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Over 50,000 New Apartments to Come in DFW Area

The Dallas-Fort Worth area has been a hotbed for real estate construction for many years, and is set to stay on the rise as the first quarter of 2017 comes to an end. According to a recent article from The Dallas Morning News, DFW has experienced a 95% surge in new-construction starts in the first two months of 2017. The spike in new builds is estimated to result in 50,000 apartments with 30,000 of them hitting the market before year’s end.

Most of the new construction is taking place in the Frisco-Prosper and central Dallas areas. Frisco-Prosper is in the process of adding about 6,400 units to the market, and central Dallas has started construction on an estimated 5,700 new apartments.

The recent growth in new construction has been easily absorbed by the job growth in the DFW area. A large portion of the tenant base are relocating to the Dallas area for work, as the region adds about 100,000 jobs to the market every year. Furthermore, Drew Kile with Institute of Property Advisers forecasts the North Texas population increasing by 780,000 people in the next 5 years, so demand is projected to remain strong.

Click here to check out the full article by The Dallas Morning News. 

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Managing Online Reputation

Not long ago, reputations were formed through direct experiences, word-of-mouth, and paid advertising. But since the emergence of the internet and social media, a person or business’ reputation can change as fast as someone can hit ‘send’. On one hand, society’s constant connectivity can be very beneficial, as it allows people to reach large audiences faster than ever before. But just as easily it can bring a company to new heights, the speed and scope of the internet can run even the best reputations into the ground with one wrong misstep. Here are a few tips to avoid ending up on the negative side of online reviews. 

“Google” yourself. A business can’t manage its reputation effectively without understanding the status of its online perception. That understanding begins with a simple search on any and all search engines, social media platforms, customer review sites, and user forums. A simple Google search won’t suffice with such an abundance of online outlets that can directly affect a business’ reputation, so thorough research is critical.

Monitor online reviews. We’ve all heard the cliche, “The customer is always right”, which is, to a certain extent, true. It’s especially true with services such as Yelp!, TripAdvisor, UrbanSpoon, and many others, where customers can describe their positive or negative experiences with businesses behind the safety of their devices without an uncomfortable, personal confrontation with owners, managers, or employees.   One bad review can have a snowball effect, and before long, acquiring customers can seem impossible. That said, there will always be an unsatisfied customer, justified or not. Monitoring review sites allow a business to understand which aspect(s) of their product or service needs improving. In addition, if they have the ability to do so, business should reply to as many reviews as possible. It demonstrates pro-activity, a touch of personal care for each customer, and a desire to satisfy customer needs.

Maintain an active social media presence. In most cases, a business can’t reach its full potential without a social media presence. Networks such as Facebook and Twitter offer excellent opportunities to interact with and advertise to customers at little to no cost.  In addition, social media is often an accurate indication of current and upcoming trends among customers, so businesses can stay updated with their customers’ needs and adjust business strategies accordingly.

Keep it professional. Unless a business has an established focus on a specific political or social cause, it’s usually prudent to separate such opinions and stances from the business environment. Also, business’ should carefully consider the context of any created content available to the public. One offensive tweet or distasteful Facebook post can disrupt customer approval ratings, or even permanently ruin a business’ reputation.  These are just a few initial steps any business can take to harness the power of the internet to maintain or improve their online reputation. A good reputation has to be earned. It requires constant focus tobuild, and even more discipline to maintain. Ultimately, a company’s strategies and tactics can only take their reputation so far. Demonstrating excellent service and maximizing satisfaction will inspire customers to express their positive experiences to others and generate invaluable word-of-mouth no amount of marketing dollars can buy.

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Tenants Experiencing "Sticker Shock" in Dallas

In a recent local news report from Channel 8 News, Dallas, TX, renters in the area described their experience with a pattern of frequent rent increases.

According to the news report, “The newly published April 2017 Dallas Rent Report shows prices across the city remain above the national media. On average, one-bedroom apartments were leasing for $1,260. Two-bedroom units were renting at $1,760.”

While property owners gladly invite the increase in rent prices, tenants are finding it difficult to keep up. Despite new apartment complexes springing up across the city, the demand for apartments in one of the many trending areas of Dallas remains constant; which could be contributing to rising rent rates.

Click here to read Channel 8’s full article, and to see a quick video of local tenants and realtors offering their experience and expertise with rising rents in Dallas.