Name: Class A Management
Address: 8701 W Bedford Euless Rd, Hurst,, TX, 76053, United States
Telephone: 817-295-5959

Feb 24 No Comments

Building a multifamily strategy from the ground, up

Author: cl@ss

Categories: Property Marketing

Real estate investing carries a daunting learning curve. But relax: you don’t need to know everything. If your focus is multifamily investing, we’re about to straighten out that curve a bit by taking you through this tri-level approach to building a multifamily strategy.

The Foundation: Know the Market

Rents in your area will be based upon local demographics and demand for apartments. Do a little research to find out which properties are the “hottest” in your area, and find out why. Do your local renters want luxury, or are they looking for walkability and convenience? Start looking for properties according to what renters want, and what’s forecasted to remain in demand for at least 10 years.

The Ground Floor: Choose Your Scale

Multifamily doesn’t only include apartment complexes with a few hundred units. Smaller complexes with fewer than 50 units, and even properties with 2-4 units, offer the economy of scale that makes multifamily so lucrative for investors. More units involve a larger initial investment, more liability, and more potential income for the investor. Decide what level of financing and risk you’re most comfortable with, and go from there. A good financial advisor can really help narrow down your choices at this level of planning.

The Top Floor: Buy, Sell, Flip

Again, decide how involved you’d like to be in the daily ins and outs of multifamily investing before you decide what you’ll do with your investment. In its purest form, real estate investing is a “buy and hold” proposition. You’ll build wealth from tenant rent, and eventually, if you’ve made a good deal, you’ll sell your property for a profit. Flipping properties is popular these days thanks to reality television, but the scale is much bigger, the investment more substantial, and the timeline longer for multifamily flips.

Whatever your approach to developing the best multifamily investing strategy for your portfolio, take that research and turn it into a workable business plan that includes viable exit strategies for every situation. That guarantees that you maximize income and profit by knowing when it’s time to buy more property—and when it’s time to sell.

The Super Special, Secret Floor

This floor is when you realize the best multifamily strategy involves working with a property management company that knows these investments and helps you get the most from the investment. Reach out to us at Class A Management today to learn more.

Feb 16 No Comments

Tenant Laws of Attraction

Author: cl@ss

Categories: Property Marketing

When it comes to getting the attention of potential tenants, it’s important to remember the laws of attraction. Renters are going to look at every option from three different perspectives: property attraction, professional attraction, and experience attraction. Understanding this and how to increase the level of attraction in each area will help increase the odds your property is chosen as the favorite.

Property attraction entails everything from groundskeeping to office and building maintenance. When the grounds are well maintained, tenants notice. It’s called curb appeal for a reason. Trimmed hedges and well-kept lawns give prospective tenants an idea of how attentive management will be, long before human interaction occurs. You never get a second chance to make a first impression. This will likely be it. So, we encourage you to make an ongoing investment in grounds maintenance.

Professional attraction is exactly what you think it is… Does the prospective tenant like those who are in charge of managing the property? Having a team of knowledgeable courteous professionals inspires confidence. This is where it can be really beneficial to work with a property management company. Their staff are often trained in customer service and know how to interact consistently with both prospects and tenants.

Experience attraction should give the investor and property management team the upper hand in the competition. The right property management company will start by utilizing online tools, like apartment finders and other reputation management strategies, to attract tenants. They will know how to handle every situation so the prospect leaves the encounter feeling heard, answered, and confidently make decisions. Successful management requires putting the prospect first, listening to all questions and concerns, answering as thoroughly as possible, and being compassionate.

Need a solid property management company in your corner? We know all the tenant laws of attraction and are here to help your property enforce them. Contact us today to get started.

Jan 28 No Comments

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.

Aug 26 No Comments

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

Author: cl@ss

Categories: Blog,Property Management Tips,Property Marketing,Real Estate Investment,Services

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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