-friendly interfaces and mobile applications enhance accessibility and user experience, which makes your property easy to find.  

On the property management side, data analytics helps property managers make marketing decisions based on current rental market trends. A great property manager takes the time to analyze trends on what tenants want and communicate with the finding service to ensure all vacancy information is current and speaks to prospective tenants’ wants and needs.

If you’re ready to elevate your property’s online presence so you can find your ideal tenant, it’s time to look into creating a listing with an apartment finder.

Dive into Dallas-Fort Worth apartment finder services

To kickstart your journey into strategic partnerships, here’s a list of reputable Dallas-Fort Worth apartment finder services:

The real estate market is constantly evolving, and strategic partnerships are becoming essential for success. Partnering with a local DFW apartment finder will expand your reach and help you fill vacancies efficiently, providing a win-win situation for property owners and tenants alike.

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The Future of Every Property Management Company in Dallas: 2024 Trends

Image of young women using VR goggles to take a tour posted by a property management company in Dallas.

As the housing market turmoil of 2023 continues into the new year, every multifamily property management company will be faced with new challenges. Home ownership is unaffordable, pushing many new renters toward multifamily and single-family rental properties.

While this seems great at first glance, it’s worth noting that property managers will need to meet some increasingly high expectations to remain competitive as more units in large markets are completed and become available.

2024 Multifamily Trends Forecast: What’s next for every property management company in Dallas

While many of these 2024 rental and real estate market trends are universal, the Dallas area multifamily market is unique in two key ways:

With those factors in mind, 2024 could be a roller coaster year for Dallas property management company professionals. Get ahead of, and monitor, the following trends to keep your occupancy rates up and attract the best renters.

Trend 1: Use a Data-Driven Property Management Company Approach

Your Task: Collect and analyze all the data.

To really understand how your property is performing, you need more data. Data tells a story that provides insight into a property’s desirability, so here’s what you need to be doing to collect more data:

  • Tenant satisfaction surveys that address maintenance schedules, amenities, rent rates, and any other possible data point for which you don’t have good intel.
  • New tenant and lost tenant surveys. Why are they moving in? Why are they leaving? You need to know.
  • Quarterly marketing ROI analysis. Are you marketing to the right people, in the right places? Has your target audience changed as demographics have shifted due to local market changes? Keep up or get left behind.

Trend 2: Renter Mobility on the Rise

Your Task: Understand local market migration trends.

Post-COVID, remote work has become a lasting reality that gives many people the freedom to work remotely. That means your available pool of renters is no longer tied to local employers; those workers may choose one of the growing secondary markets, while others who don’t work locally may be looking to move into your area.

Surveying large local employers to learn more about their remote work policies could help inform your marketing and give you a heads-up when you’re about to see a big change, such as an impending return to the office (RTO) policy or a move to permanent remote work.

Trend 3: Cybersecurity and Data Protection

Your Task: Use property management company software and payment platforms with advanced protections.

Since more and more of what we do as property managers includes moving sensitive personal and financial information through the web, we must protect that information from a growing cybersecurity threat. Every day we hear about another major data breach. Does the Mr. Cooper data breach ring a bell?

Don’t leave yourself open to becoming another cautionary tale like Mr. Cooper. Lock down your renters’ sensitive data.

Trend 4: AI, AR, and VR-Driven Property Marketing

Your Task: Find solutions that give prospects access to AI chatbots and enhanced virtual tours.

Your prospects most likely won’t show up to your manager’s office in person to tour an apartment. They expect to be able to take a virtual tour through each of the floor plans on your website, and enhancing your tours with augmented reality (AR) and virtual reality (VR) options will help you stay ahead of the competition.

If you’re a property manager looking to create VR and AR tours, here’s a step-by-step guide to help you get started:

  1. Determine your objectives: Identify why you want to incorporate VR and AR tours into your marketing strategy. Whether it is to attract more tenants, enhance brand visibility, or stand out from the competition, having a clear objective will guide your decision-making process.
  2. Research available technology: Evaluate the VR and AR tools and platforms available in the market. Look for software that suits your needs, offers user-friendly interfaces, and provides the features required to create engaging tours.
  3. Gather the necessary equipment: To create VR tours, you will need a 360-degree camera capable of capturing high-quality images and videos. Additionally, ensure you have a stable tripod, a microphone for audio, and a computer powerful enough to handle VR content rendering. Grab a ring light to address low-light areas while filming.
  4. Plan and capture the property: Choose the areas and features you want to highlight during the tour. Begin by capturing high-resolution, 360-degree photos and videos of each room or area. Pay attention to lighting, angles, and staging to showcase the property in the best possible way. While we hope it doesn’t have to be said…make sure your property is clean.
  5. Create a storyboard: Before diving into the editing process, create a storyboard to outline the flow and narrative of your VR or AR tour. This will help you organize the captured content and ensure a smooth and engaging experience for your viewers.
  6. Edit and enhance the content: Use VR and AR software to edit and enhance the captured content. This might include adding interactive elements, integrating features like hotspots, annotations, audio descriptions or closed captioning (TikTok style), and fine-tuning the visuals to create a seamless and immersive experience.
  7. Test and optimize: Once you have created a VR or AR tour, test it thoroughly on your website to ensure everything functions as intended. Fix any technical issues or bugs that might hinder the experience. Additionally, optimize the content to ensure fast loading times and compatibility across various devices and platforms, especially smartphones.
  8. Publish and promote: Once your tour is ready, decide on the platforms where you will host and distribute it. You need it on your website (that’s a given), but you should also upload it to popular virtual tour hosting platforms and real estate listing sites. Promote your tours through various channels, such as social media, email newsletters, and local Realtor email services.
  9. Gather user feedback: Encourage viewers to provide feedback on their experience with the VR and AR tours. Analyze the feedback to identify areas for improvement and continuously enhance the quality and effectiveness of your future tours.

