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Triple Win Property Management Blog

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Introducing Group Rate Internet from Second Nature

At Second Nature, we strive to deliver the best possible experience to residents and property managers alike. We’re always looking for new opportunities to help property managers provide better service, grow their businesses, and give residents homes they want to stay in. Now, with the introduction of Group Rate Internet, we’re able to deliver yet another benefit that residents want, while improving the experience for property managers. What is Group Rate Internet? Group Rate Internet is gigabit-speed˙ internet delivered directly to single-family rental homes, incorporated right into your lease. Thanks to the power of our network, Second Nature has negotiated group rates with some of the nation’s largest internet service providers, and we’re passing the savings on to you. Residents get high speed internet at a discounted rate below what they could get on their ownº, while property managers have a new way to grow their business. Why are we doing this? These days, internet service is a necessity. But until now the process has been time-consuming, frustrating, and expensive. Subscribers face complicated setup and cancellation processes, and when they need to reach customer support, they’re often left on hold. We wanted to bring a better experience to residents and modernize the way they receive internet service. Understanding the single-family market 98% of residents across the United States pay for internet service in their homes. But until now, they’ve struggled with inflexible contracts that don’t align with their lease terms, convoluted phone trees, and expensive hidden fees. Most single-family property managers haven't had the ability to negotiate better rates with ISPs, leaving residents to pay retail prices for essential services. That's where Second Nature comes in. By leveraging our nationwide network, we're able to secure group rate pricing that's lower than what's available on the market—giving property managers a new way to offer high-quality, affordable internet without the headaches of individual negotiations. Difficulties of scattered-site Internet coverage areas can be confusing. When you have properties in multiple areas, they may be serviced by different providers, making it even more difficult to negotiate a one-size-fits-all deal. That’s why Second Nature works with multiple major ISPs to provide maximum coverage, no matter how wide your management area is. Cutting costs and making life easier On average, customers typically pay $80-120 per month for gig-speed internet. Plus they get hit with fees for equipment, setup, early termination, and more. Now, with Second Nature, property managers can provide gig-speed internet, with no installation or cancellation fees, at a fraction of the price that residents are already paying. How does the program work? Like all of the pieces in our Resident Benefits Package, we’ve designed Group Rate Internet to be as easy as possible. From data exchanges to support, we fully manage the process so your teams don’t have any extra work. Integration with property accounting systems to check eligibility Second Nature starts by gathering property details directly from your property accounting system (PAS) to automatically confirm which ISPs serve each property. We confirm eligibility and pass that data back into your PAS, so it’s always available to you. Once a property is marked as eligible in the PAS, you’ll be able to include an internet service addendum in any future leases for that property. Billing operates directly through the PAS, with no extra tools or logins to keep track of. Integrated with the lease cycle When a resident signs a lease that contains the Group Rate Internet Lease Addendum, they’re enrolled into the program, and Second Nature works directly with them to complete setup. We’ll reach out directly to residents to make sure they know how to get set up. If necessary, they’ll schedule professional installation for equipment at a time that’s convenient for them. Because there’s no separate internet contract for the resident, there are also no setup, equipmentª, or cancellation fees, and no struggling to align their utility contract with their lease term. Internet is billed right alongside rent, so residents don’t have an extra monthly bill to manage. Dedicated support We all know the pain of waiting in a phone queue to try to solve a technical issue. That’s why Second Nature offers dedicated phone support for residents using Group Rate Internet. That way residents aren’t calling you for help or getting stuck in phone trees with their ISP. Residents call Second Nature directly, and if they need technical support from their ISP, we can make a warm handoff, making sure they’re on the line with a representative before our team leaves the call. No endless transfers from person to person. Easy transition at turnover When a lease is up and a resident decides to move out, Second Nature provides move-out information to residents. Depending on the ISP, the resident may not even have to return equipment. In most cases, it just stays with the unit, and service is turned off until the next resident moves in and a new lease starts. When a new resident moves in, one phone call is all they need to get their gig-speed service up and running. It’s a simple transition when someone else moves in, all managed by Second Nature. Get started Want to see how you can provide gig-speed internet to your residents? Schedule a demo with a member of our team to walk through Group Rate Internet. ˙ Compared to average nationwide gig speed price of $80-120/mo (source: USA Today) º Up to 1 Gig Internet speed, subject to availability. Internet Service powered by Second Nature is provided through Second Nature's preferred third-party Internet service providers. ª Residents may be subject to fees if equipment is damaged, lost, or stolen.

Calendar icon March 19, 2025

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Creating a Coaching Culture at your Property Management Company

Melissa Gillispie is the Director of Leasing and Property Management at JWB Property Management, and the 2025 NARPM Jacksonville President. She has over 11 years of experience in property management and is currently a Second Nature Triple Win Mentor. One of the biggest shifts I’ve felt in my time at JWB is leaning less into a culture of management, and more into a coaching culture. By focusing on the whole person, rather than just focusing on output, our team is built stronger for the long run. Read on to learn more about what coaching is, why it’s so important in property management specifically, and what you can do to build a coaching culture of your own. What is coaching? Coaching employees is the process of developing the whole person, rather than just trying to optimize how they achieve a specific business outcome. Coaching is an evolution of supervision and management, and goes beyond either of those. Here’s how I differentiate: Supervision is the process of managing tasks, quality control, and day-to-day work. Management is a bit broader, and includes setting a vision and developing a process. Both supervision and management are focused on the organizational aspects, whereas coaching is about developing a person overall. Yes, coaching also includes business needs, but it focuses on setting goals and achieving them on a personal growth level. Coaching includes understanding long-term drives, desires, goals, and intentions. It’s about asking the question, “How can I in this organization help you take a step closer to achieving those things?” What is a coaching culture? A coaching culture is an overall attitude throughout the organization that the whole team has each other’s personal and professional development in mind. First and foremost, a coaching culture starts with trust. Employees need to know they can come to you honestly when something goes wrong. They need to know you’re not going to judge them for their long-term goals. They need to trust that you’re giving open and honest feedback to help them improve every day. As a coach, what does that look like? First, in order to build that trust, a good coach needs to be honest and give real, actionable feedback so that their employees can learn, develop, and become their best selves. That means setting the stage early. In my first one-to-one with a new hire, I always ask a few questions to better understand what their non-negotiables are for themselves: What are the standards they set for themselves? What are their personal core values? What are their goals? I also share these things about myself so that they have a better understanding of me as a person and of how we’ll work together. And, most importantly, sharing vulnerable information about myself also helps build that ever-important trust. Allowing room to fail forward Part of creating a culture of honest feedback is also allowing room to fail. First of all, people shouldn’t be afraid to fail or make mistakes. Second, when they do make a mistake, they shouldn’t be afraid of coming to tell you about it. Mistakes happen. The question should then be, “how do we learn from this, and hopefully prevent it from happening again?” As a coach, your job is to be a safe place for failure. You can’t be reactive and harsh when someone makes a mistake. You need to turn mistakes into teachable moments and allow your team to fail forward, learn, and grow. Why coaching is important in property management Why is coaching important in property management specifically? Well, for starters, no one really goes to school for property management. Most property management teams are made up of people like me, who started their careers elsewhere and found property management along the way. That means that there’s a lot of learning, which also means a lot of failure. Plus, property managers carry such a large workload and such a long list of tasks that they’re bound to have something fall through the cracks. There’s just inherent human error. Failing forward is part of the job. Property management also requires decision making at speed. You have to move from evaluation mode into decision-making mode so quickly that you need to be able to trust yourself, and to trust that you won’t get in trouble if you’re wrong. Too many people are held up by the fear of failure, so they don’t make quick decisions. Planning a career in property management Because there isn’t a lot of formal education in property management, a lot of people in the industry also don’t have a great sense of the career trajectory. That’s where a coach can step in. As a coach, you help shape an employee’s property management career path. Something I take a lot of pride in is my ability to understand someone’s strengths, identify what kinds of roles best suit them, and make that clear to them. Coaching means providing growth plans for each role. If someone can do their job with their eyes closed, they probably aren’t being challenged, and they may start to lose interest. It’s your responsibility as a coach to keep leveling them up. A good coach also provides the flexibility for employees to change trajectories. Your employees should feel comfortable coming to you with questions about their career in property management. Sometimes that means they may want to leave your team and transfer to another team in the organization. As much as it can be difficult to lose a good team member, part of being a good coach is helping them fulfill their maximum potential. Bringing coaching into reviews At JWB, we hold weekly one-to-ones with direct reports. Sometimes they’re very tactical and focused on ongoing projects, but we try to also work in time for long-term goal setting. As coaches, we’re constantly evaluating performance and making sure that team members are on track for what’s right for them. Doing this weekly helps prevent people from veering too far off track, then only hearing about it in an annual review. Of course, we also hold annual reviews. In those meetings we make sure to establish long-term goals for the next year or two. These reviews also include the most important question a coach can ask: “How can I help you achieve this?” Coaching doesn’t just happen downward It’s important to recognize that a coaching culture means coaching all of those around you, and being willing to be coached yourself. We’re all responsible to each other. Making yourself coachable is half the battle. You need to listen to feedback and take it to heart. When I ask my employees how they best receive feedback, I also tell them how I best receive feedback myself. I make it abundantly clear that I’m not just open to feedback, I want feedback. Coaching never stops. You never get to a point where you no longer need coaching. So keep coaching, keep being coachable, and keep building up better property managers who will push our industry forward. Want to learn more about measuring performance, improving employee output, and growing your business? Watch the webinar that Tony Cline and I participated in, all about making your KPIs more actionable. Watch now

Calendar icon April 8, 2025

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My Ideal Meeting Cadence for Property Management Companies

Tony Cline has over 20 years of experience in property management. After purchasing a real estate and property management brokerage in Denver, Colorado, he spent more than two decades as managing broker. Today he's focused full time on his work as a Property Management Success Coach. Tony is a Second Nature Triple Win Mentor. One of the most popular frameworks in property management right now is EOS, the Entrepreneurial Operating System. EOS is a system that helps organizations increase discipline and accountability through several tools, including a very specific meeting cadence. Now, to officially implement EOS, you have to be a licensed implementor and go through specific training. What I’m advocating is something of an EOS-light approach. I’m not a licensed implementor, and the meeting cadence I’m going to outline for property managers has been adapted, but it does have some roots in EOS. I’m also not a purist. I don’t believe that you have to do everything exactly by the book to be successful. I’d advocate looking at this framework critically, putting it into practice, seeing what works for your organization and what doesn’t, and adapting. Setting yourself up for success The first thing to know about implementing a new property management meeting cadence is that, without a clear mission, vision, and values, this all means nothing. I’ve written before about how policy should follow your mission and values, and this is no different. So if you don’t have those things nailed down in your organization, that’s a better place to start. The second thing to know is that this is going to be a little bit uncomfortable. There will be awkward moments along the way as your team gets used to a new way of doing things. You’ll need to get comfortable being uncomfortable. In my mind, the number one determination of whether this plan will be successful is whether the owner of the company has the discipline to see implementation through, even when things get weird. And they will get a little weird. Now, let’s walk through the meeting cadence that I recommend to my clients at Property Management Success, and what each meeting consists of. Daily huddle meeting The first big piece of the meeting cadence is the daily huddle, which you may also know as a standup. The daily meeting, which I recommend scheduling at the beginning of each day, is intended to be short and to the point. We’re not all going to get comfy in a meeting room for 30 or 60 minutes with our laptops and our breakfast. Daily huddles should hit a couple of key points: What do we need to know right now to execute today? This might include items that are blocked by other teammates, things that are holding up other people’s work, or anticipated challenges. What are the urgent items that need to be addressed? Are there fires that need to be put out? What needs to be done by the end of the day to keep everything on track? I find daily huddles valuable not just for the work that gets addressed, but also the team building element. It brings the team together everyday and gets them in the mindset of working as one. This is especially important when you have remote team members who may not see the rest of the team all day. Finally, I always wrap up the meeting with one question, and this is where things can start to get uncomfortable. Ask the team, “What’s one example of our core values in action that you’ve seen since we last met?” This can be awkward to answer, but you just have to embrace the process and wait it out. Eventually someone will share an honest, vulnerable story, which will continue building up the importance of core values to the team. And I promise, once you get into a routine, this gets easier. Weekly meeting Next up is the weekly team meeting. In the official EOS workbook, this is known as the L10. Weekly meetings should typically be sixty to ninety minutes, and focused on the overall performance and progress of the team. KPIs and scorecards One of the most important elements of your weekly meeting is going through your key performance indicators and metrics. Everyone on the team should take their turn to report out their numbers and whether they’ve hit them. This gives leadership and opportunity to flag metrics that are consistently being missed, or KPIs that might need to be altered. Something to keep in mind is that KPIs need to be actionable. That means that if your team didn’t hit it this week, you can develop a clear plan on how to hit it next week. Those actions should be decided in the weekly meeting. Quarterly rocks Your quarterly rocks are the bigger projects that you have going on, which may take anywhere from a few of weeks up to a whole quarter. Rocks are important because they keep your team focused. The importance isn’t just what’s on them, but also what’s not on them. If you have too many rocks, nothing will get done, and if you don’t have enough, you’ll start picking up additional projects and stretching yourself too thin. As the name suggests, rocks are set quarterly during planning meetings. Here are some examples of what rocks might look like for a mid-sized property management company: Implementing a new software tool Instituting a new pricing structure Building out a knowledge base Setting up a Resident Benefits Package Testing out a new marketing strategy Hiring for a new role on the team Rolling out a new management agreement Realigning team responsibilities or structure These are all projects that are going to take more than just a week, but are important long-term goals for the company and need to be checked in on regularly. Each week, you should be looking at whether your rocks are on track or off track. If things are off track, add them to the issues list and make sure to address it before the end of the meeting. Finally, have another quick share on your company’s mission and vision. Ask the team, “what did we do that’s in alignment with these?” This is essential to building culture, because it helps build on wins. It gets the team used to winning together and inspires them to keep up the good work. Quarterly planning meeting One level up from your weekly meeting is quarterly planning. This one is pretty self-explanatory. Basically, your team should meet each quarter to evaluate the progress that’s been made, along with the work that needs to be done in the upcoming quarter. Depending on how large your team is, you may or may not have all members attend. If your team is on the smaller side, everyone should be there. If the team is bigger, you may need to focus on leadership and management. The first major part of quarterly planning is reviewing the previous quarter. This is an opportunity to remind the team of the good progress that’s already been made before turning to new projects. By focusing on the positive outcomes first, you can increase engagement from the team and build that continued sense of winning together. Look at your rocks from the past quarter and evaluate where you were most successful, as well as what adjustments you need to make. From there, look forward. What are the next steps that you have to take? This is where you build your rocks for the next quarter. It’s helpful to have the full team present, especially team members who will directly own those rocks, because it helps get buy-in. People will be more invested in projects that they helped select and scope than if you just assign something to them. Annual review The last major meeting I recommend property managers add to their cadence is the annual review. This should include everything that you’d normally do in a quarterly planning meeting, plus some extras. In addition to planning new rocks, you’re also planning the overall goals for the year. These can include new KPIs, growth metrics, and other performance indicators for the year. This is also a great opportunity to reinforce your mission and vision. Focus on reminding people why they’re doing the work they’re doing and where the company aspires to get to. Reinforce the service—and quality of service—that you want to deliver. Beware the pitfalls Implementing a whole new meeting cadence like this isn’t easy. It can be especially difficult in an industry where everyone already has a lot going on and their schedules are stretched thin. Focus on delivering value One of my biggest pieces of advice is to make sure that you’re actually providing value in these meetings, and that you’re not meeting just to meet. If a meeting isn’t serving you, find out why and adjust accordingly. On top of that, think about the opportunity cost and wage cost of having everyone in a meeting. That time is expensive. If it’s not creating value, it shouldn’t be happening. Get your KPIs right A lot of companies I’ve seen have set up KPIs to say that they’re tracking KPIs. But in reality, they’re tracking the wrong things, or they’re tracking the right things the wrong way. If you’re meeting every week and reviewing KPIs, and you consistently find that you’re hitting them every time and blowing them out of the water, that may be a hint that you’re either setting your goals too low or you’re tracking busywork. On the flip side, if you’re consistently missing your KPIs, you may be setting sights too high. Utilize milestones to stay on track When you meet weekly to check the status of your quarterly rocks, make sure that you’re actually looking at whether things are on track or not. I’ve consistently seen teams say, week-in and week-out, that their rocks are on track. But then when the end of the quarter comes, suddenly the rock isn’t complete. When you build your rocks in your quarterly planning sessions, build in milestones. Milestones help define what “on track” actually means, and will help give team members a sense of where they stand with major projects. Final thoughts I really like this meeting cadence. I’ve seen it work for a lot of property management companies. But there’s a reason I started out this article by saying that I’m not a purist. A meeting for meeting’s sake is horrible. You shouldn’t be meeting just because it’s part of a framework. You can absolutely adjust this cadence to make sure that you’re using your time well. And even if you do stick to this cadence, don’t feel like a 60 minute meeting has to be 60 minutes every week. If you finish early, great! Don’t keep people there for the full time if you’re not making progress. Don’t waste people’s time. Interested in learning more about how to optimize your company processes? Join me and Melissa Gillispie for a Triple Win Live session on optimizing your company's KPIs. Register now!

