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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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Single family home

How to Craft a Notice to Tenant to Clean Property [with Template]

Ensuring that rental properties are well-maintained is crucial for property managers and landlords, not only to protect the value of their real estate investment but also to provide safe and pleasant living environments for residents. One important tool for maintaining property standards is a "Notice to Tenant to Clean Property" letter that communicates concerns about cleanliness and outlines necessary actions for residents. In today’s post we’ll cover essential elements you should consider around transparency and effectiveness, as well as a sample letter you can use to craft your own notice. Related: Free Property Management Agreement Template 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 human element of property management work. However, there may be instances where terms such as "tenant" are used for legal or industry-standard purposes within documents or communications. 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. What to Do When Your Tenant is a Hoarder? Hoarding can present significant challenges for property managers. It not only poses health and safety risks but can also lead to severe property damage. Here are steps to take when dealing with a hoarding situation: Understand the issue Hoarding is often a complex psychological condition that requires sensitivity and understanding. It’s important to approach the situation with empathy and awareness of the resident’s potential mental health needs. This understanding can guide your interactions and help you manage the situation more effectively. Conduct thorough inspections Regular property inspections are crucial for identifying hoarding behaviors early. These inspections should be conducted in accordance with the lease agreement and local laws. Document any findings with photographs and detailed notes to provide a clear record of the condition of the property. Communicate clearly and compassionately When addressing the issue with the resident, clear and compassionate communication is key. Explain the concerns and the potential consequences if the situation is not addressed. Emphasize that the goal is to ensure a safe and habitable living environment. Provide a formal notice If the hoarding issue violates the lease agreement, a formal "Notice to Clean Property" may be necessary (more on this below). Collaborate with professionals In severe cases, it may be beneficial to involve professionals who specialize in hoarding disorder. This can include social workers, mental health professionals, or professional organizers who can provide the resident with the necessary support to address their hoarding behavior. Follow legal procedures Ensure all actions taken are in compliance with local and state laws. This includes providing the correct amount of notice, following proper eviction procedures if necessary, and respecting the resident’s rights throughout the process. Document all actions Keep thorough records of all communications, inspections, and notices related to the hoarding issue. This documentation can be crucial if legal action becomes necessary and helps protect you as the property manager. By addressing hoarding with a combination of empathy, clear communication, and adherence to legal requirements, property managers can manage these challenging situations more effectively while maintaining the safety and integrity of their properties. Identifying When a "Notice to Clean Property" Letter is Necessary A "Notice to Clean Property" letter becomes necessary under various circumstances. It's essential to recognize these situations in order to maintain the property's value and condition, and to ensure compliance with lease agreements. Routine inspections Routine inspections are an integral part of property management, allowing managers to identify issues early and address them before they escalate. If an inspection reveals unsanitary conditions, excessive clutter, hoarding, or neglect of cleanliness, a formal notice is warranted. This proactive measure helps maintain the property and encourages residents to uphold their end of the lease agreement. Failing to address these issues promptly can lead to severe problems such as mold growth, pest infestations, plumbing issues due to neglected maintenance, and increased costs associated with turnover when a property is vacated. Complaints Neighbor complaints regarding cleanliness issues, such as uncollected trash, odors, or visible clutter, can indicate a need for intervention. Addressing these complaints promptly with a notice demonstrates that management is responsive to concerns and committed to maintaining a harmonious living environment. Ignoring such complaints can exacerbate the problem, leading to pest infestations that can create an unhealthy living environment for residents. Lease violations Most lease agreements include clauses that outline residents' responsibilities for maintaining the property in a clean and sanitary condition. When these clauses are violated, issuing a notice is necessary to enforce the lease terms and remind residents of their obligations. Failing to act on these violations can result in significant property damage, including plumbing issues from unaddressed leaks or blockages, mold growth from damp conditions, and ultimately, costly repairs and renovations needed to restore the property for the next resident. This can also lead to increased turnover costs, as the property may need extensive cleaning and repairs before it can be re-leased. The Importance of Clear Communication Open and effective communication is vital in property management, especially when addressing cleanliness issues. A clear, well-crafted notice helps prevent minor issues from becoming major problems and sets the stage for resolution. Proactive approach Early intervention through timely communication can prevent minor cleanliness issues from escalating into significant problems. Addressing concerns as soon as they are identified shows residents that management is diligent and proactive. Setting expectations A well-crafted notice clarifies expectations for resident maintenance responsibilities. By explicitly stating what is required, renters understand their obligations and the standards of occupancy they must meet. Documentation The notice serves as a documented record of the identified issue and the steps taken to address it. This documentation is crucial for protecting the property manager's interests if further action is needed, such as additional fees or eviction proceedings. Note that property managers can proactively address cleanliness and maintenance issues by clearly setting expectations with new tenants from the outset. This can be achieved by including a detailed cleanliness clause in the lease agreement, conducting a thorough walkthrough of the rental unit at move-in, and providing a welcome packet to ensure each tenant knows their responsibilities. During the initial walkthrough, managers should highlight specific cleaning requirements and standards, demonstrating proper care for different areas of the property. Regular communication, such as periodic reminders and tips for maintaining the property, can further reinforce these expectations and prevent issues from arising, ensuring a smooth and mutually respectful resident-PM relationship. Crafting a Compelling and Effective Notice Creating an effective "Notice to Clean Property" involves several key elements that ensure clarity and encourage compliance. Introduction Begin the written notice with a clear statement of its purpose as a formal notification regarding the property's cleanliness and upkeep condition. Include the property address and the resident's name(s) to avoid any confusion. Specific observations Detail the cleanliness issues observed during the inspection or reported by others. Use clear, descriptive language to ensure there is no ambiguity about the concerns. For example, instead of saying "the property is dirty," specify "dirty dishes are piling up, attracting roaches/pests; or “an abundance of waste materials is creating a health hazard/fire hazard." This also helps differentiate the cleanliness issue from normal wear and tear. Reference to lease agreement (optional) If applicable, cite relevant clauses in the rental agreement that outline the resident’s responsibility for maintaining the property in a clean and sanitary condition. This reference reinforces the legal basis for the notice and the resident's obligations – and helps ensure that you are respecting applicable tenant rights and state laws. Outline of expectations Clearly define the expected level of cleanliness and specific actions required to rectify the situation. A timeframe for follow-up is useful for helping the resident to address the issues, such as a 7-day notice period to clean. This approach gives residents a clear understanding of what needs to be done and by when. Consequences for non-compliance (optional) Briefly outline potential consequences for failure to address the cleanliness concerns within the designated timeframe. This might include increased inspections, withholding of security deposits, or legal action, including a potential order to vacate/eviction notice. Note that although it may well become necessary to instigate an eviction process, it’s important to maintain a professional tone and avoid excessive threats to encourage cooperation. Related: How to Write a Tenant Welcome Letter + Free Template Additional Considerations for Specific Situations Different scenarios may require tailored approaches when issuing a proper notice to clean the property. Health and safety hazards If the cleanliness issue poses a potential health or safety hazard, such as mildew/mold growth, pest infestations, or overflowing sewage, prioritize immediate action. In such cases, involving relevant authorities might be necessary to ensure the issue is resolved promptly and safely. Chronic offenders For residents with a history of neglecting cleanliness standards, consider outlining a stricter course of action. This might include increased inspections or even potential lease termination if the behavior continues. Clear documentation and a consistent approach are essential when dealing with chronic offenses. Delivery Methods and Maintaining Records Ensuring that the notice is delivered and documented correctly is crucial for effective property management. Delivery methods Consider the following methods for delivering the notice: Hand-delivery with a signed receipt: This method ensures the resident receives the notice and acknowledges its receipt. Certified mail with return receipt requested: This provides documented proof that the notice was sent and received. Other methods with documented proof of delivery: Any method that provides verifiable proof of delivery is acceptable. Maintaining records Retain copies of the notice, delivery confirmation, and any relevant communication for your records. This documentation is crucial if further action is necessary and serves as evidence that the issue was addressed appropriately. Free “Notice to Tenant to Clean Property” Template Providing a template can simplify the process for property managers. However, it's essential to note that legal advice is recommended to ensure compliance with local laws and regulations. ``` [Your Name] [Your Address] [City, State, ZIP Code] [Date] [Resident's Name] [Property Address] [City, State, ZIP Code] Re: Notice to Clean Property Dear [Resident's Name], This letter serves as a formal notification regarding the cleanliness condition of the property located at [Property Address]. During a recent inspection conducted on [Date], the following issues were observed: - [Detail the specific cleanliness issues] As per the lease agreement, Section [Lease Section], you are required to maintain the property in a clean and sanitary condition. To rectify the situation, please take the following actions by [Specify Deadline, e.g., 14 days from the date of this letter]: - [List the specific actions required] Failure to address these concerns within the specified timeframe may result in [potential consequences, such as additional fees, increased inspections, or eviction proceedings]. We appreciate your prompt attention to this matter. Please contact us at [Your Phone Number] if you have any questions or need further clarification. Sincerely, [Your Name] [Title] [Contact Information] ... Promoting a Culture of Responsibility Maintaining a clean and well-kept property is a shared responsibility between residents and property management. By promoting a culture of responsibility, property managers can create a positive living environment that benefits everyone involved. Encouraging residents to take pride in their living spaces and providing resources such as Second Nature’s Resident Benefits Package (RBP) can foster this culture. The RBP can include regular maintenance tips, access to cleaning services, or rewards for maintaining high standards of cleanliness. Ultimately, a collaborative approach leads to what we at Second Nature call a "triple win" — residents enjoy a pleasant living environment, owners maintain their investments, and PMs have an easier role to play in maintaining these thriving, beneficial relationships. Learn more about Second Nature’s RBP.

Calendar icon June 7, 2024

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How to Write a Notice to Vacate Letter to Tenants [with free template]

Asking a resident to vacate a real estate property is often a delicate and challenging task for rental property managers. Whether due to lease expiration or lease violations, a “Notice to Vacate” requires sensitivity, clarity, and legal compliance. This article aims to guide you through the essential steps to ensure a smooth transition and protect your rights as a property manager, as well as the rights of the property owner. It's important to note that the terms "tenant" and "resident" may be used interchangeably throughout this article. We prefer the term “resident,” as this emphasizes the human nature of our relationships, as opposed to more transactional qualities. Depending on your jurisdiction, there might be specific legal distinctions, so always refer to the terminology used in your lease agreement and local laws. Related: Free Property Management Agreement Template What Is a Notice to Vacate Letter? A notice to vacate letter is a formal document that’s provided by a property manager to a resident and formally notifies them they need to move out of the rental property by a specific date. This letter is used to terminate the tenancy in accordance with the lease agreement and applicable laws. The notice period and specific requirements for the letter can vary depending on local regulations and the terms of the lease. Types of Notice to Vacate Letters The reason why a property manager might need a notice to vacate letter varies depending on the situation. Here are some of the most common reasons why a notice letter would be appropriate: 1. Notice to vacate for lease expiration This type of notice is used when a fixed-term lease is approaching its end date, and the landlord or property manager has no intention of renewing the lease. The notice lets the tenant know about the lease’s end date and the requirement to leave the premises by that specified date. 2. Notice to vacate for month-to-month tenancy termination In a month-to-month lease, either the landlord or the tenant can terminate the lease by providing enough notice. This type of notice informs the tenant they need to vacate the property within a certain amount of time - typically between 30 to 60 days. Keep in mind, the notice period will depend on local and state laws. 3. Notice to vacate for lease violation When a tenant violates any of the terms and conditions of the lease agreement, this type of notice is issued. Some of the most common reasons why this would be used include not paying rent, causing property damage, or engaging in illegal activities on the premises. The landlord or property manager typically specifies the nature of the violation and provides the tenant with a deadline to either fix the issue or leave the property. 4. Notice to vacate for major repairs or renovations Properties sometimes need extensive renovations and repairs that might require the tenant to be out of the property for a set period of time. This notice informs the tenant that they need to be out of the property temporarily while repairs are being done. The letter should include information on the work being done, when it’s expected to be completed, and provide context as to why they need to vacate the property during this period. 5. Notice to vacate for owner move-in In some jurisdictions, landlords can ask tenants to vacate the property if the owner or their immediate family intends to move into the property. Details about the expected move-in date of the new resident, as well as the mandatory vacate date of the current tenant should be included in the letter. 6. Notice to vacate for sale of property When a property is being sold and the new owner plans to use it for a different purpose, the current tenants may be required to vacate. This notice includes information about the sale and the need to vacate by a specified date to the tenant. Related: How to Write a Letter Notifying Your Tenant of the Sale of Property 7. Notice to vacate for conversion of use Tenants may be required to leave a property if it’s being converted to a different use, such as a commercial space or for redevelopment purposes. Information about the conversion of the space and vacate date should be provided in the notice. Key Considerations Before Drafting Your Letter Review your lease agreement Before drafting your notice, thoroughly review the lease agreement. Pay close attention to the terms regarding notice periods, renewal options, and lease termination procedures. This ensures that your notice aligns with the agreed-upon terms and helps avoid potential disputes. State and local regulations Familiarize yourself with tenant laws in your jurisdiction, particularly those related to notice periods and grounds for eviction. Regulations can vary significantly, and understanding these rules is crucial to ensuring your notice is legally compliant. Documentation Gather all documentation pertaining to the tenancy, including the lease agreement, any violation notices, and communication records. Comprehensive records support your case if the tenant contests the notice or if legal action becomes necessary. Best Practices to Follow When Writing a Notice to Vacate Letter Introduction Start the letter by explaining its purpose as a formal notice to vacate the property. Be as specific as possible by identifying the property by address and the tenant(s) by name. If applicable, reference the lease agreement, as well to provide context and legitimacy. Vacate date Clearly indicate in the letter what the last day the tenant has to vacate, and make sure it aligns with the required notice period outlined in the original lease agreement or by local and state law. Specifying the exact move-out date in the written notice avoids any ambiguity and sets a clear timeline for the tenant. Reason for termination (optional) While it may not always be required by law, briefly explain the reason for the termination to maintain transparency. Whether it’s because a lease is expiring or isn’t being renewed, or there’s a leave violation - sharing a concise, professional explanation avoids any issues down the line. Next steps Share the process for returning keys, scheduling a final move-out inspection, and addressing the security deposit return. Include specific deadlines for these actions, as well as preferred methods of communication to facilitate a smooth transition. Additional considerations for specific situations Non-renewal of Lease: If the lease isn’t being renewed due to reasons such as property sale or personal use, briefly state that in the notice. This helps the tenant understand the broader context and may ease the transition. Lease Violation: When addressing a lease violation, clearly identify the specific breach and potential consequences. Refer to relevant clauses in the lease agreement to substantiate your claims and provide a clear path forward. Eviction Process: If the renter fails to vacate according to the designated time frame, outline the next steps, including the possibility of legal action. It’s advisable to seek legal guidance in eviction notice scenarios to ensure compliance with local eviction procedures and applicable state laws. Delivery methods Ensure that the notice is delivered using a method that provides documented proof of receipt. Some of the most common options include: Hand-delivery: A signed receipt from the tenant. Certified mail: A return receipt requested to confirm delivery. Maintain records Keep extra copies of the lease termination letter, delivery confirmation, and any relevant communication both as hard and digital copies. Keeping detailed records is essential, especially in case of disputes or legal proceedings with the former tenant. Contact information Include contact information in case there are any follow-up questions or potential disputes from the tenant. Providing a main point of contact helps address tenant concerns and facilitates a smoother transition. Professionalism and courtesy Throughout the process, maintain a friendly and professional manner. This approach not only reflects well on you as a property manager but also helps reduce conflict and promotes a more cooperative environment. Legal counsel For complex situations or unfamiliar legal paperwork, consider seeking legal advice. You’ll want to double-check with a legal professional to make sure your actions comply with all relevant local and state laws. Free Template for Notice to Vacate Letters To assist property managers in drafting a comprehensive and compliant notice, we’ve provided a template below. Note that this template is for informational purposes only, and it’s essential to consult with a legal professional to tailor the type of notice to your specific situation and jurisdiction. [Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Tenant’s Full Name] [Property/Rental Unit Address] [City, State, ZIP Code] RE: Notice to Vacate Dear [Tenant’s Name], This letter serves as formal notification that you are required to vacate the premises at [Property Address] by [Vacate Date]. This notice is given in accordance with the terms of the lease agreement dated [Lease Start Date], which specifies a [number of days]-day notice period for termination. [Optional: The reason for this notice is [brief explanation, e.g., lease expiration, non-renewal, lease violation].] Please ensure that all personal belongings are removed from the property by the vacate date. We will schedule a final move-out walk-through and inspection on [Proposed Inspection Date]. Additionally, please return all keys to [Specified Return Location] by [Key Return Deadline]. To facilitate the return of your security deposit, please provide your forwarding address at your earliest convenience. Should you have any questions or require further information, please contact me at [Your Contact Information]. Thank you for your cooperation. Sincerely, [Your Name] [Your Title, if applicable] Conclusion Drafting a notice to vacate letter requires careful consideration, adherence to legal requirements, and a professional approach. By following the guidelines outlined in this blog post, property managers can ensure a smoother transition for all parties and protect their rights effectively. Remember, consulting with legal counsel for specific situations is always recommended to navigate the complexities of tenant relationships successfully. Find out how a Resident Benefits Package (RBP) can help create a better experience for your residents through unique perks and support, as well as retain them. Learn more about property management company best practices, marketing, and more in our Second Nature Community.

