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Triple Win Property Management Blog

Why You Should Host Quarterly Zoom Calls with Your Investors

Three veteran property managers who have implemented quarterly video calls with their clients. They speak to exactly how and why they operate these, and the specific value it creates for their companies. In late 2019, Real-Time Leasing CEO Deb Newell launched a new communication initiative aimed at building a better investor experience. The concept was simple but effective: a regularly cadenced zoom meeting with all their investors. “We invite all of our owners and we basically do a ‘state of the union’, a state of our company,” says Newell. “You pull back the curtain, you’re really showing them what’s going on behind the scenes and inviting them to have a little bit more information as to what the day to day may be.” Other PMs have since recognized the value of disclosing the innards of the business to investors, including Bryan Jenkins of AHI Properties and Karen Jordan of HBR Rentals, all of which appeared on a panel at PMLX with Newell to break down how they run these calls. What is the goal?‍ These investor zoom calls have one main goal, which is to keep the investor informed about and engaged in the processes of how their asset is being managed. When it was pioneered by Deb Newell, CEO of Real-Time Leasing and professional property management consultant, the intent was to provide such a thoroughly informative session that investors would leave feeling like they’re being kept in the loop and their questions and concerns were heard. This has proven more than successful for Newell and Real-Time Leasing, as well as other companies that have adopted the practice. It’s an obvious win for the investor, but the resulting relationship development with clients is also a big win for property managers. In the new age of property management, where lifetime value has supplanted immediate cash flow as the PM’s north star, making efforts to keep investors in the loop helps build a relationship that contributes to said lifetime value. Newell notes that a lot of investors think that the only time they hear from their management company is when there is a problem. That can really strain the client relationship, but it’s such an easy thing to fix and doing so will usually come as a surprise to the investor. Many probably aren’t expecting to be this informed. Their experience with old school PM companies would give them no reason to. “We’ve heard nothing but positive things about it. They were amazed that we did it in the first place,” said Newell. Bryan Jenkins of AHI Properties, part of the PURE Property Management family, has seen similar positive reviews after adopting the quarterly zoom call concept. “We've had nothing but positive feedback on the two that we've done this year. I've got clients that have properties in multiple states with multiple managers. And their comment is always no one else is doing this. And they're just blown away that it's proactive versus reactive.” How do you run them? Newell recommends doing these meetings quarterly and generally tries to provide investors a holistic view of the company’s status and the performance of the assets it manages. “The idea was to say ‘hey, we’re just going to tell you exactly what’s going on in the company, how well we’re doing, how well rent has been received, what our percentage of occupancy is, what our percentage of delinquency is, that way they felt more engaged.” Newell typically lays out an agenda that features a run through of all those things. “That usually lasts about 45 minutes, and we do open it up for questions. So we’ll have somebody monitoring chat . . . they can definitely ask questions during the chat, then at the end we open it up, let everybody unmute and ask questions.” Jenkins and AHI take a slightly different approach, electing to focus on the strategy for AHI’s decision-making and making sure their clients have a good understanding of why they’re doing what they’re doing. “We want to have our clients understand the why, why we’re doing certain things, why we’re deploying certain systems. They don’t need to understand the how, it’s the ‘why’ portion of it.” Jenkins hits on an important point, which is that it’s worth identifying what’s important to your clients and focusing exclusively on that. You could probably talk about what you’re doing as a company and why for hours, but whittling down to what’s most important to the clients can result in a more streamlined and efficient meeting that loses fewer people over the course of it. “We're explaining why we're doing things, how we're doing it for their benefit, and we focus on the triple win. We even talked about on our last call that we're looking for a win for the owner, the resident, and the manager and once we focus everything through that lens, it's easy. And we're also focused on the education of our owners and educating them on the way that we want them to think as investors.” Jenkins, Jordan, and Newell break their meetings up into segments, each with time allotted to different speakers within the company. Karen Jordan of HBR Rentals remarks that this helps clients put faces to names and build a more direct relationship with employees beyond just company execs. “I loved that they can put a face to a name because a lot of our owners have only met myself. So they haven't met the team. So to see the face of who's our maintenance coordinator, who's the Resident Experience Manager, to really get to know them, I think it really helps them,” said Jordan. Creating a Triple Win The extra communication with investors Newell, Jordan, and Jenkins are striving to create is another great example of how property managers are realigning their business toward lifetime value via triple wins. The benefit to the investor of being in the know and feeling like their questions are addressed is obvious. On your side as the PM, this is a great opportunity to forge a strong relationship with your clients, but it’s more than that too. Regular communication with clients also gives you an opportunity to teach. Investors may not understand everything you’re doing, why, or how your long-time priorities have shifted as a triple-win driven property manager. Jenkins focusing on “the why” provides powerful insights to investors on this exact question. As a property manager, you’re trying to provide value that investors can’t easily replicate themselves or with the assistance of technology. These quarterly calls are great opportunities to ensure your clients understand exactly what value it is you’re creating for them. When investors and property managers are on the same page about the future of property management, creating a great resident experience is even easier. That's a triple win.

