Vacancies are the bane of every property owner’s existence. They signify a loss or absence of revenue and it’s the highest priority of every property manager or owner to do what’s necessary to keep vacancies to a minimum.
The challenge, however, is standing out from the crowd. How do you set your property apart when everyone seems to be doing the same things, including newspaper and circular ads, Facebook profile maintenance, blogging, and other similar tactics? It’s time to get creative.
Here are three easy, effective and highly creative methods for getting the attention of prospective tenants:
Referral Programs
There is no one better to be the spokesperson for your property than the tenants who already call it home. These days, it’s extremely common for people to want to talk about their experiences. There are an abundant number of platforms from which to do so, and a large majority of the population seems to be very comfortable using them—for good and bad news. Take advantage of it by rewarding them for positive referrals. Develop a strategy wherein the tenant with the most number of referrals that result in signed leases receives a reward. Clearly outline the guidelines of the contest and then communicate it loud and clear to every property resident.
Share Campaigns
Even though many properties are now using Facebook to achieve brand awareness doesn’t mean you can’t use it more creatively to increase your following. Conduct a share campaign by encouraging your current fans and followers to share your property’s page in order to be entered for a price. Rafflecopter is a great tool that almost over-simplifies this process. Tools such as this allow you to create a graphic that encourages your fans to click and share the news on their own pages and in newsfeeds. You set the parameters and every time someone clicks, shares, “friends,” tweets, etc., they receive an entry into the prize drawing. It’s simply amazing how well it works.
Open House
Putting a property on display is an old technique that is making a comeback. The difference is that none of it is taking place in person. It is happening, instead, through video tours on sites such as YouTube and Vimeo. Managers and owners are having professional video tours taken of the properties, to include staged (already furnished) units of varying sizes, the outdoor landscapes, and all the amenities. The number of prospective tenants that have taken to the Internet to identify properties before they ever go see them in person is increasing like wildfire. So, it’s well worth the investment. A single video can also be used many times over in many different venues.
About Us
Contact Class A Management today and let us help you minimize vacancies with creative marketing tactics such as these and more. Call us today at 817-284-1411 or email us at info@classamanagement.com.
The decision to hire a property manager or management company is a good one, especially if you have multiple properties, live in a different city than where the property is located, or you simply want your investment managed by a knowledgeable third-party. And, in addition to having an expert on the property at all times, the benefits of property management are nearly endless. From marketing and applicant screening, to bookkeeping and collections, it’s all available when you choose the right provider.
That brings us to the next point. In order to get the most from the property management relationship, you need to be utilizing the best services or service packages to fit your needs. You don’t want to cherry pick services when what you really need is the total package, while you also don’t want to pay for services you may not really need. So, here’s some rationale for your consideration:
A La Carte
Going with the cherry-picking method may be all that you need. This is where you hire a property management company only to fill in the holes you are unable to assume on your own. It’s possible you’re able to manage the day-to-day, but just need assistance with the back-end of operations, including acquisition (feasibility and analysis) or financial management (budget development and bid management).
The pros of this choice include the option to choose and pay for exactly what is needed, and the ability to retain full control of the everyday operations and management. The cons in this case could very well the same two…retaining full control can be more than one bargains for, while having only a few services limits the discounts available through full service.
All-in-One
Many property owners choose to allow a management company to handle every aspect of the investment. This can start as early in the process as the purchase decision with feasibility analyses, and run all the way through marketing and qualifying, to the backend office of the management process.
The biggest pro of this approach is the ability to leverage economies of scale, benefitting from discounted prices on things like grounds maintenance and applicant screening. Another pro is the simple act of allowing someone else to manage your investment while you benefit from the revenue stream. The con for some is just that, however, as there are those who would prefer to be involved in the day-to-day and operate the property just like an everyday business.
Informed Decisions
Wonder which approach is right for you? The professionals at Class A Management have your best interest at hand and will walk you through the process so that you can make the most informed decision about which approach is right for you and your property. Call us today at 817-284-1411 or send us an email at info@classamanagement.com.
Youngsters are not the only ones shaking up the real estate and multi-family property market. As it turns out, Baby Boomers (between the ages of 49 and 68) are showing that it’s never too late to make a change, especially when it comes to living arrangements.
For as long as one can remember, it’s been standard for older individuals to move into retirement communities or someplace similar once they reached a certain age. Baby Boomers, however, following the self-directed pattern with which they have always lived life, are making it known that things will be different with them as a whole. The reasons, however, are not based solely on preference.
Unfortunately, the Boomer generation as a group has overextended itself in financing. They have mortgaged everything from reconstruction projects to education and, following a tough decade, are seeing little or no equity in their homes. In turn, many are finding themselves in homes that are worth less than what is owed, with far less in retirement savings than is needed. As a result, many Boomers are faced with fewer living options than those available to previous generations.
