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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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4 Ways to Maximize ROI with Your Property Management Software

4 Ways to Maximize ROI with Your Property Management Software
  Landlord’s and real estate investors operate in a world of tight margins. The difference between a successful rental property investment and one you wish you could take back is often only a few percentage points. For this reason, more than ever, landlords and property managers seek various ways to increase efficiency, both as it relates to the time they spend with their properties and to their finances. Property management software is an increasingly essential tool in any good rental property manager’s tool-belt. Below are four ways property management software can increase the ROI of your rental property investment. 1.       Collect More Money One of the primary reasons landlords first consider property management software is for the ability to collect rent online. These landlords understand that online collections are quite a bit more convenient for both them and their tenants, minimizing trips to the bank and allowing tenants to pay in ways they want. These are great reasons to start using online payments, but landlords often overlook the impact it can have on their bottom line. Property management software typically includes a notification system that will automatically remind your tenants of upcoming payments. The best systems will handle send notifications before rent is due, the day its due, and when it’s late. Oftentimes, you can send additional messages quickly and easily as needed. What’s more, good rental management software will permit tenants to sign up for autopay, ensuring they never miss a payment again. And the very best platforms also offer tenants......
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Brisk Holiday Online Sales Reinforce the Need for Modern Package Management

Brisk Holiday Online Sales Reinforce the Need for Modern Package Management
Apartment communities across the country often are overwhelmed with the problems presented by package delivery and management.   During the 2019 holiday season, many of them surely felt especially stressed.   According to Mastercard SpendingPulse, overall holiday retail sales in the U.S. increased by 3.4 percent when compared to 2018. More importantly, for the purposes of this discussion, online sales grew by 18.8 percent during the recent holiday season when compared with one year earlier.   “E-commerce sales hit a record high this year with more people doing their holiday shopping online,” said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Inc., in a statement.   Meanwhile, Amazon announced it enjoyed a “record-breaking” holiday season, in which “billions of items were ordered worldwide.”   According to the online retail giant, “more people tried Prime this holiday season than any previous year – in fact, in one week alone, more than 5 million new customers started Prime free trials or began paid memberships worldwide.”   To help handle the holiday crunch, Amazon hired more than 250,000 full- and part-time seasonal workers. Overall, the company says its last-mile delivery network delivered more 3.5 billion packages across the globe in 2019.   The craziness didn’t end with the passage of Christmas. In the final days of 2019, UPS announced it expected to handle 1.9 million return packages on National Returns Day (Jan. 2). That figure would represent a 26 percent increase from one year earlier and would set an all-time record for the carr......
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What's In the Box?

What's In the Box?
"Everything."Ask an onsite associate what residents are having delivered to apartment communities these days, and that one word is likely to be their answer.Over the past half decade, apartment properties have become inundated with packages as consumers' taste for e-commerce has exploded. Onsite team members sometimes must feel as though they do little besides handle package deliveries and their subsequent pick-up by renters. The problem has been exacerbated by inefficient delivery supply chains and the high number of distribution centers. Just think back to the last time you placed an Amazon order that had multiple items. Did all the items come together in one package or did they come separately? I would venture to guess they came separately. Now expand that out to the number of residents you have at a single community…and there in lays the problem that we will be facing very soon.  There are many layers that create this significant challenge: more packages are being delivered, there are more carriers, and package sizes are rapidly changing.  Residents purchasing more bulky items – like furniture – that are difficult for communities to keep stored in a leasing office or dedicated package room. Gone are the days when packages consisted largely of manageable rectangular boxes. A 2018 Reuters article noted "a growing appetite from younger consumers to buy everything from BBQ grills and mattresses to dining room tables online."Package deliveries are, in every sense of the word, a growing problem, and the time has come for multifamily operators to get sophi......
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Why you should resolve to adopt new technologies

