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7 Essential Tools for the Successful Property Manager

Author: cl@ss
Categories: Property Management Tips
7 Essential Tools for the Successful Property Manager

The best time to plan for success is before you jump into a new venture. Working with a successful property manager will help you achieve your goals faster than handling all the details on your own. Invest in rental real estate with these seven essential tools in your toolkit, and you won’t leave your success to fate.

1. Research

Before you do anything (and we mean anything), do your research. Success begins with understanding the necessary considerations and potential benefits of establishing a rental property. Initial property investment purchase considerations include financing options and the best strategies for earning supplemental income with your investment.

2. Business Plan

Lay out a detailed, three to five year timeline with steps you’ll take to grow your revenue. It sounds intimidating, but using an online tool like LivePlan can help you take the big picture and break it down into smaller, manageable components. Business planning is the first step in launching any business venture, and real estate investing is no different.

3. Ironclad lease

Find a generic download from NOLO or another property law site, then have a legal professional review and tweak your lease for your specific area and property. A lease should be a failsafe, guarding against every possible liability or tenant situation. It’s a great investment and needs to match your needs.

4. Trustworthy management software

Your software should address accounting needs, applicant screening, online payment processing, tenant tracking, and other options that depend on your needs and preferences. Check reviews to make sure your choice is well-supported and reliable. Get started by looking into ResMan.

5. Marketing plan

Planning for marketing your property is a task best completed along with your business plan. Keep it flexible, making sure to account for adjustments in your target audience and the success of your marketing mix. Never stop learning; it’s a field that’s ever-changing.

6. Supportive staff

Dependable and engaged employees and contractors are essential to real estate investing success. Develop a hiring strategy that is brand-focused and integrates your marketing strategy. Stay current on the latest human resources management tactics to retain great employees. Starting over with a new hire is expensive, and it hurts your bottom line in the long run.

7. Plan B

Knowing your strengths and weaknesses means knowing when it’s time to delegate. When the minutiae of property management begin to take up too much of your time, recognize that it may be time to hire an experienced and successful property manager.

Class A Management: Your successful property manager

Your time and the success of your investment depend on having a workable plan and sticking to it. As every successful investor knows, “failure to plan is a plan to fail.”

With over four decades in the property management industry, our team can help you with each of these tools and more. Learn more about how Class A Management can help ensure you have every tool you need. 

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Spring Cleaning Multifamily Property Management Style

Author: cl@ss
Categories: Preventive Maintenance Tips
Spring Cleaning Multifamily Property Management Style

When springtime rolls around, it motivates most people to do one thing: clean. Wintertime tends to leave a residue behind, begging for sunshine and a damp cloth. There’s just something about opening up all the windows, turning the music up, and purging all that we’ve hoarded during the months we had little more to do than hang out in front of the fire.

Spring is the perfect time to clean out the flower beds, attack new exterior projects (like that parking lot you’ve promised to repave), and host many more outdoor community events. Just as the physical multifamily property demands some extra attention during these months, so too does the back office, maybe even more than you might think.

How does spring cleaning apply to your back office? Focus on cleaning your property management office space, then zoom out to your overall business. Here are some big-picture ideas:

Make the hard decisions 

Your bottom line is affected most when it comes to trouble or troubled tenants. And, while there is always room for charity in this business, there comes a time when it’s okay to say, ‘Enough’s enough.’ Evaluate your tenants and be honest about the situation you’re in. Know the laws in your state and ensure it’s on your side, and then take action in those circumstances in which you’ve been reluctant. Now’s the time.

Reconsider your contracts 

It’s easy to become complacent and resistant to change when things seem comfy. Yet, this is also when you can pay more than necessary or fall victim to laziness and mistakes. Maintenance crews, plumbers, electricians, and other contractors can increase prices and lower quality. Spring is a great time to reevaluate your choices and confirm everyone is still giving you what you pay for.

Evaluate your positioning 

Where are your occupancy numbers, and where would you like them to be in the coming year? If they aren’t as high as you’d like, it’s time to look at your property positioning. Where do you advertise, and how do you promote? If you haven’t already, it’s time to get a website, get involved in social media, and start talking to your prospects and tenants through networks and blogging.

Class A Management can help with your spring cleaning

Want some help clearing out all the cobwebs? We’re here to assist. Our wide range of property management services can help you evaluate your current investments, suggest improvements, and implement changes based on your decisions. 

Contact the professionals at Class A Management today to get the advice and service your need so your spring cleaning gives your investment property the boost it needs to have a successful year. 

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What Does a Property Manager Do?

