Experience owning and managing consistently profitable apartment communities doesn’t come all wrapped up nicely as a NY Times bestseller with a chapter-by-chapter DYI guide. Knowing what to do and when to do it comes from decades of experience in the trenches. If you wish to ignite your Texas apartment investment ROI, hiring an experienced apartment property management company can quickly improve your bottom line. Whether you own one multifamily property or twenty, or you wish to add to your existing portfolio, the timing couldn’t be better. Read on for more tips on how to position your apartment properties for success now and in the future.
When times are good, 90% effort still makes money, but when times are tough, it takes 110% just to keep the lights on. Beating the competition in apartment investing consistently requires more effort.
In the recent past when investing in Texas apartment properties, if you just called yourself an apartment manager and captured a decent domain name, you could lease up. When the market is moving the other direction, only the strong and experienced survive.
In the 1980’s, one could blame the credit crisis for a downturn in performance. In 2008, the global financial crisis was to blame. But any way you slice it, every apartment property must reach economic occupancy to survive in all economies.
In Apartment Property Management, Experience Matters
Those that figured out how to fight for occupancy and survive in those turbulent times are the ones who are succeeding today. As business climates, lending climates, demographics, and resident wish lists continuously change, so must successful apartment management. Those with their pulse on all of these moving parts will be the ones still standing when the dust settles.
One succeeds in the longer term in the apartment industry by continuously monitoring market trends, understanding the unique clientele in each sub-market, and providing a better level of service with a personalized touch of care not only with residents but also with apartment investors and owners. People like to do with business with people they like. And, they especially like to do business with people who get results.
Adapt or Die
In addition to past experience, we must adapt. We constantly have to innovate; otherwise, there is a risk of being just being one of the crowd. Today, apartment properties must be digitally adept, and optimized with meaningful amenities and services to match the level of asset class, or your property and your ROI will get left behind. Knowing what to add, remove and what to optimize is where real skill and experience comes into play.
Challenged apartment properties are where the bold go. It’s also where the best lessons are learned and some of the best returns are made. There is far less risk trying out new ideas at a smaller, older, Class-B or C apartment property, than trying novel concepts at a new Class A+ high-rise apartment building. When decisions are made by veteran apartment entrepreneurs with decades of experience instead of a room full of suits with unproven theories, creative ideas that work are more likely to be explored, discovered and successfully implemented. Those new ideas are born from the experienced vision earned from years of walking properties, meeting residents, dealing with regulations, understanding owner objectives and advocating for real change. Experienced vision that can correctly identify and extract the gold in apartment process improvement, multifamily financing solutions and apartment property management can quickly build a successful multifamily portfolio.
The most successful Texas apartment property managers and apartment owners are those that are able to translate these hard-won lessons to higher-end properties when there is much more on the line. Only now, there is much less guessing because the ideas have been time-tested and proven with much less risk.
One of our greatest pleasures at Better World Properties LLC is working with apartment owners and investors over a long period of time and helping to build a ladder strategy in the portfolio with clearly defined entrance and exit strategies. Together, as part of their advisory team, we assist them in reinvesting profits and graduating to larger, higher-end deals. We often become part of the family. But, that’s just how we do business here in Texas. And, that is why we love the apartment business.
Are you ready to step it up a notch?
To learn more about the Better World Family of Companies services that are all offered one roof, click here.
Better yet, come visit. We’ll take you on a tour of the Lone Star state and we’ll hunt up some of the best Texas barbecue joints along the way.
We love nothing better than Texas barbecue and talking apartments.