I recently had the privilege to speak at a conference about the future of property maintenance.  Part of my message was focused on why we need to adopt new technologies.  Since we at Facilgo study this topic frequently, I’d like to share some personal stories that shaped my perspective as to why adopting new technologies is important.   The Power of Timely Information in the hands of the Right People Almost 20 years ago, I was riding on a ferry between two islands in Indonesia.  It was the typhoon season, and while there were some winds, the ferry ride was uneventful.  Two days later, I read the newsand was shocked at what I saw.  The very same boat which I had ridden had capsized the next day.  As the ferry took on water, a British passenger on the boat texted her boyfriend, who was in a pub in London.  The boyfriend immediately contacted the Royal Navy, who in turn contacted the Indonesian Navy.  The Indonesian Navy dispatched a search and rescue ship and saved all of the ferry passengers.   If you are unfamiliar withsinking ferries during the typhoon season in Indonesia in 2001, I can assure you that this outcome was quite rare.  This was an incredibly amazing occurrence, and it made me start to understand the power of getting the right information to the right people at the right time.  While property maintenance may not see such dramatic effects,obtaining timely information can make processes increasingly more effective and efficient.   Y......
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Why You Cannot Afford To Run a Property Management Firm Without a Website

Why You Cannot Afford To Run a Property Management Firm Without a Website
$39 billion. That’s the annual revenue of the U.S. property management industry. It sure looks good on paper, but you’d probably be surprised to learn that 30% of this goes to the top 500 firms. So, where do the rest 79,500 firms lie? The bulk of them are stuck at what’s arguably the most critical stage- getting their strategy right.  While property management may not be the simplest business engagement, one thing you’ve got to admit is, it’s not as complicated as manufacturing. Even the smallest firms have fair chances of outdoing large established businesses, thanks to something called the web. According to a report prepared by NAR, 84% of both buyers and renters are heavily using the internet as their first step in their home searching process. If they can’t find your information online, you may be missing out on a huge chunk of potential business. Well, of course there’s the option of riding on a third party website like Facebook, but personal websites have proven to be considerably way more effective. Here’s why: Growing and Managing Your Clients Through CRM and Contact Management Getting tenants is not that simple anymore. With competition persistently growing, property management firms are now leveraging CRM and contact management tools in lead prospecting. And going by recent trends, both prospects and property management firms are happy with the consequent results. According to Nucleus Research, every dollar spent on such tools generates an average return of $8.71- super neat, right? So, here’s the thing- CRM and contact management can only be effec......
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Why Property Management Firms Are Increasingly Adopting Software Systems For Maintenance Tracking

Why Property Management Firms Are Increasingly Adopting Software Systems For Maintenance Tracking
Let’s be honest. The word “maintenance”, more often than not, carries a negative connotation because it’s mostly considered a liability. Every real estate agent wants to build an extensive portfolio and grow as much as possible without the added expenses that come with maintenance. However, and rather ironically, maintenance is actually an essential component of real estate management. As a matter of fact, it’s arguably as important and tenant prospecting and acquisition. Apart from the fact that it’s one of the most direct routes to tenant satisfaction, maintenance is critical in preventing building decrepitude. Although it’s largely beneficial, it could also be your firm’s Achilles’ heel if managed ineffectively. That’s why the most established firms are relying on streamlined maintenance processes, built on cloud real estate management systems. But, is it actually that serious? Why would you pay extra for a system, yet you could comfortably track orders from your ledgers? When did real estate management get so complicated? Well, technically, real estate management is getting simpler by the day, thanks to comprehensive management systems. And yes, computerized maintenance management is the way to go if you intend to improve efficiency, grow your portfolio, and challenge some of the most established firms. Using a reliable system to track maintenance orders will benefit your firm in the following ways: Provides Real Time Data Access Property management, as you’ve probably recognized by now, is not a 9 to 5 job. It’s more like a full time engagement, since maintenance requests come through even in the middle of the ni......
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Why Going Paperless Could Be a Property Management Firm’s Best Strategic Move