Calendar icon April 1, 2025

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Onboarding: Getting the Most from your New Property Management Staff

Melissa Gillispie is the Director of Leasing and Property Management at JWB Property Management, and the 2025 NARPM Jacksonville President. She has over 11 years of experience in property management and is currently a Second Nature Triple Win Mentor. Training your property management staff can be a lengthy, difficult process. Once you’ve found and made an investment in the right people, you need to set them up for success as quickly and effectively as you can. How can you make sure you’re onboarding new employees in a way that helps them and the business be successful? In this article, I’ll walk you through our approach to training and onboarding at JWB Property Management, and give actionable tips on how you can set your staff up to win. Our onboarding approach The specifics of onboarding staff varies a bit based on the needs of the role and the structure of the company, but we have a pretty rigid schedule for the first three to four weeks, which includes: Expectation setting Role-specific training Crosstraining Each step is vital to setting up your team for success, so let’s walk through them one by one. Expectation setting Expectation setting is one of the most important parts of onboarding employees, and most companies completely overlook it. My philosophy is, people don’t know how to be successful until you tell them. You can’t just assume that they’ll know what’s expected of them. The better you can set clear expectations upfront, the more likely everyone is to be successful. A lot of managers think that being direct with expectations is somehow mean, wrong, or micromanaging. I couldn’t disagree more. In my experience, avoiding these kinds of conversations sets everyone up to fail. “Clear is Kind” - Brené Brown Being direct with your employees about what you expect from them gives them the best tools to be successful. That’s why we spend up to three hours in the first week just on expectation setting. I ask new employees what their goals are, what they expect from the role, and what their own standards for themselves are. Then I walk through what my expectations are, and we make sure we’re aligned. That sets them off on the path to success from their very first day. The best thing I can do as a leader is develop people to be better than I am, as quickly as possible, and setting expectations kicks off that development. Role-specific training Role-specific training is the process of training new employees in the actual day-to-day work they’ll be doing. We take a hear/read/see/do approach, meaning that people with different learning styles can still be successful. Our training materials include: Existing documents like leases and policies Videos Readings Hands-on activities New hires work closely alongside their new teammates to gradually take on daily tasks and get first-hand experience. That’s when we start getting them on the job and actually handling their routine responsibilities, while still providing someone to answer questions along the way. Crosstraining Every new hire also does extensive crosstraining with every other department. For example, a new property manager will spend time with accounting, construction, and legal. This time is focused on making sure that everyone understands the way that their work affects other people. It builds company culture and teamwork, but also helps give new team members a sense of purpose and meaning, knowing the larger impact of their work. Basically, we don’t want people going through the motions in a silo. We want them to know their coworkers on other teams, and to see the value that they bring to the organization. This is also where our mentorship program comes in. At JWB, mentors are well established employees who can help take someone from day one to day 90. They’re typically not from the same team as the new hire, and they provide a safe place to ask the silly questions that people are uncomfortable asking their bosses, or the unwritten rules of the company culture. Sticking to a timeline In property management, everything can feel like it has to happen immediately. But training takes time. That’s just the nature of it. We try to pace our new hires, while also pushing them to grow quickly and get up to speed. That pace is set by the hiring manager, and the new hire is expected to flag any issues if they arise. (Of course, that expectation is outlined clearly in the expectation-setting stage!) Here’s an example of the timeline we’d typically hold a new property manager to. Week one focuses on: Expectation setting Introductions to the team Intro to rent collection Week two transitions into: Executing rent collection alongside another teammate Learning how to manage renewals By week 2 they’re assigned a portfolio of about 100 properties, which they’re managing with the help of their manager. By week 4 they have 250-300 properties and are starting to get more comfortable working independently. By day 45, a new hire should have the same portfolio size as any other property manager. Of course they’ll still have questions, and that’s normal and expected, but they’ve reached competency. By day 90 they’re fully self-sufficient and doing the same work as a property manager who’s been there for a while. They don’t need someone looking over their shoulder or keeping tabs on them. At this point, we hold a 90 day check-in, which is mostly an evaluation of skills competency. It helps us make sure that the employee is feeling comfortable and is capable of doing the work. And if they aren’t, it provides us an opportunity to catch things early and make the necessary corrections. Final thoughts Onboarding is absolutely crucial to getting your team up to speed and working together well. It’s your opportunity to really give people a workplace that they can feel proud of, and to build a thriving business in the industry that we all feel so passionate about. Put in the work to get onboarding right, and help everyone succeed. Want to learn more about how to grow your business strategically? Join me and Tony Cline for a Triple Win Live on setting and optimizing KPIs for your property management company. Register now

Calendar icon March 27, 2025

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Hiring in Property Management: How to Build a Thriving Team

Melissa Gillispie is the Director of Leasing and Property Management at JWB Property Management, and the 2025 NARPM Jacksonville President. She has over 11 years of experience in property management and is currently a Second Nature Triple Win Mentor. Hiring is one of the most important decisions that you can make in property management, but it’s often rushed or overlooked. While it can be challenging, it’s absolutely worth the extra time and effort to find people who will thrive at your company. How can you make sure you’re choosing the right people, not only for the open role, but also for your company culture? In this article, I’ll share how we approach hiring at JWB Property Management, including how we conduct interviews and make sure we’re aligned with candidates. Hiring for values before skill I had no experience in property management when I started at JWB as a trainer and administrator. Instead of being hired for my experience, I was selected for my values and belief systems, which meshed well with the rest of the company. One of the best things about hiring in property management is that many roles are extremely teachable. You don’t need a ton of experience in the same role in order to be successful. There are certainly exceptions—like accounting or construction—that need specific hard skills. But most job responsibilities can be taught. That provides a huge opportunity to really dig into a candidate’s values and evaluate whether they’ll be a good addition to the team, rather than looking just at their resume and work experience. In industries where roles are highly technical, you may not have that luxury. But in property management, especially because it’s such a service-focused industry, hiring for values is essential. Evaluating your candidates In the spirit of hiring for values, we focus a lot of our interview process on our company’s core values. We aim to hire people who will help our organization continue to grow, innovate, and push forward, regardless of their previous experience. Considering applications Our initial application only has one question beyond basic information: “What makes you an A-player?” We don’t even ask for a resume up front, because, again, we’re more interested in soft skills and values than specific work experience. From there, we use an assessment tool to better understand people’s drive, motivation, and working style. Each job has different targets for different strengths, so the assessment helps us align applicants with the right positions. Once we think someone may be a good fit, that’s the stage where we ask for a resume. We’re looking for things like attention to detail, communication style, and how they present themselves, not specific hard skills. Interviewing top prospects We’re very intentional about making our interview process thorough. We don’t want it to be overly simple or easy, because we want people who are motivated. Our application process provides natural steps where applicants who aren’t as driven will weed themselves out. Evaluating skills, not experience Once a candidate moves into the interview stage, we shift some of our focus to the job itself, and the skills that we want to see for that role. In the first interview, they meet with a member of our leadership team, along with the hiring manager, to talk about the skills needed. Again, this is not about their experience in a similar role. For example, someone applying to be a property manager needs customer service, organizational, and communication skills. They may have those from a past job outside of property management, and we welcome that. Finding values alignment Our second interview is focused specifically on core values. We want to know who you’re going to be when you show up to work everyday. We have a set list of questions that we try to ask during this stage, and they’re fully based on our particular core values. Your company’s values will vary, so you should construct your interview questions accordingly. Seeing them in action Finally, we conduct what we call a shadow interview. If we think someone is a good fit and we want to hire them, we have them come in for a day and actually be in the office with us. They might take phone calls, go on site visits, submit work orders, or help show a vacant unit. This is all intended to see body language, attitude, and other behavior that we might not see in a couple of short interviews. We typically try to align shadow interviews with our company all-hands, because that’s a huge display of our culture. The idea here is that a shadow interview should be mutually beneficial; the candidate should get a sense of our culture and make sure it’s the right situation for them, just as much as we want to make sure they’re the right person for the role. Final thoughts Hiring employees can seem like a daunting task. In fact, that’s why so many small companies tend to wait too long to hire. They’re so focused on trying to complete the day-to-day that they don’t prepare for hiring ahead of time, and then wind up putting it off. One of my biggest pieces of advice for growing companies is to take the time to figure out how you want to hire before you need to hire. You don’t want to wait until a crisis is happening to decide how you’ll respond to a crisis. A lot of companies only start thinking about growing when they’re reaching a breaking point. They’re under a ton of pressure. If you have a plan in place ahead of time, you don’t have to make emotional decisions. You can approach it logically and calmly, and make better decisions. When you plan ahead and hire deliberately, you can create and sustain great teams to elevate our industry, and provide value and purpose-driven cultures. Interested in learning more about structuring and expanding your business? Download Second Nature's property management business template. Download now

Calendar icon March 25, 2025

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Introducing Group Rate Internet from Second Nature

At Second Nature, we strive to deliver the best possible experience to residents and property managers alike. We’re always looking for new opportunities to help property managers provide better service, grow their businesses, and give residents homes they want to stay in. Now, with the introduction of Group Rate Internet, we’re able to deliver yet another benefit that residents want, while improving the experience for property managers. What is Group Rate Internet? Group Rate Internet is gigabit-speed˙ internet delivered directly to single-family rental homes, incorporated right into your lease. Thanks to the power of our network, Second Nature has negotiated group rates with some of the nation’s largest internet service providers, and we’re passing the savings on to you. Residents get high speed internet at a discounted rate below what they could get on their ownº, while property managers have a new way to grow their business. Why are we doing this? These days, internet service is a necessity. But until now the process has been time-consuming, frustrating, and expensive. Subscribers face complicated setup and cancellation processes, and when they need to reach customer support, they’re often left on hold. We wanted to bring a better experience to residents and modernize the way they receive internet service. Understanding the single-family market 98% of residents across the United States pay for internet service in their homes. But until now, they’ve struggled with inflexible contracts that don’t align with their lease terms, convoluted phone trees, and expensive hidden fees. Most single-family property managers haven't had the ability to negotiate better rates with ISPs, leaving residents to pay retail prices for essential services. That's where Second Nature comes in. By leveraging our nationwide network, we're able to secure group rate pricing that's lower than what's available on the market—giving property managers a new way to offer high-quality, affordable internet without the headaches of individual negotiations. Difficulties of scattered-site Internet coverage areas can be confusing. When you have properties in multiple areas, they may be serviced by different providers, making it even more difficult to negotiate a one-size-fits-all deal. That’s why Second Nature works with multiple major ISPs to provide maximum coverage, no matter how wide your management area is. Cutting costs and making life easier On average, customers typically pay $80-120 per month for gig-speed internet. Plus they get hit with fees for equipment, setup, early termination, and more. Now, with Second Nature, property managers can provide gig-speed internet, with no installation or cancellation fees, at a fraction of the price that residents are already paying. How does the program work? Like all of the pieces in our Resident Benefits Package, we’ve designed Group Rate Internet to be as easy as possible. From data exchanges to support, we fully manage the process so your teams don’t have any extra work. Integration with property accounting systems to check eligibility Second Nature starts by gathering property details directly from your property accounting system (PAS) to automatically confirm which ISPs serve each property. We confirm eligibility and pass that data back into your PAS, so it’s always available to you. Once a property is marked as eligible in the PAS, you’ll be able to include an internet service addendum in any future leases for that property. Billing operates directly through the PAS, with no extra tools or logins to keep track of. Integrated with the lease cycle When a resident signs a lease that contains the Group Rate Internet Lease Addendum, they’re enrolled into the program, and Second Nature works directly with them to complete setup. We’ll reach out directly to residents to make sure they know how to get set up. If necessary, they’ll schedule professional installation for equipment at a time that’s convenient for them. Because there’s no separate internet contract for the resident, there are also no setup, equipmentª, or cancellation fees, and no struggling to align their utility contract with their lease term. Internet is billed right alongside rent, so residents don’t have an extra monthly bill to manage. Dedicated support We all know the pain of waiting in a phone queue to try to solve a technical issue. That’s why Second Nature offers dedicated phone support for residents using Group Rate Internet. That way residents aren’t calling you for help or getting stuck in phone trees with their ISP. Residents call Second Nature directly, and if they need technical support from their ISP, we can make a warm handoff, making sure they’re on the line with a representative before our team leaves the call. No endless transfers from person to person. Easy transition at turnover When a lease is up and a resident decides to move out, Second Nature provides move-out information to residents. Depending on the ISP, the resident may not even have to return equipment. In most cases, it just stays with the unit, and service is turned off until the next resident moves in and a new lease starts. When a new resident moves in, one phone call is all they need to get their gig-speed service up and running. It’s a simple transition when someone else moves in, all managed by Second Nature. Get started Want to see how you can provide gig-speed internet to your residents? Schedule a demo with a member of our team to walk through Group Rate Internet. ˙ Compared to average nationwide gig speed price of $80-120/mo (source: USA Today) º Up to 1 Gig Internet speed, subject to availability. Internet Service powered by Second Nature is provided through Second Nature's preferred third-party Internet service providers. ª Residents may be subject to fees if equipment is damaged, lost, or stolen.

Calendar icon March 19, 2025

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How Ultrarunning Inspired my Brand Positioning

Mark Brower is the owner and designated broker of Mark Brower Properties. He has over 20 years of experience in property management and investing, and lives in Mesa, Arizona. Mark is a Second Nature Triple Win Mentor. Right around the time I turned 40, I took up distance running. I started with marathons, and then after about a year and a half I got bit by the bug: ultramarathons. Marathons are any race longer than a marathon, and are often 50 kilometers, 100 kilometers, or 100 miles. The things that ultrarunning has taught me have changed my life, both personally and professionally. So when I recently met with my fractional CMO to talk about brand positioning, there were some immediate connections in my mind. Our rally cry We developed two key brand positioning statements through a process of really digging deep and uncovering who we are. The first was a rally cry. We didn’t initially set out with a goal of developing a rally cry, but when we stumbled upon it, it just clicked. A rally cry is meant to be the north star for your team, reminding them why you do the work that you do. In a lot of ways, it’s a distillation of your core values. The goal is to craft something motivational but concise. It should, as the name suggests, be something that people can rally around. Here’s mine: This is what we came for. This is something that I heard another runner say while he was running a 250-mile race. He was at a low point, something we all experience during long races. But through the pain and the struggle, that was his mindset. I thought that was incredible. We don’t run ultramarathons because it’s easy. We run because it forces us to push our limits. It drives us to reach new levels that we didn’t think were possible, and we do that through struggles. Working in property management is the same way. We don’t do it because it’s easy, we do it because it can change people’s lives. That same belief that drives me to keep running when I’m struggling at mile 53 is exactly what drives me during the difficult times at work. When we push ourselves, we grow. That’s what my team is here to do. Our brand promise The second element of our brand positioning project was a brand promise. Your brand promise is a clear statement to your customers that outlines what they can expect in terms of service, quality, and commitment. Here’s what we wrote: We go beyond managing properties—we are a trusted partner enabling you to build wealth through real estate. Our relationship with property owners isn’t a simple, transactional one. It has tremendous scope and magnitude, and a lot of people underestimate that. We’re coaches. We’re leaders. We’re advisors. And when we view that relationship as a journey, that’s when we can really add value. Owning a business—whether that’s a property management company or a real estate investment company—pushes you to the limit. Along the way, you’re going to become a different version of yourself, one you may not have known you could be. But that change in mindset is what unlocks the wealth-building power of real estate. That commitment and transformation is incredibly similar to my journey with ultrarunning, so it was just natural to use it as our brand promise. Writing your personal brand positioning When I sat down with my fractional CMO, Vince, to start drafting these brand elements, he pushed me to make them personal. He emphasized telling my story through my brand and making sure it’s completely unique. What I ultimately ended up with sits right at the intersection of who Mark Brower is and what service Mark Brower Properties delivers. Plus—and this is maybe the most important part—what impact we have on people’s lives Your rally cry and brand promise should embody who you are, and, more importantly, who you aspire to be. They should represent your highest calling. Ask yourself what you want to become and commit to that. Let it flow naturally Your brand needs to come organically, from the inside, not the outside. You can’t craft a perfect brand in a lab. It just won’t resonate. People will be able to feel that it’s artificial. In ultrarunning, you’ll hear a lot of runners say that they let the speed out. They don’t force it. They don’t push the speed out. They just allow it to happen, and it comes out freely. You need to take the same approach to your brand. You can’t sit down in a conference room and overthink your way into a strong brand. It isn’t about what’s good for the marketplace. It’s about the truth, and the uniqueness of you and who you are. So how do you find those pieces of you and your story that make up your brand? Ask the right questions. Look for the parts of yourself that are the most meaningful. What do you believe in? What do you want to achieve? What difference do you want your work to make in the world? Start asking yourself those questions and you’ll start to get at the heart of what’s important to you and your company. The challenge of self-discovery I truly believe that 80-90% of branding is embracing self-discovery and being open and vulnerable about your authentic self. Showing who you are at your core can be scary, but people will connect with it on a much deeper level than when you talk about the specific services you offer and how much you charge. It builds trust in an industry where trust is everything. You can’t make people care about what you say until they know you care about them. And how can they trust that you care about them if your real, authentic, vulnerable self isn’t showing up? The scariest part about this all is acknowledging that your business and services aren’t for everybody. When you build a company that’s very specific to who you are, some people are going to decide that it’s not a great match. And that’s okay. Leaning into that takes confidence and courage. It’s not an easy thing to do, especially if your business has been unbalanced, and focused on growth-at-all-costs in the past. But it’s essential to growing with purpose. You can’t please everyone all the time, and trying to do so doesn’t build a strong brand. Often saying no to one prospect is more important as saying yes to another. When you develop the courage and strength to embrace that, you’ll be more effective at the work you do. There’s no other you Remember, the more unique your brand is—and the more personal it is—the more it will resonate with people. When you’re developing a brand, you’re not positioning yourself against your competitors. You’re communicating who you are. Your goal is to get so good at understanding and communicating your brand that it resonates when people see it. The Rolling Stones didn’t do rock-and-roll. The Rolling Stones did The Rolling Stones. And that’s why they’re still selling out arenas 60 years later. There are other bands out there, but no one does what the Stones do as well as they do it. When I’m running with a couple of my friends, we know we’re not going to win these races. Let’s face it, we’re older than a lot of the other competitors, and we’re enthusiasts, but not professionals. But we’ll often joke with each other that we can definitely come in first in the category of over 40, over 6 ft, with a certain shoe size, based in Mesa, AZ, etcetera. And we’ll just keep narrowing down the criteria until we’re the only ones in it, so we know we’ll finish first. That’s what you want to achieve. If you do it right, no one can be who you are and do what you do. You will be number one in a category of one. You can’t compare my company to anyone else, you can’t compare my fees to anyone else, because my brand makes me unique. What makes you unique? Want to learn more about positioning your brand? Start with your core values. Watch this webinar that I recently did with Second Nature’s Andrew Smallwood on creating core values that matter.