Calendar icon June 7, 2024

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Property manager handing new residents the keys to their new home

Property Management Compliance with Insurance Regulations: Answers to Your Top Questions

Property management companies navigate a complex world of regulations. Indeed, ensuring legal compliance goes far beyond collecting rent and handling repairs. For instance, the tenant screening process involves legal obligations and occupancy considerations outlined in fair housing laws, along with background checks to ensure resident safety. Habitability standards and safety regulations, dictated by local landlord-tenant laws, may require meticulous property maintenance – or real estate rental properties may require improvements to meet tenant rights and safety standards as outlined in the Americans with Disabilities Act (ADA). In addition, the key areas of security deposits, lease agreements, and eviction procedures all have legal requirements that must be stringently followed to avoid legal issues. Audits can arrive unexpectedly, and failing to comply can result in hefty fines or loss of licensure. However, one of the most intricate areas of regulatory compliance involves insurance, particularly when it comes to insurance for residents. We delve deeper into this specific challenge in the following sections. A note on language: At Second Nature, we prefer the term “residents” rather than “tenants.” That’s because focusing on the people in every interaction helps us create better business strategies in the long run. After all, property management is all about focusing on what residents and investors – human beings – want and need! But throughout this article, you’ll see us use both terms interchangeably due to the technical nature of various compliance issues. Related: Notice to Vacate Tenant Free Template What Makes PM Compliance with Insurance So Complex? The biggest hurdle property managers face with insurance compliance requirements is the jurisdictional complexity. Federal laws provide a framework, but individual states and even municipalities can have their own regulations regarding insurance for tenants. Understanding these variations is crucial. Property managers must stay up-to-date on the specific laws governing their area to ensure they are not only compliant but also considering the best interests of both the property owner and the tenant. Related: Property Management Laws and Regulations by State Insurance Compliance FAQs A recent discussion between Second Nature’s very own Andrew Smallwood (Chief Customer Officer) and Rob MacKethan (VP of Risk, and the Designated Responsible Licensed Producer for Second Nature’s licensed producer subsidiary, Second Nature Insurance Services, LLC, NPN No. 20224621) highlighted frequently asked questions and issues raised over the course of a number of industry discussions. Rob has been in the insurance space for about 35 years, and worked with multiple startups in the industry prior to coming to Second Nature, where he leads the team in creating value for customers using insurance tools. Below is a summary of FAQs and responses from their conversation. What aspects of property management should PMs be aware of when offering a solution for a tenant to meet the PMs’ liability insurance requirement? The key thing to remember is that insurance is a highly regulated industry, especially at the state level. If you operate in multiple states, you need to make sure you comply with local regulations in each one. In the end, regulators are there to protect consumers from being misled and to ensure insurance companies will pay out claims when needed. Can property managers require residents to get a specific renters insurance policy? No, but, in the majority of states, they may include a requirement in the lease agreement that requires residents to carry an insurance policy that provides for tenant liability coverage that meets a minimum coverage level. Regulators don’t want residents to be forced to purchase a specific policy. They want them to have the option to shop around and meet lease requirements with a policy of their choice. Can property managers add an administrative fee on top of the premium, or reduce the premium themselves? Regulations related to PMs' involvement in premiums and fees vary by state; however, such involvement is typically limited to establishing the tenant liability coverage limits. Some states prohibit any changes to the premium, while others may allow reasonable administrative fees within certain limits. The safest approach for a PM is to not change the premium at all. Is it important to avoid inducements like discounts on rent in exchange for purchasing insurance? Absolutely. Offering incentives related to the purchase of insurance can be seen as anti-competitive or a form of rebating, both of which should not be offered by unlicensed PMs. PMs must be careful to avoid acting in a manner that may cause the PM to be considered by regulators as performing certain acts without proper licensing. Unlicensed PMs should avoid any act that may cause them to appear as though they are selling, soliciting, or negotiating insurance. What should property managers be aware of when creating marketing content about renters insurance programs? This is a crucial point. Selling, soliciting, and negotiating insurance are activities that require an insurance license. Property managers should avoid creating their own marketing materials about insurance coverage, deductibles, pricing, or comparisons to other policies. They should partner with a licensed insurance company or broker and reference them in their materials. Brochures and website content are best reviewed by legal counsel to ensure regulatory compliance. How can property managers ensure residents meet and maintain liability insurance requirements throughout the term of their lease? Partnering with a licensed company that provides policy status tracking and record keeping is key. This will help ensure residents comply with the lease requirement and that the property manager, or their vendor, is notified of any lapses in coverage and can action them appropriately. What should property managers keep in mind if residents pay insurance premiums through the property management software along with their rent? It's critical that those payments be passed through to the insurance carrier or broker promptly upon collection. Withholding or retaining premiums can have serious consequences due to non-compliance with regulations. How Second Nature Helps with Your Resident’s Insurance Coverage At Second Nature, we know how valuable your investor clients’ assets are – and how much risk you take on as a property manager. While compliance with insurance regulations can sometimes feel like a zero-sum game, we aim to make every opportunity a win for everyone involved. In the end, successful property management not only fosters smooth operations, but better outcomes for all stakeholders. That’s where the renters insurance program offered by Second Nature’s licensed insurance subsidiary, Second Nature Insurance Services, comes in. Second Nature Insurance Services offers a master policy with convenient enrollment, and a customizable HO4 policy option if residents want to tailor a policy to their needs, both of which will meet your tenant liability insurance requirement. Or they can get their own policy and show they’ve met the requirements on their own. PMs get a fully managed renters insurance program that helps ensure compliance and that you, your investor, and your residents can rest easy knowing you’re protected from key areas of risk. With our fully managed renters insurance program, we’ve seen our partner PMs go from: 41% of residents covered → 100% of residents covered Self-managed portal administration → Fully managed for you Leasing team tracking certifications → 100% certificate management Higher premiums → lower premiums Complex implementation and vendor management → 1 RBP, 1 Invoice Every property manager knows insurance matters, but that doesn’t make it any less of a headache. Learn more about how our Resident Benefits Package just makes life simpler. * Renters Insurance Program is provided by Second Nature Insurance Services, LLC (NPN 20224621)

Calendar icon June 7, 2024

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Managing Property Management KPIs

Defining the KPIs you want to track as a property manager is one thing, but ensuring that you’re consistently getting useful information and insights from those KPIs is another. KPI management is an important process that is often not given enough effort, and the result is incomplete data or metrics that don’t do a great job actually showing you what you want to know about your company. KPI Management comes with two key parts. Ensuring you’re using the right KPIs Ensuring the data is comprehensive and accurate There are no steadfast rules for what property management KPIs you should and shouldn’t track. As long as you understand what you’re trying to measure, you’re committed to continuous improvement, and you don’t overload your KPI sheet, you’re on the right track. "So I have gone across the bridge that maybe many of you have of having a spreadsheet with 400 KPIs, and it was crushing us," says Tim Wehner, Marketing Coordinator at Dodson Companies and property management veteran. "I blew up that bridge, Don't cross that again, right. I like five, especially for the property managers. You just say, hey, there's just five numbers I'm going to track. It's like the power five KPIs." Obviously, there will be different KPIs at different levels of the organization, but Wehner’s power five KPIs for his property managers are: Tenant vacancy rate Owner delinquency rate Available unit rate Percentage of units in turn Percentage of PMR collected But while what he is measuring may be valuable to you, his bigger point here is that managing the quantity of your KPIs is important in order to maintain focus and clarity in the data. These aren’t set in stone. If you find that your set of KPIs isn’t giving you the information you want, you can always adjust. Many companies conduct quarterly reviews of what they’re actually measuring to ensure the effort they put into tracking is ultimately fruitful. "We review our KPIs, not the numbers, we do review the numbers, but the actual type of KPI, we review that every quarter to see is this number still relevant? Or do we want to replace it with something else?" says Julie Mullinax, Owner of CRM Properties. "So that would be one thing that I would say, don't feel like, if you have these five KPIs for your property managers, you have to keep those five KPIs for your property managers for the next 10 years. I think we've really changed ours as we see a number got better. " Ensuring that KPIs are useful to the people using them helps heighten awareness of the importance and current state of those metrics. That team buy-in is critical. “One of the things that's really important about KPIs is this idea of trash and trash out,” says BetterWho CEO Matthew Tringali, the idea being that if you put trash effort into your KPI structure, you’re not going to get helpful insights as the output. “We all have this idea of like, oh, yeah, I agree with these beautiful KPIs. And you know, I want my software to produce this beautiful report, this beautiful number," continues Tringali. "The reality is, most or all of your software can do that stuff, but it's only going to be as good as your team is at actually putting in the numbers. So if you don't have the right fields, or your team is just, you know, they don't see the value without putting the numbers in, then you can't actually make progress with that.” Tringali’s point about KPIs is similar to a prevalent point he and many others have made about tech as the PM industry has been inundated with automation systems: If your team, as the people using the process, is not invested and committed to it, it will not work. The idea of having a simple approach and a manageable number of KPIs for people to keep track of plays directly into this, especially with more action-oriented people like your sales team. Different property management firms have different approaches to ensure data is valid and entered regularly. Wehner employs a remote team member whose job is explicitly that. “all of our property management, property managers, all of our staff, our leasing agents, they're all very, very busy,” says Wehner “So you want to make it super easy. And then one of the things that we do is we have actually a remote team member, that we have that that's what their sole focus is, is making sure that our data in our systems is correct.” Darus Trutna, Founder of Rentor, is a big believer in a process that gets his team to internalize the numbers, the theory being that being in "physical contact" with your most critical metrics on a daily basis prevents overlooking them. "You just need to type on the keyboard that number, right?" says Trutna. "It has to go from the screen here, in here, I see my delinquency rate, I then have to express that number on people. So I feel that number. And I want the team members to know those numbers, because that's pain for the owner. Right, and for the resident, and for us. And so I've actually moved away from automation." Reluctance and hesitance comes from this friction to do something right. We've all had some habit we wanted to start, right? But until you make it incredibly easy and put it in front of yourself, so you can't not do it. That's how we operate now. So we have a team dashboard that we've set up, and the team members cannot leave for the day until those data points are entered. And once again, they can ask for help with it. But it's not something that you can not do. And the whole team sees they haven't put their KPIs in there. So the data is really easy to pull, and then you can't get away in a sense, right? It's just there in front of you. It's like putting something on top of your keys before you leave, right you're not going to forget the item because you can't get your keys without touching the KPI." Wehner ties incentives to team member-specific KPIs in order to promote the importance of tracking. "What we've done with the team is we have financial incentive payments in their portfolios, so they have a certain percentage they receive every quarter based off the actual revenue of their portfolio. So every Tuesday we have our weekly huddle and the five or six property managers, they have their KPI report, their delinquency rate, vacancy rate, and turnover numbers. The discussion is that the lower the delinquency rate, a higher the bonus, the lower the vacancy rate, the higher the bonus, etc." Savvy property managers understand the importance of a system of KPIs that produce consistent, actionable insights. If you're finding that you have KPIs, but you're struggling to pull useful information from them, consider some of the tactics above to create something that's of a more beneficial nature to your business. Consider a Residents Benefits Package (RBP) when thinking about your KPIs. Providing residents with the amenities and support they want will go a long way in creating a better experience that will keep them and increase their likelihood of renewing their leases.

Calendar icon May 29, 2024

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How to Reduce Employee Turnover in Property Management: A Guide to Retaining Your Valuable Team

The property management industry faces a significant challenge: high employee turnover. In the US, the national average employee turnover rate measured in 2023 across all sectors was 17.3%. With highs of nearly 33% in some sectors, and lows of 12% in others, turnover is a pressing issue. Indeed, the National Apartment Association (NAA) reported that multifamily industry turnover rates in the last decade were up to 40%. While numbers for single-family home property management companies are harder to measure, the bottom line is that employee retention is often a casualty of the stresses that come with the high stakes of simultaneously managing people’s homes on one hand, and substantial real estate investments on the other. A revolving door of staff creates a ripple effect of negative consequences: residents face disruptions in service and communication, while companies struggle with lost productivity, increased recruiting and training costs, and a decline in overall morale. This comprehensive guide will equip property management teams with the tools and strategies to build a happy, engaged workforce and keep valuable co-workers on board. Understanding the Reasons for the High Turnover Rate Multiple factors contribute to the high property management turnover rate, particularly during inflationary periods, when low wages and benefits may fail to match the demanding workload. Team members face long hours, stressful interactions with residents, and the constant pressure of handling emergency situations. Many may feel undervalued and underappreciated, with limited opportunities for career advancement. Poor communication within the company, coupled with an unsupportive culture, will further fuel feelings of dissatisfaction and disengagement. Another factor may well be the cultural fallout from the recent pandemic, which catalyzed large changes in labor market behaviors, particularly among the so-called millennial generation. This has driven an upending of traditional wage-earning paradigms, giving rise to an endemic “gig economy” that industry and governments are still grappling with across sectors. Building a culture of retention Shifting the focus to a positive and supportive work environment is key to stemming the tide of staff turnover of property management employees. Here are several strategies to help cultivate a culture of retention and employee satisfaction: Competitive compensation and benefits Analyze local market wages and offer salaries that reflect the responsibilities and demands of the job. Provide comprehensive health insurance plans, paid time off, and other benefits that demonstrate your commitment to employee well-being. Consider offering perks and incentives such as gym memberships or fitness equipment subsidies to further enhance the compensation package. Work-life balance Promote healthy boundaries by offering flexible scheduling options whenever possible. Explore remote work opportunities for certain roles, especially those suited to administrative tasks. When dealing with difficult resident issues, encourage employees to take breaks throughout the day to prevent burnout. Implementing a core-hours policy, where employees are guaranteed to be available during specific times for urgent matters, can help maintain a sense of work-life balance. Investment in training and development Investing in your employees demonstrates your commitment to their growth and success. Offer ongoing training programs encompassing property management software, tenant relations, conflict resolution, fair housing laws, and industry certifications. This not only enhances their skillset and knowledge, but also empowers them to perform their jobs more effectively and confidently. Clear communication and recognition Establish consistent communication channels to keep employees informed and engaged. Hold regular team meetings, conduct performance reviews, and encourage open communication from the bottom up. Address concerns promptly and professionally. Most importantly, recognize and celebrate employee achievements publicly. A simple "thank you" or a public shout-out goes a long way in boosting morale and fostering a sense of appreciation. Building a team environment Foster a sense of teamwork through team-building activities, mentorship programs, and encouraging collaboration. Promote a supportive environment where colleagues can rely on one another for help and share best practices. This creates a sense of community and belonging which helps reduce feelings of isolation and discouragement. Strategies to Reduce Stress and Burnout High levels of stress can lead to employee burnout and ultimately, turnover. Here are some practical solutions to address this concern: Workload management Analyze workload distribution within your teams and identify opportunities for better balance. Consider cross-training employees to share the burden and alleviate pressure points. Utilize temporary staffing solutions to handle peak periods or unexpected vacancies. Technology and automation Embrace technology to streamline tasks and free up employee time for more strategic endeavors. Implement property management software to automate tasks such as rent collection, maintenance requests, and lease renewals. Consider online portals for residents to submit service requests and access property information, which reduces the burden on leasing and maintenance staff. Stress management resources Offer access to Employee Assistance Programs (EAPs) to provide confidential counseling and support for employees dealing with personal or work-related stress. Consider offering on-site mindfulness training or wellness programs to help employees develop healthy coping mechanisms for managing stress. Retention through Growth and Opportunity Providing a clear career path is critical for retaining top talent. Here's how you can promote employee growth and development: Create clear career paths Map out advancement opportunities within the company and establish clear performance benchmarks for promotion. This gives employees something to work towards and motivates them to invest in their long-term success with the company. Mentorship programs Establish mentorship programs that connect experienced employees with newcomers. Mentors can provide guidance, answer questions, and offer support during the onboarding process and beyond. This fosters a sense of community and helps new hires feel more integrated into the team. Cross-training Invest in cross-training opportunities to broaden employee skillsets and increase job satisfaction. This allows employees to gain exposure to different areas of property management, keeps their work interesting, and prepares them for potential future opportunities within the company. Empowering Your Team: Fostering Ownership and Engagement Empowering your employees fosters a sense of ownership and engagement, leading to a more motivated and productive workforce. Delegate tasks and decision-making Delegate tasks that match employee skill sets and provide them with some level of decision-making authority. This demonstrates trust in their abilities and encourages them to take ownership of their work. Encourage feedback and suggestions Create an environment where employees feel comfortable sharing their ideas and suggestions for improvement. Hold regular brainstorming sessions and actively solicit feedback on company policies, procedures, and resident services. Recognize and value employee ideas Acknowledge and value employee ideas, and whenever possible, implement suggestions that can enhance efficiency or improve resident satisfaction. This demonstrates that their input matters and fosters a sense of ownership within the company. Conclusion Reducing employee turnover in property management requires a multi-pronged approach that prioritizes employee well-being, professional development, and a sense of belonging. By implementing the strategies outlined here, property management companies can cultivate a happy, engaged workforce that delivers exceptional service to residents and contributes to the company's long-term success. Remember, a strong team is the foundation for a thriving property management business. Invest in your employees, and they will invest in your company's success. Learn more about property management company best practices, marketing, and more in our Second Nature Community.