Calendar icon May 19, 2022

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A Sales Person's Review of Giftology by John Ruhlin

When I was first introduced to the book Giftology by John Ruhlin during a Second Nature sales kick-off a few years back, I didn’t really know what to expect. Andrew Smallwood and Scott Stollwerk wanted the team to read the book so that we could gain a better understanding of the impact of being intentional with gifting. I didn’t realize then how much this book would change me. Giftology is all about strategic and intentional gifting - gifting with a purpose. This book aims to change the way we look at giving gifts. Too often gifting is seen as something habitual and unintentional. But Giftology really provokes you to think about how we can turn a gift into not just something we give….but to really make it into a lasting moment. The book talks about strategic business gifting as well and how we can stop giving gifts to clients and prospects that are meaningless, have our logo on them, and have very little thought or intentionality behind them. The goal with strategic business gifting is to turn a prospect into an active loyalist. Meaning, they love your business so much that they’ll be a huge advocate for the business and will naturally talk about it with others without prompting. When I think back to Andrew’s introduction, I see exactly how Giftology fits with the way we do business at Second Nature. We are all about making a positive and lasting impact. We always ask ourselves how can we be better? How can we up our game and standards, and truly stand out from other organizations? Giftology fits in with each one of our core values at Second Nature. Relentlessly Resourceful: How can we be better at gifting? Especially at trade shows. Can we have intentional swag versus the standard items people typically grab and then forget about right away? Drama Free Zone: Giving a gift shouldn’t be about us…it should be about the recipient. How will they feel receiving something so thoughtful? Bias Towards Action: How can we use strategic gifting to not only gain clients but active loyalists? Performance Mindset: Strategic gifting helps close business. Humility In All That We Do: It takes a lot to truly take ourselves out of the gifting picture and learn about the recipient so that the gift serves its intended purpose. Integrity First: We need to think about the gift and thoughtfully consider what our purpose is for sending it. Will the recipient feel valued? Shatter the Status Quo: Nothing goes further with a client than a super thoughtful gift John Ruhlin’s book has really made me think about the ways I select and give impactful gifts, and has helped me to understand the true power of making a gift into a lasting moment. Have you read Giftology yet? Or have you received a gift that’s made an impact on you? Let me know what you think in the comments below!