Calendar icon March 11, 2025

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What is Tenant Retention and 16 Ways to Improve it

What is tenant retention? Tenant retention refers to the ability of property owners or managers to keep their current tenants renewing their leases rather than having them move out and needing to find new renters. In the world of property management, retaining tenants is often more cost-effective and efficient than constantly finding new ones. This practice not only ensures a steady cash flow of rental income but also reduces expenses associated with vacancies, marketing, and new tenant screenings. To maximize tenant retention, you need a combination of value-driven services, proactive management, and strong tenant relationships. In this guide, we'll delve into 15 top tenant retention strategies. Second Nature's Outlook: "Tenant turnover” is an industry term used from time to time. But we here at Second Nature are trying to evolve the word "tenant." We’ve seen the incredible work property managers do day in and day out to make renters feel like they’re so much more than just a tenant – they’re residents. Making renters feel like residents isn’t just philosophical, it also encourages them to invest in care for their home and add value to the property. This is why, at Second Nature, we prefer to call renters “residents.” Like you, we think of them as people first – making your property their home. 1. Offer a Resident Benefits Package It’s one of the biggest trends in property management for a reason! Offering a Resident Benefits Package (RBP) is a strategic move to elevate the overall resident experience. And nothing is more critical to tenant retention than their experience. An RBP typically bundles various services and amenities that cater to the modern tenant's needs and desires. This can range from convenience-driven offers like an air filter delivery service or move-in concierge to value-driven aspects like resident credit building and renters insurance programs. By incorporating such a package, property managers not only enhance the perceived value of living in their property but also position themselves as being attuned to the evolving demands of today's renters. That’s what makes an RBP such a significant differentiator in the competitive renter’s market, making tenants more likely to renew their leases and stay longer. 2. Address maintenance requests promptly When it comes to rental experience, property maintenance is a top priority – and, unfortunately, often a top pain point. One of the chief concerns for tenants is how swiftly and efficiently their maintenance requests are addressed. Quick and effective responses to these requests demonstrate a property manager's commitment to the well-being and satisfaction of their tenants. Delays or negligence can lead to a feeling of being undervalued or overlooked, pushing renters to look for alternative accommodations where their concerns might be treated with greater urgency. Moreover, swift repairs prevent minor issues from escalating into major, costlier problems. In essence, by prioritizing and promptly attending to maintenance requests, property managers not only ensure the structural integrity and safety of their property but also build trust and rapport with their tenants, encouraging longer stays. 3. Incorporate a Renter’s Insurance Program Offering or even mandating a renter's insurance program is a proactive measure that benefits both property managers and tenants. This insurance covers tenants' personal belongings in cases of theft, fire, or other unexpected events, granting them peace of mind. For property managers and owners, it offers an extra layer of protection, as tenants are less likely to pursue claims against the property for personal loss. Additionally, when damages or accidents occur that aren't the property owner's responsibility, having an insurance policy ensures that costs are covered without disputes. For owners, it protects their property and protects them from financial losses. They can also often get lower premiums on their own insurance if they can prove their renters are covered with their own policies. Second Nature addresses this benefit by offering a renter’s insurance program as part of our RBP. 4. Focus on security In today's evolving risk landscape – with digital threats, increasing weather risks, etc. – ensuring tenant safety should be a paramount concern for property managers. In turn, tenants are more likely to stay in a property where they feel safe and secure. By installing high-quality security systems, surveillance cameras, weather safety plans, or generators, and by regularly updating and maintaining these systems, property managers can provide an environment where residents feel their well-being is prioritized. It's not just about the physical infrastructure either. Identity theft has surpassed home burglary in the level of threat to renters. At Second Nature, we provide $1 million identity protection as part of our RBP. That ensures that residents feel safe – and that their financial stability is protected. That, of course, protects their ability to pay rent. A steadfast commitment to safety fosters trust and is a clear indication to tenants that their welfare is taken seriously, thus making them more inclined to renew their leases. 5. Offer incentives We all like a nice incentive now and then! Incentives play a pivotal role in tenant retention, acting as a value proposition that goes beyond just the living space itself. For example: By incorporating a credit reporting program, property managers can incentivize on-time rent payments, helping tenants build a positive credit history in the process. This not only promotes financial responsibility but also offers a tangible benefit to the tenant. Lease renewal incentives, such as discounted rent for the first month of renewal or free amenity usage, further encourage tenants to stay longer. Incentives create win-win solutions where tenants feel they're receiving added value while the property manager and owners benefit through consistent occupancy. 6. Offer Group Rate Internet The vast majority of renters today already pay for internet access in their homes. It's one of the most highly adopted services among renters, and for many of them it's an absolute necessity. With Group Rate Internet, you can integrate internet service directly into your leases. Residents no longer have to try to coordinate their internet contract with their lease term, and they can wave goodbye to hidden setup, cancellation, and equipment fees. Plus, thanks to negotiated rates, you can offer gigabit-speed service at a lower price than residents could get elsewhere. It's a clear win-win, and it's just one more benefit that will keep residents happy and increase their likelihood of renewing their lease. 7. Implement a rewards system Building a robust tenant relationship goes beyond addressing their needs; it also involves rewarding their loyalty. Programs in other industries maximize this type of value – think of Starbucks Rewards or Delta SkyMiles. A Resident Rewards program is similarly a strategic approach to foster customer satisfaction and long-term loyalty. Unlike direct incentives, these rewards programs offer points or credits for consistent on-time payments, renewing leases, or even care for the property. Over time, these points can be redeemed for tangible benefits or perks like gift cards, discounts on amenities, or special privileges within the property. By providing a continuous system of recognition, property managers can cultivate a positive tenant culture, making residents feel appreciated and thereby more inclined to renew their leases. Such a system also nudges tenants to adopt behaviors beneficial to both them and the property management, leading to a harmonious rental ecosystem. 8. Conduct regular inspections Regular inspections are a cornerstone of proactive property management and are essential for maintaining tenant satisfaction. By periodically assessing the condition of a rental property, managers can identify and rectify potential issues before they escalate. Whether it's a minor leak or wear and tear, addressing them early on reduces long-term maintenance costs and demonstrates a commitment to providing tenants with a well-maintained living space. Furthermore, these inspections offer an opportunity for open communication with tenants, understanding their concerns, and building trust. While it's crucial to respect a tenant's privacy by giving proper notice and scheduling at convenient times, these inspections emphasize the property manager's dedication to preserving the property's value and ensuring resident comfort. 9. Update and renovate In the competitive world of rental real estate, properties that remain stagnant quickly lose appeal. By making periodic updates and renovations, property managers can significantly enhance the rental's desirability and rental rates and keep it aligned with current housing trends. Whether it's a modern kitchen makeover, a bathroom upgrade, or simply a fresh coat of paint, these changes can breathe new life into a space. Not only do renovations increase property value, but they also communicate to tenants that their living experience is valued and considered. Tenants are more likely to renew their leases when they see active efforts being made to improve their living environment, ensuring they always feel they're getting the best value for their money. 10. Offer On-Demand Pest Control One of the fastest ways to sour a tenant's experience? Leaving them to deal with unwanted pests. It also might put you or the owner at risk of legal action, depending on the state. Whether it's ants in the summer or mice in the winter, pest issues can quickly escalate if not addressed immediately. By offering property management pest control as part of the tenant package, property managers demonstrate a proactive approach to potential issues and ensure that tenants feel their well-being is a top priority. This service minimizes the likelihood of recurring pest problems and showcases a commitment to maintaining a clean and habitable environment. It’s also a better ROI than preventive sprays that don’t necessarily address real issues. On-demand services ensure that actual issues are addressed as soon as they pop up (or crawl out!). Tenants will appreciate the quick response and effort to ensure their comfort, further solidifying their decision to stay long-term. 11. Include valuable services like Filter Delivery Property managers know that it’s often the small touches that leave a lasting impression – and nip bigger problems in the bud. One such valuable service is offering filter delivery. Regularly changing air filters not only ensures a healthier living environment by improving air quality but also boosts the efficiency of heating and cooling systems, saving significantly on energy bills. In fact, a study by the National Rental Home Council (NRHC) found that filter delivery could reduce costs by up to nearly 80%. By offering filter delivery, property managers remove a common chore from the tenant's list, demonstrating attention to detail and a commitment to their comfort. This proactive approach to maintenance, coupled with the convenience of direct-to-door delivery, can enhance the overall resident experience, making them more inclined to extend their lease. 12. Offer a Move-in Concierge The moving process can be one of the most stressful experiences for new tenants, filled with a myriad of tasks and uncertainties. In fact, most renters have already made their decision to renew or not within the first 30-60 days. By offering a Move-In Concierge service, property managers can significantly ease this transition. This service assists new residents with tasks like utility setups, mail forwarding, local service recommendations, and even scheduling movers or rental equipment. Beyond just the practical help, a Move-In Concierge communicates to the tenant that their comfort and smooth transition are a priority. This initial positive experience can set the tone for the entire duration of the lease, making tenants feel valued and well cared for from the outset. Related: How to Write a Tenant Welcome Letter + Free Template 13. Use digital solutions It’s just the reality of 2023 and beyond: Tenants expect digital convenience. Whether it's online rent payments, a tenant portal for logging maintenance requests, or virtual property tours, embracing digital solutions can greatly enhance the tenant experience. These platforms not only streamline administrative tasks, reducing the possibility of human error but also provide a more responsive and efficient service to residents. For younger generations especially, the ability to manage their tenancy online can be a significant deciding factor in choosing a rental property. Property managers who keep pace with technological advancements in the industry not only improve tenant retention but also position their properties as modern and forward-thinking. 14. Vet tenants thoroughly The process of tenant retention begins even before a lease is signed. By thoroughly vetting potential tenants, property managers can ensure they're selecting responsible individuals who are more likely to be great tenants – tenants who will respect the property, adhere to lease terms, and foster a positive community environment. This involves conducting comprehensive background checks, verifying employment and income, and checking references from previous landlords. By choosing good tenants who have a track record of timely payments and good behavior, you set the stage for a longer, more harmonious rental relationship. It's an investment in time upfront that can save countless hours and resources in the long run. 15. Seek feedback and act on it Among the best tenant retention tips: Tenant feedback is an invaluable tool for understanding what you're doing right and where there might be room for improvement. Actively seeking out tenant opinions through surveys, feedback forms, or simply open-door policies can shed light on aspects of property management that might otherwise go unnoticed. Of course, collecting feedback isn't enough on its own; the crucial step is to genuinely act upon the insights gathered. Whether it's a minor repair, upgrades, or better communication methods, implementing changes based on tenant feedback not only improves the living experience but also shows residents that their voices matter, fostering trust and encouraging longer tenancies. 16. Foster a strong property manager-tenant relationship The foundation of tenant retention often rests on the relationship built between the property manager and the tenant. This bond goes beyond mere transactions and lease renewals. It's about understanding, respect, and open communication. By being approachable, responsive, and genuinely caring about tenants' well-being and comfort, property managers can foster a sense of community and belonging. Regular check-ins, prompt responses to concerns, birthday or anniversary gifts, and occasional gestures of appreciation can make tenants feel valued. A strong relationship not only reduces the chances of tenants seeking a new place but also encourages positive word-of-mouth recommendations, benefiting the property's reputation and bottom line. Tips for successful tenant retention program At the heart of tenant retention is a simple yet profound realization: tenants, much like any consumers, are looking for value, ease, and assurance in their choices. When it comes to exploring the topic of tenant retention meaning, for us, it’s all about the resident experience. The key question for tenant retention is simply: “How do we create an experience so good that residents never want to leave?” Answering this question helps property managers identify exactly what residents are willing to pay for and stay for. Here are a few tips for approaching the resident experience. Get a much more in-depth look at it through our 2023 State of Resident Experience Report. Focus on convenience: Today's residents value convenience more than ever. Be it quick maintenance solutions, easy-to-access amenities, or streamlined communication, the easier you make life for your tenants, the more likely they are to stay. A resident benefits package or on-demand services are ways to weave in this convenience. Embrace digital transformation: The digital age has transformed tenant expectations. Online rent payments, digital lease signings, AI-powered helpdesks, and smart home integrations are just a few avenues where digitalization can significantly enhance the resident experience. Aim for the Triple Win: True success in tenant retention is realized when all parties involved – the residents, property managers, and owners – feel they're gaining value. Implement strategies where each party stands to benefit, ensuring harmonious, long-lasting relationships. By grounding your tenant retention program in these principles, you not only meet resident expectations but often surpass them. How Second Nature helps with tenant retention Navigating the world of tenant retention can be intricate, but Second Nature simplifies the journey. Our comprehensive Resident Benefits Package (RBP) is meticulously designed to cater to modern tenant needs, offering unparalleled convenience and value. By focusing on strategies that drive resident satisfaction, Second Nature ensures both property managers and owners achieve higher tenant retention rates. Embrace the RBP, and witness the transformative impact it brings to your property management endeavors.

Calendar icon March 7, 2025

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Leading with your Logo: Why Visual Branding Still Matters

Mark Brower is the owner and designated broker of Mark Brower Properties. He has over 20 years of experience in property management and investing, and lives in Mesa, Arizona. Mark is a Second Nature Triple Win Mentor. A brand is far more than just designs on a page. It needs to be lived and carried out in everything that your company does. But your visual branding—including your property management logo, colors, website, and photography—are the physical representation of your brand. If you want to build a successful property management company, developing a logo and visual representation that exemplifies your personality and who you are as a company is essential. It cannot be skipped. It’s how potential new customers will identify and connect with you, so it’s worth the effort. A chance to make a good first impression You’ve heard the cliches about how you only get one chance to make a first impression. But when we look deeper at what that means, the stakes are actually even higher. When people intersect with your brand, they’re making huge judgment calls on very limited information in a short amount of time. They’re trying to make a determination on whether they can trust you, and in property management, they’re trusting you with one of the most important financial assets in their life. They’re looking at every single piece of evidence that they can possibly consume as to whether they can trust this new—very important—relationship. And they’re always looking for a reason to say no. Think about when you’re showing a home. Chances are, the resident who’s getting a tour knows within about two minutes whether they want to live there or not. They get a first impression, and if they see one little flaw that turns them off, they’re checked out. Your branding is the same way. So when you think about the visual representation of your company, you need to eliminate every flaw that you can, just like you would in a rental listing or home showing. Consistency above all else Yes, your logo is important, but it’s not the end all be all. The real value isn’t so much in how your logo looks, but in the consistency of how you use it. Consistency builds trust. When your audience gets used to seeing your logo and colors used in the same way across multiple channels, they feel more familiar with it. They get comfortable with you as a business. That’s why we put our logos on everything from swag gifts to pens and stationery. On the other hand, if you’re inconsistent about how you use it, you’re going to breed distrust. Just like your customer service delivery needs to be consistent, so does your visual branding Think about your team’s email signatures: even if the smallest thing is different across team members, it hurts that sense of trust. Someone receiving emails from three members of your team is going to be thrown off when all of their signatures are different. There are plenty of other places to build consistency, too. The photos of your staff on your website should be consistent. They should all be high quality, taken from the same angle, ideally with the same lighting and background. In an industry where people have a lot of options in who to work with, the slightest perception of mistrust can jeopardize your chance of working with a great client. So efforts toward brand consistency are never wasted. Attention to detail is vital All of these seemingly small branding elements add up to shape opinion. The details matter more than you’d think, and you can’t let them slip. Letting them slip carries much more cost than taking the time to get the right in the first place. Ideally, a potential client should look at your website and think, “Wow, if they’re this disciplined with these details on the website, they’re going to be disciplined about the work they do on my property.” Discipline and consistency around your visual brand also shape a baseline level of professionalism. I’ve seen more than one property management company who lets the details slide. As a potential client, I’d be thinking, “If you can’t put a logo on a PDF correctly, what are you going to do to my house?” You need to appear competent, capable, and professional so that people can trust you, and attention to detail is a big part of that. Some of the most successful entrepreneurs I’ve met get to a deep level of obsession over the tiny details until they get it right. That’s something I’ll be vulnerable about and admit I’ve struggled with. It can be hard to get out of the big-picture mindset of a business owner and really focus on the details. But you can’t afford not to. Your brand represents your value When you buy a physical product, you can actually hold it in your hand. You can look at it and see what, exactly, you got for your money. In a service-based industry, your customers can’t do that. Instead, they tend to fill that gap with the experiences that they’ve had with you and your brand. Instead of seeing something on a shelf, they remember their interactions with you and the way you represented yourself visually. In a lot of ways, your brand is a symbol of the value you provide. You need to adopt that mindset and lean into it. You need to be as consistent with your brand as other companies are with their products. There should be a quality assurance process to make sure that you’re nailing the details and presenting yourself consistently. Otherwise you’re jeopardizing your value. Add a personal touch to your visual brand Just because you want to keep consistent with your branding, that doesn’t mean it can’t evolve. After all, your company and your personality are always changing, so sometimes your brand needs to keep up. At Mark Brower Properties, we just visited our visual branding and decided to make some changes, including an update to our logo. Our old logo used block letters, but now the “Mark” in Mark Brower Properties has been redone as a hand-written version of my name. Our updated logo It’s very similar to how I write my name when I’m signing things. And it brings the personality and human aspect to the brand. It reflects who I am. In my experience, people are afraid to commit to being open and vulnerable about who they are. Too many small business owners feel the need to portray themselves as something that they’re not, rather than being honest. But the reality is that audiences really love when people are themselves. People do business with people, so when they see vulnerability and a personal touch, it goes a long way. Make sure that you’re consistent with your property management logo and your website, but even more importantly, make sure that they actually represent you. Final thoughts Look, I know what you’re thinking reading this. You have way too much on your plate to go analyzing everyone’s email signatures to make sure that the logos are the same size. I completely understand that. But at the same time, this stuff really is important. Think about it this way: in business, there are production tasks, and there are tasks that increase production capacity. Meeting up with a resident so they can sign a lease? That’s a production task. Implementing electronic signatures so you don’t have to drive out and meet the resident just to get a lease signed? That’s a task that increases production capacity. Branding is a task that increases your production capabilities. It helps build an engine that will bring more residents and more property owners in the door. And every small detail adds up. The benefits compound. And when done well, they help build an authentic, trustworthy brand that people want to do business with. Build your brand by managing your reputation Want to learn more about how to manage your business reputation? Watch Second Nature’s recent webinar with LeadSimple on reputation management.

