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Can We Fix Property Management Turnover?

Can We Fix Property Management Turnover?
The multifamily industry has a turnover problem, but it’s not the resident turnover we primarily think of. The turnover problem is actually one that has been steadily growing for the last decade: property managers.  While many operators focus on resident turnover, losing a property manager can take a huge transitional toll on how a community functions. Property management turnover is costly and puts a strain on other onsite associates. Research from the National Apartment Association estimated 2019 turnover for onsite managers and leasing teams was 22.5% and 31.9% respectively.  So, why do property managers leave? While multiple reasons exist, delinquency management is one of the biggest factors - some of what we hear a lot is… “Managing delinquency sucks” - Delinquency is bad, and it generally means residents aren’t having a good experience. Paying rent late is stressful enough. Worse yet, property managers don’t sign up to collect bad debt. Who wants to approach an irate resident who is emotionally stressed because they are having trouble making ends meet -- or a resident who just experienced an expensive, stressful life event -- with a high-cost late fee? “Managing delinquent rent is time consuming” - Property managers don’t necessarily have the tools or time to understand the personal circumstances of each renter, and managing delinquent rent has become a huge part of the job that no one enjoys. The process of working with each renter is time consuming, taking at least a few hours a week per delinquent renter, at best. Property managers would pr......
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Community-Wide Connectivity Powering Post-Modern Tech Stacks

Community-Wide Connectivity Powering Post-Modern Tech Stacks
A new era of apartment leasing and living is upon us. From self-service leasing and smart home technology to the industry-wide adoption of PropTech, technology is empowering residents, onsite teams and operators alike while creating operational efficiencies.  While these technology features and solutions can really take apartment communities to the next level, a lot of these tools need a robust internet foundation to run smoothly. Apartment communities probably have WiFi, but it’s typically isolated to certain parts of the building, whether it’s the leasing office or designated common area spaces. Unfortunately, a lot of smart home technology isn’t confined to these spaces and is present throughout the community. Here are some technologies that could be optimized with community-wide WiFi to run smoothly and the benefits for operators: PropTechThe majority of apartment tours used to be standard agent-led tours. The emergence of nontraditional tours, such as self-guided, virtual and video tours, has changed the technology needs for apartment communities. The industry has made it clear these various tour options are here to stay. Self-guided tours also integrate other types of proptech into the overall experience, like wayfinding technology, interactive maps, virtual viewing, access control, ID verification and chat functionality with leasing agents. Self-guided tour and access control technologies have become a foundational component of running agentless tours. Seamless connectivity can help power proptech and self-guided tours to work in all areas of the community. Otherwise the prospect will find themselves offline and in need of assistance. This causes issues for both the prosp......
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The Covid-19 Parcel-Geddon and property managers’ golden opportunity.

Online shopping has gone through the roof since COVID. Online sales rose by 74% when Lockdown first started back in March 2020, compared to the same month in 2019,   and despite the easing of restrictions, most people have not returned to traditional shopping on the High Street. Why should they? The High Street is losing retail outlets and with household names such as Debenhams moving online, the average town centre is no longer such a happy place as the retailer exodus continues. This means that parcel delivery is also rising. It was estimated that it would reach 200 billion parcels delivered by 2025, but with the increase in online shopping , we are likely to reach this figure far sooner than anticipated. It is easy to see why. Online shopping appeals to all demographics. Elderly people, who were initially reluctant to embrace technology, have taken to it like a duck to water during the pandemic and have stuck with it. Younger people too find the convenience of online shopping is hard to beat.  Although this is good news for online retailers and parcel delivery companies; the high volume of all these parcel deliveries is causing major issues at the end of journey, especially in high occupancy dwellings such as apartment blocks and housing complexes. Parcel- Geddon is already upon us For property managers this is already at crisis point. Property managers are now struggling under a Parcel - Geddon of deliveries which arrive at all times of the day (up......
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Top 3 Things to Budget for in 2022

Top 3 Things to Budget for in 2022
Fall is fast approaching and you know what that means. Budget season! As you carefully calculate your property management budget for 2022, it’s a perfect time to consider ways to improve your property and resident experience.   To help you be strategic with your finances, we’ve compiled a list of the top three things to budget for in your 2022 plan:  1. Amenities2. Resident Retention3. Property Technology   Amenities Due to the COVID-19 pandemic, your residents are spending more time at home than ever before. As a result, residents are prioritizing different amenities for 2022. This is a unique opportunity for your property to stand out by including more of what today’s renter is looking for.  Desirable community amenities include: • Coworking space: Accommodate the growing work-from-home trend and foster community at your property by adding a coworking space. • Onsite storage: Over 31% of Americans say they wish they had more storage space. Capitalize on this by turning any underutilized space into storage for rent.• Outdoor amenities: Appeal to renters with upgraded outdoor amenities like rooftop patios, dog parks, and community gardens.• Guest parking: Improve the day-to-day lives of your residents by renovating or expanding your parking to accommodate visitors.    You can also increase your property value with in-unit amenities such as: • Onsite laundry: In-unit washers and dryers are a top priority to renters. Although it requires an upfront investment, your rent revenue can increase up to 20 percent!• Heating and cooling: Improvements to your units such as central air conditioning ......
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4 Easy Ways to Use Social Media Marketing to Find and Retain Residents