Calendar icon May 14, 2024

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How to Build the Perfect Property Management Tech Stack

Building a property management tech stack takes an understanding of your needs, your options, how your team will use tech, and a commitment to continuous improvement. Technology, as most people know, is a double-edged sword. When used correctly, it can optimize business processes and create more efficient systems within your business. When used incorrectly, it can tear a hole in the space-time continuum, and you don’t want that. Industries all over the world have been going through their own tech revolutions over the last 40 years, and property management’s really began in the 80s with Yardi's "Basic Property Management" software. Online listings really took off in the early 2000s, and. Now, PropTech is everywhere, and the use of tech in property management has never had more potential or been more complicated. So how do you build a tech stack that works for you and your employees? Meet Rhianna Campbell and Kelli Segretto, two property management consultants that combine to boast more than 35 years of property management experience. Both have been through more than their share of tech rollouts. They’ve seen what works and what doesn’t, and they’re here to share with you what a good process for building a tech stack actually looks like. Related: Best Property Management Podcasts Start from the problem Technology will help you button up inefficiencies, but tech itself can create inefficiencies if it’s implemented for its own sake, which is one of the most common mistakes PMs make when at the top of the tech funnel. “Start with your issues list,” says Kelli Segretto, Founder of K Segretto Consulting and 20-year veteran of property management. “A lot of times what I see is a property manager will go to a convention and they’ll meet with a lot of different vendors, and they’ll come home with five new things they want to implement tomorrow.” There’s something of a FOMO effect with tech as it’s viewed as innately progressive, but tech is only progressive on a case by case basis. It will only help you so long as it solves a problem for you. You have to spend the time to identify what problems exist in your business before you start searching for solutions, lest you find yourself putting the cart before the horse. “You really have to dive into your issues list,” continues Segretto. “Realize what your biggest need is first and choose technology that matches that need. Talk to your fellow PMs, join these mastermind groups, attend Triple Win LIVE events, network on Facebook, and talk to other people to find out what’s working for them.’ Segretto really stresses the importance of doing your homework, because there is a tremendous amount of money and effort that goes into a technology implementation, and the worst thing you can do is go through all of that for little to no benefit. The biggest mistake PMs make when trying to build a useful tech stack is just collecting as many programs as possible and trying to jump directly into a fully functional stack instead of identifying solutions and rolling them out strategically. “We really need to be strategic about how we onboard because how many of you want to onboard new technology today and then decide in a year that it’s the wrong one and change? None of you think that’s a good idea. It costs a lot of money. It takes a lot of effort,” says Segretto Segretto’s issue list template is something she works through with her clients. If you're interested in a professional consulting session to help create an issue/action plan for your PMC, you can schedule a call with K Segretto Consulting here. How do you compile an issue list? “I talk to every single employee and find out what their biggest challenges are,” says Rhianna Campbell, a property management consultant and former CEO with over 15 years of experience in the industry. “I love to hear directly from the people who are working face to face with residents and clients and find out what some of their challenges are in the way that they do things on a day to day basis. And then from there, you can really pull out some of the commonalities that everyone seems to be having.” Campbell goes on to clarify that your issues list that you compile from these conversations gives you a clear cut list of questions you can ask software vendors when investigating solutions. “You can say ‘these are a list of my challenges. Can you walk me through how this software can help me solve these problems?’ And that’s a more direct approach versus being sold all the features that you may not even use.” When vetting specific technologies, Segretto suggests asking for a sandbox instead of just a demo. “Ask for a sandbox to where you can actually play with it, manipulate it, break it, find where those weaknesses are in that software before you commit to it.” Segretto also recommends seeking referrals to users who have used the software successfully and who have tried the software and either passed on it or gotten rid of it. Being able to understand those different perspectives will help you see a more complete picture of who the software is for, where it excels, and where it may come up short. Implementation Once you’ve identified which proptech vendors you want to work with, it’s time to enter the implementation phase. This is where most people’s fears reside. “I’ve seen hundreds of businesses launch technology across the nation and helped them implement. Ones that tend to fail are the ones that are not prepared,” says Segretto. “What I mean by not prepared is they don’t have their team’s buy-in. They don’t even know what they really want the technology for. They just feel like they want it and they want it right now. They’re not willing to dedicate a resource or a person that’s going to own it. Without that ownership, tech stacks fail.” The biggest parts of a successful implementation are team prep, ownership, and monitoring. Team Prep Getting buy-in from your team is critical for any implementation. The people that are using the tech need to believe in and understand the tech. Nothing guarantees failure more than just throwing a new service at someone. Explaining and training are the two big words here (it’s neat that they rhyme). Make sure your team knows why you’re doing this and how to use it. “You’re prepping your team, you’re talking about it, and you’re giving those ‘why statements’ so that everyone is on board before you launch. All of that needs to happen in your pre-implementation,” says Segretto Define Ownership Segretto believes it’s critical to identify who in the company will own the technology rollout. A tech rollout is just like any other undertaking in your business in the sense that it needs a central point of leadership to understand and manage all the processes of it. “You then have to pick a designated person who's going to be the owner of that technology. Then as you implement, they're going to be the expert, and they need to have time during that pre phase to become an expert, to get the training, to know the tool so that when questions happen in your office, your team members have a point of contact in office who's going to be able to either give them the answer or find them the answer.” Monitoring “It’s never set it and forget it,” says Segetto regarding the upkeep of a tech stack. “That would be cool, but that’s not reality. You need to be constantly monitoring its performance. I think that sometimes we tend to expect things will just keep working and we don’t really do the work we need to to monitor performance.” Campbell believes it’s helpful to monitor performance of tech that same way you would monitor performance of an employee. You need to conduct regular reviews of your tech’s performance much the same way you would of your team’s performance. Things change, companies grow, priorities shift. The same tech implemented the same way won’t necessarily be efficient forever. Tech audits are necessary to identify places where you can further optimize on a regular basis. After all, constant improvement should exist in any good business. “Being able to evaluate whether or not that technology is working is really important. I've seen a number of times where people buy into the tech and then don't use it. So really having points in time where you check to see if you're really utilizing that software that you paid a lot of money for, and not just spending money on it every month. And that can happen too. So just making sure that you are creating some opportunities to evaluate the performance of your technology to make sure that it's keeping up with the demands and the changes of your organization is so key.” Continuous Improvement The point of continuous monitoring is to promote continuous improvement. Tech evolves. It updates. Platforms overtake other platforms as the landscape changes. It pays to be aware, otherwise you can end up with less of a tech stack and more a tech pile, featuring redundant technologies, unused features, and wasted money and time. Getting the most out of your tech helps prevent these issues and keep your business efficient. Segretto, in her 20 years of property management, has seen companies go searching for tech solutions to problems they’ve already solved but were just unaware of. “Once you've identified how you're using it, then we start going on a treasure hunt to start looking for the hidden gems of what are the potentially overlooked features within my current tech stack.” Squeezing every drop out of your tech is a worthwhile endeavor. For every functionality you need that you can ID in your current stack, that’s one less rollout, one less training, one less process development you need to engage in. It’s a heck of a lot easier and cheaper than getting a whole new system. “How many of you would have time to stop and rebuild all of your processes every six months? Nobody? Yeah, it's impossible. And so instead of adding a new tool into that organization, what we did was we went back in and we maximized the utilization of that existing tool, which is a lot less expensive and a lot less cumbersome on the team than shifting entirely.” Tech is a good thing. Don’t let the length of this article about implementation scare you into thinking it’s more complex than it is. As long as you’re willing to manage your tech stack and make sure your team knows how to use it, you’re going to be in good shape. You wouldn’t bring on a new employee for no reason, so don’t add tech for no reason. Tech is a tool and its power is determined by the person who wields it. If you’re purposeful and thorough, you can vastly improve the efficiency of your business with the ever-growing field of PropTech companies in existence.

Calendar icon May 9, 2024

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Property Management Outsourcing Services: Example Tasks & Best Providers

Virtual assistants are becoming increasingly important in the property management industry for a number of reasons. First are the associated efficiencies. Property managers often wear many hats, juggling tasks like resident communication, lease agreements, maintenance requests, and advertising. A virtual assistant can handle many of these administrative and repetitive tasks, freeing up the property manager's time to focus on more strategic initiatives. Virtual assistants can also act as a communication "hub" between residents, property management companies, and service providers. They can field calls and emails, schedule appointments, and ensure everyone is on the same page. In the same vein, virtual assistants can help with tasks related to online advertising for vacancies, managing a social media presence to attract potential residents, and even creating basic property videos or photos for listings. It’s important to note that virtual assistants are not a replacement for in-house staff. Instead, they allow staff to focus on important tasks that add value, as opposed to time-consuming manual operations. In today's post, we'll provide concrete examples of how virtual assistants can help property managers, the pros and cons of using these services, and a brief directory of property management virtual assistant service providers. Note on language: In the interest of clear communication, particularly regarding legal matters, this blog post may occasionally use the term "tenant" in reference to residents. While "resident" reflects the valued community we aim to support, service provider agreements and other legal documents today typically use the term "tenant." For the majority of this post, however, we'll utilize the term "resident" to best represent the positive and collaborative atmosphere we aim to cultivate. What is outsourced property management? Outsourced property management refers to the practice of paying for a third-party company or product to handle certain tasks or operations for your property management company. This could include tasks such as tenant screening, resident benefits, renters insurance programs, rent collection, maintenance and repair coordination, lease enforcement, financial reporting, and more. Related: Benefits of Property Management Outsourcing Services Property management is in itself an outsourced service for real estate investors/property owners. Just as property owners often choose to outsource their property management to save time, reduce stress, and ensure they stay profitable – property management companies may outsource several of their services for the same reasons. Property management outsourcing services, whether PropTech products or fully managed solutions, allow property management companies to build efficiencies and focus on quality and growth. Outsourcing certain services can give residents more of what they need and investors more value for their dollar. Example property management tasks you can outsource to virtual assistants The number of tasks property managers can outsource has increased over time, as companies have become more comfortable with geographically dispersed teams, and as virtual assistants themselves have become more sophisticated (better communication skills, task automation capabilities, and access to information). Given that the benefits of outsourcing to virtual assistants are on the rise, here is a sampling of tasks that can currently be outsourced to virtual assistants. Outreach to homeowners for management Virtual assistants can be a property management company's secret weapon for improving homeowner outreach in a few key ways. Given that property managers often manage a large number of properties and homeowners, virtual assistants can handle sending personalized emails, texts, or even making phone calls to homeowners. As indicated above, they can also help manage the property management company's social media presence, posting updates, building trust, and boosting its brand presence to property owners. Property assessments While virtual assistants can't directly conduct rental property assessments, which typically involve a qualified professional inspecting the property's condition, they can provide valuable support throughout the assessment process by gathering and organizing property information crucial for the assessment (for example, details such as square footage, number of bedrooms/bathrooms, year built, major renovations, and past maintenance upkeep records). They can also compile relevant data from property management software or online real estate industry resources. Virtual assistants can also manage the scheduling of property assessors and ensure clear communication between the property owner, property manager, and the assessor. This involves sending appointment reminders, handling any cancellations or rescheduling needs, and keeping everyone informed throughout the process. Once any given assessment is complete, a virtual assistant can help process and organize the assessor's report. This might involve formatting the report, creating digital copies, and ensuring it's easily accessible to the property manager and owner. Creating and presenting management proposals Virtual assistants can be a highly cost-effective asset to property management companies when it comes to creating and presenting management proposals. For instance, virtual assistants can save a lot of time by gathering data on comparable properties in the area, including rental rates, vacancy rates, and recent sales. They can pull this data from industry reports, rental listing websites, or public property records. They can also compile details about specific rental properties under management such as square footage, amenities, maintenance history, and any unique features. This ensures the proposal accurately reflects the property's value and the services offered. In addition, virtual assistants can alleviate the hassle of creating or maintaining templates for management proposals, ensuring consistency in branding and formatting. This saves time and ensures a professional presentation. As far as actual proposal presentation is concerned, virtual assistants can handle the electronic delivery of the proposal to the client and schedule follow-up calls or meetings to discuss the proposal details and answer any questions. If the property manager is competing against other companies, a virtual assistant can help research competitor offerings and identify areas where your proposal can stand out. Determining property rent In addition to the market research capabilities mentioned above, virtual assistants can gather data on rental trends in the target area. This includes vacancy rates, as well as recent rental listings for comparable properties (similar size, bedrooms, amenities) and their advertised rent prices. They can find this information on rental listing websites, property management software, or public rental databases. Virtual assistants can also handle initial communication with investors to understand their rental expectations and any specific goals they might have (e.g., maximizing rent vs. filling the vacancy quickly). Creating and organizing property photos and marketing material Virtual assistants can be a game-changer for property management businesses when it comes to creating and organizing property photos and marketing materials. If professional photography is required, a virtual assistant can schedule appointments with photographers, and even perform basic photo editing tasks like cropping, and adjusting brightness and contrast. This ensures a clean and polished presentation of the property. They can also create file-naming conventions for these photos, in order to make them easily searchable for future use in marketing materials or listings. As far as marketing materials are concerned, virtual assistants can create or maintain templates for various materials, ensuring consistent branding and design across all platforms. This saves time and creates a professional look while delivering cost savings. Advertising the property Virtual assistants can be highly beneficial for property management companies when it comes to advertising their properties. For instance, virtual assistants can create and manage listings on various online rental platforms, ensuring accurate and up-to-date property information reaches a wide audience of potential tenants. They can also optimize listings with relevant keywords to improve search ranking. On the social media channel, virtual assistants can help create targeted ads with eye-catching visuals and compelling descriptions highlighting the property's best features. They can also schedule ad posts and track their performance to optimize future campaigns. In general, virtual assistants can create and manage a content calendar for property promotions. This can include scheduling social media posts, email blasts to potential residents, or even blog posts showcasing the property and surrounding neighborhood. Responding to inquiries Virtual assistants can be the first point of contact for prospective tenants who inquire about a property through listings, social media, or the company website. They can answer basic questions, schedule viewings, and qualify leads to ensure they are a good fit for the property. Likewise, when it comes to responding to inquiries from potential investors, they can assess the lead quality and guide the initial conversation. Vetting resident applications Virtual assistants can be a valuable asset in the vetting process for property management companies. For starters, they can handle the initial processing of rental applications, collecting and organizing applicant information, as well as lease agreements and supporting documents. This frees up property managers to focus on reviewing qualified applications. They can also manage initial communication with applicants. This might involve sending automated emails with application instructions, answering basic questions about the property or application process, and scheduling appointments for viewings. Many property management companies use tenant screening software that virtual assistants can be trained to utilize, ordering credit reports, background checks, and eviction history reports efficiently. Approving a tenant application after review Virtual assistants can play a crucial role in streamlining the post-review approval process for property management companies. Once the property manager approves an applicant, they can handle initial communication with the new resident. This might sending a lease agreement electronically, explaining signing procedures, and collecting e-signatures. Virtual assistants can also coordinate move-in logistics, such as scheduling move-in property inspections, providing information on utility activation, and sending welcome packages with important building information and resident resources. Lease preparation Virtual assistants can help to streamline the process of lease preparation while minimizing the potential for errors. At a minimum, they can gather essential information from the approved application and property details to populate lease templates. This might include resident names, contact details, leasing terms, rent amounts, and security deposit details. Many property management companies use pre-defined lease templates with standard clauses outlining They can then handle initial communication with the approved resident about lease signing. This might involve sending the lease electronically, explaining signing procedures, and answering basic questions about lease terms and conditions. resident responsibilities, maintenance procedures, and lease termination processes. Virtual assistants can ensure these clauses are included in the lease agreement. They can also review completed lease agreements for any typos, inconsistencies, or missing information before sending them to the resident for review and signature. Lease renewals Virtual assistants can also help streamline the process of lease renewal, thereby helping to increase resident retention. For example, virtual assistants can monitor lease agreements and identify upcoming lease expirations. They can then create a timeline for initiating communication with residents about potential renewals, via personalized emails or letters to residents approaching the end of their lease term. These messages can express appreciation for their residency, highlight the benefits of renewing, and outline the renewal process. Virtual assistants can also track resident responses to renewal offers, flagging those requiring further discussion with the property manager. They can also generate reports on renewal rates, providing valuable data for analyzing resident retention strategies. Running tenant background checks While virtual assistants can't legally conduct background checks themselves, they can be a valuable asset in streamlining the process for property management companies. This might include managing the initial steps of collecting and organizing applicant information crucial for background checks. This includes details like full names, Social Security numbers (with applicant consent), and previous addresses. They can also help maintain standardized forms with clear instructions for applicants regarding background check consent. This ensures applicants understand the process and provide the necessary authorization for releasing information to background check companies. Organizing tenant records Virtual assistants can be instrumental in bringing order to record-keeping processes, from data entry and management to record-keeping and accessibility. They can handle the initial data entry of resident information from applications, including names, contact details, emergency contacts, lease details, and pet information. This ensures all crucial information is captured and readily accessible. Virtual assistants can upload and organize various tenant documents electronically. This might include lease agreements, signed addendums, rental history verifications, and maintenance request records. They can also create a filing system for easy retrieval of documents when needed. Note that virtual assistants should be trained on data security and privacy regulations to ensure the confidentiality of resident information – while virtual assistants can manage record-keeping tasks, the property manager should maintain oversight and ensure compliance with data protection laws. Invoicing and accounting Virtual assistants can handle a range of tasks related to recording rent payments, managing maintenance expenses, and categorizing various property management costs For example, virtual assistants can help set up secure online payment portals for residents to easily submit rent payments electronically. On the tracking side, virtual assistants can track incoming payments, reconcile bank statements, and ensure accurate records are maintained. Virtual assistants can then generate basic financial reports for the property manager, summarizing expenses and overall property income. This allows for better financial tracking and informed decision-making. Many property management companies utilize accounting software. Virtual assistants can be trained to use these platforms, automating tasks like data entry and simplifying record-keeping. Best property management virtual assistant services providers Identifying the "best" virtual assistant service provider will of course depend on your specific needs and budget. First, we'd recommend that you determine the specific tasks you want your virtual assistant to handle (e.g., advertising, resident communication, bookkeeping), then conduct research on different providers, and compare their services offered, pricing structures, and experience with property management. Also look to online reviews and ask potential providers questions about their screening processes, and data security measures. We're highlighting a couple of providers below that focus exclusively on property management, as well as a short list of solutions that include property management in their overall focus. Virtual Property Management Solutions VPM Solutions is a platform designed specifically to connect property management and real estate businesses with virtual assistants. Learn more Purple Powered Virtual Assistant Purple Powered Virtual Assistant (PPVA) specializes in providing virtual assistants specifically catered to the property management industry. They focus on connecting property management companies with qualified VAs as well as ensuring those VAs have the necessary skills to excel in the role. Learn more Honorable mentions Virtudesk Virtudesk specializes in virtual assistants for various industries, including property management. They offer a proven track record and a focus on quality service. Learn more MyOutDesk Known for their expertise in real estate and property management, MyOutDesk offers virtual assistants with experience in tasks relevant to the field. Learn more Wishup This company boasts a user-friendly platform, offers flexible pricing plans, and has a quick onboarding process for virtual assistants. Learn more Pros and cons of using property management virtual assistants Overall, virtual assistants can be a valuable asset for property management companies, boosting profitability, resident satisfaction, and business growth. However, careful vetting, clear communication, and training are necessary to mitigate potential downsides related to quality control, local regulations, legal issues, and retention. Pros of using virtual assistants in property management Increased profitability Virtual assistants can handle tasks like advertising and resident communication, freeing up property managers to focus on maximizing rental income and minimizing vacancies. Improved tenant satisfaction Virtual assistants can ensure timely responses to new tenant inquiries and manage resident portals, leading to a more responsive and efficient experience for residents. Streamlined bookkeeping and reporting Virtual assistants can assist with bookkeeping tasks and help generate accurate financial reports, allowing for better financial management. Support for business growth Virtual assistants can handle administrative tasks and marketing efforts, reducing the overhead costs of executing this work, and freeing up property managers to focus on growing their business and taking on new clients. Cons of using virtual assistants in property management Quality control challenges Ensuring the quality of services provided by virtual assistants can be tricky, especially for complex tasks like legal compliance or resident screening. Potential legal issues Data security and privacy become a concern when sharing property information with virtual assistants. Clear contracts and data security measures are crucial. Retention challenges Finding and retaining qualified virtual assistants can be difficult, especially for specialized tasks within property management. Maintaining resident satisfaction Reliance on virtual assistants for initial communication with residents might lead to impersonal interactions, potentially impacting satisfaction. Limited expertise Virtual assistants may not have in-depth knowledge of property management regulations or local real estate market nuances compared to experienced property managers. How PMCs are outsourcing services for better resident experiences Property management companies are always looking for new ways to generate value for themselves, their residents, and their investors. One of the quickest ways to scale and increase return on investment can be through property management service outsourcing. At Second Nature, we’ve pioneered the first-ever fully managed Resident Benefits Package. The goal is to make property management easier for PMs, residents, and investors – and drive value that benefits all three. We call it the Triple Win. Our RBP provides services that residents are proven to pay and stay for – and our team manages every part of the process so property managers can focus on what's important to them.

