How to Upgrade Your Property but not Over Improve it.
If you are running a Class B asset, it can sometimes be hard to compete with the newer, nicer properties. They have amenities and features (and many times, even a budget) that you just don’t have. However, as markets get more competitive, it is necessary to keep your community looking sharp and up to date in order to attract quality tenants who will care for your property. Property improvements and upgrades can be expensive. And, it ...
Three Key Practices that can keep you Out of Court
While you may look to your rental properties as a long term investment and a reliable source of income, some opportunistic tenants may feel they should have a piece of the pie as well. Just by the mere fact of being an owner of rental property, your chances of being sued greatly increase over those of the general population. For several years, my company was the target of some local tenant attorneys looking for a quick buck. ...
Resident Experience is your Underperforming Asset
When looking to ‘turn around’ distressed properties or when seeking properties with potential upside, many real estate investors will analyze the rent differentials in the market, evaluate what upgrades they should do to the units and the associated costs, and think about how to re-brand the property through a new name, signage, and color scheme. But they are missing one of the best ways you can add value to a property today - through enhanci ...
Do We Really Want Our Residents to Stay?
Resident retention is always a popular topic in property management. And it should be! With turnover rates hovering in the 50% range, keeping people longer is probably the easiest way to improve operating performance and bring more cash to the bottom line. And yet, it seems that for all its importance, and all the discussion, the amount of time and money actively spent on retention is a pittance compared to the amounts spent on leas ...
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