Boomers desire two things from their living arrangements, according to a recent article in the Business Insider—convenience and community. So, if and when a Boomer is able to get out from beneath a mortgage or has the ability to make a switch, more and more are finding that it’s apartments and condominiums that meet both needs, even more so than the traditional retirement property.
What this means for current and future property owners is a significant potential increase in demand that will soon be coming our way. After all, with more than 10,000 Boomers reaching Medicare age every day, the total over-65 population is expected to grow by 36% just though the end of the decade.
Are you ready?
Let us help you assess the current marketability of your property as a convenient, community-oriented property for retirees. Call the professionals at Class A Management at 817-284-1411 or email us at info@classamanagement.com.
Source: http://www.businessinsider.com/baby-boomers-shun-retirement-communities-2013-2
|
Are you concerned your property may not have the most competitive square footage on the block? Do you not have as many multi-bedrooms units as you’d like, prompting you to worry about your ability to attract desirable tenants? Take heart: As long as there are amenities, it’s time to breathe a sigh of relief.
According to a recent study by The Futures Company, 62% of respondents to a living preferences survey said they prefer living in smaller spaces alone than in larger spaces with a roommate, even when it means spending more money on rent. All respondents are members of Generation Y, young adults between the ages of 20 and 34. So, while space is not a considerable factor, it’s the amenities that make or break the decision.
In the same study, researchers discovered that this growing population of individuals, who prefer to live in solo efficiency units, are focused more on other amenities their chosen properties have to offer. First and foremost is location, with access to shopping, restaurants, public services (library), and markets. Second are those amenities found on the property itself. Some of those named include pools, Wi-Fi access, decks or common gathering areas, romper rooms, cabanas, gyms or fitness centers, and media rooms.
In response, for the first time in history, developers are utilizing the information they’re finding in studies like this to develop properties that specifically address the needs of this growing population. They are deliberately creating small, efficiency-like units of only about 400 sqft, but choosing optimal locations and focusing on the amenities within.
What amenities does your property have that are marketable to this highly-desirable (and large) market? Let the professionals at Class A Management not only help you figure it out, but position it properly to ensure adequate exposure to the right tenants. To find out more about how we can help you and your property succeed, contact us at 817-284-1411 or info@classamanagement.com
Source: http://www.housingwire.com/news/2013/01/03/generation-y-values-amenities-over-square-footage
What is the one fear all owners and managers have in common? Vacancies. Yet, what’s worse is when those vacancies come as a result of a broken lease—not only because it happens suddenly and often without warning, but also because it typically means other issues are right around the corner. This includes everything from property damage to heated arguments over resulting penalties.
Under such circumstances, the most important thing is to ensure you and your property are covered when it comes to the contract. The smartest thing to do, of course, is to pull that contract out now and ensure the following steps are taken:
1. Understand Your Contract
Take time out of your schedule to thoroughly read your contract for understanding. What does it say about early termination? Is there an actual clause to address it? If there is nothing that specifically defines the rental period terms, then you need to change this immediately. A rental contract should not only clearly state the term of the rental agreement, but should also include a time frame for move-out notice. For instance: “Tenant agrees to provide at least 60-days move out notice.”
2. Be Clear on Penalty
When you’re reading and updating the contract, ask yourself whether the penalty is clear. Is there a per-day amount that will be charged for the remainder of the available lease? Will they lose the security deposit? Make sure it’s stated and understood.
3. Stick to it
Tenants pay attention to what happens around them. There was a post recently on Getoutoflease.com in which the posting party noted how her landlord had allowed other tenants out of their lease agreements without penalty. Even though the response is warning her about comparing her situation to others, owners and managers must be careful about any concessions made and do their best to stick to the terms of the agreement. Other tenants are watching.
4. Be Reasonable
As an owner, you are in the business of renting to earn revenue; not create vacancies. So you need to be careful in any case where a tenant must break a lease early. However, it also makes sense to be reasonable. Extenuating circumstances exist, and if you are unable to listen to their reasons, you could wind up creating even more issues (like a tenant that can no longer pay or other rules being broken because they have no way around them or simply out of anger).
5. Offer Solutions
A great alternative to paying penalties that many tenants leverage is the ability to find a replacement tenant for the unit at no cost to management. The tenant places the ad, finds the most promising candidate, and then turns him/her over to management for the application process. It’s a win-win because it also gives management the opportunity to fill the vacancy at an even higher rental rate than the exiting tenant was paying.