Calendar icon April 29, 2024

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What Are the Benefits of Hiring Property Management Virtual Assistants?

A property management virtual assistant, or property management VA, is a remote professional who provides administrative, operational, and sometimes technical support to property managers and their teams. As a property management company grows, its workload inevitably increases. In that scenario, virtual assistants can be a valuable asset thanks to their ability to handle repetitive tasks like lease renewals, resident communication, and basic bookkeeping. This frees up property managers to focus on strategic initiatives and resident relations, and allows the company to manage more properties and increase revenue without proportionally increasing staff costs. In today's post, we'll dig into the benefits of hiring virtual assistants for property management companies, from improved efficiency to reduced admin burdens and more. Related: Benefits of Property Management Outsourcing Services Improving operational efficiency and productivity Property management business owners juggle a vast array of tasks, from marketing vacancies to managing resident concerns. Virtual assistants can be powerful allies in this full-time endeavor, boosting operational efficiency and productivity in several key ways. Filed under "streamlining repetitive tasks" are basic operations such as handling routine resident communication via email, phone calls, or text. This might include sending lease renewals, answering basic questions about property policies, and scheduling appointments for maintenance or viewings. Virtual assistants can also support various marketing and prospecting/lead generation functions, including social media management (e.g., the creation of posts publicizing property listings, publishing calendar updates, etc.). Another area where virtual assistants can boost efficiency is in the automation of invoicing for rent payments, sending receipts to residents, and tracking incoming payments. This frees up property managers from manual tasks and reduces the risk of errors. As for more complex processes such as background checks and resident screening, while virtual assistants cannot themselves conduct the checks, they can gather necessary information, initiate renter background check requests with service providers, and follow up on reports. They can also assist with time-consuming tasks such as generating basic real estate business reports on areas like vacancy rates and resident demographics. This data can be valuable for property managers and property owners to identify trends and make informed decisions. Reducing costs by outsourcing back-office operations Back-office operations can quickly become a time and resource drain for property management companies. In this respect, virtual assistants can help generate cost savings by streamlining and managing these essential tasks. In handling routine back-office tasks, virtual assistants free up property managers to focus on high-value activities like strategic planning, resident relations, and property marketing. This increases overall productivity and leads to better financial returns. As indicated above, virtual assistants can also automate repetitive tasks like invoicing, rent collection, and data entry. This minimizes errors and saves time compared to manual processes, reducing the need for staff to correct mistakes. On the resident experience side, virtual assistants can help reduce resident turnover by ensuring timely communication, efficient maintenance request management, and a positive resident experience. This boosts cost-effectiveness in relation to marketing vacancies, new resident screening, and repairs needed to prepare properties for new residents. Reducing the administrative burden Property management companies juggle many tasks that can leave them swamped with administrative duties. Virtual assistants can help tackle some of these time-consuming chores, such as fielding resident inquiries, handling maintenance requests, and even scheduling property inspections, or showings for new residents. This ensures timely responses and frees up the property manager's time for more strategic tasks and business needs. They can also manage the influx of documents, organizing lease agreements, resident applications, and financial records. This keeps everything organized and readily accessible, saving the property manager from the necessity of digging through files. Fixing capacity limitations When property management companies are limited in their staffing resources, a virtual team can act as an extension of the in-house team, effectively breaking through these capacity limitations. For example, by handling routine administrative tasks like resident communication and lease renewals, virtual assistants free up property managers to focus on acquiring new business or managing a larger number of properties. A virtual property management assistant can also serve as a remote team by operating outside regular business hours, meaning tasks like fielding resident inquiries or scheduling maintenance requests can be addressed after hours, improving overall responsiveness and customer satisfaction. In essence, they act as a force multiplier across time zones, extending the reach and capacity of the existing property management team members. Outsourcing non-revenue tasks In sum, virtual assistant services can encompass a wide range of non-revenue property management tasks, workflows, and job descriptions: Administrative duties This can include data entry, scheduling appointments, managing calendars, and filing documents. Resident communication Responding to routine resident emails and calls about things like maintenance coordination, parking inquiries, or noise complaints can be time-consuming. A virtual assistant can handle these initial interactions. Lease management Virtual assistants can support PMs with lease renewals, sending out reminders, processing paperwork, and answering basic resident questions about the lease agreement. Move-in/move-out coordination Scheduling onboarding processes, move-in inspections, collecting pre-move-in information from residents, and processing move-out checklists are all tasks a virtual assistant can handle. Service provider communication Coordinating with cleaning crews, landscapers, and other vendors often involves pricing inquiries, scheduling appointments, following up on requests, and managing invoices. A virtual assistant can help streamline this communication. Report generation Virtual assistants can compile routine reports such as vacancy rates, maintenance requests, and rent collection summaries. The last word At Second Nature, we’ve pioneered the first-ever fully managed Resident Benefits Package. The goal is to make property management easier for PMs, residents, and investors – and drive value that benefits all three. We call it the Triple Win. Our RBP provides services that residents are proven to pay and stay for – and our team manages every part of the process so property managers can focus on what's important to them.

Calendar icon April 29, 2024

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Best Tenant Onboarding Software in 2024

The tenant onboarding process is an opportunity for property management companies to establish positive expectations and create an excellent resident experience. It’s one of the most opportune moments for resident education – in other words, to help them understand key responsibilities and the information they’ll need to take care of the home and their side of the lease, in tandem with investor and property manager responsibilities. It’s also a process with a number of different steps – many of which have traditionally involved cumbersome, manual processes. In today’s post, we’ll examine tools that alleviate these processes, and identify some of the top performers on the market. Note on language: "Tenant onboarding” 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 tenants – 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 tenants “residents.” Like you, we think of them as people first – making your property their home. What is tenant onboarding software? It’s important to dispel the notion that “tenant onboarding software” is a monolithic category of software applications. There really is no such category, as no single rental property management software will cover everything you need to address. Instead, property management companies are using disparate software tools to solve different pain points during the onboarding process. Indeed, the tenant onboarding process can present a multitude of pains for both property managers and tenants. Below are just a few examples. Cumbersome, time-consuming paperwork Filling out paper applications, manually processing documents, and chasing signatures can eat up valuable time. Communication challenges Back-and-forth messaging, calls, and emails regarding lease agreement details and payments are inefficient and can lead to misunderstandings. Data security concerns Traditional methods that use physical documents pose a risk of data insecurity or outright data breaches. Process inefficiency risks Accurately tracking onboarding tasks such as key handover, utility activation, or maintenance checks can be difficult without proper tools. Lack of transparency Uncertainty about application status or lease details can be frustrating for new tenants. Tenant onboarding software tools alleviate challenges such as these by offering features that translate into a smoother experience for everyone involved, saving time, reducing errors, and fostering better communication. Key features expected of tenant onboarding software There are several attributes that you should expect to find across tenant onboarding software tools, regardless of the specific platform or category. Here are some of the key features: User-friendly interface Clear instructions and intuitive functionality should enable property managers, potential tenants, and tenants (as well as property owners, in some cases) to use the software easily. Mobile accessibility In today's mobile-first world, the ability to access the software and complete tasks like online applications, payments, or maintenance requests on smartphones or tablets is crucial. Secure data management tools The software should ensure that all sensitive applicant and tenant PII (personally identifiable information) is stored securely with encryption and suitable access controls. This is particularly important for SaaS-based applications. Workflow automation Features like automated application processing can significantly streamline the onboarding process. Integration capabilities The ability to integrate with other onboarding tools, accounting software, or background check/tenant screening services in real time can create a more unified workflow. Related: Tenant Screening Checklist: Free Template and Form Example Reporting and analytics Property managers should be able to generate reports on application trends, rent collection rates, or tenant feedback to gain valuable insights. Customer support The onboarding software provider should offer comprehensive resources to support property managers in their usage of the software. This may include tutorials, webinars, or dedicated customer support representatives. Top Tools for Tenant Onboarding From the initial applicant screening stages through to move-in and the tenancy period, we’ll take a look at each step of the tenant onboarding process and popular tools in each category. 1. Applicant screening Property managers often use tenant screening services such as Plaid, Finicity, Pinwheel, and others to conduct rental screening and replace manual document upload and review. As identity fraud becomes more prevalent, identity verification tools are also becoming more sophisticated. Note that Second Nature’s Resident Benefits Package includes a $1 million identity protection service and credit building for tenants. These programs protect your tenants and help draw people who want to build responsible financial security. 2. Lease management Property management software solutions like AppFolio or Buildium often include features for lease creation, storage, and e-signing within their suite. Platforms such as DocuSign, PandaDoc, or Dropbox Sign enable property managers to then send lease agreements electronically for secure online signatures. Pay attention to the differing pricing models between these platforms, as they can vary substantially. 3. Rent collection and payment processing For rent collection, PMs typically require certified funds and will accept ACH/debit, or leverage a service like PayNearMe, where residents can pay cash at a local Walmart or convenience store location (while on the PM side, the process remains completely digital). Payment processing is typically handled by property management accounting software, although third-party tools like Zego are used in the SFH space. In addition, tools like EliseAI (a chatbot-type tool for use cases such as leasing, among others) are innovating in this space. 4. Move-in communication and coordination Platforms like AppFolio, Buildium, Propertyware, or Rent Manager provide a central tenant portal to access lease documents, pay rent, submit maintenance requests, and communicate with property managers. As for task management, Tools like Leadsimple, Aptly, or Monday.com can be used by property managers to track and assign move-in tasks, ensuring a smooth transition for new residents. For instance, the onboarding process may include tasks such as orientation calls and/or enrollment of the resident into ancillary products and services such as Second Nature’s Resident Benefits Package (RBP). Second Nature also includes a move-in concierge as part of its RBP. 5. Feedback/reputation management tools Tools like Grade.us, opiniion, and Birdeye can be used to gather feedback from tenants after move-in, helping property managers identify areas for improvement. The specific tools you use will depend on your requirements and processes. However, by and large, any of them can be used to transform the tenant onboarding process from a paper-heavy slog into an efficient digital experience. Final thoughts Remember, the onboarding process is the ideal mechanism for enhancing communication, establishing expectations, and creating a positive resident experience. Our top recommendation for ensuring a world-class onboarding and resident experience is to build a resident benefits program. Second Nature has pioneered the only fully managed Resident Benefits Package for single-family property managers. Learn more about resident experience management in our State of Resident Experience Report.

Calendar icon April 25, 2024

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How to Optimize Property Management Processes and Software

Property management software is currently helping property managers establish efficient and reliable processes at a higher rate than ever before in the PM industry. With that development in the proptech industry has come the development of tech for self-managers that has changed the capacity of the accidental landlord. Thus, the demand for efficiency at scale has risen in order to separate the professional from the amateur, and the establishment of processes that allow such a thing has become a critical topic for professional property managers. Optimizing property management processes Carter Fleck of Triton Property Management, a growth-oriented firm out of northern Virginia that is approaching 300 units with larger goals for 2024, joins us to share his expertise on process definition. Fleck is the General Manager responsible for operations and strategic growth, and he has been developing effective processes to ensure efficiency at Scale at Triton, and in the process, he has garnered an understanding of how to do so. “A lot of failing,” says Fleck. “In the early days, we were getting a lot of good and bad feedback, but typically the bad feedback is what you adjust off of.” Fleck believes that assumptions are the enemy when it comes to defining procedures and sourcing software for your PMC. “The image that we use is if you're going to build a sidewalk before people even start walking on a field, it's kind of dumb. You have to see where people will walk first, and then you'll build a gravel path. So number one, you see where they walk, see where their intentions are in the grass, then you build a gravel path. And then eventually, once that walkway is established, that's where you build your processes and procedures.” The analogy is a visualization of the concept that you have to see how people operate before you can establish processes to make how they operate more efficient. Fleck encourages the negative experiences of process breakdown and cites them as the only way to really nail down what your processes should look like. “Over time, between the tenants giving feedback and owners giving feedback, we adjusted our processes. It's a mix between figuring out where the owners walk and where the tenants walk, and then building paths that align.” Fleck details an example of how Triton adjusted its process after an assumption it made got challenged: "We had an assumption that payment plans were helpful for residents," says Fleck. "And so the way we handled delinquency is we would reach out to them and would be like, ‘you need to pay this. Do you have a payment plan option?’ And they would always say yes. Our process was we'll put you on a payment plan, we'll invite you to a payment plan, you'll accept the payment plan, and then we'll monitor the payment plan. That in itself was a lot of work, but we thought it was doing well. But some of the owners that we had managed for mentioned that another property manager doesn't allow any payment plans. And if you're not fully paid up by the end of the month, then the eviction process starts if you’re over $500 due. So we're like 'alright, well, we'll serve you in that we'll change our processes.' And we did, and our delinquency percentage shrunk significantly. So, consistently, by the end of every month, we're around 5% APR. Whereas with payment plans we're like 5 to 10%.” Fleck obviously credits seeing the assumptions in motion as what prompted the need for process iteration, and he firmly believes that making too many of these assumptions is one of the biggest mistakes growing property management companies make. Like any business experiencing growth, process definition is critical to achieve efficiency at larger volumes. What Fleck is essentially advocating for is processes based on what you know, not what you think, and there is a big distinction. Managing property management software Fleck has installed both general and tech-based processes, and cites that understanding of how people interact with processes as the key in both areas. "They don't focus on user experience. That's really important. Number one, how the tenants like the tech, but specifically how the people who are using the tech are gonna adopt it. So when we were choosing a rent inspection software, we had so many people recommend one, software and I, we almost pulled the trigger on it. But then I was like, let's do a trial run on both these two. And we chose the other one because it was way better user experience for property managers. So user experience, both for us and for residents." Tech is a tool that is ultimately as good as its users, and if it's not used correctly or at all, its potential is wasted. An over-reliance on technology can actually go hand-in-hand with an under-reliance, as both often spring up from a lack of understanding of how to choose, implement, and manage it. In this vein, Fleck can't recall many property managers who operate with too much tech. As long as you're not purchasing redundant software and you've done and continue to do your due diligence, tech-based process can make your business more efficient. "I more often find myself having that conversation," says Fleck. "When I'm talking to property managers in my sub-market, who aren't connected with like a NARPM, who aren't connected with like a Crane group, or who aren't connected with a Second Nature, aren't connected to the tune of what the property management industry is doing and the cutting edge of it, I'm just like, 'you could save so much of your time and you could scale this so much more if you only even if you just had tenant Turner, or if you had LeadSimple.'" No matter what your story is a property manager, if growth is in the cards, so is process and technology refinement. Hopefully, Fleck's experience in these areas can help you stay efficient and organized as door counts grow.

Calendar icon April 19, 2024

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Why offer a tenant benefits package?

