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Invest in Your Property’s First Impression

Author: cl@ss
Categories: Real Estate Investment
Invest in Your Property’s First Impression

Some properties make a great first impression. It’s called curb appeal and paying attention to it can make your property easier or more difficult to find, while also helping you keep good tenants. 

Time to fix an existing eyesore

Take a good look at your investment property through the eyes of a prospective tenant. What is your first impression?  If you don’t want to live there, it’s time to make some changes. Address any peeling paint and lackluster landscaping right away. If you ignore curb appeal, all the high-end interior finishes in the world won’t make much difference. Your property will stay vacant, and your portfolio will suffer.

Prevent the ugly with regular maintenance

Sticking to a regular maintenance schedule is the most effective way to keep your property in tip-top shape, looking its best to attract your ideal tenant. Don’t neglect seasonal landscape changes, especially tree and hedge pruning. Touch up exterior painting when and where it’s needed. Add finishing touches when you can, and don’t be afraid to spend a little money. The return on investment you receive by achieving 100 percent occupancy justifies the relatively low cost of exterior maintenance. 

Enlist tenants’ help

Current renters can help keep your property looking great, or they can ruin its drive-by charm. Ensure your tenants do their part to keep trash and non-running vehicles off your property. Also, encourage them to add their own tasteful touches to their home’s exterior, such as potted plants.

Create a lasting first impression with Class A Management

If your investment property needs help with curb appeal and creating a first impression that attracts your ideal tenant, Class A Management is ready to take on the challenge! The development services offered by our experienced team can help you decide on the best exterior (and interior) remodels or upgrades to heighten the appeal of your property.

Contact Class A Management today to keep your property from becoming a slum (or at least looking like one). We know what renters want and can use an objective eye to create a property that is in high demand. 

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Use Tenant Search Efforts to Scout Great New Hires

Author: cl@ss
Categories: Property Management Tips
Use Tenant Search Efforts to Scout Great New Hires

It’s been said that the most expensive aspect of multifamily investing is replacing tenants, but that’s only half true. Any employer can tell you that replacing professional staff members can be just as costly— to your bottom line and business reputation.

Finding long-term tenants and building their loyalty to your community’s brand is important, and it’s just as important to do the same when hiring leasing and maintenance team members. Especially among Millennials, finding a job that offers purpose and identity is essential. Productivity suffers as much as 60 percent among employees that aren’t engaged, so scout your new hires like you would great tenants—recruit for the long-term.

Start with your brand

Every community has unique selling points. Find yours and build your branding effort around what makes your rentals feel like home. Build your tenants’ sense of community with a cohesive marketing effort that includes external and internal messaging. Hiring should be a natural extension of those external messages and should emphasize that working for you means becoming an essential member of your community’s family.

Follow industry best-practice leaders

The best in the business focus on building a pervasive and inescapable corporate culture of excellence. Just like great long-term tenants get extra perks at the best apartment communities, employees that embody the highest levels of customer service and professionalism are rewarded. Upper management and owners need to get boots on the ground and be seen setting the example for how employees, especially new hires, are expected to act. Personal attention to top-notch employees will have a huge influence on culture and overall job satisfaction, so put in some face time with your best hires.

Ask for feedback

Annual tenant surveys can help apartment managers spot gaps in customer service and maintenance, and annual employee surveys can highlight threats to morale and culture. How employees feel about their work environment directly affects their loyalty and job satisfaction. Take feedback and suggestions seriously, and implement changes that let your staff know you’re listening and that you value their hard work and dedication.

Need a recruiter to find new hires? 

It’s our specialty! Class A Management will help you build and maintain a culture that builds loyalty and recruit staff to meet and surpass your expectations. Our team has decades of experience providing comprehensive management services for many properties across Texas. Contact us to discuss your investment property staffing needs. 

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5 Steps to Create Renters Insurance Texas Partnerships

Author: cl@ss
Categories: Property Management Tips
5 Steps to Create Renters Insurance Texas Partnerships

The main focus for new residents is getting moved in and back to their normal lives, which means they often overlook one essential thing: renters insurance. Texas doesn’t require insurance, but many properties insist on proof of insurance when signing a lease. 

Renters insurance covers the resident’s belongings and contains liability clauses that protect property owners. The average renters insurance policy costs $15 per month in Texas. It’s a relatively small price compared to the thousands of dollars worth of damage or catastrophic loss that can happen during a disaster. 

One of the best ways a property manager can help a tenant prepare for an emergency is to inform them about insurance options and create an easy way to get a policy. 

Educate your renters before they move in 

Cathy Fontana, owner and CEO of Class A Management advises, “the best way property managers can help inform renters about their insurance options is to educate them when discussing the lease agreement.” 

Taking a few minutes to educate your renters on the benefits and requirements of renters insurance can save significant time and money should any damage happen to the property. The best way to do this is to create community partnerships with local insurance agents willing to work with your residents, then present these opportunities to a potential resident during the leasing appointment. 

Build local insurance partnerships with these 5 steps

Establish partnerships with local insurance agents who would love to market to your residents and help them make informed decisions about protecting their assets. Here’s a plan of action:

  1. Call up local insurance companies and ask if they’d like to market to your renters.
  2. Schedule an open house for insurance representatives to pre-approve your property for rental policies. Let them know their rates should be competitive because they will be offered side-by-side with other agent quotes.
  3. Put together an information sheet for renters with general education, stats, average monthly policy premiums, and contact information for all the local agencies that have pre-approved your property for coverage.
  4. Include a one-minute pitch for renters’ insurance coverage when discussing the lease with new tenants.

Instead of setting up all of this information on your own, work with Class A Management to create community partnerships that offer coverage for your residents. Creating resident resources to educate residents is part of our comprehensive property management services. 

Renters insurance: Texas partnerships through Class A Management

Class A Management has been active in many Texas communities for over 40 years. Over time, our team of expert property managers has created community connections with many businesses, including insurance agents, and passed on opportunities to our property owners and residents. 

Contact us if you are a property owner who wants to review and update your property’s policies regarding renters insurance. Texas communities we serve have many options for your residents. 

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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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Tenant Laws of Attraction

Author: cl@ss
Categories: Property Marketing
Tenant laws of attraction

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.

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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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