Calendar icon March 6, 2025

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How to Get More Glowing Property Management Reviews

We live in a review-centric world. Whether you’re deciding what to watch on Netflix, what hotel to stay at on your next vacation, or what to order for dinner, you put a lot of faith in the opinions of others. Our industry is no different—property management reviews help residents and owners alike decide where they want to live and who they want to work with. Whether you like it or not, your success will be influenced by the reviews you receive. And, unfortunately, people are a lot more likely to leave unsolicited negative reviews than positive ones. So how can you start generating more positive reviews? Read on to learn just that, and how to leverage positive reviews to attract business and improve your business reputation. Why positive reviews matter Just as prospective residents will check reviews when deciding where to live, prospective investors will do their due diligence when hiring a property manager. That means reviews impact your business from both sides, doubling their importance. Influence on prospective residents Renting a home is one of the biggest decisions a person can make. For most renters, it’s not just where they’ll spend most of their time, it’s also the single biggest bill they pay every month. So they want to be sure they’re getting it right. Reviews are one of the most important ways that residents make that decision. In fact, according to a 2024 survey by Reputation, 81% of prospective residents consider reviews important when looking for a new home. On top of that, 55% require a property to have at least 4 stars to be considered, and 71% said negative reviews could deter them from even touring a property. Boost your property management reputation The good news is that reviews aren’t just a negative force. They can actually be a tremendous competitive advantage when they’re positive. Because so many prospective residents and investors are looking at reviews, they provide a single place to really boost your reputation. Focusing on obtaining positive reviews from happy residents can elevate your brand and help you stand out from the competition. Excellent for marketing purposes You can also take advantage of your positive reviews by spreading them across different channels. Yes, great reviews are an asset when people look you up on Google, but they should also be an asset across your website and social channels. Share positive reviews in your email newsletter, your pitch deck for new investors, your social media accounts, and more. Get the word out about how much your customers love you, because the more eyes you get on positive reviews, the better. When to ask for reviews Deciding to ask for reviews can feel like a big deal. You don’t want to feel like you’re pressuring anyone to do something they don’t want to do, and you want to make sure they’re truly delighted with you before they go talking about you publicly. Here are some great opportunities to ask happy residents for reviews. Move-in Move-in is a hectic time. There’s a lot in motion, which means there are also plenty of opportunities to delight your new residents, whether that’s with a move-in concierge, a welcome gift, or just a perfectly presentable home. Once you’ve gone the extra mile to help them settle in, consider sending a follow-up email or survey to see how their experience went. If they have good things to say, that’s a great opportunity to ask for a review. Catch them when they’re at their happiest to increase the likelihood of them singing your praises. After resolving issues Another great opportunity to ask for reviews is after resolving an issue or complaint that they had. Whether it’s a maintenance request, service issue, or something else entirely, you can ask for a review when you take care of it. Make sure that you’re still going above and beyond, either by making it up to the resident or by being proactive and communicating clearly. You don’t get points for doing the bare minimum, so if you’re going to ask for a review, make sure you’ve earned it. After making upgrades Upgrades are the kind of proactive service that really delights residents. When you’re making their home better, they’re more likely to view you positively, so take advantage. Use these opportunities to ask for reviews on your business profiles. During lease renewals Lease renewals are another natural time to ask for feedback. If someone’s choosing to renew their lease, that means you’re doing something right. Take the opportunity to ask for a review of their time with you so far. It won’t feel out of place to the resident, and you can bake it right into your renewal process so it’s fully automated. Move-out Move-out is another natural point in the resident lifecycle where a review makes sense. At the very least, it’s a great opportunity to ask for private feedback in a survey. That way you can learn what’s working well, what’s not, and why they’ve chosen to move. They may be perfectly happy with you, but they’re relocating, moving in with a partner, or purchasing a home. When you’re parting amicably, it can be a great time to encourage them to leave a review. It always helps if you attach the request to a more altruistic thank you letter during the move-out process. Running a review-generating campaign Aside from these opportunities, it can be worthwhile to run the occasional dedicated campaign to generate more reviews. To do it right, you’ll have to set a clear goal, select what platform to use, and incentivize your residents to participate. And, if you want the campaign to be manageable and not take up all of your team’s time, you’ll want to automate as much of it as possible. Set clear goals As with any business project, you have to start with a clear goal. You want to be sure that your goal is specific and measurable so that you can objectively track whether or not it was successful. For reviews, you may set your goal a few different ways: Gather 10 new 4- or 5-star reviews Shift our overall average score from 4.5 to 4.7 Double the number of reviews on our page Your exact goal and how you structure it will depend on your individual business needs, so make sure it’s specific to you. Choose the right platforms Next, you need to decide where your customers will be reviewing you. Yelp is synonymous with business reviews, but Google Reviews plays a more important role than ever, and Facebook is important to reach key demographics. Yelp: Established in 2004, Yelp is a pillar of the internet. While it may be less popular than it once was, it still ranks highly in search results and serves certain geographic areas well. However, Yelp has a strict no-solicitation policy, so it may not be a good option for a campaign asking for reviews. Google Reviews: Google Reviews’ strength is its integration with Google Maps. That means that when someone searches Maps for a local property manager, they’ll immediately see your Google Reviews. You can also integrate your reviews into ads, and gain organic search benefits on the world’s largest search engine. Facebook: Facebook has a very useful review tool as part of its business pages. Because users can find your page—and therefore your reviews—organically, this can really help increase visibility. However, Facebook serves a changing demographic. Younger people are less likely than older generations to use Facebook, so if you’re targeting young first-time apartment renters, it may not be a great option. But it still holds up if you’re targeting families for single-family home rentals, for example. Incentivize participation Some—including Google themselves—may not find it ethical to offer incentives for positive reviews. In fact, Triple Win Mentor Mark Brower strongly agrees that you should never bribe someone for a positive review. However, you can offer perks or rewards for honest, sincere reviews, even if they aren’t perfect 5-stars. You don’t want the process to feel transactional, so incentivize participation, not specific opinions. If you do run an incentive program, make sure to disclose that on review sites, or else risk violating terms of service. Incentives can be as simple as gift cards or entries into a raffle. For example, you can award one lucky winner a discount on rent or free perks. Just make it abundantly clear that the contents of the review won’t dictate who wins the reward. Automate requests Finally, in order to keep your program scalable, be sure to automate as much of it as possible. Set up automatic email or text message notifications at the key moments we outlined earlier. Bake review requests into your move-in, move-out, and maintenance processes so that you maximize the chances of getting those sweet, sweet positive reviews. Leveraging positive reviews As outlined before, reviews have maximum impact when you leverage them across different platforms. Let’s take a look at some of the different ways you can put reviews to work. For marketing The customer voice is marketing gold. Leveraging reviews in marketing activities like social media, email newsletters, and your website can help get more eyes on your customers’ positive words. Social proof is vital to building trust with a prospective resident or investor, so use it liberally. When a reviewer sings your praises for you, that’s less work for you to do yourself. For advertising vacant properties Rental listings are another opportunity to get your reviews out into the world. A five star review on a vacancy listing can help you stand out and catch the eye of a prospective resident. Plus, when someone visits a listing, you know that they’re actively looking for a place to live, so you’re catching them in a moment of decision. This can make all the difference between a top resident submitting an application or scrolling right on by. To attract new investors Residents aren’t the only ones looking at reviews. Prospective investors want to see that you’re running an effective, high-quality business, and that you’re selecting great residents and treating them well. Why would they entrust you with their investment if your own residents don’t like you? Positive scores on Yelp, Google, and Facebook can actually boost the perceived value of your business, making owners more likely to hire you. Best practices for asking for reviews If you’ve never done it before, asking for reviews can seem intimidating. In reality, there are a few key steps you can take to simplify the process and get great results. Ask for feedback Gathering feedback is essential, not just because it helps you understand your business better, but because it helps you build a better resident experience. You should make this very clear to your residents; if they know your feedback surveys and reviews are actually put to good use, they’ll be more incentivized to provide their opinions. Show them specific changes you’ve made in the past based on resident feedback, from improving customer service to adding amenities. This will increase the likelihood that they’ll give their honest perspective. Make it easy No matter how incentivized a resident is, if the process isn’t easy, they’re not going to follow through. That’s why you have to streamline things as much as possible, and remove roadblocks to participation. If you have an office or are using printed materials, make sure to include QR codes so that residents can quickly access your survey. If you're reaching out via email or text, use direct web links. Either way, make sure that the survey is mobile-friendly. Over 40% of all U.S. web traffic now happens on mobile devices, and that’s higher among young people. If you aren’t offering a mobile-friendly page, you’re going to fall behind. Follow up It’s also important to know that just one request may not be enough. While you don’t want to pester your residents, it’s worthwhile to follow up with them if they don’t leave a review. There’s a good chance you caught them at a bad time the first go-around, or that they just got busy and forgot. Make sure you’re giving them another chance to give their feedback. To avoid feeling like a bother, make sure to set the expectation upfront that you’re going to be following up. When you send your initial request, let them know that you’ll check in if you don’t hear from them, and be specific about the timeline of events. Respond to reviews Responding to reviews is also key. Not only does it show readers that you’re paying attention and taking feedback seriously, it also creates opportunities to generate positive outcomes. If someone leaves a positive review, thank them sincerely. If they have negative feedback, show honest concern and offer to make things right by improving your service. That might require following up to get more information, but it’s worth the extra effort to delight a previously-unhappy customer. Get glowing reviews with Second Nature If you want to delight your residents and generate positive reviews, a Resident Benefits Package from Second Nature can go a long way. From credit building to pest control and identity protection, our RBP provides a better rental experience for residents. If you’re interested in learning more about how an RBP can elevate your business reputation, request a demo and hear directly from a member of our team.

Calendar icon March 4, 2025

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Your Brand Isn’t Up to You, It’s Up to your Audience

Tony Cline has over 20 years of experience in property management. After purchasing a real estate and property management brokerage in Denver, Colorado, he spent more than two decades as managing broker. Today he's focused full time on his work as a Property Management Success Coach. Tony is a Second Nature Triple Win Mentor. Think of your brand as your company’s personality. You probably have a pretty good sense of what your personality is like. But if you asked all the different people you know—your spouse, your friends, your coworkers, the cashier at your local grocery store—they might not all say the same thing. Not to get too philosophical, but the truth is, every person that knows you knows a different version of you. In your mind you’re the same you, but because everyone has had a different set of interactions with you, they each perceive you differently. That’s exactly what happens with your company’s brand. You may work hard on what you want your brand to be, but it’s ultimately up to the people who are having those interactions with you to decide who you are and what it is. Consistency is key The people closest to you probably know you better than anyone, especially if they’ve known you a long time. The more interactions you have with someone, the more complete their picture of you is. In the same way, the more your audience is exposed to your brand, the more familiar with you they are. But the important thing isn’t just to get in front of your audience over and over with as many messages as possible. Instead, you want to be as clear and consistent as possible with the same message. People feel comfortable around you when they know what to expect. They don’t want to be walking on eggshells, trying to guess how you’re going to behave or what you’re going to say next. Unpredictability doesn’t beget strong relationships. With your brand, your goal is to try to unite all of the many different audience perceptions as much as possible. You want to deliver the same messages, services, and core values in all interactions. When you repeatedly live out your brand and values, your clients, customers, and prospects will start to see you for who you really are. You may not be able to control their perceptions entirely, but you can certainly influence them. You can control your branding, not your brand perception There are certain elements of your company that you do have control over. One of those things is your branding—the name, logo, colors, and other visual elements that you use to represent your company. Most of these branding elements are just scratching the surface of what a brand truly is. Because of that, in many ways, your logo and your name do not matter. On the flip side, they matter immensely. And yes, both of those things can be true. If you’re providing good service and value in the market, and you have brand momentum, most people are not going to care what your company name is, what your logo looks like, or what colors you use on your website. But in order to get that momentum and buy-in, you have to have a strong story. You need something for them to grab onto, believe in, and understand. And that story should be reflected in your visual branding. A few years ago I was on the road traveling, and I decided to stop at a sandwich shop for lunch. The outside of the store had an intricately painted sign with classic colors and a striped awning. It looked like exactly the place where you’d get a great sandwich. But when we stepped inside, the visuals were all different. The signs indicating where to order and where to pick up your meal were completely different from the signs outside. The logo was different, the font was less formal—almost bubble letters—and the color was just a slight shade off. Neither set of visuals was wrong, per se, but they were definitely inconsistent. I had no idea what to actually expect from the meal. In the end the sandwiches were good, and if I were a regular I wouldn’t care about the branding. But because they hadn’t built that trust with me yet, it was off-putting. So make sure that your visual branding is strong, consistent, and representative of your company, but understand that brand goes far beyond that. Narrow your audience and your messaging I hate to sound like a broken record, and I know I’ve written about target client profiles before, but they’re an essential part of developing a consistent brand. If you’re trying to make sure that you’re being consistent with your messaging, you also have to be consistent about who you’re messaging to. If you try to be all things to everybody, you’re going to be nothing special to anybody. But if you develop strong messaging for a narrow client profile, you’re going to be more consistent with how you’re perceived in the market. Tracking your brand perception I spend a ton of time working with my clients on KPIs to make things measurable. Brand perception is one element that’s extremely difficult to make measurable and actionable. There are plenty of frameworks for brand perception mapping, but those don’t measure brand objectively. There are others who lean on satisfaction surveys and customer feedback to gauge their brand. In my opinion, those aren’t a great way to measure how you’re being thought of in the market. They can be really misleading. For example, you can provide someone great service, really delight them, and get a high net promoter score from them, but still be missing the mark with where you want to take your brand. It can be a challenging problem to solve. The way I like to look at this question is, of the leads that are coming in, how many of them fit our target client profile? In other words, when new potential clients reach out to you and are interested in your management services, how many of them are the right size, geography, financial makeup, and goal orientation? If you’re attracting more and more qualified opportunities, you’re doing a great job hitting your brand. The messaging is working and it’s reaching the people you want to attract. On the other hand, if you’re attracting a lot of leads that aren’t in your target client profile, you may need to reevaluate how you’re presenting yourself in the market, because clearly something isn’t working. If you’re truly effective in how you position your brand, most of those misaligned clients will weed themselves out and realize that it’s not going to be a great fit before they even reach out to you. What about when it goes wrong? No matter what, eventually you’re going to slip up. Something will go wrong, a mistake will be made, and your clients might see a side of you they weren’t expecting. You might spend your whole life trying to stay buttoned up every day and prove to your neighbors that you’ve got your life in order. But one day, you’ll walk out to get the newspaper in your pajamas with terrible bed head, and someone will see you. The illusion will be shattered. The same thing happens with brands all around the world, in every industry. You might send out an incomplete email to your customer list by accident, or you might drop the ball on a maintenance order and leave a resident in the lurch. Especially in property management, mistakes are inevitable. As I always tell my clients, I’m not upset when something happens. I care about what happens when something happens. In other words, it isn’t the mistake that really matters to me, it’s how you act in response. I want every one of my clients to know how to respond to negative interactions. You should always make sure that you: Fix your mistake Clarify what went wrong and why Uphold your brand Deliver the level of service your clients expect and deserve Make meaningful changes to process or policy to make sure you don’t make the same mistake again The goal is to meet the expectations that you set for your clients, hold true to your commitments, and deliver service in the way that you want your brand to be perceived. Final thoughts Your brand is like a garden. You either plant and sow the seeds of what you want to grow, or something else is going to grow in their place. Part of your job as a business leader is to make sure you’re planting the right seeds and continuing to water them. Want to learn more about managing your brand perception? Check out our recent webinar with LeadSimple.

Calendar icon February 27, 2025

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Why Client Customer Service is Key to Brand Perception

Tony Cline has over 20 years of experience in property management. After purchasing a real estate and property management brokerage in Denver, Colorado, he spent more than two decades as managing broker. Today he's focused full time on his work as a Property Management Success Coach. Tony is a Second Nature Triple Win Mentor. Your brand is the way that your audience thinks and feels about you. In this industry, one of the most effective ways to shape those thoughts and feelings is through your property management customer service. Your job is to decide who you’re serving and how, and then to do that in the best way possible. When you emphasize your quality of service and expertise, you can build a strong brand to set you apart from the competition. Leaning into your authority I firmly believe that you can’t deliver great service unless you lead from a position of authority. When someone hires you as a property manager, they’re giving you jurisdiction to make decisions on their behalf. They’re hiring you because you have a level of expertise and experience that they don’t. Part of your job—and I’d consider it a core responsibility, if not a full-fledged obligation—is to confidently step into that role of expert. When you take on a new client, you have to ask yourself, “do I want to be a high-level, functioning fiduciary, or do I want to take instructions and run errands?” You don’t go to the doctor and tell them what tests to run, what medicine to prescribe, and how to diagnose you. That’s because you’re the patient, and you’re asking them to lend their expertise and advise you. Great customer service isn’t just about doing what you’re asked. It’s about knowing what should and shouldn’t be done in the first place. As a property manager, you need to be confident in your ability to solve the problems in front of you, and to create systems that solve those problems both proactively and reactively. Define what problems you’re solving The truth is, you can’t have expertise and authority if you don’t know what specific problems you’re solving. And before you can truly identify the problems you’re solving, you first need to identify whose problems you’re solving. Different client types have different problems and different definitions of what good service means. That means that identifying your target client profile is an essential first step to providing quality service. It’s important to realize that you can’t be all things to all people and provide top-tier service to all of them. A jack of all trades is a master of none, so focus on what you’re truly good at and who you can best serve. There’s nothing wrong with that. If you walk into Cava or Garbanzo and ask for a burrito, they’ll probably tell you you’re in the wrong place. They might have some of the ingredients to cobble together a burrito, but it’s not going to be Chipotle, and it doesn’t make sense to try. The thing is, you know that before you walk in the door, because Garbanzo and Cava advertise themselves as Mediterranean, not Mexican. You have to do the same thing with your business. Garbanzo isn’t trying to sell to people who are looking for burritos, they’re selling to people who want high quality mediterranean bowls and pitas. Decide who your audience is and learn what their biggest problems are. Then you can start to get very specific about your area of service and tune out the rest of the noise. Using pricing as a behavioral correction & setting boundaries Setting boundaries is a core part of property management. Part of that is being able to tell your clients what services you do and don’t offer, and why. Remember, you’re the expert, so you get to define what your services are. From time to time you’ll run into a client who feels very strongly about having a particular service done, even though it’s outside of your standard offering. That’s when I suggest using pricing as what I call “behavioral connection.” Basically, you can either say “no,” or you can say, “yes, but it’s going to cost you.” By pricing special services at a very high rate, you actually help your clients realize what they truly value and what’s really a priority. It discourages them from insisting on service that, in your expert opinion, isn’t valuable. It also trains clients on what their relationship with you is going to be. You have to be willing and able to tell your investors no, because their actions and the things they request of you can undermine your ability to provide the important services effectively. Communication is key to property management customer service Communication is one of the core parts of your service offering. Being able to answer your investors’ questions, and prevent questions by proactively giving them the right information, is key. Communicating too little Early in my career, I used to only call property owners if something really bad happened. Basically, unless something exceeded the authorization amount I had already been given, I didn’t consult them, I just acted, and I had no check-ins or updates in between. I didn't want to involve them in every little detail, because that can quickly lead to co-managing a property with them. And, as I already outlined, you want to be the authority rather than just an order taker. The problem with this approach was that it didn’t allow for transparency. As a result, a lot of my clients didn’t actually see the work that I was doing or the value that it was bridging. So when it was time to renew our management contract, a lot of them were asking what they were paying me for if managing their property was “so easy.” Communicating too much As my business matured and I learned some of those harsh lessons, I started to lean on technology and automation a lot more. Instant notifications let my owners know when maintenance requests came in, when rent was paid, and everything in between. The problem then became overcommunication. My clients were getting more than they actually wanted. The vast majority of landlords already expect and assume that rent will be paid on the first of the month. They don’t need to be notified every time it happens. And they definitely don’t need to get notifications about leaky faucets or squeaky hinges. That’s just going to make them concerned that you’re not doing your job. Automation tools definitely have their place in property management, but overcommunicating can be damaging. The more you involve your client in real-time decision making, the lower the quality of service you can provide, because you’ve given up your position of authority. Finding the balance The big challenge is learning what types of issues are worth communicating about, and which should just be handled without consulting your investors. My team sat down and looked at the full resident lifecycle to figure out all of the touchpoints where communication is critical. It turns out, the places where communication is most important are the ones that have a lot of emotion attached to them; expensive appliance replacements, evictions, lease turnovers, etc. Whatever touchpoints you decide are important to communicate, make sure that you set expectations up front. Your clients should know when they’ll be getting notified and what kinds of updates are worth reaching out about. When in doubt, focus on making statements rather than asking questions. Exercise your authority as part of your brand As I said at the start of this article, your brand is how you’re perceived. That means that your brand is: Whether you’re trusted to make smart decisions Whether you’re seen as an expert Whether your level of service is considered valuable Whether you’re looked at as an authority on management Your brand is every interaction that your clients have with you. Every time you make the decision to go beyond your authorized spending amount—because that’s what you need to do to deliver a superior level of service—that’s impacting how your owners view you. On the flip side, every time you ask an owner’s approval for something they think is trivial, that’s negatively impacting your brand. If you lean into your expertise and authority, you can deliver superior service and show clients and potential clients that you’re smart, dedicated, and trustworthy. Lean on public communications To build your brand publicly, start creating content that shows your expertise and the value that you deliver. Use videos, blog articles, newsletters, and social media to tell the stories of the problems you’re solving behind the scenes. Show your clients that, even if they aren’t hearing about it, you’re doing important work for someone in your portfolio each and every day. Make sure that the value you’re highlighting across channels focuses specifically on your target client profile. Your goal is to illustrate that you have expertise in the challenges faced by your chosen audience. That’s how you build a true brand that resonates with your clients. Interested in learning more about developing your property management brand? Watch our on-demand webinar on developing a brand positioning statement.