A tenant benefits package is an increasingly important part of the equation today. That’s because today’s residents want their needs proactively anticipated. It’s something they're willing to pay (and stay) for. This makes complete sense: like everywhere else, residents and property investors alike are getting younger in the residential real estate sector – and with this generational shift comes expectations for a certain level of convenience and support. In this article, we’ll explore what a tenant benefit package is, how it improves the experience for both property managers and tenants, and crucial mistakes to avoid. Before we get into the details, we want to give a shoutout to our very own “Resident Benefits Package” – which is how we refer to the benefits comprised in the “tenant benefits package.” “Tenant” is not yet a legacy term, but we here at Second Nature are trying to evolve it. That’s because, in our experience, property managers work hard to make renters feel like they’re not just parties to a contract – they’re residents. On one hand, this is just humans being humans, but on the other hand, it also encourages them to invest in care for their new home and add value to the property. Ready to get started now? Build your Resident Benefits Package today. What is a tenant benefits package? A tenant benefits package is typically a bundle of services, conveniences, and provisions offered by a property manager on top of the basic lease agreement. They represent a triple-win situation for property managers, residents, and property owners, as they enhance the overall rental experience, generate additional income, and protect the real estate investment. It might include conveniences such as online monthly rent payment options, or portals for submitting maintenance requests and tracking their status. It could also include various financial perks, such as credit rating improvements that are contingent on on-time rental payments, or discounts on nearby services such as fitness centers. It might also include amenities ranging from move-in concierge or utility set-up services, to identity protection services, to HVAC filter delivery. The cost for resident benefits packages is typically included in the lease and added as a monthly fee, with the fee being dependent on the specific benefits. Indeed, the benefits contained in a tenant benefits package will vary depending on the property manager and the type of rental property. The overall goal is to provide tenants with an enhanced quality of life while simplifying the experience of renting. At Second Nature, we pioneered the only fully managed resident benefits package, in response to PMs who wanted to make their business stand out. Our RBP includes an array of services and supports for residents, from filter delivery to credit building to maintenance. Why should property managers offer a tenant benefits package? Beyond the triple-win considerations mentioned just above, there are compelling and concrete reasons why property managers should offer tenant benefit packages. We'll turn to these now. Ancillary revenue Some tenant benefit packages include optional services or add-ons that can generate additional revenue streams for the property manager. This might include things like renter insurance or HVAC filter delivery. Resident experience Tenant benefit packages deliver numerous savings and value to tenants, beyond the value they would get if they were obtaining the same benefits "à la carte." Additionally, by offering additional services and conveniences, benefit packages can make tenants feel valued and more satisfied with their living experience. For instance, maintenance hotline requests, tenant portals, and air filter replacements all make life easier. Add-on services like identity theft protection can offer a sense of security. And discounted renters insurance coverage, utility concierge services, or other perks can save tenants money. Decrease tenant turnover and vacancy rates In a competitive rental market, tenant benefit packages can be a major differentiator toward boosting retention rates and reducing vacancy rates. Properties that offer these packages can also attract a wider pool of qualified tenants, and potentially command higher rents. Note that certain benefits in the package, like online rent payments and maintenance requests, can automate tasks and free up the property manager's time. This allows them to focus on more value-added initiatives. How does the tenant benefits package improve the tenant experience? Tenant benefit packages can significantly improve tenant satisfaction in several ways, by making life easier, more convenient, and potentially more affordable. For instance, if an online portal (a baseline feature for most property management software) is included for rent payments and maintenance issues and requests, this eliminates the hassle of writing checks or waiting on hold to speak with someone about a clogged drain. In other words, tenants have the peace of mind of knowing they can manage their tenancy 24/7 from the comfort of their own devices. Some packages might include features like filter delivery services or regularly scheduled HVAC maintenance. This frees tenants from having to remember these tasks – and ensures their home is well-maintained. Certain packages might also offer "verified vendor" services – in other words, a vetted vendor network that can help provide a more secure feeling to residents when service providers are on-site. On the financial side of things, a benefits package might offer discounts with local suppliers for various goods and services, or on a renters insurance policy obtained through the property manager (with applicable waivers for residents who have their own insurance). This can save tenants money on a necessary expense. Some packages also help residents with their credit scores via credit reporting and credit building services, so they can transition from renting to home buying when the time is right. The idea is that the credit reporting program reports on-time rent payments automatically to all credit bureaus, helping residents build their credit simply by paying their rent on time. Some benefit packages include resident rewards programs that represent a powerful and positive incentive for on-time rent payments, including gift cards or cash. Packages can include security deposit alternatives that serve to provide a means for residents to be financially liable for damages without having to pay a significant lump sum upfront, such as pure insurance, surety bonds, and ACH authorization programs. Ultimately, tenant benefit packages create a more professional and responsive image for the property management company, which helps tenants feel valued and allows them to experience a smoother, more stress-free rental experience. What are the mistakes to avoid when offering tenant benefits packages? Property management companies should take care to avoid certain pitfalls when implementing tenant benefit packages to ensure they are providing true value to tenants as well as delivering profitability to the PM company itself. For instance, it's important to ensure that the services you're offering are actually relevant to your target renters. For example, young professionals might appreciate discounts on gym memberships, while families might prefer pet-sitting services. You should also take care to clearly communicate what's included and not included in the package to new residents. Don't oversell the benefits – focus on how they genuinely improve the living experience. It's also very important to set realistic expectations for response times on standard maintenance requests, emergency maintenance requests, or virtual concierge services. Likewise, be clear on all available payment methods, as well as rent due dates, late fee structures, and any associated payment processing fees. If your package includes services from third-party vendors, ensure that these vendors are reputable and reliable. Research their customer service record and responsiveness to ensure a smooth partnership and a positive experience for tenants. Above all, regularly monitor the usage of different benefits within your benefits package. This can help you refine your offerings and ensure you're not spending where spending is not required. What's included in a tenant benefits package? A tenant benefits package can be made up of a number of benefits. Typically, these are services that create a Triple Win for residents, property managers, and investors. They should improve the resident experience, create business growth or time savings for property managers, and help protect the property as an investment. Here are some of the most common items offered in a tenant benefit package: Filter delivery: Most residents are required by their lease to change HVAC filters regularly, but very few actually do it on time. A filter delivery subscription makes it simple for residents to stay on top of filter changes, minimizes maintenance issues, and extends the life of the HVAC system. Internet service: Most residents—98%, in fact—already pay for internet. Group Rate Internet allows property managers to offer internet service as part of their leases, giving residents a simplified experience at a discounted rate. Pest control: Pests are some of the most common resident complaints that property managers receive. With an on-demand pest control service, residents can get responsive pest treatment, with no charge at point of service, without having to go through their property managers. Identity protection: Identity theft continues to increase, and it can cause serious challenges for property mangers and residents alike. With protection services, residents don't have to worry about their information being compromised, and property managers don't have to worry about late rent payments due to hacked accounts. Renters Insurance Program: Renters insurance offers tremendous protections to both the property itself and the resident's belongings. By integrating automatic insurance enrollment into leases, property managers can avoid disaster when an issue arises. No more uncovered residents. Looking for a Resident Benefits Package? If you’re looking for a “plug and play” resident benefits package, Second Nature’s RBP is the way to go. Designed to be easy to implement and simple to use, all the services it includes are managed by Second Nature – which means there’s no day-to-day upkeep required from the property manager: Second Nature keeps it running. It’s a simple way to grow your business and create great experiences that residents will pay and stay for. Learn more about our fully-managed Resident Benefits Package.

Calendar icon April 2, 2024

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10 Steps to Onboard New Tenants

The tenant onboarding process is a critical step in ensuring a positive and productive relationship between residents and property managers from day one and usually occurs during the lease signing. For property management companies, new tenant onboarding represents a cornerstone of the "Triple Win" philosophy we advocate here at Second Nature. That's because an optimal process benefits all parties. As we mentioned, not only does a smooth onboarding experience foster tenant satisfaction, but it also delivers winning conditions for a positive tenant who is excited about their new home. It also recognizes their role as property residents rather than transactional entities and sets a positive tone for their experience with the property. On the part of the property management company, it also demonstrates professionalism and competence, which not only boosts your brand, but also enhances your ability to attract potential tenants in the future. Finally, it protects the real estate property owner. Clear communication of lease terms, expectations, and maintenance procedures helps reduce the risk of issues such as late payments, property damage, or misunderstandings. But how do you actually optimize the onboarding process? Today we'll look at standardized procedures you should implement to ensure consistency and a positive outcome for all. Note on language: "Tenant onboarding” is a commonly used industry term, but at Second Nature we're 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 tenants “residents.” Like you, we think of them as people first – making your property their home. Why is The Tenant Onboarding Process Important? The tenant onboarding process is important because it sets the stage for the entire tenancy experience. Proper onboarding helps make sure that residents are well-informed about their responsibilities, as well as the property management company's expectations, which can lead to fewer misunderstandings and conflicts down the road. It also helps build and maintain a strong relationship between the resident and the property management team, which can lead to higher resident satisfaction and retention rates, which is especially beneficial to PMs. By creating a positive first impression, the onboarding process can significantly impact the long-term success of the rental arrangement for all parties involved. Steps to Onboard New Tenants 1. Run background checks, collect and verify all tenant information The onboarding process starts with thorough tenant screening and background checks on prospective renters. The process of ensuring the accuracy of tenant information can be time-consuming, so this is where you will realize the greatest efficiencies as you optimize the process. Start by leveraging screening and credit check/credit score service providers to assess a tenant's financial responsibility and ability to meet rent payments, as well as identify any prior evictions or tenancy issues. Criminal background checks, run in accordance with fair housing laws and anti-discriminatory practices, can uncover potential red flags that may represent risks to the property or other tenants. You should also use standardized application forms that clearly request information, such as: Full legal name, contact details, and date of birth Employment information and income verification (via recent paystubs or employer contact details) Previous rental history, including contact details of prior landlords Emergency contact information Directly contact previous landlords and employers to confirm details provided by the prospective tenant, and verify the government-issued photo ID (driver's license or passport) they supply to confirm their identity. Consider offering an online application portal where tenants can submit their information and upload documents securely. This allows for faster processing and reduces manual data entry (and therefore reduces the risk of errors). Again, ensure that all screening processes comply with fair housing laws to avoid discrimination based on protected characteristics. Related: Tenant Screening Checklist: Free Template and Form Example 2. Explain the lease and sign the agreement It's critical for all parties that you be transparent and clear about lease terms. To achieve this clarity in a repeatable, standardized way, consider structuring the process into four distinct stages: (i) Pre-signing review Schedule a dedicated time with the tenant to review the lease agreement. In the agreement itself, it's important to use clear, concise, and plain language that avoids legal jargon. Explain each clause, addressing key points like rent amount and due date, security deposit details and return policy, allowed usage of the property and any restrictions (such as pets or modifications), maintenance responsibilities of both the tenant and the property manager, and termination clauses/notice periods. (ii) Addressing concerns After the pre-signing review, proactively invite questions and address any areas of confusion or concern. Have supplementary materials and any other necessary information readily at hand, such as property manuals or tenant handbooks. (iii) Lease signing process Consider offering the option of secure e-signatures for a convenient and efficient signing experience, but do ensure readily available hard copies of the lease for traditional in-person signing preferences. (iv) Post-signing follow-up: Present tenants with a signed copy of the lease agreement for their reference. At that point, you should outline the next steps, such as payment details (more on that below) move-in date and procedures, utility setup details, and contact information for maintenance requests or emergencies. 3. Collect payments and security deposits An efficient tenant onboarding process will prioritize secure and convenient methods for tenants to submit their security deposit and rent payments. Naturally, this starts and ends with clear communication. If you have not covered this in the context of the lease agreement, do so now: Clearly outline all available payment methods, as well as rent due dates, late fee structures, and any associated payment processing fees. It's helpful to provide flexible payment methods. Options include secure online portals (whether hosted on your site or by a third-party payment processing provider) that allow tenants to pay using debit cards, credit cards, or e-transfers. This option presents multiple advantages, including automatic recurring rent collection, online receipts for all transactions, and a record of payment history for easy reference. You can also offer the option of direct bank transfers between the tenant's account and the accounts of your property management company. For technology-averse tenants, you may find it necessary to offer traditional payment methods such as cashier's checks or money orders, which provide a secure way for tenants to submit payments without the risk of personal check bounces. When it comes to security deposit handling, compliance is key. You must adhere to all local and state regulations regarding security deposit amounts, holding periods, and interest accrual (if applicable). It's helpful to hold security deposits in a separate account designated solely for this purpose. This demonstrates transparency and protects tenant funds. 4. Share copies of electricity and gas safety certificates While some regulations require property managers to make electricity and gas safety certificates available on request, in certain jurisdictions, the property management company may be legally obliged to provide them during the onboarding process. Always consult with local regulations and ensure compliance to avoid any legal issues. In any case, by proactively providing copies of safety certificates, clearly explaining their purpose, and maintaining proper records, property management companies demonstrate a commitment to tenant safety and uphold a high standard of professionalism. This fosters trust and transparency throughout the tenancy. While the certificates indicate the overall electrical and gas safety of your rental property, as well as any potential hazards, they also emphasize the tenant's responsibility to report any observed issues or concerns promptly. 5. Schedule move-in To efficiently schedule the move-in, inquire about the tenant's preferred move-in date and time frame during the lease agreement signing process. If you're offering a few available move-in windows, strive to accommodate their preferred date and time, as this demonstrates your commitment to tenant satisfaction. If the tenant's preferred date is unavailable, propose options that minimize disruption, such as an earlier or later move-in time within the same day. Once a mutually agreeable move-in date and time are established, send a confirmation email or document outlining the details as well as a move-in checklist. Note that Second Nature includes a move-in concierge as part of its Resident Benefit Program. 6. Prepare the property for move-in day The onboarding process culminates in a meticulously prepared property for the tenant's arrival. Start by conducting a pre-move-in inspection and cleaning. This covers the entire property, including: Floors, windows, and all surfaces. Appliances Bathrooms and kitchens Ensure that all smoke and carbon monoxide detectors are operational, and have fresh batteries. Also, address any outstanding maintenance or repair requests, and verify that all applicable utilities are functioning properly. You'll want to take any meter readings in the presence of the tenant during the move-in process. Consider providing small "welcome amenities'' (toilet paper, tissues, light bulbs, and so on), as well as a welcome packet that includes contact details, important property information, trash collection schedules), and emergency procedures. Such gestures foster a sense that the property is being managed with care. 7. Deliver keys and share property manager contact information While the process of delivering keys and sharing contact information may seem trivial, it's an excellent occasion to once again demonstrate your professionalism and care for the property. First, coordinate a convenient time for the tenant to pick up their keys. This can occur during a move-in walkthrough or previously. Consider offering flexible options for key collection, such as collection of keys from the property management office, or secure drop-off at the property, if this is feasible. Maintain a record of the specific keys issued to the tenant. If the property utilizes key fobs or electronic access systems, ensure the tenant receives proper instructions and activation procedures. As far as contact information goes, provide the tenant with various contact methods, including any dedicated phone lines for tenant inquiries and maintenance requests, email addresses for non-urgent communication, and access to an online tenant portal (if applicable) for rent payments, maintenance requests, and communication. If you have not already done so, outline your operating hours and response timeframe for inquiries and maintenance requests. Provide a separate after-hours emergency contact number for urgent situations. 8. Leave a welcome message, card, or gift pack for the tenant While not essential, incorporating a personalized touch during the onboarding process can significantly enhance the tenant's experience. For instance, a brief handwritten note left at the property upon move-in adds a personal touch, as does a warm welcome email. Such a message can express that the tenant has chosen your property, offer availability to answer questions, and reiterate important contact details for the tenant's reference. Professional greeting cards with similar messages are also an effective way of enhancing your brand, particularly when co-branded with local restaurants and grocery stores to offer discounts or coupons. Another option consists of gift packs containing small, practical items such as basic toiletries, coffee/tea, baked goods, or cleaning supplies. Ensure that any message, card, or gift reflects a professional tone and avoids overly personal greetings. 9. Follow up after one week with the onboarded tenant to get feedback An optimal onboarding process extends beyond the initial move-in. Following up with the resident after a week demonstrates your company's attentiveness and professionalism, and goes a long way toward boosting retention rates. Schedule a follow-up call or email approximately one week after the tenant has settled in (at which point they will have become well acquainted with the property). A call allows for a more personal touch and enables the tenant to voice any concerns directly, while an email gives them the flexibility to respond at their convenience, as well as providing a written record of the communication. Sample wording might go along the lines of: "I hope you're settling in well at [property address/name]. Is there anything we can help you with?" or "We hope everything is going smoothly after your move-in last week. Do you have any questions or concerns we can address?" Remind the tenant of the various contact methods available for the property management company, and address any raised concerns promptly to demonstrate your willingness to assist in resolving issues. You may also wish to consider incorporating a brief tenant satisfaction survey into the follow-up email, if you've chosen this approach. This can provide valuable insights into areas where the onboarding process can be further improved. 10. Schedule periodic rental inspections with the tenant A crucial aspect of responsible property management involves conducting periodic inspections. Here's a professional approach to scheduling these inspections while fostering a positive relationship with the resident. Clear communication is paramount. It's important that you outline the frequency and purpose of inspections within the lease agreement, and explain the rationale behind inspections, emphasizing property maintenance and ensuring tenant safety. Of course, you'll reserve the right to conduct immediate inspections in case of emergencies or suspected violations of the lease agreement. However, prioritize informing the tenant whenever possible, and always adhere to local and state regulations regarding the frequency and notification requirements for rental inspections. Before scheduling an inspection, provide ample written notice. This allows residents to prepare the property and minimizes disruption. As necessary, work with the tenant to find a mutually agreeable date and time for the inspection. Allow the tenant to be present during the inspection, and limit the inspection to the essential aspects, avoiding intrusion into personal belongings. Download our rental inspection checklist to ensure you’re covering all the bases. Then, provide the tenant with a copy of the inspection report, highlighting any findings or maintenance needs. Tips to Improve the Tenant Onboard Experience A smooth and efficient onboarding process can set the stage for a positive tenant experience. Below are some helpful tips: Create a property management tenant onboarding checklist A comprehensive tenant onboarding checklist helps ensure that no critical steps are overlooked. This checklist should include all tasks, from initial background checks to the final move-in day preparations. This will help maintain consistency and efficiency in your onboarding process, and ensure that every resident receives the same high level of service. Create a welcome package for new onboarding tenants A welcome package can make new tenants feel appreciated and valued right from the start. It can include practical items such as toiletries, cleaning supplies, baked goods, and information about the local area. Personal touches such as a handwritten welcome note or discounts to local businesses can also enhance the resident’s initial experience, as well as the image of your property management company. Use technology to streamline processes Utilize technology to streamline the onboarding process. Offer online applications, e-signatures for lease agreements, and an online portal for rent payments and maintenance requests. Technology can make the process more convenient and efficient for both property managers and residents, and easier for PMs to manage the status of everything. Personalize the experience Personalizing the onboarding experience can make residents feel valued and welcome. Address them by name, remember important details about them, and provide personalized touches such as a welcome note or small gift. Final Thoughts Remember, an onboarding process is not just a series of steps; it's a tool to enhance communication, establish expectations, and create a positive resident experience. Our top recommendation for ensuring a world-class resident experience is to build a resident benefits program. Second Nature has pioneered the only fully managed Resident Benefits Package for single-family property managers. Learn more about resident experience management in our State of Resident Experience Report, or explore the benefits of a Resident Benefits Package.

