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How to Raise Rent

Author: cl@ss
Categories: Property Management Tips
How to raise rent

Rental rates continue to soar. If you’re not among the property managers and owners that have already made the decision to join the fray and raise rent, it’s probably time. But increasing rent requires a strategic approach.

No renter enjoys paying more each month without additional benefits. Renters do understand inflation and the increasing cost of living, however, so just a few extra steps on your part can help ease the burden of higher rent. Following are four strategic steps to help make the process more successful.

1. Provide reasons.

Research the current inflation rate, and know what your competitors are charging. Emphasize your property’s unique selling points and their added value. If those amenities are new or the cost of their maintenance is increasing, share that with your renters. Give them some ownership of that extra cost, and help them translate it into extra value instead.

2. Communicate directly.

A formal letter explaining your reasons for the rent increase is a show of extra effort on your part. That conveys your respect for tenants’ hard-earned money. Provide a few ways tenants can contact you to voice any concerns they may have about the rent increase. This shows that you understand they may have concerns, and it will help them be more receptive to your reasons if you’re willing to listen to them.

3. Allow an adjustment period.

Give tenants a month’s notice, at the very least, when their rent will be increasing. It’s far less thoughtful to wait until their lease is due for renewal. Everyone needs time to adjust to change.

4. Provide enticements for great tenants.

We never want to alienate great, long-term renters. Consider lower rent increases for existing tenants than for new leases. Or, offer complimentary access to special parking or other amenities. If you’ll be making aesthetic upgrades, start with those renters you most want to keep happy.

Communicate strategically and openly with tenants, and you’ll find that the respect you show translates into loyal renters who won’t mind the occasional rate increase for such a valuable rental property.

How do you raise the rent?

With our help. Contact Class A Management today at 817-295-5959 or by email to info@classamgmt.com.

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What is Real Property Management?

Author: cl@ss
Categories: Property Management Tips
What is real property management?

Real property management is a scalable service that helps real estate property owners manage successful investments. Real property management companies come in many different sizes, from a single property manager who lives on-site in an apartment complex to a large-scale company that manages properties for many different landlords for a fee.

What does a property manager do?

Property managers work to keep properties maintained and rented within a fair and profitable business model. From marketing to general repairs, managers work for both the property owner and the tenant to provide excellent customer service.

It all begins with establishing a relationship and management contract with the property owner. Property managers then set the rent, market the property to find and vet the right tenant, and work with the tenant to make sure the property stays in good working order and that the rent is paid on time.

Benefits of real property management

Landlords who manage their own properties sometimes end up spending most of their time finding tenants or performing maintenance and repairs. Real property management companies can ease that burden by employing industry best practices and leveraging resources not available to property owners. These companies often have rental applications and contracts designed to protect property owners and tenants from unfair practices and litigation, which is a win for everyone involved. Property managers also maintain real estate properties, which preserves their value. In addition, a good real property management company will provide a landlord with detailed expense reports and documentation that help simplify taxes for owners.

How to find a good property manager

The best real property management companies offer consultation services even before purchase, helping prospective property owners through the vetting and real estate purchase process. Comprehensive property management services include marketing, operations, maintenance, accounting, and even disposition consulting when it’s time to sell. Ask any property management company you’re considering about their professional affiliations, what their occupancy rates are, and how they approach tenant disputes or non-payment issues.

Whether you’re hiring a management company or looking for a great rental property for your next home, finding a company with a great track record is essential for long-term success. Class A Management offers comprehensive management services, and our seasoned professionals are committed to serving our landlords and tenants fairly and efficiently. Contact us today to learn more about how we can customize a services package for your single-family or multifamily property. Maximize your investment with a team that offers the respect, value, and experience you and your tenants deserve!

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5 Tips for Keeping Tenants Healthy

Author: cl@ss
Categories: Property Management Tips
5 Tips for Keeping Tenants Healthy

If you haven’t noticed, a movement for a healthier America is happening right now, and everyone seems to be jumping on the bandwagon. In the past, we’ve seen trends like this. We watched as everyone joined in on aerobics with Richard Simmons, then a trend started toward Weight Watchers and Jenny Craig, and somewhere in there, we ran through several periods of really bad fad diets. But this movement isn’t like those.

Today, the buzz centers on all-natural, clean eating and high-impact workouts. Eating clean is about getting rid of anything processed, unnatural, or stripped of vital nutrients from our diets. It’s organic, locally-grown fruits and vegetables, grass-fed and free-range meats and dairy, lots of water, and choosing to cook in the healthiest of manners, such as baking instead of frying. The workouts are just as they sound: lots of heavy lifting indicative of approaches such as CrossFit and P90X. 

These trends sound beneficial, but how can they help in your efforts of keeping tenants healthy? 

Keeping Tenants Healthy

As a property owner, there are many benefits to helping your tenants stay healthy. The care it shows for them and the opportunity it provides to build a sense of community are two surefire ways to encourage tenant loyalty. So, here are five ways to make it happen:

  1. Spread the word. Whether through a property newsletter, regularly distributed email, or social media, make health a part of the ongoing conversation. Build a special section focused on eating and exercise tips. These weekly tips and stats can include recipes and easy-to-replicate exercises.
  2. Encourage a group effort. Tenants want that sense of community. Keeping tenants healthy begins with getting everyone involved. What better way than property-wide activities? From hosting a get-fit class to encouraging an organized walk around the complex at sundown, there are plenty of options to get tenants involved. 
  3. Make it homegrown. Community gardens remain a hot trend that tenants demand. Encourage clients to take on new gardening challenges and share excess produce with others. It gets them involved and encourages loyalty because they aren’t as apt to walk away from the project. The added benefit is getting those locally-grown fruits and veggies that are so coveted.
  4. Get it discounted. Fitness clubs and gyms want your tenants to join. Your property is a treasure trove to them because it offers the prospect of many new memberships. Because of this, they will be more willing to offer exclusive discounts and benefits to tenants of your complex. Create gym connections, then make sure your tenants are aware.
  5. Create a challenge. Do you have sister properties or a friendly rival with another property in town you can leverage for a friendly wager? Utilizing the power of self-quantifying apps, your tenants can challenge those of another complex on results achieved within a certain amount of time. Even if it’s not against another complex, you can create healthy competition among the tenants.