Author: cl@ss
Categories: Property Management Tips
What does a property manager do

Real estate investors are highly self-sufficient, independent thinkers who ask great questions. They want to know where their money is going, what benefits they’ll receive when paying for a service, and how that translates into building a portfolio that provides security and wealth. Our favorite question, of course, is: What does a property manager do?

In order of importance, here’s a list of everything great property managers can do for real estate investors.

Generate positive cash flow

Investors take a risk buying rental properties. A good property manager understands that risk and knows that time and occupancy rates are of the essence. Here’s how property managers generate cash flow for investors quickly and reliably:

  • Set rents that are appealing to the local market
  • Market properties to a local target audience
  • Select applicants who will pay rent on time every month
  • Collect rent from all tenants

It’s all about the rent. Collecting that rent depends on many factors that a reliable property management company can manage so owners see positive cash flow.

Protect landlords from costly legal and tax situations

Laws protecting tenants and property owners vary from state to state and even within local municipalities. Those laws are in place to protect everyone from unfair or discriminatory housing practices, and it’s a property manager’s job to follow local and state laws when vetting tenant applications, writing leases, collecting rent, and even handling evictions.

In addition to following local and state laws regarding landlord-tenant agreements, property managers also provide monthly income and expenditure reports that keep property owners apprised of a property’s performance. That information helps owners make investment decisions, such as making upgrades and renovations or identifying opportunities to sell a property to maximize profit.

Property managers also provide owners with tax documents necessary for annual IRS filing. Those include yearly investment property expense reports and 1099 forms so owners can claim rental property income.

Keep properties in good repair

A well-maintained property will provide income much more reliably than one that falls into disrepair. Property managers make sure that valuable rental investments continue to provide owners with cash flow by regularly providing the following services:

If you’re a property owner looking for an experienced property management company with a record of success, Class A Management is ready to handle all your property investment needs. 

What do property managers do: comprehensive management

The correct answer to “What do property managers do?” should be “everything!” Finding a property management company that offers comprehensive property management services doesn’t have to be time-consuming. Contact us today to learn more about how Class A Management can relieve you of some of the burdens of rental ownership while protecting your investment and helping grow your portfolio. It’s what we do.

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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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Market Your Property on a Shoestring With 8 Free Options

Author: cl@ss
Categories: Property Marketing
Market your property on a shoestring budget

Multifamily is one industry that is especially dependent upon integrated marketing. But, it doesn’t have to be a budget-busting endeavor. Use technology to market your property at little to no cost with the following productivity-boosting tools:

  1. Websites used to cost big bucks. But these days, WordPress offers free themes that are easy to set up and maintain. Plug photos and text into your chosen template, and your site is ready to go. (Pro tip: Using a pro to build a professional WordPress site means less time and effort on your part, and doesn’t have to be budget-busting.) 
  2. Set up a free Twitter account and send short-and-sweet messages to your target audience(s). Build your profile carefully, and customize with great pictures of your properties. Follow industry leaders like Multifamily Housing News and connections in your local community. Use hashtags that include the name of your city to keep your message circulating locally.
  3. Post photos on Instagram, but link your account to Facebook so it automatically posts to both social media accounts. Use photos that build your brand message: highlighting your property, staff, and the “day in the life” type photos.
  4. If a picture is worth a thousand words, just imagine how valuable great videos can be. Create video tours of your property, post them on your YouTube channel, and watch your foot traffic increase exponentially. You can even make your videos with a cell phone; just make sure they’re good quality and to the point.
  5. Establish a Facebook presence to capture the local who will look for your property there, but don’t expect a lot of reach unless you’re willing to pay to promote your posts. Facebook has become an ad-based platform, so as free promotional tools go, you need an account; but don’t lean on it too heavily for messaging.
  6. 1-2-3 Press. Write great press releases about property improvements and promotions. Tag your property name and city, and publish to a site like 1-2-3 Press for some extra publicity.
  7. Mail Chimp. Use a free online email platform to communicate with as many as 2,000 recipients. Mail Chimp is one that has a full, free library of customizable themes. With a one-click unsubscribe link in every e-mail, using the service will keep you within the letter of the law that prevents spam.
  8. Volunteer. Have your staff organize a team of volunteers to build a Habitat for Humanity home, or run a race to raise funds for a charitable cause. Volunteerism is the total package: free publicity, relationship-building, and branding, all in one.

The take-away from this list is that it doesn’t have to cost a lot to get your market your property to the best tenants. Instead of being great options, these tools are essential to your marketing mix, and to your bottom line.

The professionals at Class A Management know marketing. It’s our passion. Let us go to work for you and your property. Call us today at 817-295-5959 or send us an email to info@classamanagement.com.

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1904 Thousand Oaks Drive, Burleson, TX 76028 Mon-Fri: 9 to 5 817-295-5959 info@classamgmt.com

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