Calendar icon March 20, 2024

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7 Best Property Management Newsletters

Property managers fill many roles and hold many responsibilities. That’s why it can be helpful for them to subscribe to leading industry newsletters and publications. These publications deliver strategic time-savings by providing focused, often actionable updates on market news such as real estate market fluctuations, investment property trends, and resident demographics. They can also keep you informed about updates to legal considerations related to rental properties, so you have a longer runway to adapt to any changing requirements. Finally, they’re an ideal way of keeping tabs on the latest in best practices and tech advancements, so your operational toolbox always has the best tools available, for what can often be a challenging role. In this post, we’ll survey some of the top newsletters in the industry, and provide quick takeaways about what makes each worth the read. 1. Second Nature's Triple Win Newsletter Our very own bi-weekly newsletter is a fun and informative digest of all things property management, with a focus on our "Triple Win" approach, which favors conditions that benefit residents, property management companies, and owners alike. We make it engaging and helpful, with sample content including articles such as "Improving Delegation with the 'Who' Not 'How' Approach," "Property Management Horror Stories," and "How to Install and Manage Processes in Property Management," plus interviews with industry veterans, our take on the best of social media, and the occasional PM-focused meme. Subscribe here 2. Peter Lohmann's Newsletter Peter Lohmann is the CEO & principal broker of RL Property Management, a residential property management company located in Columbus (Ohio). His weekly newsletter has 5,000 subscribers, and according to a recent social media posting on Twitter/X, focuses on “sharing everything that works as we grow our property management business.” A testimonial from one newsletter subscriber describes the content as “honest, objective, and eye-opening,” and this does appear to be the brand of the email newsletter, as it is written in a personable, conversational tone that covers a wide range of meaningful content and marketing strategies, ranging from how daunting it can be to hire a new COO, to extended discussions around client churn (using data from his own company), as well as spotlights on conferences, local events, and new technology. Subscribe here 3. PlanOmatic Monthly Beaker PlanOmatic provides photos, floor plans, and 3D tours for single-family rental property owners and property managers. Their monthly newsletter, The Monthly Beaker, bills itself as “everything you need to know about SFR, once a month, in one place.” Although it is still a fairly “young” publication at just over a year old, it has already garnered over 750 LinkedIn subscribers to go along with their email list. It’s easy to see why – the format makes it a lot of fun to read, with an introductory editorial segment delivered in a conversational tone that nevertheless provides a significant quantity of information. This is typically followed by a series of quick hits consisting of proprietary insights into the SFR space, important data from around the sector, and final bullets providing key takeaways (“Everyone knows this stuff and you should too”) from the property management industry. Subscribe here 4. National Rental Home Council As the non-profit trade association of the single-family rental home industry, the National Rental Home Council (NRHC) publishes a wealth of resources for its different target audiences. NRHC’s intent is to support legislative and regulatory frameworks that incentivize housing providers to augment and enhance accessibility to a range of fair housing options for both homeowners and renters. This means its resources are designed to be of interest to a variety of different stakeholders within the rental market. Members receive a weekly Briefing Report on the single family rental home industry, the Quarterly NRHC Newsletter, and a Weekly Newsletter featuring national coverage and news alerts. For non-members, the NRHC issues regular news releases, as well as resources including FAQs, reports and primers, fact sheets, and videos. With archives dating back to 2015, this site is a valuable and well-established industry resource. Visit the website 5. The Evernest Newsletter Evernest’s focus is on single-family houses, condos, small multi-family buildings, and HOA management. It manages over 15,000 properties for over 6,000 owners, and its HOA and Association division serves over 17,000 homeowners. As for the Evernest Newsletter, its email list consists of over 18K landlords and real estate industry investors, all signed up to receive educational content for DIY landlords and real estate investors. This real estate newsletter also publishes content related to new podcast episodes from the Evernest team, articles and videos, and community content as well as information about upcoming events. Subscribe here 6. Jordan Muela’s Newsletter Jordan Muela has been in the property management industry for over 10 years, and is currently CEO of LeadSimple and co-founder of ProfitCoach. He started his now bi-weekly newsletter in 2021, which counts 4k property manager subscribers, and focuses on “people, process, and profit,” as he puts it. With catchy headlines and informative content, it’s worth browsing his page of posts to get a sense of his coverage. Sample headers include “Why what triggers you is a gift,” “There's a simple test to understand how aggressive your fees are,” “It's ok to want to quit,” and “2023 National PM Pricing Report”: suffice it to say that it’s all highly varied and readable stuff. Subscribe here 7. Marc Cunningham In addition to running the PM Build website, Marc Cunningham is the President of Grace Property Management & Real Estate. He's regularly featured in national real estate publications and podcasts, holds multiple designations, invests in residential and commercial real estate, and was named the 2018 national property manager of the year by Think Realty. At PM Build, Marc publishes a monthly video newsletter that addresses current topics and trends in the real estate property management space. With accessible topics such as “How To Deliver Bad News To Owner-Clients, “Top Tip To Be Successful In The Property Management Business," and “6 Numbers To Measure The Success Of Your PM Business,” his content is of immense value for new and seasoned property management companies alike. Watch episodes here Hungry for more news? Visit Second Nature’s Triple Win Property Management Blog

Calendar icon March 15, 2024

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5 Best Property Management Inspection Software

Property management inspection software is designed to simplify and streamline the process of conducting property inspections. Typical features of this property management software include customizable inspection templates, mobile compatibility, photo and video capture, scheduling capabilities, and report generation functionality. More broadly, inspection software is an important tool for establishing "Triple Win" conditions that benefit residents, property managers, and investors alike. That's because it improves overall operational efficiency and promotes proactive/preventative maintenance, while also helping to improve transparency. In a nutshell, it’s an indispensable tool for property management companies looking to deliver high-quality services and maintain property value. Today, we’ll provide an overview of some of the best property management inspection software currently available. A note on language: Developers of property management inspection software often refer to "tenants” in their workflows, and for the sake of cohesion, we’ll be picking up on that term in this software review. But here at Second Nature we regularly see 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 a philosophy, it’s also a business decision that 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. Related: Best Single Family Property Management Software Our Criteria for Choosing the Best Property Management Inspection Software The inspection solutions on this list were selected from top-ranked inspection software on sites such as Capterra and G2, as well as sites devoted to property management solutions. Note that all inspection tools come with pros, cons, and distinctive features. In today’s overview, we’ll confine ourselves to outlining core features, as well as positioning and pricing. However, for true apples-to-apples comparisons of property management inspection software, you should evaluate its performance in the context of real-life requirements and conditions. In particular, focus on the following aspects in your assessments: Workflow templatization Workflow templatization in property management inspection software refers to the process of creating templated automations that sequence common inspection tasks and steps. Essentially a user-friendly "smart inspection checklist," these workflow templates reduce the likelihood of inspection oversights or errors when assessing property conditions. They can include areas and elements to focus on during the inspection process, as well as evaluation criteria. Ideally, users can customize workflow templates as required. Ease of tenant communication Features that focus on ease of communication are central to improving the resident experience, as they streamline communication, save time, and enhance the overall process for both parties. Examples might range in complexity from simple direct messaging capabilities to automated translation features. How fast it is to complete an inspection While workflow templates can help make inspections more efficient, other factors also considerably impact overall process optimization, including features like automatic appointment scheduling, the extent of offline data access, the degree to which report generation is automated, and more. Inspection report readability Readability is key to creating transparent communications and positive overall experiences for everyone involved in the process. Different factors include the general layout and formatting of property inspection reports and inspection data, clarity and concision of language, and accessibility considerations that promote inclusivity for any reader. Customization options No one size fits all out of the box. That’s why inspection software ideally allows user to tailor the app to their specific requirements. Customization capabilities might refer to branding options, changes to the user interface, reporting format, workflow triggers, and more. Ease of syncing between mobile and desktop Not all server capabilities are created equal, which is why it can be helpful to evaluate whether or not information can be seamlessly accessed, updated, and shared across the software’s mobile app and desktop platform. Ultimately, seamless syncing enables better property management practices. Areas to consider include data update latency, offline functionality, consistency of feature accessibility across platforms, security of data transfer, and conflict resolution in case of simultaneous data changes. Value-add services In the context of property management inspection software, "value-add services" refer to any additional services that complement the core inspection capabilities of the software. These services can be offered by the software vendors themselves, or via third-party partnerships. Examples might include yard services associated with HOA compliance, pet screening, or Second Nature’s very own air filter delivery service. Best Property Management Inspection Software 1. zInspector Billed as “the most powerful and affordable property inspection toolkit in the market,” zInspector is designed as a collaborative field-to-office solution for the property management, real estate, and construction trades. Features include the option to upload unlimited date- and time-stamped photos and videos, offline inspection capabilities, and unlimited options for customizing templates. zInspector also provides a number of tenant-directed features, including move-in/move-out inspections as well as periodic and renewal inspections, and remote tenant signing. Property inspection companies can brand zInspector capabilities within their own app, or simply customize zInspector with their logo and color palettes. Featured zInspector integrations include AppFolio, Rent Manager, Rentvine, PropertyWare, Rentec Direct, and Google Drive. Pricing ranges from free (for up to 5 doors) to the “Max” plan at $110 per month. 10% discounts are provided for annual subscriptions. According to users on G2.com, the zInspector property inspection app is “super easy to learn and use,” with “thorough options for evaluating all our units upon turnover, from our smallest and most basic efficiencies to massive 6-bedroom single-family homes.” Learn more about zInspector 2. RentCheck RentCheck is a popular solution for the scattered site property management market. It’s designed to help save time for property management teams by eliminating the need for in-person inspections. In that vein, the mobile app version (available in Android and iOS versions) allows residents to complete inspections (move-in and move-out as well as periodic) using their mobile devices, without having to coordinate with a property manager. Features of the software include the ability for property managers to customize home inspections, set reminders, generate reports, and compare new and existing reports side-by-side. Pricing options range from a free version for up to 10 doors to an enterprise tier that includes advanced API and customization features. Per Capterra, RentCheck scores extremely well (4.7 out of 5) for ease of use, value for money, and customer service. Learn more about RentCheck 3. HappyCo HappyCo is more fairly characterized as a platform rather than an inspection software solution. It’s billed as a “real-time multifamily operations platform” that aims to help property owners and managers unlock more accurate valuations, better returns, and higher property value. The function of its Happy Property suite is to streamline leasing, renewal, and maintenance tasks, and this includes core inspection functionality, including scheduling, notifications, and work order generation. It integrates with several other technologies, including AppFolio, MRI, RealPage, Rent Manager, and Yardi. Pricing is determined based on a consultative process with the HappyCo team. Reviewers on G2.com call out its simplicity and ease of use. Learn more about HappyCo 4. Onsight PROS OnSight PROS is an in-person service for property managers, landlords, and insurance companies. However, they leverage an app to streamline the inspection process. Different types of inspections include move-in/move-out (MIMO) inspections, periodic inspections, acquisition inspections, and exterior inspections (roof, gutters, landscaping, and fencing). Inspection reports can be customized and branded as needed. The service coverage area is nationwide, and pricing for the service is determined based on a consultative process with the OnSight PROS team. Learn more about OnSight PROS 5. SnapInspect Designed for a wide range of markets, including multifamily, residential, commercial, vacation rentals, and student housing, SnapInspect incorporates features such as video recording, custom reports, and custom property inspector workflows. A free trial of the software is available, and multifamily pricing starts at $199 per month, which includes iOS and Android apps, Google and Dropbox sync, report customization, and scheduling & automation options. SnapInspect reviews on G2 describe SnapInspect’s customer service as “above and beyond,” and refer to the app’s user-friendliness. Learn more about SnapInspect Property Management Inspection Software by Second Nature Inspection software by Second Nature is currently in the works! As always, our goal is to create an experience that will benefit property management companies, residents, and investors alike. Drop us a line if you’d like to be among the first to learn about our upcoming release - or take a tour of our Resident Benefits Package to explore the Triple Win experience we’re offering you right now.

Calendar icon March 13, 2024

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7 Property Management SEO Tips to Drive Leads and Increase Revenue

Imagine that your prospective residents are searching for a rental property online. They'll type in terms like "houses for rent" or possibly even "property management companies near me." The websites that appear at the top of the search results are the ones that search engines such as Google consider most relevant and useful. That's the power of SEO, or Search Engine Optimization. This is a bit like having a big, brightly lit sign outside your office. The better optimized your property management website is, the higher it ranks in search results, increasing the chances of potential residents finding you online, which in turn increases leads, inquiries, and ultimately revenue. A well-executed SEO strategy can also help you save costs in other property management marketing areas, as well as boosting your brand's credibility (ranking well in Google search results helps instill trust in potential residents). Now, if you talk to an SEO consultant, odds are good that they'll present a laundry list of recommendations that include references to such terms as "long-tail keywords," "SERPS," "meta descriptions," and “alt tags,” which may not mean much to you. The good news is that you really don't need a lot of technical expertise to significantly improve your online visibility, rank well in search engine results pages, and attract more potential tenants. In fact, a bit of focused marketing effort is generally all it takes to boost your website ranking, and possibly end up on the first page of organic search results, depending on the competitiveness of your local market We'll guide you through some tactical tips you can use to successfully build your SEO ranking step by step. Optimize for local search with GoogleMyBusiness Page Setting up a location-specific Business Profile on Google is free, and boosts your chances of appearing in local searches for property management services. Think of this “local SEO” as a digital storefront that helps potential leads easily find accurate and useful information about your property management business. Here's how to optimize your Google My Business (GMB) page for local search: Claim and verify your business listing Start by claiming your GMB profile: Search for your company on Google Maps. If it already exists, claim it. If not, create a new listing. Google might send a postcard, phone call, or email with a code to verify. Verification is crucial, as it proves you're the rightful owner of your business listing. Complete your profile in detail - Company name: Use only your official business name, with no additional keywords. - Address and phone number: These must match how they appear on your website and across other online listings. - Category: Choose the most accurate primary category, like "Property Management Company." You can add additional categories if they are relevant. - Hours of operation: Keep these updated, including special hours or holiday closures. - Website and photos: Add your website link and high-quality photos of your properties, office, and team. Complete your "From the Business" description Briefly explain what your company does, the areas you serve, and what makes you unique. Include keywords related to property management and your location, like "[City name] property management" or "rental properties in [neighborhood]". Encourage and respond to reviews Positive reviews with keywords boost your ranking. Ask satisfied tenants to leave reviews. It's best to address both positive and negative reviews professionally and promptly, as this demonstrates your commitment to customer service. Share updates Promote new listings, community events, special offers, or company news in Google Posts. Include links to your website or booking forms to increase leads and website traffic. Remember that regularly updating your GMB profile indicates that your business is active, boosting search rankings. 2. Create a blog to write about the pain points of your audience A blog is a lot like having a knowledgeable property manager available 24/7 to answer questions and guide potential tenants. This kind of website content is also an ideal way to promote a brand of openness and transparency, which is critical for building "Triple Win" conditions. At Second Nature, we often refer to these conditions in the context of a business philosophy that benefits property managers, residents, and property owners alike. From an SEO perspective, a blog helps attract more search traffic, since each blog post will focus on relevant keywords and specific phrases that potential clients might be searching for, like "tips for first-time renters in [your city]" or "how to prepare your apartment for a move-out inspection." In this vein, you may find it helpful to conduct some keyword research to find out what kind of information is truly useful to your market, but resist “keyword stuffing” in the name of organic traffic gains and lead generation. Sincere content is good content and vice versa. A blog gives you a platform to regularly add fresh, relevant content (this is a ranking factor that Google has always loved), and establishes you as an authority on issues that are of concern to your target audience, such as maintenance tips, tenant laws, the local rental market, and more. Blog posts also allow you to naturally link to other relevant pages on your website, improving navigation and helping users find what they need. 3. Optimize landing pages with above-the-fold CTAs Any time you direct prospects to a key page on your website, the "above-the-fold" area is like the prime display area - it's what visitors see the moment they enter the room, without needing to scroll down. A CTA (call to action) is your eye-catching sales pitch. These days, it's usually a button yelling "Schedule a viewing!" or "Get a demo!" So why does this kind of on-page SEO matter? Search engines like Google love websites that provide a good user experience. A prominent CTA makes it super easy for visitors to take the next step and shows search engines they found what they were looking for. Plus, when someone who’s interested in your services can easily find ways to contact you or learn more, you're more likely to turn them from a casual browser into a potential tenant. Search engines notice that, too. 4. Fix site speed and user experience issues If your website was a rental property, site speed is like the time it takes a resident to find their home and get inside. A website that’s afflicted by pages with slow loading times is like a hidden property with a rusted-out lock – potential residents get frustrated and leave. When we're talking about user experience, we're really talking about how easy it is for them to find what they need once they're inside. If your website is confusing or has broken features, it's like an apartment with leaky pipes and no furniture – residents won't want to stay. If people land on your site and quickly leave (this is called "bouncing"), it tells the Google algorithm that your site might not be useful or relevant, harming your rankings. The longer people stay on your site, clicking around and checking out different listings, the better signal it sends to Google that your site is providing value. 5. Use your network to build backlinks naturally to the website Backlinks are links from other websites pointing back to your own website. High-quality backlinks from relevant websites within your network tell search engines that you're a trusted and authoritative source of information in your industry. This kind of “link building” can boost your search engine rankings and help more potential leads easily find your property management services online. Note that poor-quality backlinks can hurt your reputation, so it’s worth keeping tabs on the sites that are linking back to yours. There are a few different ways to use your network to build natural backlinks. If you sponsor a community event or partner with a local business, see if they'd link to your website on their event page or partner section. Offer to write a helpful article for a local real estate blog or community website in exchange for a link back to your website. If you're a member of an industry association or listed on reputable directories, make sure those websites link back to yours. Backlinks from relevant websites are one of the metrics that tell search engines you're a trusted and authoritative source of information in your industry, and help boost your search engine results. 6. Share your best content on social media Social media is a key part of any modern digital marketing strategy. After all, any time someone likes, shares, or comments on your social posts, it helps spread the word about your company. Sharing interesting articles, local news, or industry news helps boost your online presence and build your reputation as an engaged and knowledgeable property management company. Now, social media won't directly boost your search rankings overnight. In fact, it's a very long-term play. But it's a great way to build your reputation as a helpful resource and increase interest in your services, which indirectly helps your SEO efforts in the long run. 7. Incentivize customers to get reviews on your business profile Search engines like Google value websites with lots of positive, recent reviews. It shows your business is active, trustworthy, and provides a good experience. Essentially, they're online testimonials that tell Google your business deserves a top spot in search results. And the more good reviews your company has, the more likely you are to show up higher in search results for things like "property management near me." Plus, there is such a thing as actual star power: A high star rating next to your business name in search results acts like a magnet, attracting more searchers, clicks, and potential customers to your website. To incentivize reviews, you can simply make a polite request after a successful move-in or a resolved issue. You can also offer small discounts for future services (so long as this complies with applicable business regulations). Looking for more business insights from the Second Nature team? Get in touch, or stay tuned to our blog, podcast, and events.