These five tips to encourage healthy living are just the beginning. Work with a leading property management company to create a plan that builds tenant health and community loyalty. 

Class A Management knows your tenants

Need some more tips like these? We have the latest on exactly what your tenants are looking for and what they expect from you. Contact the professionals at Class A Management to continue discussing maximizing your property investment return through community building. 

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The Top 3 Landlords Mistakes: How to Avoid Being a Nightmare Landlord

Author: cl@ss
Categories: Property Management Tips
Top 3 Landlords Mistakes

The nightmare landlord. It’s that time-defeating persona many of us grew up with like Mr. Roper from Three’s Company and the infamous Mr. Heckles from Friends. They are impatient, demanding, and just a bit (if not a lot) intrusive. And, while these characters are just that: someone created from another’s imagination, they are based on reality. Because landlords like this truly do exist. Here are three landlord mistakes to avoid, so you don’t join their ranks.

1. Ignore tenants.

Especially after some time passes and landlords get set in their ways or think they’ve come to know when a tenant is a complainer or asks for too much, they begin to ignore or put off responding. Ignoring a tenant, however, could be your greatest landlord mistake. No matter what your personal feelings about a tenant are, they are the source of your income and success. Treat them as such. When not an emergency, ensure every tenant gets the same attention, with no more than 24 hours of waiting from the time of work order submission to the time of response.

2. Fail to communicate.

While the property is your business, it is the tenant’s home. They deserve to know what happens concerning the property with plenty of notice. So, don’t surprise them with construction or utility work; and definitely don’t surprise them with increases in fees or rent. Give notice often and consistently, and give it in different ways (email, phone, signs, etc.) to ensure everyone receives it and understands.

3. Invade privacy.

Just like Mr. Roper, there are those owners and managers who feel it’s their right to snoop, given tenants live on their property, they simply want to keep things orderly. But as previously mentioned, your property is also a tenant’s home. As such, you must give them the privacy and respect you would demand. Only when it’s reasonable to expect something suspicious from a tenant, such as illegal activity or an act that would place tenants and/or the property in danger, is it okay to pry. Even then, it’s best to let the police take over.

Avoiding landlord mistakes

These three common mistakes to avoid are just the beginning. Many investment property owners in Texas make other common mistakes. The best way to identify and avoid common landlord mistakes is to partner with an experienced property management company like Class A Management. With more than four decades of successful property management experience, our team knows all the landlord dos and don’ts. Whether you are a new owner or a seasoned property investor, we will work with you to avoid common mistakes and help guide your decisions to maximize your investment return. 

Make your tenant relationships positive. Contact the professionals at Class A Management. We are ready to be the face, eyes, and ears of your investment property.

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Create Rental Ads for Tenant, Search Appeal

Author: cl@ss
Categories: Blog,Property Management Tips,Property Marketing,Rentals
Rental ads blog post image: four people sitting in a line behind the word advertising.

If your advertising isn’t exactly bringing the best tenant in the door, take a few minutes to assess your existing ads and property website. Attention to detail—and a few proven property marketing elements—will soon have your rental property ad conversions climbing as quickly as your occupancy rates. Your bottom line will thank you.

Description with Keywords

Do a quick Google search pretending you’re a prospective tenant. What words are you using to search? What features and amenities are most important for you? Include those keywords in a unique, detailed description that anyone can read easily and quickly. List some top keywords in bullet points like this:

  • Reserved parking
  • Gated entry community
  • Newly renovated kitchens
  • Easy access to [major community feature or highway]

Make sure your description makes your property sound appealing and creates a sense of urgency. Use phrases like, “our most popular floorplan,” or “the best neighborhood” to get prospects to click through to your website to learn more or apply.

Amenities List

Search engines now deliver search results that include lists of amenities when users search for apartments. List community features and amenities in a separate section of your ad to maximize the information a tenant can see when your ad result pops up in their search.

Cost by Floor Plan

Yes, you always need floor plans on your website. It may also be a good idea in a competitive market to post your floor plan as an ad image to invite more clicks. Provide a cost breakdown of each unit by bedroom and bathroom; search engines sometimes provide those results when searchers are looking for a specific term like, “cost of a 2 bedroom apartment near me.”

Interior and Exterior Pictures and Video

You just can’t go wrong with bright, clear photos of your rental property. Great pictures help prospective tenants picture themselves living in the space, so provide multiple photos that entice prospects to want to learn more.

Try a walkthrough video or virtual tour for even more effective advertising images.

Call to Action

Ask searchers to apply! Some dynamic ads allow you to test out multiple titles, descriptions, images and calls to action in your ads. While “apply now” appeals to someone with an immediate need, it may not convert those who aren’t yet familiar with your property or who are looking for a specific amenity or location. Try “learn more,” “see all floor plans,” and “schedule a tour” for alternative calls to action to see what works best to attract that perfect tenant.

Your Tenant Profile Informs How You Build Great Rental Ads

Before you throw money at ads, it’s important to first understand your property, the local market, the competition, and your ideal tenant profile. Class A Management understands attracting quality tenants, and we do market research for each of our properties to craft the highest converting ads possible. Reach out to learn more about our proven strategies for tenant recruitment and retention.

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