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San Antonio's Property Management Specialists

Since 1985, the Pyramis Company has grown to become one of the most successful professional fee management firms in San Antonio. The Pyramis Company currently manages single family units, as well as small apartments, in the San Antonio and Bexar County area. Our personal commitment lies with the owners we work for. This is why we have had some of our clients since the 1980s. Once our clients see what we can do for them, they stick with us.

How To Attract Millennials to Your Rental Property

“Millennials” seems almost as much a buzzword as it is a generation. This demographic, born between the early 1980s and the mid-1990s, is a prime target for landlords; given that they make up 25% of the US population, you’ll want a piece of the millennial pie. Many millennials are still 20-somethings entering into their early 30s; this age group has always been a prime target for renting, as they complete school, move up the ladder of their professional and accumulate enough wealth to buy a home.

 

Millennials aren’t just here for the short-term, though. Due to the Great Recession, many of them took years off so they could afford school, or as a result of a poor jobs market. They haven’t yet acquired the reserve of wealth or experience that comes with being a homeowner, so they’re likely to continue renting for some time as they progress in their personal and professional development. Additionally, millennials tend to be more experience-driven than possession-driven; they’ll be willing to rent instead of purchasing a home so they can use their reserve of funds for things they want to do instead of things they want to keep.

 

Millennials are the first generation to have been fully submerged in our digital ecosphere from a young age; as a landlord, you must understand the importance of posting online in order to attract them. Post walkthroughs of your property online so they can have a feel for the place without ever setting foot in the door; make it possible to apply online, and consider community message boards for your properties so residents can discuss issues of importance to them. Email correspondence, automatic and digital rent payment and technologically-friendly, Internet ready properties are all key.

 

Neighborhoods are incredibly important to this demographic; being experience-driven means they tend to prefer hip neighborhoods close to the center of the city. Advertise the best restaurants, bars, and other nightlife in the area. A mix of economic setbacks and profound concern for the environment has caused millennials to be avid users of active transportation; advertising walking and cycling lanes, as well as public transit, can be enormously useful.

 

Pets are a huge part of the lives of many millennials; the cohort tends to love terms like “fur baby” and “furry family” and most will not rent from you if you don’t allow pets. To them, a pet is an integral part of the family unit; they value them for their companionship more than as beasts of burden. This ties into advertising the neighborhood; if there’s a lot of pet-friendly parks and shops nearby, you can attract more young folks.

 

Choosing the right property managers is key to attracting millennials. They want everything to be automated, digital contracts, well-kept properties, and neighborhoods filled with amenities, and they want to know about all of these features without having to step foot outside their doors. Advertising your property properly to this demographic can be tricky, so put your faith in the experts!

 


 

Helping New Tenants Feel at Home

 

When someone rents your property, they’re getting much more than a place to lay their head at night; they’re getting a place to live. A place to thrive, to grow, a place that will adapt with them as they change and develop; a home. Home is a reflection of who we are; it is filled with the memories and moments that we’ve cherished so much we want to remember them every single day. A home is a place you treat with respect; because it’s a reflection of you, you’ll keep your home clean, and you won’t want to leave. This is a key quality you want your tenants’ space to develop; the more the place feels like home to them, the easier your life will be.

 

There’s a number of methods you can use to make your new tenants feel at home. The first is to have a personal introduction; be there on move-in day, shake hands, and address any questions they might have. Doing this cements the idea that you’ll be available should they need anything, which can go a long way towards increasing their comfort. When you meet them, it can be a good idea to accommodate them with several different items to ease their transition.

 

The first thing on your list of things to give new tenants is an information package. This should be a well-organized package including essential information for the tenant; a copy of the contract can be included in this package. A map including key points of interests (grocers, gas stations, restaurants and the like) is nice, and you can include your own favorite spots for a personalized touch. Contact information for maintenance and emergency, the location and standards-of-use for trash disposal, parking, laundry, and mailboxes as well as how they will pay rent are all useful. Any information you find pertinent can be included here; you may opt to direct tenants to a customer portal. Reputable property management companies often run such online portals for customer convenience, so they can view the status of their rent payments as well as catch up on notices about the properties.

 

Gift baskets are an incredible way of making your tenants feel at home immediately. Theming your basket to make it new tenant friendly is a wonderful method: you can include new shower curtains, prepaid laundry cards (if you don’t have in-suite laundry) and other amenities you need when you first move into a place. Gift cards to restaurants and shops in the area are a great way of encouraging your tenants to explore their new neighborhood, and you can even add locally-crafted items to pique their interest. Knowing your new tenants can be quite helpful for creating the basket; if you know they have pets, for example, you can include treats for their furry friends; a bit of knowledge about their hobbies can also help you customize the basket and make them feel appreciated and welcome.

 


 

How to Attract 55+ Tenants

 

Choosing the right tenants is a key element of landlording; it’s important to get dwellers who will pay rent on time, keep quiet and clean, and report any problems they find with the building or other tenants in a timely manner. The 55+ demographic is attractive because they tend to follow rules, pay on time and act kindly towards other tenants; they’ve often experienced owning a home, and their finances are likely in order, so prompt payment of rent is to be expected. The demographic is growing, too; the Baby Boomers are all entering into this phase of their life, so attracting them to your property is an excellent idea.