Trend 5: The Housing Affordability Crisis Remains an Issue

Your Task: Deliver a rental experience that meets the needs of those priced out of the buying experience.

Home prices and historically high-interest rates are expected to normalize slowly throughout 2024, but many people are still priced out of the dream of home ownership. Like remote work, this is leading some to migrate to more affordable secondary markets. For those who choose to stay in Dallas, a great property management company can get on board with their dream and still keep rents and occupancy rates up:

  • Reach prospects through Realtors, who continue to help clients find great rental properties.
  • Jump on the MLS-style listings for apartments, led for now by Bright MLS and RentSpree. Get your property listed.
  • Offer credit-building options for renters who pay on time. For many would-be homeowners, their credit score needs work before they can buy. Help them remove that barrier to finally owning a home of their own by participating in Freddie Mac’s rental credit reporting partnership with Esusu. As a bonus, participating multifamily property investors can get help with closing costs from Freddie Mac on new property purchases.

The Bottom Line: 2024 Looks Like Work and Opportunity

It might not be pretty, but this year has a lot of opportunities for improvement and growth for rental properties and their management companies. Take a proactive look at what you’re delivering and how your property is preparing for what’s to come, and then make a plan to lead the Dallas rental market from the front of the pack. Class A Management can help, so reach out to learn more about our revolutionary Dallas rental property management company.

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Rental property management companies: 2 critical ways to increase occupancy in 2024

Rental property management in DFW will look different in 2024; blog post image depicting Dallas skyline at night.

As rental property management companies nationwide brace for what could be a volatile year ahead for rental properties, occupancy rates are still a concern for the current year.

As managers struggle to rise above the DFW average 95 percent occupancy, the question is not what’s going to happen in the new year. It’s how can we increase occupancy right now by attracting and keeping great tenants?

Here are two ways we’ve found to increase and maintain occupancy and, more importantly, create relationships with valuable, long-term tenants.

Rental property management in DFW: Attract and retain great tenants with two essential moves

Move 1: Communicate, communicate, communicate

We really can’t say it enough. If you want to build relationships with people, talking to them and listening to them are essential moves.

By providing excellent customer service and building strong tenant relationships, property managers can enhance tenant satisfaction and retention. Satisfied tenants are more likely to renew their leases, recommend the property to others, and contribute to positive word-of-mouth marketing, all of which can lead to better occupancy rates.

It’s a win-win for everyone, but especially for your property revenue. If your rental property management team lacks communication skills, here’s a game plan to help develop them:

  • Create a communication culture. Encourage and emphasize the importance of open and transparent communication in the organization. Host regular team meetings, set up feedback channels, and create opportunities for apartment managers and staff to share their thoughts and ideas without fear of reprisals.
  • Lead by example. Senior leaders and managers should lead by example and actively demonstrate the value of communication and feedback. By actively listening to their employees, seeking feedback, and acting upon it, leaders can set a precedent for the rest of the organization.
  • Provide training. Rental property management company managers sometimes lack the necessary skills for effective communication and feedback. Provide training programs and resources to help apartment office staff develop these skills. This can include workshops on active listening, constructive feedback, and conflict resolution.
  • Empower and involve employees to empower tenants. Move away from a command-and-control approach and empower employees to make decisions and take ownership of their job responsibilities. Involve them in decision-making processes and solicit their input. This not only promotes communication but also shows that their opinions and contributions are valued. Respect trickles down into every interaction they have.
  • Implement feedback channels that get used! Establish formal feedback options such as regular performance reviews, surveys, and suggestion boxes. This provides employees with a platform to express their opinions and concerns. Also, take action based on feedback to show that it’s valuable and you take it seriously.

Once your team has mastered speaking and listening with an open mind, your next essential tactic is to find prospective tenants.

Move 2: Market your multifamily property in the right places, to the right people

Attracting great tenants is probably the biggest mystery most multifamily properties face, but it doesn’t have to be. What many rental property management companies don’t offer is a thorough market analysis to pinpoint:

  1. A property’s target audience; and,
  2. How to most effectively reach them through marketing efforts.

Here’s how you address both in just about any market:

  • Online advertising. Utilizing platforms such as Google Ads, social media ads, and targeted display ads can effectively reach potential apartment tenants. Not sure about content? Focus on all your in-demand amenities and services!
  • Content marketing. Creating valuable and engaging content, such as blog articles, videos, and virtual tours, can attract and inform potential tenants. Sharing this content through various channels, including social media and email marketing, helps build brand awareness and establish credibility.
  • Referral programs. Encouraging current tenants to refer friends or family members can be an effective way to acquire new tenants. Offering incentives, such as discounts or gift cards, can motivate tenants to spread the word about their positive living experience.
  • Local partnerships. Collaborating with local businesses, community organizations, or universities can attract new tenants. Offering exclusive discounts or perks to their members or students can increase visibility and referrals.
  • Online reviews and reputation management. Monitoring and managing online reviews on platforms like Google, Yelp, or Apartment Ratings is crucial. Positive reviews can greatly influence potential tenants’ decision-making process. Encouraging satisfied tenants to leave reviews and promptly addressing any negative feedback are essential for maintaining a positive online reputation.

Find rental property management companies that do all this, and more

Now that you understand what’s required to attract and keep the best tenants, it’s time to put your plan into action. Whether you’re a property manager, a real estate investor who handles management, or the owner of a rental property management company, we’re here to help.

Class A Management has successfully managed multifamily properties in Texas, Ohio and Oklahoma for more than 40 years, and we’re happy to give back by sharing what we’ve learned. Reach out with any and all questions.