Calendar icon February 20, 2025

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How to Write Your Property Management Company Core Values (Examples and Best Practices)

Mark Brower is the owner and designated broker of Mark Brower Properties. He has over 20 years of experience in property management and investing, and lives in Mesa, Arizona. Mark is a Second Nature Triple Win Mentor. People buy who you are, not what you do. You need to lead with who you are as an individual and as a company, rather than just the services you offer. Developing, sharing, and living out your core values is vital to showing your potential clients that you’re genuine. Your core values don’t just define your property management company's mission and culture, but also how you interact with both residents and owners. Let’s dive into some tactical ways that you can create effective core values, and along the way I’ll share some of my experiences writing core values for my own property management company. Understand the purpose of your core values Your core values underpin your property management company’s mission and vision. When done well, they guide every decision and action that your company takes, across policies and processes, team members, and client agreements. When everything rolls up to a strong set of values, you can make more consistent decisions and run a more effective business. The vital factor here is that they can’t just be something you write and then tuck away in a drawer. You have to live them every day in everything that you do. How many core values should a company have? Whenever business leaders try to write core values for the first time, they inevitably want to know how many they need. This is a question that, for a long time, I struggled to answer. It’s always bothered me that, in the hierarchy of things we believe in and value, we have to draw a line somewhere to say, “These are the things we care about, and the rest don’t make the list.” As a business owner, I have dozens of things that I care about and believe strongly in, so why narrow it down to just a short list? It’s important to get very specific about your core values because they’re a reflection of who you are as a business. For that reason, they should show the things that you currently do, rather than being aspirational. Having a manageable number of values also helps make them more memorable, which makes it more likely that your team members will keep them top of mind and embody them in their daily work. In psychology, there’s a theory that people best remember lists of five to nine items. I’d recommend using this as a guide for how many core values to develop. The good news is that the values that don't make the list can still be important. You don’t have to completely abandon all other beliefs and values just because they aren’t core values. Core values vs. Brand Principles One thing that helped me come to terms with a more limited list of core values was understanding the difference between core values and brand principles. When I started working with a fractional Chief Marketing Officer in 2024, we worked on clarifying that difference. Core values are often somewhat abstract. They’re character traits or belief systems. On the other hand, brand principles are the tactical ways that you bring those core values to life. They describe how you manifest your core values. Some of my company’s brand principles include: Own the outcome Highly responsive communication Exceptional service Transparency These are clear ways that we can live out our values, but they aren’t core values themselves. We’ll get deeper into my company’s core values later. How to write your company core values So how do you actually get to writing your core values? Several years ago I had the opportunity to join a small entrepreneurship group, and one of the activities we worked on together was writing our core values from scratch. Here’s how we did it. 1. Brainstorm core values The common starting point for core values is to brainstorm a list of potential words or short phrases, then group similar ones together. For example, honesty, integrity, and truthfulness might be grouped. I recommend taking a slightly different approach. To start brainstorming, take inventory of the people in your life who you most admire and most respect. Ask yourself why you respect them so much. What about them makes you trust and admire them? On the flip side, think about the people who bother you, or rub you the wrong way, or don’t come across as trustworthy. What about their behavior makes you feel that way? Use those traits and behaviors as the basis for your core values. I like this approach because it’s not just looking at the values, but also the antithesis of those values. It gives you better context and substance so that you really have a well-rounded perspective as you write. Consider ChatGPT I also think that large language AI models can be really useful, not in giving you your specific core values, but in helping you along the way. You’re obviously not going to ask, “What are some good core values for a residential property management business?” Instead, come up with a sophisticated prompt. Ask the tool to walk you through an exercise to clarify your core values. For example, “The outcome of this exercise is that I will have a list of 6-8 most important core values that can be a useful framework for hiring and firing decisions and employee reviews. I work in the residential property management space. Please ask me a series of questions to help me uncover what my core values are.” This can replace a lot of the process pieces of traditional brainstorming methods, and help you find your values faster. 2. Narrow your list Once you have your brainstorming ideas grouped, you should identify the single word or phrase from each group that best describes your company. After you’ve got just one word or phrase per topic, it’s time to make the tough decisions. This is where you have to decide what’s truly most important to your business, and, as I said before, tease out what’s actually a value versus what’s a business principle. 3. Write your core values Here’s where you want to actually define the meaning of each core value. You want them to be clear and concise so that everyone in your company can easily understand them, including the behavior that’s expected from each. I strongly believe that phrases, rather than words, bring color, texture, and meaning, which will help your staff truly grasp them and live them out. Who should be involved? I am a strong believer that diversity of opinions drives better outcomes. Even when it means slowing down a project, I think getting a lot of opinions is worth it for the improved outcome. That said, with values, there’s no room for diversity. There can’t be tolerance for team members who aren’t aligned on values, or else the values lose meaning. As a leader, I am the keeper of the values. Part of my job is to make sure that everyone on my team is aligned and believes in the values. They can’t be designed by committee. The one place where it is very helpful to get input is in the brainstorming phase. Your team members will often have a better sense of what values you’re actually embodying, which can be hugely informative. Remember, the truth is what we do, not what we say, so it’s valuable to get opinions on the values that you’re currently living out. Perfect is the enemy of done One pitfall that I often see in small businesses, both across the board and with values specifically, is perfectionism. This is especially true for founders and entrepreneurs, and it was definitely true for me. I spent weeks and months thinking through my values, revising them, and trying to perfect them. The truth is, you need to accept that your values are going to get about 70-80% of the way to perfection, and not second guess them. Overanalyzing can be devastating, because it only delays the process. You should find a framework that works for you and stick to it, rather than adding revision after revision at the end of the process. Best practices for writing core values for a property management company In truth, your core values should always be a reflection of who you are and how you run your business. Don’t pretend to be someone you’re not. Be who you are right now, not what you think your audience wants to see. Your value stems from who you are, and you should lead with that authenticity. Here are some ideas that might help inspire values that align with your business: Focus on how you create value: If your company is truly focused on resident experience, for instance, that's something you want to be represented in your values. Reflect transparency: Does your company put a heavy emphasis on being totally open with what happens when things go wrong? If so, consider having something about proactive and vulnerable communication. Display competence: Are you engaged in the right routines to stay on top of the industry trends and acquire the best tools to serve your clients? This could inspire some of your values. Encourage diversity of perspectives not diversity of values: Be inclusive of different perspectives in most areas of your business, but when it comes to values, don't budge. Get them right and hold the line on who you are. Property management company core values examples In some ways, I hesitate to share my company’s core values directly. That’s not because they’re particularly private—in fact, we publish them directly on our website (as should you). What gives me pause is that I don’t want you to be influenced by my core values at the expense of being genuine with your own. That said, if you’re looking for an example of property management core values, here they are: Speed of trust: We believe trust is built through transparency and reliability, ensuring swift and honest communication Integrity: Honesty and ethical practices form the foundation of our business relationships Reliable: You can depend on us to manage your property with care and precision Humility: We approach our work with humility, wanting to learn and grow, open to new ideas and uncovering blind spots Partnership: We foster long-term relationships based on mutual respect and shared success, working closely with our clients, tenants, and community. I developed these as a second round revision of our core values, about seven years after writing our first set. With a new fractional CMO and a company that had evolved significantly, it felt like the right time. Reviewing and refining your core values I think it’s healthy and important to revisit your core values from time to time. We often see core values as being written in stone. In reality, changing them over time doesn’t mean that you’ve somehow lost your way, it just means you’re keeping a pulse on your identity. In fact, you should always be evaluating whether your values are still true to who you are. It’s always beneficial to the business to have a mindset of questioning things and looking at them from new angles. If that leads you to revise your core values, then all the better. But to me, the process is as important or more important than actually updating things. The discussion and engagement are key. This is another good opportunity to involve staff in the review process, because you can get a better sense of how much they understand and embody those values. Living your values Your core values should inform everything you do. You need to instill a culture where everyone at the company is true to the values, no matter what. You’re not going to convert someone to your core values after you hire them. Hire for core values and go from there. Similarly, if someone on your team doesn’t align with the company’s values, it may be time to reevaluate whether it’s a good fit. Whenever you have feedback sessions and performance reviews, you should be considering your values. You need to constantly review whether your behavior—both as individuals and as a business—manifests your values, or doesn’t. If not, it’s time to make some changes. We’ve recently been revising our policy manual. As we’ve done that, we’ve had our core values up on the screen so that we can look at every single policy we have and say, “does this truly align with our values?” If not, then why is it a policy? How can we rewrite it to make it more in line with who we want to be? If a core value or brand principle conflicts with a policy in any given situation, the winner is the brand principle or the core value. I was recently visiting the offices of a company I work with and I saw on the wall a laminated piece of paper. It looked something like this: It was a table, and down the left side it listed the company’s core values. Across the top was a ranking system from “Doesn’t display values at all” to “very much displays values”. And in each box on the grid, they had written specific examples of what kinds of interactions you would have that represented each value well or poorly. It was extremely clear and extremely powerful, because it showed exactly what the behaviors look like. It was a perfect illustration of how your core values take shape in each and every little interaction that you have. Who is this really for? A lot of property managers are struggling just to tread water. Especially for smaller or newer companies, that just comes with the territory. So you might be asking, “Hey, I barely have time to make coffee in the morning, never mind enough time to write core values. Does this whole thing even apply to me?” The answer, to me, is that it depends on where you want to go. In my opinion, any company who wants to continue to grow and hire new team members needs to prioritize core values. If you’re a sole proprietor with a couple of assistants, 100 to 150 doors, and no plans to expand, maybe you don’t need to go through this exercise. In a lot of ways, when you’re a team of one, your core values live within you. You may not need to write them up. The benefit of clarity isn’t as high when you don’t have staff. On the other hand, if you want to grow to 400, 500, or 1,000 units under management, it becomes increasingly important to clarify and clearly articulate what your core values are. Part of the recipe for having a very successful property management company is having clarity on core values and brand principles. The larger the organization is, the more intentional you have to be on how they’re articulated. Make your company core values Second Nature Remember, the key point here is the craft values that resonate with your staff and your residents, and that will help to strengthen your brand. It’s about being genuine and sincere, not being someone you’re not. If being resident-centric is one of your core values, consider how Second Nature’s Resident Benefits Package can help demonstrate your commitment to a positive resident experience.

Calendar icon February 18, 2025

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6 Property Management Skills for Success

In the high-stakes world of property management, professionals are constantly juggling a multitude of responsibilities. Developing your property management skills, from resident relations to financial acumen, can help you excel. The pressure is immense, and it's no wonder that over 25% of real estate property managers (PMs) are expected to abandon the industry within the next five years. The burnout is real, and the struggle to find enough time is a common theme among PMs. The right property management skills, paired with careful professional development, can significantly alleviate these pressures and transform careers. These top skills include communication, organizational prowess, financial acumen, relationship building, adaptability, and marketing savvy. In today’s post, we’ll examine these "big six" skill sets that truly elevate good property managers to great. Note that even though we here at Second Nature prefer the term "resident" over "tenant" in order to foster the human element, the word "tenant" may still be used occasionally due to its long-standing legal and real estate context. Top 6 skills for property managers Trying to pinpoint the most important skills for property managers is tough. The job encompasses so many things, but here are the top six that we find most important. 1. Communication Strong communication skills are the cornerstone of successful property management. Clear and concise communication ensures that all parties involved are on the same page, reducing misunderstandings, boosting negotiation skills, and fostering a collaborative environment. Clear and concise communication Effective communication is not just about speaking or writing well; it's about conveying a message in a way that is easily understood by everyone involved. This means avoiding jargon, being direct, and tailoring communication styles to different audiences. How you’d communicate with a potential tenant about maintenance issues might differ from how you’d interact with a contractor or a rental property owner. Make sure that you're conveying the right message to the right person. Active listening Active listening is equally crucial, particularly when it comes to resident relations. Active listening consists of four key steps: Fully concentrating on the other speaker Understanding their key message Responding honestly to show you're engaged Remembering what is being said so you can put it into action later This skill helps constructively address the concerns of residents, and over time will build trust and decrease tenant turnover. Multilingual capabilities In today's multicultural society, having speaking a second language can be a significant asset. While not a requirement in most parts of the country, being able to speak the language of your residents improves communications, making you a more effective property manager. 2. Organizational prowess A top-notch property manager excels in organization. With so many moving parts, you need to have a systematic approach to managing the details and keep everything running smoothly. Organization is a fundamental property management skill. Time management Successful property managers prioritize tasks and address important issues promptly. Property managers have a lot going on, so utilizing calendars, to-do lists, and project management software can help them stay on top of their work. Attention to detail Paying close attention to details ensures that nothing falls through the cracks. This could mean ensuring that maintenance requests are logged correctly or reviewing financial statements for discrepancies. Keeping detailed records is also key to property management success, so make sure your documentation is clean and timely. 3. Financial acumen Strong financial management skills are about understanding and executing the monetary aspects of property management to ensure profitability and sustainability. Financial management Creating and adhering to a budget is crucial. This involves forecasting future expenses and revenues to ensure that the property remains profitable. Plan for unexpected costs and allocate funds where they are needed most through effective budgeting. If you're looking to develop as a property manager, taking financial management courses may be in your best interest. Rent payments Efficient rent collection processes are essential to maintaining cash flow and ensuring timely payments. This includes implementing automated systems for rent collection and tracking payments to minimize late or missed payments across all rental properties in your portfolio. Financial reporting Generating accurate financial reports is critical for monitoring financial performance, identifying areas for improvement, and making informed decisions. These reports provide insights into rental income, expenses, and profitability, helping property managers to stay on top of their financial health. Understanding rental markets Staying informed about property values and rental market trends helps your property management business set competitive rental rates, ensuring maximum occupancy and profitability. You can track local market conditions and pricing, vacancy rates, economic factors, and demographic trends through industry reports, often available from property management software providers and real estate research firms. Spend some time finding sources you trust, and then subscribe to their newsletters so you can stay informed and up to date. 4. Relationship-building Building strong relationships is at the heart of property management. You need to foster trust and ensure that all stakeholders are satisfied. Excellent interpersonal skills Interpersonal skills are central to managing relationships with residents, contractors, and property owners. Focus on being approachable, empathetic, and professional, which will build a positive rapport with all parties involved. Negotiating skills are also vital. Whether you're negotiating a lease agreement, a new management agreement, or a maintenance contract, you need to know how to get the result that's best for the business. Conflict resolution Conflicts are inevitable in property management. Whether it's a dispute between residents or an issue with a contractor, having effective conflict resolution skills is key to maintaining harmony and ensuring that problems are resolved swiftly and fairly. Responsiveness and follow-through Being responsive to queries and requests shows that you value and respect others' time and concerns. Following through on commitments builds trust and reliability, which are essential in maintaining strong relationships. Customer service In the context of day-to-day operations, excellent customer service skills are about much more than resolving issues. They’re about creating a positive experience for residents, which can lead to higher retention rates and positive word-of-mouth referrals. 5. Adaptability The property management industry is dynamic and ever-changing. Top performers thrive in this environment by being adaptable and open to change. Problem-solving You need to be able to identify issues, evaluate options, and implement solutions quickly and efficiently. Strategic thinking skills help you make judgement calls on the fly and solve issues before they escalate. Staying current with regulations As industry development continues, regulations and laws related to property management are constantly evolving. Staying current with security deposit restrictions, relevant landlord tenant law, and other regulations is essential to ensure compliance. Regular research and training on local, state, and federal laws will protect you and your business. Embracing technology Technology is transforming property management. Embracing new technologies like property management software, smart home devices like smart locks and security systems, and digital marketing tools can streamline operations and improve efficiency. 6. Marketing savvy In addition to operational tasks, being marketing-savvy is a vital organizational skill. You should know how to market properties effectively to attract and retain residents, using traditional methods as well as social media and other digital platforms. Optimizing rental listings Rental listings are one of the most important pieces of the property management lifecycle. Property marketing requires an array of skills including search engine optimization, photography, and audience knowledge. You need to be able to speak specifically to the potential residents for each of your rental properties in order to attract the best applications. Building social proof You also need to be able to leverage social media to share personal stories. Sharing reviews, customer testimonials, and real stories from residents can help attract not only renters, but also investors. Differentiating your brand The property management industry is crowded. That's why you need to be able to differentiate yourself. Decide who you are as a property manager and as a company, and get very specific about who you want to target In a commoditized world, you need to be able to build a strong brand with a clear message that gives clients something to measure you on other than price. Property management certifications If you want to show expertise, commitment, and professional development, consider obtaining relevant real estate industry certifications. Certifications such as the Certified Property Manager (CPM), Residential Management Professional (RMP), or the Certified Apartment Leasing Professional (NALP) provide recognition of specialized knowledge and skills, enhancing credibility and career advancement opportunities. They show a dedication to the industry, to growth, and to providing the best possible service in your role. Final Thoughts There are certain skills that highly successful property managers have: communication, organizational prowess, financial acumen, relationship-building, adaptability, and marketing savvy. These skills not only help in managing day-to-day challenges, but also pave the way for long-term success and job satisfaction. And while developing those skills is important, so is leaning on processes and tools to help you along the way. Second Nature's Resident Benefits Package (RBP) provides fully-managed benefits that reduce maintenance requests, protect you and your residents, and give you back more time to develop your skills. Learn more about property management company best practices, marketing, and more in our Second Nature Community.