social media marketing for property managers  As a property manager, you’ve got a lot on your plate. Between managing maintenance issues, responding to residents’ requests, and coordinating tours of vacant units, you might feel like you don’t have a second to spare for social media. But social media marketing is a powerful and effective way to promote your property and acquire new residents.  If you’re interested in developing a social media marketing strategy, read on to learn how to effectively market multifamily properties on social media and which platforms you should be using.   Four steps to developing your social media marketing strategy If you’re new to social media marketing, you might not know where to start. To maximize your success, it’s best to go into it with a plan.  Follow these four steps to start marketing your property on social media: Set a goal Determine who you’re targeting Develop a content and posting plan Examine results and adjust accordingly   1. Set a goal Rather than just creating content and posting at your leisure, you need to first develop a goal. Do you want to increase your followers? Or are you more focused on improving engagement? Having a goal in mind will give your strategy purpose and serve as a roadmap for your marketing efforts.  Here are some examples of good goals to set: Gain 100 new followers in one month Generate 10 leads through social media in three months Post every day for at least three months   2. Determine who you’re targeting With your goal i......
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What If Porsche Ran A Property Management Company?

What If Porsche Ran A Property Management Company?
If you visit Porsche's factory in Zuffenhausen, Germany, the first thing you notice is … well … it’s tiny! Like smaller than a satellite parking lot at Ford! And when you learn that they make more than 55,000 cars per year at that factory, it’s easy to ask, “How?”  I am sure there are many reasons for their success, but the concept that resonated with me (and spawned this post) was their absolute mastery of two principles: Just-In-Time (JIT) and Just-In-Sequence (JIS). Something I found fascinating is that the materials used to construct their vehicles often arrive no more than one hour before being installed on the assembly line! One hour! And not only do they arrive “just in time,” but they are loaded/off-loaded in the exact order as the cars in the assembly line (Just in Sequence). What does this have to do with property management? Here it comes: the Porsche factory has to be extremely efficient and well-organized. And they have to execute their processes to perfection – there's no room for waste of any kind. If they make an error, there are very few areas where a car can be removed from the line. If a part is wrong or missing, they are stuck! This got me thinking about why there are such varying degrees of performance from apartment operators who operate similar class properties within the same markets. Some portfolios achieve lease:lead conversion at 5-7%, which is good, but some peers achieve 10-15%. Why? The answer is rooted in a compa......
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Touchless Access Control Increases Multifamily Building Security

It is no secret that property managers are not only responsible for their buildings, but also the safety of those inside of them. So, it makes sense that anyone managing a commercial or residential property is well-versed in access control systems. Since COVID-19, however, there has been a drastic shift in the way we approach building security. More emphasis is now placed on maintaining health, wellness, and safety. Property managers are faced with new challenges to create healthy environments without sacrificing safety and security. Recently, innovations in touchless access control have helped to solve that problem, benefiting both property managers, tenants, and visitors.  A Shift in the Access Control Industry  Since before the pandemic, there has been a subtle shift in the access control industry. Property managers and tenants want more accessible and flexible solutions to apartment building entry. Key cards and key fobs, which preceded the traditional lock and key, were already becoming outdated. Then, COVID-19 hit.    Those with legacy access control systems were feeling the heat, as dated systems did not align with the environment we suddenly found ourselves in. Social distancing rules made navigating lobbies, mailrooms, and other shared multi-tenant spaces almost impossible. Keys, door handles, and elevator buttons all harbored potentially transmissible disease. An access control system upgrade was no longer an amenity, it was a necessity.  Touchless Building Access Touchless building access control has been a new concept and thus relatively unknown. In short, these solutions allow tenants to enter their residential building without physical......
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What is the Impact of Mobile Apps on Internal Communication?

Communication is crucial to seamless and productive operations in any organization, but as businesses grow, maintaining strong communication can become increasingly difficult. According to a 2018 Gallagher study, 60% of companies do not have a long-term communication strategy, yet around 50% of those companies said that they wanted to prioritize improving leadership and communication.  Organizations that seek to improve the effectiveness of communication can integrate mobile apps into their strategy to extend the reach of communication and as a result improve employee engagement. Why does internal communication matter? Internal communication, engagement, and collaboration directly impacts the success of a business. The better organizations can communicate within teams and between departments the smoother operations will run by improving employee satisfaction, boosting productivity, and enhancing the overall customer experience. What can go wrong with communication? The Harvard Business Review found that when employees perceive poor communication 35% of salaries are wasted and approximately 12% of work hours is wasted as a result of “avoidable inefficiencies.” One common communication challenge for employees is having to keep up to date with an inundated inbox when email is the main channel for internal and cross-departmental communication. The inability to quickly get access to another employee especially across departments can slow productivity in both departments and potentially throughout the entire organization. A prominent communication tool is intranet, which is a local communication network with files and data to offer employees access to pertinent information in the office. But according to a Prescient Digital Media survey, only about 13% of employees actually use workplace intranets on a daily basis and 31% of people have never use......
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