Calendar icon May 19, 2022

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Foldable Filter FAQ

Congrats! You’ve been selected to receive our brand new, foldable air filter. This innovative new filter is super easy to use. Its unique design allows for a more compact shipping size. This means we’re able to greatly reduce the amount of cardboard and materials used, helping us be more ecologically efficient and less wasteful. 1. Why did you change to this new filter? Air filters were past overdue for an upgrade. This is the first time the residential air filter has been redesigned in 30 years! Why settle? Here at Second Nature we’re always looking to improve and innovate to provide the best product for our customers. 2. This filter looks really different. How will it perform? There should be no noticeable change in performance between this filter and the classic framed filter you have been receiving from us. It will continue to filter pollen, dust, mold, bacteria, mites, & pet dander. Rest assured, our re-designed filters have undergone rigorous testing. 3. This looks thinner than my standard 1” filter. Will this make noise when my HVAC system turns on and off? Will it rattle? Our new filter, with its cloth-covered frame, will generally be quieter than a regular filter with a hard cardboard frame. 4. How often do I need to change this new filter? Just like our regular filters, this one should last for 90 days, though environmental factors and personal preferences play a part. If you live in a climate that has you running your HVAC most or all of the time, it’s a good idea to change more often. 5. Are the new filters recyclable? The filter itself is not recyclable, but please recycle the cardboard box. 6. Which way do I put it in the vent? Where’s the arrow? Our redesigned filter can be installed facing either way! New technology allows airflow in either direction. 7. What is this filter made out of? Our new filter is a polyester fabric blend, much like conventional filters. The fabric is supported by strips of spring-tempered steel in thin sleeves of polyvinyl. 8. If I’m not ready to replace my filter yet, but already opened it, can I fold it back up? Sure. It’s a bit like pushing the joke snake back into the tennis ball can, but if you’re careful and use the original box, it should be fine. 9. What are the benefits of this filter over standard ones? The frame is more durable thanks to our unique Flex-Lock frame. A cloth-like frame can produce a tighter seal in your intake vent, helping to prevent air from sneaking around the sides of the filter. Less packaging = less excessive waste 10. How should I dispose of this filter? Simply discard it, the same way you’ve disposed of your previous filters. You can even fold it back up, and place it in an indoor trash can! Please ensure it's folded up securely to prevent the filter from unfolding. The cardboard box can be recycled. 11. My friend/sibling/neighbor wants one of these! How do I get them signed up for this filter? For now, you have exclusive access to this new product. We’ll be rolling it out to other customers gradually. 12. Is this product more environmentally friendly? By folding the filter into a more compact size, we are able to greatly reduce our packaging materials, primarily cardboard. This also means we fit a lot more filters into each truck that leaves our fulfillment center!

Calendar icon December 2, 2021

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An Easy How-to for Painting Your Home's Interior