Calendar icon February 11, 2025

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Differentiating your Brand by Getting Hyper-Focused on your Target Client

Tony Cline has over 20 years of experience in property management. After purchasing a real estate and property management brokerage in Denver, Colorado, he spent more than two decades as managing broker. Today he's focused full time on his work as a Property Management Success Coach. Tony is a Second Nature Triple Win Mentor. At its most basic, your mission is who you serve and how. To put it another way, it’s your ideal client profile, the specific work you do, and the work you don’t do. There is no single thing that is more important in building your brand, because your mission informs everything about how you present yourself to the market and to your potential clients. When you clearly identify your mission and who you want to serve, you can better connect with them and build a unique brand around that target audience, and filter out those that aren’t going to be a good fit . Here are some of my best tips for building a brand from your mission statement, based on my decades of experience as a property manager, business owner, and advisor. Narrowing your mission When I first purchased a small property management company, we aimed to be “the downtown Denver loft and condo sales, leasing, and property management specialists.” We actually took a map of downtown Denver and picked specific cross streets to define our boundaries. Looking back, that was a great decision because it helped me: Target a very specific group of clients Speak their language Deliver the best possible service to them It set us off on the right foot by imposing limits on the properties we would manage, rather than letting us bite off more than we could chew. Building with intention I see a lot of property managers start building a company without direction. It's like reaching your hand into a bag and pulling out a block and saying, “Okay, well, this is what I’m going to build with next!” And they put it on the pile. And when you keep doing that, you don't intentionally build anything. You build a Jenga tower, where if you put one more piece on the top, it's going to collapse. Instead, what property management companies need to do is take a step back to evaluate things. Decide what you’re trying to build, make that your mission, and develop a business and brand that supports that. Why identifying your client base is key Your mission statement should very clearly outline who your target client profile is. That target client profile is going to directly impact how you present your company and the kind of content you’re putting out. One of the biggest challenges in property management is differentiating your business. The problem is, a huge portion of people think we're all the same. We're property managers. Without anything to separate us from our competition, the only thing they know to judge us on is price. But with a clear mission and target audience, you identify specific pain points and speak directly to the people you want to do business with. That way you cut through the noise, rather than using general language that doesn’t stand out. Home cook, or professional chef? In my experience, a lot of property management business owners act like home cooks. They pick their ingredients based on what’s in stock, what’s on sale, and what looks good in the moment. They’re managing whatever properties they can bring in and whatever owners they can sign a deal with. They start building this pantry of ingredients, and then they realize, if the ingredients are always changing, they need to keep cooking something different day after day. Constantly adjusting your menu makes it incredibly hard to really learn what you’re good at cooking and what your craft is. Instead, you want to become a professional chef. They're intentional about what goes in each dish, and one wrong ingredient can spoil the whole dish. They master a dish through repetition and care until it’s the best it can possibly be. Having the courage to say no If you want to master your craft, you have to make tough decisions and start saying no. Taking on new clients who don’t fit your mission will ultimately hurt your business more than help it. It’s tempting to take on anyone and everyone, especially if you’re less experienced or just launching your own business. Saying no to them takes courage. One of the most important steps is realizing that it’s okay to not be able to help everyone. So many business owners feel a sense of obligation to be able to help everyone who walks through the door, but that just isn’t realistic. An antique store isn’t going to be able to help you if you want a new 4k television, but that doesn’t make them a bad business. You just have different needs than they can serve. It’s not easy to tell a potential client, “hey, I don’t think this is a great fit, but I appreciate you reaching out.” But that’s an absolutely vital step to take if you want to grow your business sustainably. Example: two different kinds of clients Let’s take a look at two different audiences in the property management space: investors who see their properties as financial assets, and “accidental landlords,” who might have inherited a home and want to rent it out. These are two very different groups with different knowledge, different expectations, and different emotions, so you can’t treat them the same. Investors are concerned with the financials and how you’re protecting their investment, so your messaging should focus on things like: Proactive repairs and maintenance Return on their investment Total days it takes to turn over the property Average maintenance spend per property across your portfolio These are the kinds of topics that are going to break through the noise for that person, because those are the things they care most about. You have to extend that messaging through all your channels, including your website, your sales pitch, or your social media channels. Accidental landlords, who might just be starting to learn about real estate investing, often have deeper emotional ties to it. They raised little Sally in one of the bedrooms and they want to keep the pink walls they painted. For them, the messaging you have to put out is about turning their home into their product, and how to make this people's number one choice if they have ten options to choose from. Because they have different concerns, so your messaging—and therefore your brand—has to be carefully tailored. You can’t use the same messaging to appeal to both of them, or it will come across as generic and bland. You can’t build a strong brand without a strong mission. Sharing your mission vs living your mission Your mission and brand aren’t just about messaging; they’re things you have to live. You can’t just put your mission on a shelf somewhere and forget about it, and you can’t minimize your brand to just a logo and a slogan. Delivering the experience that sales promises One of the biggest areas where a lot of companies miss the mark is allowing a disconnect between sales and customer service. Business development will make a pitch that clearly aligns to the company’s mission, but the rest of the team doesn't then continue that forward through their operations. That's why a lot of companies will churn out doors in the first year. New clients hear big promises from sales, but they don't receive a service that meets the expectations that were set. Your whole team has to be aligned on the same mission and brand so that you’re speaking the same language and delivering the same message. Every time you develop a new policy, it needs to be built on your mission and aligned with your brand. Quite simply, if they don’t fit your mission, then they shouldn't be policies in the first place. You've already committed to a mission, so anything in the company that's not in alignment with that has to be modified in order for you to really have clarity. Only once your team is fully aligned can you start talking about your mission externally. How your brand filters in the right owners One of the most valuable things your brand can do for your business is to help the right clients self-select. If you develop a clear enough mission, and shape your brand around it, you’ll get to a point where your brand is so strong, you never have to say no to anyone. They just won’t reach out in the first place. When a property owner who doesn’t match your target client profile looks at your website, or your social media, or your email newsletter, they’ll realize that they’re not a good fit for your business, and they’ll move on. The flip side is that the right people will be reaching out in droves, because they connect with your company and see the value you provide that’s specific to their problems. That’s the power of a mission-driven brand. Practice makes perfect Building a mission-driven brand can feel overwhelming. The good news is, it will eventually start to come naturally to you. The more reps you do, the better you get, the more narrowly you're able to define what you're doing, the more time you can spend getting intentionally better at that one thing. You also have to get those reps in with your team. When you think you’ve over-communicated your mission and vision—when you think if you say it one more time, if you incorporate it into one more meeting, if you ask one more question about it, that your team's going to revolt because they're sick of hearing it—you’re probably about thirty percent of the way there. Ready to start building your brand with intention? Start with our webinar on writing your brand positioning statement.

Calendar icon February 11, 2025

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Property Management Agreement Guide + Free Template

As real estate investing becomes more popular, so does property management. Busy professionals and out-of-town real estate investors increasingly rely on property managers to handle the day-to-day operations of their rental properties. If you want to stand out to new investors, you need a clear and comprehensive property management agreement. In today’s guide we’ll cover the essentials of a property management agreement that drives transparency and peace of mind for investors relying on you to manage their assets. What is a property management agreement? A property management agreement is a legally binding contract between a property owner and a property management company or individual. This document outlines the specific responsibilities and duties of the property manager, the expectations of the property owner, the terms of service, and the compensation structure. The agreement serves as a guideline for both parties to understand their roles, rights, and obligations in managing the rental property, ensuring a clear and professional relationship. Why do you need a property management agreement? A property management agreement is essential for multiple reasons: Clarity and expectation management: It improves the property management relationship by clearly defining the roles and responsibilities of both the property owner and property manager. Legal protection: The agreement provides legal protection for both parties, specifying the terms of the services provided and the consequences of breach of contract. Financial management: It outlines the financial aspects of the relationship, including management fees, rent collection, and maintenance costs, ensuring transparency in financial transactions. Maintenance and repairs: The agreement specifies the procedures for handling maintenance and repairs, ensuring the property is well-maintained and any issues are promptly addressed. Dispute resolution: The agreement includes provisions for resolving disputes, which can help prevent conflicts from escalating and provide a clear path for resolution. What should a property management agreement include? Crafting a solid property management agreement doesn't have to be daunting. Here's a breakdown of the key components: Parties involved Clearly identify the legal name and contact information of the property owner or owners. Do the same for the property management company or individual. Property description Include the full address of the property being managed. For added clarity, consider including the legal description, particularly for complex property ownership structures. Specify whether the property is a single-family home, multi-unit building, or commercial property. Mention any unique features (e.g., pool, historic designation) or limitations (e.g., zoning restrictions, HOA rules). Term and termination details Define the start date of the agreement. Outline termination provisions and reasons for termination by either party (e.g., breach of contract, property sale). Specify the required notice period for each party if they wish to terminate the agreement (e.g., 30 days, 60 days). Explain how the date of termination should be communicated (written notice, specific format [e.g., certified mail]), the process for early termination, and any applicable indemnification measures. Manager responsibilities Detail the process for tenant screening, including applications, background checks, and credit checks. Outline procedures for the collection of security deposits, rent payments, and late fees, and document the eviction processes. Specify the property manager's duties and roles in overseeing maintenance requests, repairs, and independent contractor/vendor selection (approval thresholds, cost limitations). Define the frequency and format of financial reports provided by the property manager (monthly statements, annual reports). Establish communication protocols regarding tenant relations, maintenance emergencies, and routine updates. Consider outlining the property manager's availability for emergencies (24/7 hotline, designated contact person). Owner responsibilities Specify the owner's responsibility for major repairs beyond normal wear and tear. Outline the owner's role in providing access to the property for maintenance or showings when residents are not present. Define how major decisions regarding the property (e.g., renovations, capital improvements) will be made (joint agreement, owner approval). Address expectations regarding the frequency and purpose of property inspections conducted by the owner. Clarify the owner's responsibility to maintain appropriate insurance coverage for the property. Fees and compensation Detail the structure of the property management fee (percentage of rent collected, flat fee). Address any additional disbursements for specific services, such as resident placement or lease renewals. Dispute resolution Explain the process for resolving disagreements between the owner and the property manager (mediation, arbitration, legal action) and responsibility for legal fees. Specify the governing laws that apply to the agreement in case of disputes. Free property management agreement template (basic) This contract template is for informational purposes only and should not be considered a substitute for legal advice. Please consult with an attorney to tailor the agreement to your specific needs and to ensure that the provisions of this agreement comply with local and state laws. Property Management Agreement This Property Management Agreement ("Agreement") is made and entered into as of [DATE] by and between: [Property Owner Name] residing at [Property Owner Address] ("Owner"), and [Property Management Company Name] located at [Property Management Company Address] ("Manager"). WITNESSETH WHEREAS, Owner is the legal owner of the property located at [Property Address] (the "Property"); and WHEREAS, Manager desires to provide property management services for the Property; and WHEREAS, Owner desires to engage Manager to provide such services for the Property NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, the parties agree as follows: 1. Services Manager agrees to perform the following services for the Property (Services may be added or removed based on specific needs. Consult with a lawyer.): Resident screening and resident selection (application processing, background checks) Collection of rent and late fee enforcement Maintenance oversight and coordination (up to $[AMOUNT] per repair) Move-in/move-out inspections Monthly financial reporting related to management of the property 2. Term and Termination This Agreement shall commence on [DATE] (the "Effective Date") and shall continue for a period of [NUMBER] year(s), unless earlier terminated as provided herein. This termination of this Agreement may be effected by either party upon [NUMBER] days' written notice to the other party. 3. Management Fee Owner shall pay Manager a monthly management fee equal to [PERCENTAGE]% of the gross monthly rent collected. 4. Legal Proceedings In the event of a legal proceeding arising out of this Agreement or the management of the Property, the following provisions shall apply: Authority: The Property Manager is hereby authorized to initiate and prosecute any legal action deemed necessary to collect rent, enforce the terms of tenant leases, or protect the Owner's property interests. Owner Approval: Prior written approval from the Owner shall be required for any legal action exceeding $[Dollar Amount] or involving potential litigation. Costs and Reimbursement: The Property Manager shall keep detailed records of all legal expenses and attorney’s fees incurred. The Owner shall reimburse the Property Manager for all reasonable and documented legal expenditures associated with authorized proceedings. Representation: The Owner shall have the right to be represented by their own counsel in any legal proceeding. However, the Property Manager shall have the right to participate in the proceedings and may retain separate counsel at the Owner's expense if a conflict of interest arises. Communication: The parties agree to cooperate fully and share all relevant information in a timely manner throughout any legal proceedings. 5. Dispute Resolution (Optional - Replace with preferred method if applicable) Any dispute arising out of or relating to this Agreement shall be settled by [METHOD OF DISPUTE RESOLUTION, e.g., mediation] in accordance with the rules of [NAME OF MEDIATION PROVIDER] (the "Rules"). The decision of the mediator shall be final and binding on the parties. 6. Waivers The Owner acknowledges and waives any and all claims, demands, or causes of action against the Property Manager arising from the following, unless such claims arise from the Property Manager's gross negligence or intentional misconduct: Acts or omissions of any resident of the Property. Loss or Property damage caused by reasons outside the Property Manager's reasonable control, including natural disasters, acts of war, or civil unrest. Unexpected repairs or maintenance issues beyond the scope of normal wear and tear. The Owner further agrees to indemnify and hold harmless the Property Manager from any and all claims, liabilities, damages, losses, or expenses (including attorney's fees) arising from the Owner's violation of this Agreement or any applicable laws or regulations. 7. Entire Agreement and Governing Law This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written. The terms of this Agreement shall be governed by and construed in accordance with the laws of the State of [STATE]. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. [Property Owner Signature] [Property Owner Name (Printed)] [Property Management Company Signature] [Property Management Company Name (Printed)] Optional addenda For specific situations, consider adding supplementary documents like: Bed bug addendum Pool addendum Pet lease addendum These addenda can address unique requirements and regulations related to these aspects of the property. Ready to get started? Download our free template. Related: How to Write a Letter Notifying Your Tenant of the Sale of Property Best practices when using property management agreement templates Using property management agreement templates can streamline the creation of your contracts, but it’s important to adapt them carefully to meet your specific needs and legal requirements. Here are some best practices to ensure your agreement is both comprehensive and effective. Personalize the agreement Every property is unique, and so are the needs of the property owners and managers. Personalize your agreement by: Including unique features or limitations of the property, such as historical designations, HOA rules, or special amenities.. Adjusting the fee structure and additional details to match your specific financial arrangements. Regularly update and review Regularly review and update property management agreements to reflect changes in: Local, state, and federal laws that might affect your agreement's legal compliance. Current market conditions, such as changes in rental rates or maintenance costs. Establish effective communication channels Establishing effective communication channels within the agreement ensures smooth operations and quick resolution of issues. Include: Primary contacts for both parties and their preferred methods of communication. Clear guidelines for reporting maintenance issues, handling resident inquiries, and providing updates. Plan for contingencies Anticipate potential issues and include contingency plans in your agreement by: Outlining steps for handling emergencies, including contact information for emergency services and protocols for urgent repairs. Providing a clear process for resolving disputes, including mediation or arbitration clauses to avoid costly legal battles. Cover legal considerations Consulting with a lawyer is crucial to ensure your property management agreement is legally sound and reflects your specific circumstances. An attorney can help you with: Clearly defining which maintenance issues are the responsibility of the property manager and which fall to the owner. Outlining a comprehensive pet policy including pet restrictions, fees, and deposit requirements. Ensuring your agreement adheres to all relevant laws and regulations in your area, such as resident rights and fair housing regulations. Selecting the appropriate liability insurance for your properties to prevent lack of coverage down the road. FAQ Q: Is a property management agreement legally required? A: While not always mandatory, a property management agreement is highly advisable. It protects both the owner and the manager by outlining expectations and responsibilities of managing properties. Q: Do I need a lawyer to draft the agreement? A: While not mandatory, legal guidance is highly recommended. An attorney can ensure the agreement is legally sound, protects your interests, and complies with local laws. Q: Can I use this template for agreements outside of property management, e.g., for lease agreements or rental agreements? A: No, this template is specific to property management agreements. For other types of agreements, consult with a lawyer or use appropriate templates designed for those purposes. Q: What should I do after finalizing the agreement? A: Once both parties have signed the agreement, keep a copy for your records and provide one to the property manager. Familiarize yourself with the terms and communicate openly to ensure a smooth and successful working relationship. Build a foundation for success A well-drafted property management agreement is the cornerstone of a successful relationship between owner and property manager. By using the provided template as a foundation and consulting with a lawyer for customization, you can establish a clear and comprehensive agreement that provides full transparency and fosters a smooth rental property experience. On top of your agreement, consider rolling out a resident benefits package (RBP). It’s a powerful way for property managers to create a Triple Win—for residents, investors, and themselves. An RBP like Second Nature’s is designed to be simple to use and easy to implement. All the services included within it are managed externally by Second Nature, meaning there is no day-to-day upkeep required from the manager. You plug it in and Second Nature keeps it running. The value creation an RBP generates—with such little work required from the PM—is an incredibly easy way to grow your business and create great experiences that residents will pay and stay for. Don't get left behind in the evolving world of resident experience. Learn more about our fully-managed Resident Benefits Package and how we can build ease for you, your investors, and your residents.