Calendar icon March 13, 2024

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11 Best Property Management Websites for Property Managers

One important approach that property managers can take to keep up to date with current industry trends and approaches is to maintain a watchlist of different property management websites. That's because these sites often reflect best design practices and website templates as well as content sharing ideas. Today we'll cover some of the top property management websites, all considered favorites and regularly featured on “Top 10” lists in the industry, with a focus on what makes each one distinctive, whether from a design optic or a content perspective. Related: Best Property Management Newsletters. 1. Second Nature It may seem odd for us to mention ourselves first on this list, but we are genuinely proud of our brand and messaging! After all, we’re in this business for a reason – and that’s why the content of the Second Nature website is so squarely people-focused, with an emphasis on solutions that improve the lives of residents, investors, and property managers alike. There’s a robust business principle underpinning this “Triple Win” philosophy: residents want their needs proactively anticipated, and they're willing to pay (and stay) for that service. This is particularly true for a younger generation that is attuned to the convenience offered by services such as Uber and Amazon. That’s why the language used on the website reflects a humanistic approach that goes beyond transactional basics, preferring “residents” rather than “renters,” for example, or “home” rather than “rental property.” It’s also why Second Nature’s “Resident Benefits Package” is front and center, and designed to give residents, investors, and property management businesses a win. Accordingly, like all successful marketing, Second Nature’s value proposition is not only tangible – it’s personal. Visit www.secondnature.com to learn more. 2. Chambers Theory Chambers Theory's company motto, "Real Estate with Intelligence" is evident across their entire website. They use their website to promote more than just vacancies. They actually aim to educate their prospective DC, Virginia, and Maryland residents and owners. Their content covers topics as broad as what property management is and as granular as garbage disposal care. But their real brilliance is in how they serve up this content. Instead of text, they've opted to engage with videos. They've professionally produced more than 160 YouTube videos that are embedded across their entire website. And they've even gone as far as reproducing some of them in 7 different languages, ensuring their relevance for their US Military, State Department, and Foreign Service clientele. Visit www.chamberstheory.com. 3. Nest DC The Nest DC website focuses on the families behind the doors and the people behind the investment portfolios. Although residential real estate management is associated with a certain gravitas, the language as well as the overall branding of the Nest DC website plays off of a certain “avian” riff and is designed for easy readability. Where most sites incorporate an “About Us” page, for instance, Nest DC features an “About the Birds” content piece. It’s all done with serious intent, however, and the website design is sleek, clear, and user-friendly. Visit www.nest-dc.com. 4. Bay Management Group As soon as you hit the homepage of the Bay Management Group website, it’s clear that its primary target audience consists of real estate investors and property owners. That said, the site does host an impressive library of instructional and advisory videos for tenants, property managers, and landlords, as well as investors. With the tagline “property management that’s a cut above the rest,” home page testimonials, and a blue-toned web design of the sort favored by financial institutions to connote trustworthiness, the focus is on differentiation through delivery of high-quality property management services to deliver reliable rental income. Beyond its primary “free property management analysis” feature, other web functionalities include a blog, owner portal, tenant portal, and various program application options. Visit www.baymgmtgroup.com 5. Rentberry Rentberry is a global rental platform describing itself as a “transparent and secure home rental platform that connects tenants and landlords.” With the tagline “Renting done right – finally,” its principal focus is on prospective tenants and landlords. Top-level navigation includes online rent payments/rent collection. It also includes tenant screening functionality as well as options to search listings for vacancies or create a property listing. Among the usual resources (blog, help center, FAQ, contact information), Rentberry also features pricing guides for both tenants and landlords to help streamline the onboarding process. Visit www.rentberry.com 6. Grace Property Management & Real Estate Based in Denver (Colorado), Grace Property Management & Real Estate focuses on both residential and commercial properties in Denver. Although the company was founded in 1978, its online presence boasts astute use of online marketing tools and property management solutions, to say nothing of search engine optimization, with numerous calculators and other resources available from the top-level menu. Like many companies with a strictly regional presence, Grace Property follows the tendency of including full social media and phone contact information in the header. Visit www.rentgrace.com. 7. MESA Properties MESA Properties gives its geographical focus the hero image treatment, with the tagline “Servicing the Inland Empire, Eastern San Gabriel Valley and High Desert.” Below the header, it also bills itself as “an owner-centered property management company.” Accordingly, much of the functionality on offer from the top-level navigation is focused on professional property manager services and resources for owners, but it does include resources for tenants, including maintenance request options, and portal login. Visit https://www.mesaproperties.net/ 8. Golden State Property Management The Golden State Property Management website presents with the tagline “Total property management of the most comfortable homes in the South Bay,” as well as two prominent feature buttons aimed at residents (“Pay Rent”) and potential residents (“Search Vacancies”). With straightforward top-level menu options, mobile-friendly design, and high-contrast navigation elements, this site is exemplary in its simplicity. Visit www.goldenstatepropertymanagement.com 9. Sleep Sound Property Management Sleep Sound Property Management takes aim at the stress of managing the rental process, and as such takes on an advisory persona in its content. With the word “guarantee” appearing over 10 times on the homepage alone, the message is clear: this is a company devoted to providing great property management services in support of maximizing investment returns. Its “Why Choose Us” page also highlights its investments in cloud-based single family property management software, also designed to ease the stress of managing property investments. Visit www.propertymanagementportlandor.com 10. Good Life Property Management The website of this San Diego-based property management company is one of the only companies in the industry to highlight customizable user elements (color and font size) in the header of every page of its website. From the marketing perspective, this sends an important signal that the company is serious about finding ways to partner effectively with its community of investors and tenants. Visit www.goodlifemgmt.com 11. Luxury Property Care Luxury Property Care bills itself as “Florida’s only full-service property management and investment concierge for residential and commercial properties.” Its focus on offering high-end services is reflected in its mission statement: “Treat yourself to the luxury you deserve and let us handle every aspect of investing in off-market real estate and building a first-class rental empire with ease.” It’s also reflected in the website design scheme, with black and gold color elements being a popular way for brands to convey notions of elegance and prestige. Visit www.luxurypropertycare.com Follow the Second Nature Website to Keep Tabs on the Property Management Industry At SecondNature.com, you’ll find an abundance of resources designed to keep you up to date on events, analysis, and expert perspectives in the field – all geared toward helping property managers create a “Triple Win” that benefits residents, investors, and property managers alike: Triple Win Property Management Blog Triple Win Property Management Podcast Triple Win Property Management Events Learn more about Second Nature’s Resident Benefits Package, which is designed to generate revenue and establish Triple Win conditions for your residents, investors, and business.

Calendar icon February 26, 2024

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Property manager marking startup checklist

How to Start a Property Management Company in 13 Steps [Startup Checklist]

From the Second Nature perspective, focusing on a high-quality resident experience is the secret sauce to standing out in a crowded property management industry. That’s because happy residents lead to higher retention rates, more on-time payments, better care for the property, and shorter vacancies. Our property management checklist can help ensure you build that strategy into the DNA of your company from the beginning. This property management startup checklist is intended to help you orient your company toward a resident focus from the get-go. In the absence of a checklist, it’s all too easy to get caught up in real estate and rental property considerations that do not reflect long-term winning conditions for all stakeholders. Related: Best Property Management Podcasts 1. Write a Property Management Business Plan In some ways, a property management business plan is a document intended for potential clients and investors. And certainly, it can help you concretize start-up costs and get funding for the business (learn more on what’s needed to get SBA financing). But in many more important respects, it’s a structured foundation for you to gain insights into what residents are looking for, which in turn will help crystalize the type of clients you want, what types of property you’ll manage, and what kind of property management company you are. You’ll find a property management business plan template here, but in broad terms, here is a framework of the distinct components: Executive Summary Company Overview Market Analysis (Industry, Customer, and Competitive Analysis) Services Marketing Plan & Sales Strategy Operations Management Management Team Financial Plan Growth Opportunities Each component will lay the foundation for your future resident-focused success. Related: Property Management Business Plan Template 2. File Your Property Management Business In order to correctly file and pay your business taxes, you’ll need to register your property management business and choose a type of legal entity. This step is important, as it can also impact the protection/exposure of any personal assets, associated paperwork, or even the way in which you raise funds for your business. Note that it is certainly possible to change your business structure once it's established, but this can be a convoluted and high-stakes process. For property management businesses, different legal entity options are possible. Common legal structures include Limited Liability Company (LLC), S-Corporation (S-Corp), and C-Corporation (C-Corp). An LLC offers personal asset protection, while S-Corps and C-Corps provide additional legal safeguards. The choice involves considerations such as pass-through taxation for LLCs (where business income passes directly to the business owner's personal tax return) or potential double taxation for C-Corps, which can be mitigated via accounting measures. Other options include sole proprietorships as well as partnerships, where taxes and business liabilities are the responsibilities of the individual owners. Once you’ve identified your new business for tax purposes, you can get a free Employer Identification Number from the IRS. Which type of legal entity you select ultimately depends on your appetite for control, flexibility, and complexity. Learn more about how to structure your property management company. 3. Setup Bank Account for Your Property Management Business Opening a business bank account will help you build credit for your own property management company, maintain separation between your personal and business finances, and streamline tax accounting. It may also be required by law, depending on state laws applicable to your business structure. Some banks offer account features, flat fee or zero fee structures, and services that are particularly beneficial for new businesses and small businesses, so it is worth taking the time to shop around rather than defaulting to the same bank you use for your personal accounts. 4. Setup Accounting for Your Property Management Business With the help of OnSightPROS, we've developed a rental inspection checklist template for single-family rental property management companies. Use this template to build out your checklist. Not all accounting is equal. Property management accounting deals specifically with the financial management of rental properties. It helps property managers track rental income, manage expenses, handle tenant deposits, and produce financial reports. Essentially, property management accounting helps you maintain accurate and comprehensive financial records for each property you manage. Property management accounting consists of two components. The first is corporate accounting, which is similar to the kind of accounting done at any company. The second is trust accounting, which is specific to property management. This kind of accounting relates to the client funds that you hold, including security deposits, rent, and funds intended for property upkeep and repairs. Managing rental properties can be daunting when it comes to accounting and finance management, but that certainly doesn’t make it a show-stopper. Learn more about property management accounting, as well as accounting software and single family property management software that can make it significantly easier. 5. Obtain Required Licenses and Permits for Your Property Management Business The licenses and permits required for property management businesses vary depending on your location, but common requirements can include a real estate broker license (which often involves an exam-based accreditation as well as potential background checks), a property management license, a leasing agent license, and a business license, as well as any other locally required permits. 6. Secure Liability Insurance Liability insurance is important to keep your business running on solid foundations. In fact, it’s essential, as it protects not just you but your investor’s assets and your resident’s safety. At Second Nature, insurance is so important to us that we incorporate an insurance product into our resident benefits package. General liability insurance for property managers safeguards against potential financial liabilities arising from physical risks. It typically covers expenses related to repairs, replacements, legal fees, and medical bills, and is applicable to both residential and commercial properties. Coverage can include bodily injury, medical payments, physical damage, reputational harm, and even copyright infringement in relation to marketing efforts. Note that Second Nature's renter insurance program ensures 100% compliance and liability coverage protecting you, your property investors, and your residents. 7. Hire Your Team Hiring the right team has a huge impact on your ability to achieve the business targets you’ve established in your business plan. Note that “right” doesn’t simply mean “qualified.” That’s because who your employees are is fundamentally more important than what they’ve achieved. After all, you’re setting the stage for them to deliver the best work they’ve ever done in their careers to date. The hiring process begins by understanding what characteristics you’re looking for. For any given candidate, how do they build the new skills required to address new situations? How do they handle challenges when things get tough? And perhaps most importantly, what is their response to failure? Insights into these questions will help galvanize a people-focused approach that is truly a value-driven team. After all, at Second Nature, we want to generate value for ourselves, our investors, and our residents—and we want people who buy into that approach. Get more Second Nature hiring tips on building a people-focused team. 8. Create Solid Pricing Structure and Property Management Contracts Once you hire a team. establishing a good pricing structure for your business and creating all the legal documents required to run the business should be the priority. That's because the right approach can generate value beyond management fees for property managers, their investors, and their residents, which reflects Second Nature’s “triple win” focus. General rental property management fees include collecting the month’s rent, following up on arrears, organizing property maintenance and repairs, and keeping up-to-date on legal issues. Much of the profit in property management comes from driving better value for investors and residents, and pricing for that value. After all, people are willing to pay for better quality experiences in their homes. Additional fees, which will help drive company growth, should be communicated during the onboarding process and lease agreement. In other words, they are never about hidden markups. They’re about charging for value and driving great habits. Fees can be applied on the resident side (for instance, paper lease setup fees, lease renewal fees, late fees, or special programs fee) as well as on the investor side for a number of property management services (inspection fees, vendor screening fees, rent protection or eviction fees). Again, fees help you drive value for both your investors and your residents, and support your business at the same time. Note that because regulations vary across regions, it may not always be possible to charge fees for certain types of services. That's why it's important to discuss any fee and contract proposals with an attorney before implementing them. 9. Execute the Marketing Plan Set Out in Your Business Plan While it’s true that businesses thrive on referrals and word of mouth, it’s executing on your marketing plan that will help drive more consistent revenue — and help you capitalize on the market research you conducted to assemble your business plan. As with so many other things, the marketing landscape has changed enormously in just a short time. We’re now living in an era when an active, well managed online presence is critical. This means that a robust marketing strategy is more than simply managing a social media account (although this too is important). It also includes investing in search engine optimization for your website, executing on content creation and distribution strategies, conducting networking events, and advertising online. For optimal property management marketing, where work often stays within specific regional areas, it’s also important to maintain a presence in local business listings. 10. Network with Fellow Property Managers and Owners to Expand Your Business We touched on networking in the context of a marketing plan, but for new business owners in particular, networking can be a valuable source for those first few clients. There’s certainly no shortage of opportunities for establishing your business name, ranging from local vendor fairs to national property management conferences and events with thousands of attendees. In addition, there are numerous property management associations that provide opportunities for networking, education, and advocacy for property management professionals. The business and personal development opportunities available through such options present great avenues to expand and optimize your property management business. 11. Write a Resident Retention Strategy - and How You Can Improve the Resident Experience You should be thinking about the resident experience from the very start. After all, in an industry where churn is the norm, an effective retention strategy pays its own way. To be truly effective, however, it’s key to recognize that “resident retention” is not simply a one-dimensional number at the bottom of a spreadsheet. The “triple win” approach to resident retention asks the question: “How do we create experiences so good that residents never want to leave?” Answering that question maximizes residential property owner ROI and boosts property manager success. In other words: A win for residents is a win for investors is a win for property managers. In the same vein, we often hear from professional property managers that a Resident Benefits Package (RBP) is a powerful way to retain residents over the long term. RBPs can help with resident satisfaction and resident retention rates. After all, a proactive, differentiating approach to resident retention means building experiences that people will pay and stay for. This is a useful lens with which to examine the full property manager/resident journey, from move-in to collecting rent payments to move-out, for opportunities to generate resident retention ideas—and deliver those wins. 12. Create SOPs to Handle Complaints, Disputes, and Requests Once you have the first few properties under your management, it’ll be important to ensure processes and procedures are in place to handle complaints, disputes, excessive maintenance requests, rent collection issues, and tenant problems. In such cases, rather than automatically assuming the resident is the problem, some property managers approach resident issues as behaviors that can be changed. That’s because the root cause is often addressable and the behavior changeable. This emphasis on the people element pays off — and lets you focus on how to adjust “bad” behavior through benefits and rewards, rather than just being transactional. This reframing aside, one of the best ways to deal with complaints and disputes is to avoid them in the first place, which often comes down to non-discriminatory tenant screening processes and background checks. Other standard operating processes include documenting all incidents and updates thoroughly, calling law enforcement in the case of illegal activity, implementing eviction processes if necessary, and staying current and compliant with local laws and regulations. 13. Create and Execute a Strategy to Improve the Resident Experience Once again, improving the resident experience goes a long way in retaining the residents and creating ancillary revenue streams. From the get-go, you can actively ensure great first impressions with services such as move-in concierges or coordinators. After all, a resident who's had a positive move-in experience is a happier one. Happier residents stay longer, pay on time, take care of the property, and make positive recommendations. Throughout the residential journey, other strategies for improving the resident experience include pest control for property management, credit reporting, and resident rewards. Above all, one of the cornerstones of a great resident experience is responsiveness. This responsiveness is a two-way street! It covers improved maintenance service and response times, as well as opportunities for residents to provide feedback through resident surveys. By setting up this kind of feedback loop, you demonstrate to your residents that their voices matter, which instills a sense of ownership and care that often lead to better property care and longer tenancies. Property Management Startup Checklist It’s famously said that property managers are in the business of helping many different people with many different things. And sometimes, this can feel like a lot to tackle, especially at the startup phase. That’s why we’ve assembled this property management startup checklist to help you begin: Write a Property Management Business Plan File Your Property Management Business Set Up a Bank Account for Your Property Management Business Set Up Accounting for Your Property Management Business Obtain Required Licenses and Permits for Your Property Management Business Secure Liability Insurance Obtain Required Licenses and Permits for Your Property Management Business Hire Your Team Create Solid Pricing Structure and Property Management Contracts Execute the Marketing Plan Set Out in Your Business Plan Network with Fellow Property Managers and Owners to Expand Your Business Write a Resident Retention Strategy — and How You Can Improve the Resident Experience Create SOPs to Handle Complaints, Disputes, and Requests Create and Execute a Strategy to Improve the Resident Experience How Second Nature Helps Run a Property Management Company Profitably At Second Nature, we focus on creating “triple win” experiences for residents, property managers, and investors. This helps property management companies go beyond transactional basics and create new, professional, and holistic experiences that generate growth all around. We didn’t invent this stuff, and we’re certainly not rowing against the tide! Companies like Google, Uber, and Amazon have already changed how consumers think. A convenient experience is no longer a luxury—it’s an expectation. Accordingly, for property management profitability and growth, experience is the winning strategy. That’s the insight that led us to create the Second Nature resident benefits package (RBP). It’s a foundational tool to create unforgettable resident experiences and keep your property management company on a growth path. Learn more now.