A DIY paint job can be easy by following these steps. So you’re looking to do some wall painting? That’s easy enough, right? You just need to grab a brush and a can of paint and get started. Except that is not what you’re supposed to do, unless you want your paint job to come out looking like you just put paint in a water gun and shot it at the wall. A painting project, like any home improvement project you want to invest in, will turn out quite a bit better with a bit of planning and the right tools. Not sure what you need? Well, you’re on the right blog. Make sure to pick the right color. First comes the prep work, which is arguably the most essential part of painting a room. Before you even begin thinking about doing the actual painting, make sure you spend the appropriate amount of time picking your color. Have an idea of what color you want when you go to the store and bring back some samples. If possible, get more than one sample of each color, as the more surface area of the wall your sample takes up, the easier it will be to envision that color all around the room. The paint store people might not let you do that, but if they do, you should take full advantage. Once you’ve acquired your samples, tape them to the wall or ceiling you’re intending to paint and check them out in different lighting during different times of the day. This will allow you to see what each color looks like in all different types of light and give you time to mull over your options. ‍ After selecting a color, it’s time to choose the type of finish you’d want. There's no industry standard for paint. What one manufacturer may call flat could actually be matte and vice versa. Be sure to test the actual paint or do some research first. Flat: Flat paint is the anti-gloss and therefore the best option for covering imperfections in your wall. The downside is that the surface can easily get marked up and may need retouching on a more frequent basis. At the same time, flat paint is easy to touch up since you're not having to worry about blending to match the current shine. Nowadays, most flat paint will stand up to mild cleaning—just look for "washable" on the label. Matte: Matte paint results in an almost shine-free appearance—a little bit more gloss than flat paint. This finish is sometimes referred to as suede or velvet finish. Given it does have a little bit of gloss, it can handle slightly more cleaning than flat paint. Flat and matte are best suited for low traffic areas as they are easier to mark and scuff, while not being particularly easy to clean Eggshell: Eggshell paint has a light shine making it easy to clean but doesn’t have the smoothness factor that makes imperfections standout. Those two factors make eggshell finish paints very popular. Satin: Satin paint is the middle ground between matte and gloss. This level of shine really starts to highlight imperfections; this sacrifice makes it easier to clean. The more shine a paint has, the more glossy it is. As you move from the spectrum of no-shine to shiny, paint becomes easier to clean. Keep this in mind when you're painting kitchens or bathrooms where the walls have a high potential to become dirty. Semi-gloss: It's got that bright shine, but still not quite glossy. Semi-gloss is easy to clean and ideal for trim, cabinets, or doors. High-gloss: Gloss is the opposite end of the spectrum from flat. It provides the maximum shine for your wall which can be a really fresh look. But cool comes at a price. This finish will show every imperfection. Due to their durability, high-gloss paints are often used for doors in high-traffic areas and trim. What supplies you'll need to paint. Now that you’ve got your ideal color and finish selected, it’s time to acquire the appropriate tools. Paint: Painting a room without paint is tough. Paint roller: For covering large open spaces like walls, a roller is the most efficient tool. It will give you cleaner and more even strokes than a brush. Paint tray: A paint tray holds the paint for the roller. The roller and tray can typically be purchased together for about ten dollars. Painter’s Tape: Painter’s tape is a critical tool for any in-home paint job. Use it as a divider between the area you want to paint and any area you don’t. Painter’s tape goes on and peels off easily and will give you a nice clean straight edge. You can get this for about five bucks. Brush: If you don’t have painter’s tape, or you’re painting an area that has inward corners or places that a roller will struggle to reach, simply use a brush to touch up the edges. Often, a brush will come in the package with the roller and tray. Ladder (maybe): You might need a step stool or a step ladder if you can’t reach everything you want to paint. These will run you north of fifty dollars, but chances are you already have one. If you don’t, you should get one. It’ll last you your whole life and be useful in lots of home fixes. Drop cloth: A drop cloth will cover the floor and furniture so you can’t spill paint on either. Make sure you get a size big enough to cover everything around the area you’re painting. These are cheap and start at around four dollars. Wallpaper steamer (maybe): If you have wallpaper, you’ll need to remove it before you begin painting. Wallpaper steamers are expensive, often starting above $40, although you can buy used ones for a little less. Remove any wallpaper. Using your newly purchased wallpaper steamer, strip off any wallpaper and then thoroughly clean the walls to rid them of any dirt or grime that has built up. Next, clear everything around the areas you intend to paint and move it as far away as possible. Make the space as open as you can. Cover the floor and anything that couldn’t be moved with the drop cloth to protect it. After you’ve cleared the space and laid the drop cloth, tape the cloth down and then adhere painter’s tape to the edges of the area you will be painting. Now it’s time to get started. ‍ To prime or not to prime? Sometimes it’s necessary to apply a primer beforehand, and sometimes it’s not. Primer is meant for walls and places where an even and uniform coat are critical. Determining whether this step needs to be taken is done by determining whether there are elements of the wall you are painting that will cause the paint to dry unevenly. Are you painting drywall, which needs a coat of primer to avoid irregular drying due to its absorption qualities? A primer will help here. Has the wall been painted before? A previous coat of paint will carry out some of the functions of a primer and is often sufficient on its own. Is the wall damaged, warped, featuring an irregular surface, porous, or does it have nail holes? A primer is recommended in these situations to level out the surface and decrease the impact of any irregularities in the wall. In some situations, you can use a paint and primer mix, which can save you some money and make things move faster. If you decide a standalone primer is necessary, apply just like you would paint, ensure evenness, and then give it two to four hours to dry. Be positive that it is completely dry to the touch before proceeding. ‍ Let’s do that painting. Once you’ve decided to prime or not to prime and you’ve applied the coat if necessary, it’s time to bring your room to life. Dump that paint in that paint tray and get ready for action. First, you’ll use your brush to paint the corners and edges where you’ve applied your tape. Use a horizontal sweeping motion to ensure evenness and make sure every sweep is in the same direction. After you paint corners and edges, use your roller to cover the wall. Roll the roller through the tray of paint and then begin your roller stroke about three-quarters up the wall. Roll from there almost to the bottom, still leaving two or so feet between the edge and the end of your stroke. Once the paint on the roller has thinned to the point where it isn’t pooling on the foam, roll all the way to the top and bottom of the surface. This practice will help to ensure the most uniform coat possible. ‍ How many coats is too many coats? For wall painting, you’re probably going to need multiple coats. If you’re repainting, the number of coats required varies depending on the old color and the new color. A darker color over a lighter color will need probably no more than two, while a lighter color over a darker will need as many as five or six. In a situation that would require a significant number of coats, a primer might be useful in providing a blank and uniform canvas that cuts down on the workload. While you’re painting, it’s essential to keep in mind that paint will dry a slightly different color than when it’s first being applied to the wall. It often goes on a darker color than the samples you had taped to your wall. Don’t panic. It will dry the right color. After you’ve let your final coat dry, you’re ready to put your room back together and enjoy the ambiance of the freshly painted room.

Calendar icon November 2, 2021

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