Calendar icon February 7, 2025

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Your Guide to Security Deposit Laws in Florida

This post was last updated on 1/13/2025. Security deposits are an essential aspect of the property manager-resident relationship in Florida. They serve as financial protection for property managers while ensuring residents uphold their rental agreements. However, understanding the laws governing these deposits is crucial for avoiding disputes and ensuring compliance. In this blog, we’ll cover: An overview of security deposit laws in Florida Commonly asked questions about security deposits A note on language: Here at Second Nature, we prefer to use the terms "resident" and “residency” rather than “tenant” and “tenancy,” in order to emphasize the relationship building element of property management work. However, there may be instances where terms such as "tenant" are used for legal purposes within documents or communications related to security deposit laws. Disclaimer: This is not legal advice. Any information contained in this blog is provided for informational purposes only and should not be construed as legal advice on any matter. This is especially true given that laws change on a regular basis. You should review specific security deposit laws for your state in detail to make sure you have the most up-to-date information available, and consult with your local counsel for applicability to your property. Why are security deposits in Florida important? Security deposits are like life jackets. You hope you’ll never have to use it, but when you do, you’ll be glad it’s there. Unfortunately, no matter how thorough your screening process is, you may end up with a resident who makes questionable choices. And when those choices cause damage to your property you’ll be thankful for your security deposit. Imagine Brad and Tyler, two roommates who moved from Miami to Gainesville. Missing the ocean but not wanting to drive all the way to the beach, they decide to recreate the summer vibes in their rental home. They break out the beach chairs, ask Alexa to play some Beach Boys, and fill up a kiddie pool in the living room to dip their toes into. But when it springs a leak, the carpet gets soaked through and the subfloor is damaged. Now you have to do some serious renovations, and it’s going to cost you. But since there is a security deposit, that expense may come out of their security deposit. Overview of security deposit laws in Florida Florida’s security deposit laws, primarily found under Florida Statutes Section 83.49, in addition to other statutes under landlord and tenant law, outline the rights and obligations of property managers and residents concerning the handling, refund, and permissible deductions of security deposits. Below is a breakdown of the key areas covered under these regulations. Deposit laws Florida’s deposit laws prioritize clarity and fairness in property manager-resident agreements. Key requirements include: Providing written notice of where the deposit is stored within 30 days of receipt. Following legal timelines for returns and notices of deductions. Keeping deposits separate from personal or business accounts for the benefit of the tenants to ensure accessibility. These laws protect residents from unfair practices and help property managers adhere to their professional obligations. Security deposit limit Unlike some states, Florida does not impose a statutory cap on the amount property managers can charge as a security deposit. Property managers are free to determine a reasonable amount (although public listings show that they typically charge one to two months’ rent). Prospective residents should be informed of the deposit amount before signing a lease in order to align expectations. Property managers may offer a “fee” in lieu of security deposit, an alternative option for security deposits that has become more common with other states. Under Florida law (Fla. Stat. Sec. 83.491), property managers may offer this option through written notice to the tenant, providing the tenant the right to pay a security deposit instead. Storing a tenant’s security deposit Florida law (Fla. Stat. Sec. 83.49(1)) requires that security deposits be kept in a separate account to ensure they are not commingled with the property manager’s personal or business funds. Walk-through inspection of rental property While Florida does not explicitly mandate a walk-through inspection before or after a resident’s occupancy, the duty to inspect and ensure the premises are safe is implied through the property manager's obligations under Florida law. Property managers who perform these inspections benefit from clearer documentation of property conditions. A move-in inspection with a signed checklist can establish a baseline, while a move-out inspection can help identify damages beyond normal wear and tear. Photos or videos taken during these inspections are useful for resolving disputes. Inspections can foster transparency and provide evidence to justify any deductions from the security deposit. Notice of deductions When deductions are taken from a security deposit, property managers are required to provide written notice to the resident (Fla. Stat. Sec. 83.49(3)(a)). This notice must include the exact amount deducted and the specific reasons for the deductions. For example, deductions might include unpaid rent or costs for repairing damage beyond normal wear and tear. Property managers must deliver this notice to the resident within 30 days via certified mail to comply with Florida law. If the property manager does not intend to impose a claim of deductions from the security deposit, the property manager must return the security deposit, with interest if applicable, to the resident within 15 days of the resident’s surrender of the premises for termination of the lease. Learn more: How to Write a Security Deposit Return Letter + Free Template Deductions allowed When deductions are taken from a security deposit, property managers must specify the reasons (Fla. Stat. Sec. 83.49(3)(a)), such as failure to pay rent or damages beyond normal wear and tear. Other deductions that may be allowed include: Cleaning fees: Only if specified in the lease agreement. General cleaning due to normal use cannot be deducted. Unpaid utilities or other charges: Any unpaid utility bills or other charges specified in the lease agreement can be deducted from the security deposit. Property managers cannot deduct for routine wear and tear (for example, minor scuffs on walls, faded paint, or wear on carpets from ordinary use). Written notice of security deposit receipt Property managers must inform residents in writing within 30 days of receiving their security deposit (Fla. Stat. Sec. 83.49(2)). This notification must detail where the deposit is being held (such as in a non-interest-bearing account, an interest-bearing account, or a bond posted with the clerk of the circuit court). Deposit holdings Property managers may choose from the following deposit holding options (Fla. Stat. Sec. 83.49(1)): A non-interest-bearing account An interest-bearing account (with earned interest credited to the tenant – at least 75% of the average annual interest rate or 5% per year simple interest, whichever the property manager elects) Posting a surety bond instead of holding the deposit in an account. If this method is used, the property manager must pay the resident 5% per year simple interest. Security deposit deadline Under Florida law, property managers must follow strict timeframes regarding security deposits (Fla. Stat. Sec. 83.49(3)(a)). If no deductions are made, the full deposit must be returned to the resident within 15 days of the lease’s termination. If deductions are necessary, the property manager must notify the resident in writing within 30 days, specifying the amount and reasons for withholding. The resident then has 15 days to contest the claim, in writing and sent to the property manager. Other requirements apply if a fee was collected by the property manager in lieu of a security deposit (Fla. Stat. Sec. 83.491). Failing to adhere to these deadlines may jeopardize the property manager's right to make claims against the deposit. Returning a security deposit to the tenant Florida law does not mandate a specific form for the return of a tenant's security deposit. However, best practices include: Certified check or bank draft: A certified check or bank draft is often used because it provides proof of payment and ensures that the funds are guaranteed. This is a reliable method for both parties. Electronic transfer: If both the landlord and tenant agree, the security deposit may also be returned through an electronic payment method (e.g., direct deposit or payment apps). Ensure this agreement is documented and keep a record of the electronic transfer. Personal check: This can also be used but is less secure than a certified check. Whether the lease ended amicably or through an eviction, Florida landlords and property managers should maintain a record of the security deposit return, regardless of the method, including a receipt or confirmation of payment. This documentation protects both parties in case of disputes. Selling the property or change in ownership When a rental unit changes ownership, Florida law (Fla. Stat. Sec. 83.49(7)) requires the outgoing property manager to either: Transfer the resident’s security deposit (minus any lawful deductions) to the new owner, or Refund the deposit directly to the resident. Written notification of the transfer, including the new property manager’s contact information, must be sent to the resident. The new owner assumes all responsibilities for the security deposit once the transfer is complete. Failure to comply with Florida’s security deposit laws Non-compliance with Florida’s security deposit regulations can result in severe consequences for property managers (Fla. Stat. Sec. 83.49(3)), including: Forfeiture of claims: If a property manager or landlord fails to provide timely notice of deductions, they may forfeit their right to withhold any part of the deposit. Resident legal action: Residents may be able to sue for the full return of the deposit, along with potential damages and attorney fees. Fines and penalties: Breaches of trust related to deposit handling may lead to financial penalties or additional legal actions. To avoid these risks, property managers should familiarize themselves with the law, document all actions, and maintain open communication with renters. Property managers should also consult with their local counsel for applicability of these laws to their property. Additional FAQs about Florida security deposit laws What is the new security deposit law in Florida? In April 2023, Florida HB 133 was passed into law, leading to the addition of Fla. Stat. Sec. 83.491, giving property managers the option to charge a monthly non-refundable fee instead of a security deposit. Such security deposit alternatives help reduce upfront costs for potential residents. Property managers looking to charge this type of monthly non-refundable fee should refer to the specific requirements under Fla. Stat. sec. 83.491 to ensure compliance. Learn more: What is Security Deposit Insurance? Pros and Cons [+Best Providers] Does a landlord have to provide receipts for security deposit deductions in Florida? While not explicitly required under Florida law, providing receipts for deducted expenses can prevent disputes and demonstrate good faith. Florida law does require property managers to provide an itemized list of deductions in the written notice to residents required when imposing a claim for damages upon the security deposit. Can a tenant use the security deposit as the last month’s rent? Residents are not automatically entitled to apply their security deposit toward their final rent payment. Unless the lease explicitly allows this, doing so may result in legal action. Learn more about security deposit best practices: What to Include in a Security Deposit Letter How to Write a Security Deposit Letter - Templates for Full Refund, Partial Refund, No Refund, and Request for Payment How to Send a Security Deposit Letter Mistakes to Avoid When Writing a Security Deposit Return Letter Final thoughts Florida’s security deposit regulations aim to balance the rights and responsibilities of property managers and residents. By staying informed and following the appropriate procedures, both parties can navigate this aspect of the rental process with confidence. At Second Nature, we aim to help you stay compliant, recognizing that compliance with property management laws safeguards your business and strengthens relationships with your residents. Our approach centers on transforming the resident experience, a concept that has shaped every aspect of our company. The resident benefits package is a comprehensive solution designed for property management companies, offering cost savings for both you and your residents while prioritizing convenience and an exceptional resident experience. Learn more about Second Nature’s Resident Benefits Package. Legal Disclaimer: The information contained in this blog is provided for informational purposes only and shall not be construed as legal advice. The laws referenced in this blog are subject to change. Please consult with your local counsel for applicability to your property.

Calendar icon February 6, 2025

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How to Handle Bad Reviews: Tips for Property Managers

Mark Brower is the owner and designated broker of Mark Brower Properties. He has over 20 years of experience in property management and investing, and lives in Mesa, Arizona. Mark is a Second Nature Triple Win Mentor. You’re going to get bad reviews. That’s just a fact of running a business. It’s impossible to please 100% of people 100% of the time, and inevitably someone is going to turn to Google Reviews or social media to air their grievances. But if you know how to handle bad reviews, you can actually turn them into an opportunity. In fact, even the worst reviews from current or former residents can be chances for your business because they can help you grow, improve your level of service, and delight those unhappy residents. With more and more potential residents turning to online reviews for information, it’s business critical to manage them well and see negative reviews as an opportunity for growth. So let’s dive into how I handle negative reviews at my property management company, and how you can do the same. How do negative reviews impact a business? We all know that social proof has an enormous impact on businesses. Prospective customers are looking for evidence about your trustworthiness, reputation, and level of service. Over the last twenty years, people have continuously moved more towards doing their own due diligence before they decide to get on a call with a salesperson, and online reviews have been the key piece of that. People have more information than ever before, and they feel like they can trust it. What makes property management unique is that choosing a place to live is such a huge commitment. It’s one thing to weigh what kind of mattress or computer you’re going to buy. It’s another to decide what home you’re going to live in. And that means that the stakes for property managers are even higher. One of the biggest pieces in building trust is openness and honesty, and that means showing your prospective residents the truth—the good and the bad. In a recent survey of nearly 30,000 apartment renters, nearly 70% said that they look at online reviews to help make their renting decision. Crucially, 86.2% said they were more likely to consider a management company that had mostly positive reviews with a few negative reviews mixed in, rather than all positive reviews. Part of being a strong business leader is being upfront and honest, and that means taking the good with the bad, and taking responsibility for both. A negative review isn’t going to ruin your business, but how you respond to it could. What to do when you get a bad review Bad reviews can be scary. They’re never fun to see, and they can send property managers into a spiral if they’re not careful. Keep your cool One of the most important things to do in response to a negative review is to control your emotions. That doesn’t mean you shouldn’t have emotions. In fact, you should get emotional! But you need to channel that emotion into vulnerability, and take a critical look at your company to see what went wrong. Personally, my initial reaction to a one-star review is pain. I feel anxiety and pain in my gut as soon as I see it. And that’s because I have a very low tolerance for negative interactions with my company. I want everyone to be as happy as possible with us. So when that doesn’t happen, it hurts. Some people have told me that I should turn off notifications and have someone else on my team deal with reviews. I couldn’t disagree more. As the owner of the company, I need to lead by owning the outcome myself. But when I feel that pain, I always try to channel it inward, rather than outward. It’s not productive to get defensive or argumentative, especially when your response is public. Instead, I let that pain drive me to improve my business processes and look for where we went wrong. Always respond That said, it is important to respond to reviews. Personally, I don’t post a public response immediately. Instead, I call them directly to take ownership of the issue and let them know I want to fix things. Then, while I wait for a response, I look to learn as much as I possibly can about that person and our interactions with them. I’ll spend an hour or more looking through our email correspondences, phone logs, and past maintenance issues. My goal is to truly understand their point of view, see things from their perspective, and make sure I fully understand the situation before I reach out to them. Private vs. public responses I do respond publicly, because people want to see that you’re addressing concerns and taking action in response to complaints. When I call them. I want to see how I can resolve their problem directly. Most times they don't take my call, and then I text them. If I need to, I’ll call and text the next day, too, because I’m not giving up. If I still don’t get a response, that’s when I’ll leave a public comment, because you can't go too long without giving some kind of public reply. Here’s how I reply if I haven’t had the chance to talk directly with the resident first: Apologize: I’m so sorry to hear that this is going on. I never want someone to have a bad experience with my company. Make it clear who’s responding: This is Mark Brower. I wanted to make sure you heard from me directly. Thank them: Thank you so much for bringing this to my attention. Ask for more information: I'm going to try to reach out to you because it's important to me that I understand your experience. Here's my cell number, and here's my email address directly. And please watch for my call. I want to learn more about this. The reason that I like to reach out privately first is that not all reviewers are comfortable sharing details publicly. It helps me get more information on what’s going on and learn how things have gone so off-course. But responding publicly helps build that trust that you’re committed to solving problems. It shows that you take ownership and lead by leaning in. Thank the reviewer and take responsibility One of the most important steps I mentioned is thanking the reviewer. People want to feel heard, especially when they’re facing a challenge. When you thank them, rather than getting defensive, you’re showing them how much you appreciate their honesty, and building that sense of understanding and trust. And you should mean it when they thank you, because they’re doing you a favor. They’re bringing a serious problem to your attention so you can fix it. My biggest piece of advice is that you have to start with a premise that people that have a bad experience are reasonable and rational. There is always a reason that they’re unhappy, and treating them as if they’re being unreasonable won’t help anyone. Instead, take responsibility for the problem and assure them that you’re working to make it right. And never throw your team under the bus. Even if there was an error made by one of your employees, you should recognize that, ultimately, it rolls up to you. Blaming someone on your team only creates tension and resentment internally, and gives an unhappy resident a reason to lash out at that person. How to resolve resident complaints It’s one thing to connect with a resident to apologize, and to reply on Google Reviews. The hard part is actually figuring out how to resolve the underlying issue. Make things right Hearing people out and making a direct commitment to address the issue goes a long way. But fixing the problem is really what they’re after. That means taking a hard look in the mirror to find out what went wrong. Maybe the issue stems from a vendor you hired who didn’t reach an appropriate level of service. Time to reevaluate how you’re vetting vendors. Maybe you didn’t clearly communicate expectations or requirements. Time to take a look at how you can be clearer. Maybe your resident didn’t understand how your processes work, and that put them in a frustrating position. Take a look at your onboarding process to see where it can be improved to set them up for success. The key is to take ownership, recognize that it’s your problem to solve, and go solve it. Finally, there’s sometimes controversy around financial compensation. I will say clearly that I do sometimes reward unhappy residents financially, if it’s appropriate. In my view, if my team's behavior caused harm in your life, I'm going to make that right. What I never do is tell a resident, “Hey, I’ll give you $200 if you take down your review.” In my view, that’s inappropriate and unethical. It’s the polar opposite of taking responsibility, and it’s not the right way to do business. Communicate Communication is absolutely essential. Once someone has voiced that they have a problem, you want to over-communicate with them about every step you take. Even if you aren’t getting a response, keep providing them updates so that they know they’re being listened to and that a resolution is in progress. You should be clearly communicating when: You’ve seen the review You’ve uncovered the source of the issue A team member of vendor has been assigned to it Someone has been dispatched to the property, if necessary The issue has been handled Every time there’s a development, keep your resident informed. It helps prevent any further negative reviews, and shows them that you’re taking things seriously. Follow up After the issue has been resolved, make sure that you don’t leave it at that. Check up on them periodically about the problem and make sure that it hasn’t resurfaced. Ask them if there are other problems that you can help solve. Give them special treatment and smother them with customer love. This is where my competitive nature comes out. I make it a contest with myself to fix the relationship with the resident until they decide they want to update their review. I will never ask a resident to change what they posted. What I will do is make them feel so special and so appreciated that they’re driven to change it on their own. There’s no better feeling than someone who left you a bad review coming back and updating it to say, “Hey, I connected with Mark about this. He solved my problem and he’s been really fantastic about it. I really appreciate how responsive his team was.” That is one of the most satisfying things I’ve experienced as a business owner. Should you delete negative reviews? My general advice is not to delete negative reviews. Like I outlined earlier, prospective residents appreciate seeing both the good and the bad. They want honesty and integrity, and deleting reviews is counter to that. The only real way to have reviews deleted is by paying some company hundreds of dollars to do it on your behalf. I never engage with those kinds of companies, and I don’t think you should either. If you’re getting spammed with bad review after bad review, all from the same angry resident, that’s one thing. If they’re just repeating the same complaint, there is a process through Google Business to have duplicates removed. There is an avenue if you want to pursue that. But I think it’s unethical to remove reviews that are accurate and factual. Plus, it hurts your business anyway, so just don’t do it. I have seen business owners—not necessarily property managers—actually threaten people who leave bad reviews. They claim it’s defamatory and threaten legal action if reviews aren’t removed. I think that is a terrible practice, and using legal threats to preserve appearances is the absolute wrong thing to do. Instead, take my approach of trying to delight someone so much that they feel a sense of responsibility to delete their review on their own. Make them so happy that they realize, “hey, this isn’t a fair portrayal of my experience,” and they remove it or update it. But leave that choice to them, don’t make it for them. How to prevent bad reviews You can never fully prevent bad reviews, but there are steps you can take to make them less likely. As a business leader, if you claim to own your outcomes, you should be setting up your business to eliminate 99% of pain points. And in property management, that’s not easy, but it is possible. Understand the most common reasons for complaints Start by understanding where your complaints are coming from. Negative feedback doesn’t just happen out of nowhere. I see the one one-star review as a really powerful signal that something is not only a little bit wrong, but several degrees wrong. If someone writing a one-star review online about us is the escalation path in our business, we've got a big problem. One of the most important steps is to see where your residents are having problems further up the funnel, before they become public complaints. Take a look at your maintenance request history and see if there are common items that need to be addressed more regularly. For example, if a water heater is more than ten years old, you should be taking measures to prevent it from flooding the property. When you turn a property, you should be doing a one-time pest treatment to make sure there won’t be future issues. Get ahead of common complaints before they become bigger issues. Ultimately, your company should have a system in place to prioritize and identify what the biggest issues are that you’re facing, and to address them before they reach that breaking point. Create a great first impression It’s absolutely vital to create a good first impression with your residents. That’s why you need a rock-solid onboarding process. You should include things like a utilities concierge to make move-in smoother and set people off on the right foot. But you should also make sure your overall process is setting up clear expectations for both you and the resident, that you’re giving them the tools they need to have a successful time in the home, and communicating clearly. Think about what your residents and owners need A huge part of being a successful property manager comes down to empathy. You need to be able to put yourself in the shoes of your residents and owners and anticipate their needs. Keep in mind that their needs are going to change based on the specifics of the property, their age and ability, and more. Make sure you’re meeting them where they are so that you can keep them happy and give them a good experience. Regularly gather feedback Your company should have multiple layers of feedback and response for your tenants. You should have an escalation path built into your processes. If a tenant has to write a one-star review in order to get their issue escalated, that’s a business process failure. Your feedback process should be clear and intentional. Resident surveys and digital comment boxes can give you insight into where you’re doing well and where you’re not. And then you need to use that information to take action. You need to have the discipline and willingness to chase down those threads and really get to the core of the issues in your business. That not only unlocks really powerful learning, but also validates residents' experiences. Learn and grow Michael Podolsky wrote in Forbes recently, “Any business with a continuous growth mindset should welcome negative feedback.” Use that feedback to make change and take action. That’s what a true growth mindset and extreme ownership approach are about. Want to learn more about managing your business’s reputation? Join our upcoming webinar.