Calendar icon February 13, 2024

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7 Common Tenant Complaints and How to Deal with Them

Before we get to common tenant complaints, let’s get a property management complaint clear: It can feel like the only time tenants are responsible is when they have a “complaint.” We’ve had plenty of property managers express this frustration! The key for property managers is to put a plan in place to proactively prevent issues that might lead to resident complaints. By offering residents valuable services and deploying proactive strategies, property managers can avoid a lot of the headaches of dealing with complaints. Of course, no matter how well you anticipate problems, they will inevitably arise. So, today, we’re sharing our findings from conversations with property management companies on the ground. We’re outlining the top seven tenant complaints they shared with us and the best process to resolve rental complaints or disputes. Related: How to Write a Noise Complaint Letter to Tenant Common Tenant Complaints We polled a group of single-family property managers, asking them to list the most common tenant complaints their companies deal with. We’ve grouped the specific complaints into broader categories. Without further ado, here are the top seven. 1. Maintenance issues Maintenance issues were by far the most common tenant issues listed. From plumbing and water backup complaints to water heater or furnace issues to regular wear and tear. Perhaps the most important factor in these types of complaints is response time. Maintenance issues are unavoidable to some extent, so the way in which a property manager deals with them when they occur makes all the difference. Property managers often use property maintenance software to help automate and manage responses to maintenance requests. Platforms like Property Meld can help optimize work order management, response-time tracking, communication, scheduling, and more. Another key to managing maintenance complaints is to ensure you have preventive maintenance strategies in place. This can be a resident rewards system that encourages residents to take preventive measures themselves. An air filter subscription is another way to ensure critical maintenance issues pop up less frequently. We include both of these services in the Second Nature Resident Benefits Package (RBP) and have seen them prove quite effective. 2. Aging appliances While you might wrap this into maintenance issues, it comes up enough to warrant its own category. Aging or malfunctioning appliances are some of the top renters’ complaints we hear about from property managers. As with other maintenance issues, the key is a quick response time and quick resolution. Property managers can use similar maintenance software tools to respond to and schedule repairs with appliance vendors. A preventive strategy here is to ensure that all appliances are up to date when you have a transition between residents. 3. Utility costs None of us love paying for utility costs, and this is another top complaint we’ve heard property managers report from their residents. Residents may complain about the rising cost of heat in winter or air conditioning in summer. Property managers have different approaches to utility bills. Some will put the utilities in their name or the property owners’ name and then bill it back to the resident during occupancy (which eliminates the headache of transitioning between tenants). Others will put everything in the residents’ names when they move in. Still others will take a hybrid approach – for example, putting water in the owners’ name and energy and internet in the residents’. Whatever way you slice it, though, the rising cost of energy and utilities is a headache. One way to help residents through this is by providing services that help build their financial security and reward them for on-time bill payments, etc. A Resident Benefits Package achieves this by giving residents services they value and are willing to pay a little extra for. For example, the Second Nature RBP includes a move-in concierge service that helps residents find the best prices for utilities in their area and set them up without the hassle. It’s all done in a single phone call. 4. Rent concerns Residents may also complain about strict rent payment deadlines or rent increases. There are a few ways to address this. First, it’s critical to set expectations from the very start. Let residents know what rent deadlines will be and help set up an easy payment system to remove barriers to on-time payments. For rent increases, you can give them the option of locking in a rate for a longer-term lease. Once expectations are set, you are in a better position to enforce them. Another great way to approach resident rent concerns is to give them incentives for paying rent on time and help them build financial stability through those payments. In our RBP, we provide credit reporting services to ensure that every on-time payment benefits the residents’ credit. And our resident rewards program gives residents perks for on-time payments, too. 5. Pests Another common reason residents might reach out is to address pest problems like bed bugs, cockroaches, mice and other rodents, etc. These rental complaints must be addressed immediately to avoid a pest issue becoming a pest infestation. Property managers typically have trusted vendor relationships with pest control and exterminators in place to deal with pests immediately should any issues arise. While preventive measures like sprays can be somewhat effective, we’ve found that the ROI just isn’t there for most property management companies. A better strategy is to have on-demand pest management services available to deal with the issue if and when it happens. Pest control for property management nips the problem in the bud, and you’re not overpaying for services you don’t need. 6. Safety Feeling safe in our own homes is critical to our quality of life. Safety concerns may not always be a property manager’s responsibility, but tenants may still reach out about them. While PMs can always recommend security systems, the key here is simply to ensure the property is in good condition. At a move-in inspection, ensure all locks are in working order, windows close and lock properly, and outdoor lighting is in good condition. States also may have laws concerning locks, keys, and security, which property managers should be familiar with. Another great way to invest in resident safety is to provide renter’s insurance. A renter’s insurance program can give residents peace of mind about risks and protect the owner from unexpected loss of income or property damage. One more increasingly important factor in safety? Identity protection. Cybercrime occurrences have surpassed home burglaries in the past three years. With identity protection, you can provide a valuable service to residents and a buffer to their finances while they get restoration. Related: How to Help Residents Use Their Identity Protection Services During a Data Breach 7. Communication gaps Lack of communication can cause big issues. Setting expectations from the start, and keeping residents regularly informed of important updates and information, is key to their satisfaction. From their welcome letter and lease agreement to renewal notice to move-out instructions, every touchpoint matters in ensuring residents are getting the best experience and value from your property management company. With communication, it’s critical to track your teams’ response times when handling tenant complaints and how quickly tenant issues are resolved. Any time you receive communication from a resident, your team should respond promptly and with the best service possible. This brings us right into our next section, where we’ll outline in more detail how that communication should progress. How to deal with tenant complaints in your rental properties Here are a few different tactics and processes to have in place at your property management company to take care of renters’ complaints before they become a sticking point or damage the relationship. Never ignore a complaint Any property manager can tell you that ignoring a complaint is possibly the worst thing you could do. Not only will it lead to disgruntled residents, but ignoring serious issues like maintenance problems, pests, or safety can lead to escalating problems that could cost your clients a lot of money. Even if a complaint doesn’t have merit, property managers should respond with a clear explanation to ensure residents know they were heard. Get as much information as you can When your team first receives a complaint, they should ask lots of questions to ensure they fully understand the issue. Get all the information you can so that you can get to a solution. There are plenty of software tools on the market that can help with this step. For example, Mezo is an AI-driven property management software that takes requests directly from residents and uses conversational AI to ask these questions in real time. This helps identify the actual issue, help the residents resolve it themselves, or escalate it to the right vendor. Be empathetic in your communication You’ll get much further with residents if your approach is empathetic rather than combative. If they’re happy, they’re more likely to stay, to pay on time, and to be an easier customer to deal with. Train your team to listen and respond with empathy and excellent customer service. Explain the steps to resolution Overcommunicate and keep your tenant in the loop. Explain the steps that will be taken to resolve their issue. Follow up after to ensure that they are satisfied. You can use software tools to help track this and support communication through a dashboard, automation, etc. Take preventive measures to avoid repeat issues where possible If it’s within your power, set up preventive measures and reassure your residents that similar issues won’t arise again – or that you’re ready for them when they do. Again, some useful strategies could include an air filter delivery service, on-demand pest control, and more. Communicate value Remind your residents of the value you provide them! Got a pest complaint? Remind them that on-demand pest control is already part of their resident benefits package – an add-on value that not every property will include. Of course, you don’t want to be exploitative about this, but a successfully resolved issue is an opportunity to communicate the value of the property they’ve chosen. How to resolve rental disputes when complaints go unaddressed Though it should be rare, disputes will occasionally arise between tenants and property managers or owners. If a dispute does arise, it’s critical to know the laws in your area and to seek legal advice about tenants’ rights and what you’re required to do by law. Here are a few key ways to deal with rental disputes: Keep communication open: Initiate open and clear communication with the resident. Encourage them to express their concerns and provide details about the unresolved issues. This dialogue can help in understanding the problem better. Document everything: Keep detailed records of all communication, including emails, letters, and notes from conversations. Documentation is essential for legal purposes and can serve as evidence if the dispute escalates. Inspect the property: Have a thorough inspection of the rental property to assess the validity of the complaints. Document any issues found during the inspection, and share the findings with residents. Offer solutions: Propose viable solutions to address the specific complaints. Work collaboratively with the resident to find mutually agreeable resolutions. This may involve repairs, maintenance, or other actions to remedy the situation. Legal consultation or mediation: As we mentioned, given the variation in state laws, it's crucial to seek legal advice. You may also want to consider a professional mediator before taking more serious legal action. Follow proper procedures: Adhere to any applicable eviction or dispute resolution procedures outlined in your state's landlord-tenant laws. Failing to follow proper procedures may lead to legal consequences. Document resolutions: Once a resolution is reached, document the agreed-upon actions in writing. Both parties should sign the agreement, creating a legal record of the terms agreed upon to avoid future misunderstandings. Remember, the specifics of these steps may vary based on your location and the unique circumstances of the dispute. Always consult with a legal professional to ensure compliance with local laws and regulations. Related: How to Write a Tenant Welcome Letter + Free Template How Second Nature helps deal with tenant complaints and rental disputes One of the best ways to address inevitable complaints is to ensure you have a good relationship with your residents. Keep communication open, set clear expectations, and be responsive. It’s also important to ensure that you offer a great resident experience overall. Second Nature’s goal is to help property managers provide the best resident experience possible. To that end, we’ve developed a robust and customizable Resident Benefits Package that helps support preventive strategies, rewards responsible resident behavior, and protects residents’ financial stability. Learn more about the benefits of an RBP and how we’re helping property managers drive resident satisfaction.

Calendar icon January 18, 2024

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Residents looking at lease renewal documents

How to Craft a Lease Renewal Letter That Wows Your Residents [Free Template]

What if we told you it's possible to craft a lease renewal letter that makes everyone happy – even when you raise the rent? That’s right! It’s absolutely possible, and it’s all about positioning. How do you choose pricing? How do you then position and present your lease renewal offer? How do you do this in a way that promotes clarity, builds trust, and drives the business results you’re after? That’s what we’re covering in today’s topic: Crafting a lease renewal letter. We’ll dig into what it is, what you should include, and why an effective letter is so important for all stakeholders. We’ll also provide an example and a template you can use yourself. Related: Notice to Vacate Tenant Free Template What is a lease renewal letter? A lease renewal letter is a document sent by a landlord or a property manager to notify residents that their lease is nearing its end, and to present the terms of a new lease or simply give the option to renew. It should be sent to tenants at least 60-90 days before the lease’s expiration date to give them advance notice of changes and enough time to make their own decisions. Your lease renewal notice should give residents a clear understanding of the timeline and their options and ideally make it easy for them to renew their lease – if that’s what you and the investor want. If you don’t want to renew or are pursuing an eviction, you will follow a different process. What does a lease renewal letter include? At its most basic, a lease renewal letter is just a statement of the ending of an old lease and the beginning of a new one. But a really successful letter should do more than that. The goal of a lease renewal letter should be to present any changes in a way that makes it clear to the resident why those changes are happening, and how it can be a benefit to all parties. It should smooth out the transition and position the renewal in a way that – as we said above – promotes clarity, builds trust, and drives the business results you’re after. Are you raising rent this year? (You probably should be increasing rent each year, according to the market.) How can you position this change in a way that satisfies your investors and your residents? One example is to include a clear comparison of the cost of moving vs. renewing. Another great way to position those changes is to outline resident benefits that are included in the lease. A resident benefits package can drive unique value for residents to renew. These are all important considerations in framing the letter. With that in mind, here are the practical components of a lease renewal letter: Personalization Like any formal document, you should include your name and address, and the resident’s full name and the property address at the top. Also, put the date the letter is being sent. This is important for your records, but also to demonstrate respect and professionalism in the document. Lease expiration date Start with a clear statement that their current lease is coming to a close and include the exact expiration date of their current lease. New lease terms Outline the new lease agreement and terms of the lease, including the duration of the renewed lease. The resident should be able to read the letter and understand exactly what is changing from the original lease. Your goal is to help them make an informed decision based on those changes. Description of the benefits included with the lease If you’re offering something like a Resident Benefits Package, the lease renewal letter is a great opportunity to remind residents of those benefits. Concisely and clearly outlining the value they get from the RBP is a great way to position yourself for success in the next year. The lease renewal letter is also an excellent opportunity to introduce a resident benefits package if it’s new to your residents. Outline the valuable benefits and how it will drive better quality of life, improve financial stability, and even cut long-term costs for your residents. Rent increase (if applicable) Another part of the new lease terms might be a rent increase. The amount of a rental increase should be based on the market in your area. In this section, it’s extra important to add context for the resident. Include the estimated cost of moving, the market trends, and other factors that go into the rent increase. Help them understand that you’re not fleecing them! Give enough clear context to explain that the increase ensures that you and the investor can afford to continue to offer the high-quality home and benefits they’ve become accustomed to. A Note about Rent Increases: This is a tricky subject for a lot of property managers. For self-managing landlords, sometimes the topic of increasing rent can feel daunting. After all, what if the resident doesn’t like the increase and decides to move? That’s a lot of cost and effort for turnaround if you just have one rental property to manage and it’s not your full-time job. The problem, though, is that if you’re not incrementally increasing rent, one day, you’ll discover a big gap between your rental price and the market price. Then you’re faced with an even messier situation of bumping up the price by a lot. Even among professional property managers, this question can get tricky. Some people just raise the rent by an arbitrary amount. However, the ideal approach is to evaluate the market in your area and ensure that your properties are in line with that pricing. Why is a lease renewal letter important for tenants and landlords? Remember, we’re aiming to provide clarity, build trust, and drive business results. A letter at the outset of a new lease can do all three of these things. For tenants in a property, a lease renewal letter helps set out all the factors they need to consider when making a decision for their coming year. It helps reduce disruptions in their living situation and sets them up for success and satisfaction in their next lease term. For the real estate investor, a renewal letter is critical to achieving any necessary new agreements, rent increases, etc. A well-composed letter will help reduce turnover (and thus turnover costs) and increase satisfaction. And, for a property management company, a lease renewal letter gets everyone on the same page, ensures consistent rental income, and can position a new lease as a triple win for residents, investors, and property managers. Lease renewal letter template and how to customize it Here's how to customize the template for your own use: Date and contact information Since this is a legal document, include the date and your contact information at the top. Below that, include the current tenant’s name and the address of the property in question. Make sure to personalize the salutation as well, such as: “Dear [Tenant First Name] [Tenant Last Name].” Friendly introduction and framing Write a friendly greeting that establishes the value they provide to you. This, of course, can be tweaked for different residents, depending on your experience with them. But an example is that you can thank them for being wonderful tenants and explain that this letter is to make the renewal process as easy and frictionless as possible for them. Then, to frame what's coming, explain that your company aims to make their resident experience the best it can be and list a few of the updates you're making to services or benefits, or simply review what you've been offering. Key details about lease expiration Clearly outline the end of their current lease term with the lease end date. You can include reminders on what was included with that existing lease and explain that you are happy to renew with them for another year (or whatever lease term you want). Terms and conditions of the new lease Next, clearly outline the terms and conditions of the new lease. What is the duration of the lease? Has anything changed in what the residents are agreeing to? This is where you’ll also include any rent increases. You can customize this for your area, but it’s good to address resident expectations here. Give context on the cost of a move and the changing cost of property/maintenance/rentals/etc. in your market, and how that affects the changes in rent amount. Next steps for the resident Explain what you need next from the resident. Typically, all you need is for them to sign the letter and return it to you. Let them know how they can reach you with questions or requests. Signature Sign off with a friendly goodbye and include your signature along with your printed name and the date again. Next steps after sending a lease renewal letter Okay, so you’ve sent your brilliantly crafted, perfectly positioned lease renewal letter. What’s next? Well, the resident may simply sign on the dotted line and send it back. Or they may have questions, requests, or negotiations. The third option is they may let you know they don’t intend to renew. Here’s how to deal with those scenarios. Consider tenant requests It’s completely reasonable to expect that some residents will have questions about the letter or may even contact you with requests to make changes to the new lease terms. Property managers should be prepared to field those requests, be open-minded to reasonable ones, but also be ready to explain if a request can’t be accommodated. Showing some flexibility is a great way to get resident buy-in, but ultimately the decision isn’t always up to you. Be ready again with context and positioning to explain the changes in a positive way. You made the changes to benefit everyone, so make that clear when communicating with residents. What to do if a tenant declines You have different options if a tenant declines to agree to the new terms. You could change the tenant’s lease terms, transition to month-to-month, etc. Or, you can proceed with a non-renewal and prepare the property for listing and getting a new resident. This should trigger your team’s move-out processes. Request a written notice of the resident’s intent, establish a move-out date and move-out instructions, including what will happen with the security deposit. Then, your team will want to begin the process of marketing for a new tenant. Legal considerations Lease renewals must comply with state and local laws, avoid discrimination, and be clear about the rights and responsibilities of both parties. If you are terminating a lease in a state that requires a “just cause,” you need to provide a legitimate reason for not renewing the lease. The key is to know the requirements in your jurisdiction. It’s also a good idea to have a lawyer review your lease renewal template before you make it standard across your properties. Final thoughts When it comes time to renew a lease, you have a unique opportunity for positioning with your residents. A lease renewal letter is your chance to reconnect on terms, update expectations, increase rent if needed, and more. And the way you compose that letter – and the way you position the changes – can make all the difference in your renewal rate and resident satisfaction. It’s also the perfect opportunity to introduce a Resident Benefits Package and remind residents how your role is to add value to their living situation. Use our guide above to ensure your lease renewal notice is clear, helps build trust, and helps drive business outcomes for you and your investor clients.

Calendar icon January 9, 2024

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