At Class A Management, we are here to ensure your property stays occupied. But in the instances when vacancies are forced upon you, rest assured that we have the experience and skill to provide the best possible outcome. To find out more about how we can help you and your property succeed, contact us at 817-284-1411 or info@classamanagement.com
Going to the newspaper or local circular is a tried and true method of getting the word out about vacancies in your property. But if this is your only method and you’re not using social media as a promotional tool, you may be missing out on one of the most effective ways to reach your target market.
How it Works
Social media platforms allow you to target your messages to specific audiences through the use of keywords and demographics. On Facebook, for instance, you can take one of two paths. First is the “free” route, which simply allows you to encourage locals to “like” you and you, in turn, provide them with valuable content that they’ll enjoy and want to share with others. The greater your appeal (content), the faster word spreads. The second path is pay-for-pay, in which you pay to advertise the property on the site directly to your chosen demographic.
Sites like Pinterest and Flicker, on the other hand, utilize image grouping by category and keyword usage to attract followers. So, as a property owner, you can post images of the units, exterior, amenities, and more to these photo sharing sites with links back to the property website. When a potential renter searches those keywords (e.g., Dallas apartment), your attractive photos will come up in the results.
Where to Invest
There are many, many, many different social media sites out there from which you can choose, depending on your specific needs and goals. Here are our top five recommendations:
Facebook: As mentioned, Facebook does a great job of allowing a property to build a “community” of followers in its area, while providing valuable content to demonstrate interest in and care for tenants before they ever visit the property.
Twitter: You only need 140 characters to reach your target market on this site. Most twitter fans have a reciprocal follow policy, in which they will follow those who follow them. So businesses can usually build a significant following just by identifying and following individuals in their communities, accomplished through keyword searches.
Craigslist: For minimal time and investment, a property can post descriptions, multiple images, and rental information that is categorized to be marketed only to specific geographic areas.
YouTube: If you’re wondering what YouTube can do for you, then you’re going to be amazed. YouTube is still the second most popular search engine, next only to Google. People use it to find information on any number of topics and this definitely includes real estate purchases and rentals. After all, isn’t it good to have not only images, but also a video tour of a property in which you are considering an investment? Same goes for renters.
Tumblr: This wonderful little sharing site is a great tool for posting images of your property. Using keywords to your local market, individuals from anywhere can easily find and explore all you have to offer.
At Class A Management, it’s our goal to ensure your property is marketed in the best way possible to ensure vacancy rates continue to stay low or non-existent. To find out more about how we can help you and your property succeed, contact us at 817-284-1411 or info@classamanagement.com
Going to the newspaper or local circular is a tried and true method of getting the word out about vacancies in your property. But if this is your only method and you’re not using social media as a promotional tool, you may be missing out on one of the most effective ways to reach your target market.
How it Works
Social media platforms allow you to target your messages to specific audiences through the use of keywords and demographics. On Facebook, for instance, you can take one of two paths. First is the “free” route, which simply allows you to encourage locals to “like” you and you, in turn, provide them with valuable content that they’ll enjoy and want to share with others. The greater your appeal (content), the faster word spreads. The second path is pay-for-pay, in which you pay to advertise the property on the site directly to your chosen demographic.
Sites like Pinterest and Flicker, on the other hand, utilize image grouping by category and keyword usage to attract followers. So, as a property owner, you can post images of the units, exterior, amenities, and more to these photo sharing sites with links back to the property website. When a potential renter searches those keywords (e.g., Dallas apartment), your attractive photos will come up in the results.
Where to Invest
There are many, many, many different social media sites out there from which you can choose, depending on your specific needs and goals. Here are our top five recommendations:
Facebook: As mentioned, Facebook does a great job of allowing a property to build a “community” of followers in its area, while providing valuable content to demonstrate interest in and care for tenants before they ever visit the property.
Twitter: You only need 140 characters to reach your target market on this site. Most twitter fans have a reciprocal follow policy, in which they will follow those who follow them. So businesses can usually build a significant following just by identifying and following individuals in their communities, accomplished through keyword searches.
Craigslist: For minimal time and investment, a property can post descriptions, multiple images, and rental information that is categorized to be marketed only to specific geographic areas.
YouTube: If you’re wondering what YouTube can do for you, then you’re going to be amazed. YouTube is still the second most popular search engine, next only to Google. People use it to find information on any number of topics and this definitely includes real estate purchases and rentals. After all, isn’t it good to have not only images, but also a video tour of a property in which you are considering an investment? Same goes for renters.
Tumblr: This wonderful little sharing site is a great tool for posting images of your property. Using keywords to your local market, individuals from anywhere can easily find and explore all you have to offer.
At Class A Management, it’s our goal to ensure your property is marketed in the best way possible to ensure vacancy rates continue to stay low or non-existent. To find out more about how we can help you and your property succeed, contact us at 817-284-1411 or info@classamanagement.com
|
|
2013 (15)