Calendar icon February 4, 2025

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How to Create Property Management Business Plan [Free Template]

There are as many different perspectives on property management business plans as there are different PM businesses. But one thing holds true – in the classic adage usually attributed to Dwight D. Eisenhower – it’s not the plan that matters so much as the planning. Outlining a detailed business plan is key to defining and communicating your goals to potential clients and investors. It also requires deep insight into what residents want to experience. You may be new to the property management industry, have been managing properties for years and are ready to start your own business, or own a property management company but are looking for greater investment. Whatever the case, we’ll cover important topics to address business plan creation. We’ll explain why business planning can be so important, as well as who to target with your plan. We’ll also share a free template to get you started. Key Learning Objectives: How to identify and find your ideal clients How to articulate your value proposition What to include in your business plan How to outline your business plan A free property management business plan template What is a property management business plan? A property management business plan is an overview of your company's services, go-to-market strategy, financial plan, and leadership. It provides details on your property management company and how you intend to operate it. Your business plan should be thorough enough that readers can clearly see how you'll run a successful property management business. It should illustrate that you have a comprehensive understanding of the industry and your position in it, as well as your future growth goals. Why do you need a property management business plan? A property management business plan provides a clear view of what you need to do to make your business successful. The process of creating a business plan forces you to truly evaluate your standing as a company, including factors like cash flow, staffing, and sales strategy. Your business plan also provides a roadmap for success. It outlines what steps you need to take to be successful. Whether you're considering large financial projects or incremental business improvements, your business plan helps you better understand how to execute. It also helps you position your company within the property management industry. It can guide your ability to stand out compared to other property management companies and acquire new investors to manage. What to know before creating a property management business plan For entrepreneurs, planning is the key to success. Here’s what you need to get clear at the outset. State laws governing property management business Each property management company’s approach is very dependent on regional or state regulations. Before taking any steps to either start or change your business, you need to have a clear understanding of the local laws governing your business venture. We highly recommend hiring an attorney who can help you navigate those laws and regulations. How to create a successful property management business plan Peter Lohmann, CEO of RL Property Management, lays out three critical steps for residential property managers looking to crystalize a successful business plan: Identify your ideal clients. Articulate your unique value proposition for those clients. Go out and find leads. Who are your ideal clients? “Get really clear on who your ideal customer is,” Lohmann says. “Are you managing associations, office buildings, big apartments, single-family rentals, etc.? The narrower and more specific you can be, the better your life is going to be and the more money you’re going to make.” In other words, anything outside of this target market is going to be a waste of your time. That’s why this is the first step. “The more narrow and specific you can be here, the more directly you can speak to your prospects in a way that’s compelling,” Lohmann says. “Everything becomes easier – content strategy, sales conversations, even operations become easier – if you know who you want to manage for and what types of properties you want to manage.” Articulate your unique value to those clients The next step is to identify your unique value proposition. There are tons of other property management companies out there. Why should your ideal client choose you? In Lohmann’s words: “Your second step is to ask, ‘Why should anyone care?’ Property management isn’t a new concept; there are tons of property managers. So, identify what your unique value proposition is.” This is key to figuring out not just who to pitch to but how to pitch to them. “What are you going to talk about?” Lohmann says. “You can’t just say, ‘Oh, hire us, we’re the best!’ You need clear examples that say, ‘Our company does something a little different.’” For RL Property Management, that started as a promise that they would never charge a leasing fee. “Sure, it’s kind of crazy, and I don’t know anyone else who doesn’t charge that, but it worked,” Lohmann says. “We were trying to figure out why everyone hated their property manager. And we decided that it might be an incentive problem where the property manager’s incentive is to fill the unit as quickly as possible so they can get that big leasing fee, and that was creating bad outcomes for property owners. So we decided that we weren't going to charge a leasing fee, and we've stuck with it ever since.” How to find your ideal clients The third and final step of preparation is to identify where you need to go out and find leads and engage property management marketing. “Given what you know about how you defined your ideal prospect and your company and what they offer, the next question is where you go and get these leads,” Lohmann says. “A lot of property managers start with this third step. They just say, ‘How can I get more leads?’ But that’s the wrong question. Why do you deserve those leads? Answer that first. Downstream of that is ‘Where are those people hanging out, and how can I get this to them?’” Getting this step right involves researching property management and real estate property in your area and getting familiar with industry news, conferences, and listings. Define your business model Your business model, which is a core piece of a business plan, outlines your cost structure and revenue streams. Put simple, it's how you plan to generate profits. Many property management companies select from a few different business models and fee structures. For example, full-service, fee-based, and hybrid models are all popular. This is where you should decide whether you want to charge a flat fee, charge a portion of rent, or some combination. Consider how you want to charge for listing and leasing services, big-ticket maintenance items, and more. What should a property management business plan include? If you’re starting a new business and aiming to present a business plan to investors, or even business partners, you should outline each section below as a presentation deck. The information presented in this section needs to read like it is designed for investors and should highlight key terms and concepts they care about. Here’s a sample property management business plan outline, followed by a detailed explanation: Executive Summary Company Overview Market Analysis (Industry, Customer, and Competitive Analysis) Services Marketing Plan & Sales Strategy Operations Management Management Team Financial Plan Growth Opportunities Executive summary This is a high-level overview of your entire presentation, and should be the last section that you write. You want to be concise but interesting and hook the reader quickly. Outline the following in broad strokes: The type of property management company you are operating Your target market Your objectives Your plan for meeting these objectives Company overview The company overview will dive deeper into your property management niche and business model. Explain what types of properties you manage and how you operate. Options include single-family residential property management (SFR), multi-family property management (MFR) or residential apartments, HOA management, and commercial property management. Give a brief history of your company and your legal business structure. Other important information might include: Your key competitive differentiators and core competencies Your metrics for success Your management team Financial details Mission and vision statements Market analysis (industry, customer, and competitive analysis) The market analysis benefits you almost as much as it does your audience. Researching for this section will help you more deeply understand the industry, customers, and competition. Industry analysis should include details on the trajectory of the market, its size, and key trends, along with challenges and opportunities. Customer analysis should include details about your target customers, their wants and needs, etc. Competitive analysis should outline direct competitors (PMCs in your area) and indirect competitors like in-house managers, automated tools, etc. Explain why your value proposition is unique. Ideally, present a thorough SWOT (strengths, weaknesses, opportunities, threats) analysis. Services This section should describe the property management services the company plans to offer, such as leasing, maintenance, and rent collection. Depending on the jurisdiction, legal compliance and documentation services may be relevant to property management associations as well. This section should also discuss the pricing strategy for these services. Marketing plan and sales strategy Your go-to-market section should describe the company's marketing and sales strategy, including how it plans to attract and retain clients. It should also discuss any advertising or promotional campaigns the company plans to undertake. Promotions could include paid advertising in print and on websites, social media marketing, radio advertising, SEO marketing, and more. Here, it’s important to document your marketing channels (organic online, targeted online, print advertising, professional networking) as well as ongoing sales and marketing programs. Related: 10 Property Management Goals to Set for the Year (with examples) Operations management Outline your short-term processes and long-term business goals, as well as estimate day-to-day operations. What property management software are you using in the business? What bottlenecks slow down work that’s moving through the organization? How will you structure your company and your teams? You should also include details on critical process workflows, risk mitigation strategies, and technology integrations and updates. Management team Outline your management structure and the skills and experience of your management team. Highlight property management and other real estate experience. Consider who you have in the company, who is a right fit, and who needs to be looked at as not a great fit. Financial plan Outline your major cost centers and revenue drivers. What management fees are you going to charge? You should include a profit and loss statement, balance sheets, and a cash flow statement. Growth opportunities Identify and outline the most targeted growth opportunities for your business right now and over the next five and ten years. Knowing your long-term goals requires you to gain a deep understanding of the real estate and property management market in your area and to understand clearly where you fit in and how you can generate growth and value for years to come. Typically, this section includes: Expansion plans Strategic alliances Technology upgrades Emerging market trends Property management business plan free template Follow this checklist or else download our free PMC business plan template to customize to your business. Executive Summary The type of property management company you are operating Your target market Your objectives Your plan for meeting these objectives Company Overview Mission and vision statements Your property management niche and business model How you operate Company history Your legal business structure Your key competitive differentiators and core competencies Your metrics for success Your management team Financial overview Market Analysis Industry assessment Customer analysis Competitive analysis Services Marketing Plan & Sales Strategy Outline of sales and marketing plans Marketing channels Ongoing sales and marketing programs Operations Management Long-term business goals Current processes Critical process workflows Risk mitigation strategies Technology integrations and updates Management Team Management structure Skills and experience Financial Plan Financial projections Cost centers and revenue drivers P&L statement Balance sheet Cash flow statement Growth Opportunities Targeted growth opportunities Expansion plans Strategic alliances Technology upgrades Emerging market trends ‍ Get your free PMC business plan template here. Beyond the business plan: Increase retention with an RBP At Second Nature, we work with property managers around the country to develop better resident experiences that generate more value for their clients and their companies. A Resident Benefits Package, or RBP, helps property managers at every stage of their company’s growth. Each product in this package delivers a service that residents want and sets your PMC apart. Our goal is to help make running a successful property management business as easy as second nature. Related: Property Management Startup Checklist

Calendar icon January 29, 2025

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Your Guide to Security Deposit Laws in Colorado

This post was last updated on 1/10/2025. Navigating security deposit laws can be challenging for property managers and residents alike. That’s why we’ve assembled this guide to the key rules and regulations governing security deposits in Colorado. In this blog, we’ll cover: The basics of security deposit laws in Colorado, including what they’re used for and how they’re handled. Common questions about security deposits, such as what constitutes normal wear and tear and how long before deposits must be returned. Best practices for creating clear communication around security deposits, including how to write refund letters. A note on language: Here at Second Nature, we prefer to use the terms "resident" and “residency” rather than “tenant” and “tenancy,” in order to emphasize the relationship element of property management work. However, there may be instances where terms such as "tenant" are used for legal purposes within documents or communications related to security deposit laws. In these cases, please understand that our intent remains the same—to provide clear, accurate, and meaningful information to all people involved in the business relationship. Disclaimer: This is not legal advice. Any information contained in this blog is provided for informational purposes only and should not be construed as legal advice on any matter. This is especially true given that laws change on a regular basis. You should review specific security deposit laws for your state in detail to make sure you have the most up-to-date information available, and consult with your local counsel for applicability to your property. Why are security deposit laws in Colorado important? If you’re fortunate, you’ll never actually need to touch your security deposits beyond some minor damage here and there. But much like car insurance or a fire extinguisher, you’ll be really glad you have it when you need it. Horror stories of resident damage are just a quick Google search away, and you don’t want to become one of them. Imagine you have a house that you rent to Kennedy and Heidi, two best friends who are fresh out of college. Not content with neutral wall colors, and feeling inspired by some DIY TikToks, they decide to repaint their living room. Three gallons of paint and six months later, their lease is up and you enter the property to do routine turnover maintenance. Now you have to bring in a painter to paint over their trendy artwork. Luckily, that expense may come out of their security deposit, so you aren’t on the hook for the expenses. Overview of security deposit laws in Colorado Security deposit regulations in Colorado are designed to clarify the rights and responsibilities of property managers and residents. Below, we break down the key aspects of these regulations and statutes: Purpose of security deposit The purpose of a security deposit is to provide landlords/property managers with financial protection in scenarios such as unpaid rent, damage beyond normal wear and tear, or costs incurred due to eviction. It also encourages residents to maintain the property and adhere to the lease terms. At the end of a lease, residents who meet their obligations typically receive their deposit back, minus any legally allowable deductions. Security deposit limit In Colorado, the current statute governing security deposit limits is CO Revised Statutes § 38-12-102.5. Effective August 7, 2023, this law stipulates that property managers cannot require a security deposit exceeding the equivalent of two months' rent. Please be aware that laws are always subject to change. Storing a tenant’s security deposit Colorado law does not specify requirements regarding the storage of resident security deposits. Specifically, there is no state statute mandating that security deposits be held in a particular type of account or location. Inspection of rental property A final walkthrough upon moveout allows property managers to assess property conditions and identify issues such as damages beyond normal wear and tear. The repair costs for these types of damages may be deducted from the security deposit. Note that property managers are obligated to maintain rental units in a habitable condition, ensuring they are safe and livable for residents. This obligation is outlined in the CO Revised Statutes § 38-12-503, known as "Warranty of Habitability". Written notice of security deposit Colorado landlords and property managers are required to provide residents with a written statement detailing any deductions from the security deposit, within 30 days unless the lease allows for additional time, up to a maximum of 60 days. This requirement as specified in CO Revised Statutes § 38-12-103(1), mandates that property managers must furnish a written statement listing the exact reasons for the retention of the security deposit. This statement must accompany the payment of any remaining deposit amount and be sent to the renter’s last known address. Deductions CO Revised Statutes § 38-12-103 permits property managers to retain portions of a security deposit for specific reasons, including: Unpaid rent Abandonment of the premises Nonpayment of utility bills/charges Repair work Cleaning contracted for by the resident It's important to note that property managers cannot retain any part of the security deposit to cover normal wear and tear. Wear and tear is generally considered to be signs of use, like small scuffs on flooring, carpet wear, and minor scrapes to walls or baseboards. It does not typically include more significant damage like broken windows or fixtures, holes in walls, or stains on carpet or countertops. Nonrefundable deposits Nonrefundable deposits are prohibited in Colorado and cannot legally be retained if the resident has fulfilled all financial obligations and left the property in good condition. Returning a security deposit to the tenant Property managers are obligated to return the security deposit within the timeframe stipulated by law, which by default is one month after the lease's termination or the resident’s surrender of the premises, unless the lease agreement specifies a longer period, not exceeding 60 days. Selling the property In Colorado, when a rental property changes ownership, the handling of security deposits is governed by CO Revised Statutes § 38-12-103(4). This statute outlines the responsibilities of the person holding the security deposit upon cessation of their interest in the property, whether by sale, assignment, death, appointment of a receiver, or otherwise. The individual in possession of the security deposit must, within a reasonable time: Transfer the deposit: Transfer the security deposit, or any remainder after lawful deductions, to the property manager's successor in interest and notify the resident by mail of such transfer and the transferee's name and address; or Return the deposit: Return the security deposit, or any remainder after lawful deductions, directly to the resident. Upon compliance with these requirements, the original holder of the security deposit is relieved of further liability regarding the deposit. The new owner or successor in interest then assumes all rights and obligations concerning the security deposit. Failure to comply with Colorado’s security deposit laws In Colorado, CO Revised Statutes § 38-12-103(3)(a) addresses the consequences for property managers who fail to comply with security deposit regulations. If a property manager willfully retains a resident's security deposit in violation of the statute, they may be liable for treble (three times) the amount wrongfully withheld, in addition to reasonable attorney fees and court costs. However, before initiating legal proceedings, the resident must provide the property manager with notice of their intention to file a lawsuit at least seven days before filing the action. Learn more: Security Deposit Alternatives for Property Managers and Residents What is Security Deposit Insurance? Pros and Cons Additional FAQs about Colorado security deposit laws Are deposits refundable in Colorado? Yes. Deposits must be fully refunded minus any valid deductions. What is considered normal wear and tear? Wear and tear includes minor scuff marks on flooring, worn carpet, general wear on appliance handles, and the like. Damage, like large stains/holes or broken fixtures, may not be included. Do property managers need to provide receipts for deductions? Yes. Landlords must furnish a written statement itemizing deductions, accompanied by receipts, if applicable. How long does a property manager have to return the deposit? Under Colorado law, landlords must return the security deposit to the resident within one month after the termination of the lease or the resident’s surrender of the premises, however, this timeframe can be extended to 60 days after the termination or the lease or resident’s surrender of the premises if specified as such in the executed lease. What happens if the deposit is not returned within 30 days? Property managers failing to return the deposit or an itemized list of deductions within the required period can face legal consequences and additional costs, such as triple the amount of the security deposit wrongfully withheld, attorney fees, and court costs. Best practices for property managers: What to Include in a Security Deposit Letter How to Write a Security Deposit Letter - Templates for Full Refund, Partial Refund, No Refund, and Request for Payment How to Send a Security Deposit Letter Mistakes to Avoid When Writing a Security Deposit Return Letter Final thoughts Navigating Colorado's security deposit laws requires careful attention to detail. At Second Nature, we’re here to support you in security deposit law compliance, with the philosophy that ensuring compliance not only protects your business but also fosters better resident relationships. The fact is, we’ve built our entire company on the idea that resident experience can change the game in property management. Our Resident Benefits Package is an all-in-one resource for property management companies that saves money for you and your residents and delivers the best in convenience and resident experience. Learn more about the Resident Benefits Package. Legal Disclaimer: The information contained in this blog is provided for informational purposes only and shall not be construed as legal advice. The laws referenced in this blog are subject to change. Please consult with your local counsel for applicability to your property.

Calendar icon January 23, 2025

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