 

Age may just be a number, but it can have profound effects on your mobility; most people within this demographic will want a property that’s easy to access and navigate. Flat, level and close are all keys here; avoid raised patios, offer ground floor units, and keep steps to a minimum. Upkeep of the grounds is key; debris, unlevel concrete, and other obstacles can cause real headaches for seniors. Consider installing a ramp for those with mobility issues; it can help you attract a large number of clients who would have trouble staying elsewhere. Other ways of attracting those with limited mobility include a minor bathroom renovation; the installation of grab bars and walk-in showers can be make or break for potential tenants.

 

Folks who are in retirement don’t often want a lot of extra work; providing as many services as possible with little hassle is optimal. Consider all-inclusive rent for this demographic; few bills make it easier to handle finances, and a set monthly rent alleviates fears of running over-budget. Including luxuries like cable and internet in the monthly amount can incentivize buyers who don’t want to have to worry about negotiating new contracts with service providers.

 

Creating a place of luxury is important for attracting Baby Boomers; they’ve worked hard to earn what they have in life, and if they’re downsizing they don’t want to throw away their creature comforts. High-end appliances, quality fixtures, and hardwood flooring all serve well here. Spaces with multiple bedrooms are a good idea; even if your tenants are a married couple with no kids, it’s likely they’ll want to host gatherings for their friends and family. To this same point, having a clubhouse or other large, central gathering point they can schedule to host events is an excellent amenity.

 

There’s myriad touches you can use to bring the senior demographic to your door; remember that not all homes are suited to all people, so when your space doesn’t fit the bill, you can modify the space or modify your sought-after demographic. There are San Antonio property management companies who can discuss the best way of advertising your property to potential tenants; they can also handle all the services that will be provided, so it’s easier to establish a set monthly rent for tenants. Property management provides a level of security for tenants, who know the home will be checked on regularly; this can be quite attractive for seniors, who want to retire in peace.

 

 

 


 

The Multi-Family Myth

Investing in real estate can be a good and safe choice for any San Antonio investor in the long term.  Protecting that investment by attracting long-term, high-quality tenants will pay dividends.  That is why it is so important to make sure that you are making the right investment.

We see a lot of the do it yourself (DIY) investing sites pitching the idea that multi-family is the most sound real estate investment and that everyone should be doing it.  They have lots of fantastic cap rates and ROI numbers that seem to back up their theories.  Because of this, many investors look to purchase small multi-family properties (duplex/fourplex) when entering the market for the lower cost of entry and supposed higher ROI.  However, these rental properties have their own risks that too many of these articles fail to mention, and our advice is buyer beware – make sure you actually know what you are getting into before purchasing a small multi-family property.

You should always consult a professional who is well versed in property management and the local rental market before purchasing investment real estate.  A professional company who both specializes in property management and is truly vested in their clients’ best interest shouldn’t recommend these types of properties to new investors.

Tenants

Renting in a multifamily property is much less expensive than renting a single family house.  But, that means that it also attracts rental clientele who may not qualify based on our normal qualifying criteria.  This creates a smaller pool of potential renters, which also may cause units to take longer to rent.  These types of dwellings often house lower-income tenants, meaning it’s less likely that you will see your rent come in on time every month.  Chasing down rent is a time-consuming activity, and the outcome is never guaranteed.

Turnover

A younger and lower income rental clientele is more likely to move more often – they may change jobs more frequently or move to lower-cost housing.  It’s likely that you will spend some time trying to find the right renter. An empty unit is a unit that is costing you money. You will deal with upkeep and repair costs more often as a quick “sprucing up” may be in order before your new tenants move in.  Constantly upgrading your property for the next tenant will be costly for you.  And a unit sitting open for months means you may need to reduce the rental price or make further improvements to make it a more enticing place to live.

Move-in

Why would someone move into a duplex or fourplex and pay more for less?  Apartment properties have various amenities like pools, clubhouses, dog parks, and work out facilities to offer their residents that smaller multi-family properties don’t typically have.  Small multi-family properties also generally offer fewer move-in specials and higher security deposits than apartments, making a move-in more costly, therefore more difficult to attract renters.  Keeping your units full is the name of the game when you have rental property, and enticing good renters is part of it.

The Property

Compounding these issues is the fact that there really aren’t many small multi-family properties in the San Antonio market that we’d recommend purchasing.  The small multi-family properties in our market are either in undesirable locations, have become undesirable properties, or will become undesirable.  Many are built as large communities of 30-60 buildings, mostly sold individually.  When you have fourplexes, 30-60 buildings is 120-240 units worth of tenants.  What you end up with is 30-60 different owners, each with their own standards of management (or lack thereof).  The area tends to go downhill pretty quickly.  Where we’ve seen positive opportunities are installations of 2 or 3 of these properties in a nicer area.  Demand by qualified tenants is higher and they tend to take better care of their units.  These are going to be higher-priced properties, but they’re still attractive to quality landlords.

Purchasing rental property as part of your investment portfolio is a smart option, but as with anything, it’s good to make sure you are weighing all risks.  Investors are often drawn to small multi-family properties as they typically look great on paper and may have a lower cost of entry, but may cost you more in the long run due to a number of factors.  Be cautious and make sure to hire an experienced local San Antonio property management company to help you identify and protect your investment.

 


 

4 Advantages of Investing in Rental Property

Investments are incredibly exciting; by their nature investments encourage us to look to a brighter future, full of possibility. We invest when things are going well in our lives; we have the money to cover our current expenses, and our source of income seems sustainable, so we anticipate our needs years down the road. Investing in a rental property is a great way to generate income, for a myriad of reasons; though it’s not for everyone, here are some of the advantages of owning rental property. Read on…