Why Going Paperless Could Be a Property Management Firm’s Best Strategic Move
By now, you’re probably aware that there are plenty of software tools out there for pretty much any type of business or office set up. That’s why techies are always encouraging businesses to go online, and literally forget dealing with actual paper files. Well, of course it all sounds good and rosy until you come to critically think of it… Is there any actual benefit of going paperless, apart from the all-too-known fact of being eco-friendly? Considering all the computers and storage drives you’ll have to purchase, isn’t paperless significantly more expensive than paper at the end of the day? And most importantly, is paperless feasible in property management? While converting from a paper-based to a paperless environment could be intimidating and confusing to a property management firm at the beginning, it’s exceedingly feasible, and could possibly be your most strategic move yet. Although only 3% of businesses have managed to go completely paperless, 28% of paperless firms achieved full ROI in less than half a year, and 59% did it in less than one year. Overall, 84% of such businesses achieved payback in less than 18 months. Here’s exactly how paperless helps you achieve this: It’s Actually Cheaper While you may have to purchase a couple of devices at the beginning, paperless is considerably cheaper than paper-based systems. As a matter of fact, with some property management systems, you don’t need to get an extra computer at all. It can work just as well on your smartphone because it’s all cloud based. Although the cost of a single sheet o......
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New Year’s Resolutions For Property Managers

New Year’s Resolutions For Property Managers
As the curtains draw on yet another eventful year in the rental industry, our eyes turn towards 2017 with excitement and optimism. 2016 has seen the industry go through many milestones, with the latest and one of the most critical ones being the hotly contested U.S. presidential election- which going by previous predictions, would have seen a slump in the rental and overall real estate appreciation rates. Fortunately, despite a tight, uncertain race, the industry has remained stable, and tenants continue taking up properties even in some of the previously dormant market areas. With that out of the way, 2017 is expected to be very stable, with almost no risk of a crash downturn. Rental markets in areas like New York, Miami, Denver, Seattle, San Francisco Bay Area, San Diego, Los Angeles and Dallas, are expected to be particularly strong, aided by: Donald Trump’s proposed approach to “draining the swamp” Overall outlook of the US economy. It’s predicted to enjoy a mild cyclical rebound in 2017 Cost of production pushed up by labor shortages Government deregulation trends The rise of millennials as prime renters Gradually rising mortgage rates Evidently, the market is yours for the taking. However, to fully benefit from the recent uptake in rental units, you need to start the New Year with a solid strategy seeking to fuel persistent growth through the next 12 months. And that should form the bulk of your New Year’s resolutions. To help you track and implement them adequately, we’ve kept them brief and actionable, focusing only the most critical el......
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3 Ways Property Managers Can Increase Profitability

3 Ways Property Managers Can Increase Profitability
With a new year on the horizon, many professionals turn an eye toward the books as they gather materials for annual reports and year-over-year comparisons. While goals might change for the next 12 months, you’d be hard pressed to find anyone that doesn’t want to make more money next year. While no one action item will leave your properties bulletproof or provides the golden ticket to success, implementing these three practices can give you a good chance of making the most when the market is sour and maximizing your profitability when times are good. 1. Use Software to Bolster Occupancy Rates When you buy an airline ticket, the price will vary depending on the supply and demand of passenger seats for your desired itinerary. A round-trip flight to Paris will cost more if you purchase it during high season or closer to the departure date. Similarly, the property management industry now has tools that can optimize rental pricing to achieve the highest yield, or the combination of rent and occupancy, for a given property. How do these tools work? The U.S. has 55 million rental units, half of which are in bigger complexes. Yieldstar® (RealPage, Inc.) and Yardi® (Yardi Systems, Inc.), which dominate the high end of the market, are tools that use analytics to mine its clients’ data. Yieldstar and Yardi each have 11 million units in their property management systems. With so much data, they have near-real-time information on rents in each area, and can thus determine what people are cha......
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