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Category: Property Management

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Data-Driven Decision Making: The Power of Analytics in Property Management

Data-driven decision-making can optimize every aspect of property management, from operational efficiency to resident satisfaction. Analytics empowers property managers to make informed decisions based on concrete data rather than intuition or experience alone.

By analyzing trends, patterns, and performance metrics, you can pinpoint areas for improvement, anticipate market changes, and tailor your strategies to remain competitive. 

Core benefits of data analytics in property management

Data analytics brings a suite of core benefits to property management, enhancing how you operate and interact with your properties and residents.

  1. Resident satisfaction: Data analytics aids in understanding resident preferences and behaviors. As a result, even large property management companies can provide a more personalized service and maintain good occupancy rates.
  2. Increased operational efficiency: Automating routine tasks like lease management, maintenance scheduling, and resident communication, you save time and ultimately increase profitability.
  3. Improved decision-making: As a property manager, you juggle a lot of moving parts. So, doesn’t it sound idyllic to have the option to anticipate needs? Analyze historical and real-time data and adjust your approach to property management accordingly.
  4. Risk aversion: Risk mitigation becomes proactive rather than reactive as analytics tools highlight these in advance before they escalate further.

So, how do you get the most out of your data? Thanks to property management apps and reverse ETL techniques, you can compile and transform data into valuable insights.

Reverse ETL is every property manager’s best friend as it simplifies the use of data to improve operations, make better decisions, and enhance resident experiences.

Essentially, it automates sending analyzed data from a central database into the everyday software tools you already use. This means that insights about maintenance needs, resident preferences, market trends, and financial performance are directly integrated into the systems where decisions are made and actions are taken.

How Reverse ETL Works

(Image Source)

In other words, it helps do all the heavy lifting, and you reap the rewards. 

Key areas of property management transformed by analytics

Whether you are a property manager for one rental or an agency that manages hundreds of units, you can streamline many areas of property management using property management software. Let’s look at six specific areas where analytics plays the biggest role. 

1. Maintenance scheduling

Predictive analytics is revolutionizing maintenance scheduling in property management by enabling managers to anticipate maintenance needs before they become urgent issues.

This approach leverages data from various sources, including historical maintenance records, sensor data from building systems, and external factors like weather conditions, to predict when and where maintenance will likely be needed.

By identifying patterns and potential problems in advance, you can proactively schedule repairs and maintenance work.a screenshot showing how a maintenance ticket could look

As a result, you can reduce downtime for essential systems and amenities. This proactive approach and attention to detail minimizes the overall inconvenience to residents. It also significantly reduces costs associated with urgent repairs and last-minute contractor rates.

Moreover, predictive maintenance scheduling extends the lifespan of property assets, ensuring they remain in optimal condition for longer.

With dedicated property management software, it’s easier than ever to instantly connect with vetted and qualified maintenance professionals and manage all requests via a dedicated ticketing system. 

2. Energy management

By collecting and analyzing data on energy consumption patterns across different times of the day, seasons, and specific areas within a property, you can identify gaps that need attention.

This data-driven insight allows for implementing targeted energy-saving measures, such as: 

  • Adjusting heating, ventilation, and air conditioning (HVAC) settings
  • Optimizing lighting use through motion sensors or timers
  • Upgrading to energy-efficient appliances and fixtures

These interventions lead to significant cost reductions by lowering utility bills and contribute to sustainability efforts by reducing your property’s carbon footprint.

Overall, this makes the property more attractive to future residents.

3. Resident screening and lease management

The last thing you want to do is fill your vacancies with residents who don’t pay their rent. Or worse, damage your property. 

Access to the right data points can unlock valuable insights beyond traditional background and credit checks. The idea here is to include a broader analysis of a potential resident’s rental history, payment patterns, previous lease violations, and social media behavior.

A comprehensive view that plugs data from multiple sources facilitates a more nuanced assessment of resident reliability and compatibility with the property’s community standards.

Advanced algorithms can predict the likelihood of timely rent payments, respect for property rules, and overall stability to make more informed decisions when offering lease renewals.

The end result? Quality and long-term residencies that don’t disturb the peace are every property owner’s dream!

A screenshot showing the three steps to lease management, from running background checks to receiving and approving a resident's application.

Empty properties don’t make money. Property management software can manage the leasing process, from screening residents to reviewing and accepting rental applications and all the document management that comes with it swiftly and without mountains of paper.

4. Resident communication

Personalizing resident communications and services through insights gained from data analytics enhances the resident experience.

Resident behavior and feedback should be your go-to data source. These are the data points that’ll help you learn more about your residents and tailor communication to meet their unique preferences. 

Here are some common announcements where you can add personalized messaging to further enhance the resident experience:  

  • Provide advance notices of residential work
  • Address common queries and complaints
  • Creating a continuous feedback loop
  • Emergency response planning
  • Reiterate rules and guidelines 
  • Energy-saving practices
  • Recycling programs

With a dedicated virtual bulletin board, communication becomes a two-way street. Not only can residents speak to property owners, but they can also connect with each other.

A screenshot of a virtual bulletin board

Residents within a community often form WhatsApp groups or find other methods to communicate among themselves. However, when they are given access to a customized platform designed specifically for managing general communications and property-specific requests, such as parking reservations, they feel more valued as residents.

5. Optimize your online presence

Are you unsure how residents (current or future) use certain parts of your app, website, or online portal?

With heat maps, you can unlock a visual representation of this data. In other words, see a beautiful illustration of the intensity of various metrics like resident behavior, preferences, and engagement levels within your dedicated property platform. 

For instance, you can learn about the most popular menu item that potential residents are clicking on when landing on your website. Our guess is the amenities page. 

Screenshot of luxury apartment in Nashville

(Image Source)

Understanding what residents are interested in when landing on your website allows you to optimize website layouts and resource allocation to fill vacancies and boost your bottom line. 

Pro tip: Build trust with residents by incorporating OAuth for a secure sign-in feature when logging into resident portals and payment gateways. 

6. Compliance monitoring

Streamlining regulatory compliance checks and audits through data significantly enhances the ability to ensure all properties adhere to the latest regulations and standards.

For example, a property management system can automate the tracking and reporting of safety inspections, energy efficiency ratings, and accessibility standards across multiple properties.

This system could flag properties due for safety inspections or need updates to meet new energy efficiency standards. By integrating real-time data from various regulatory bodies, the system ensures that managers are always aware of the latest requirements.

7. Accounting and financial reporting

Are you sick of manually tracking revenue and expenses across five different applications? Or worse, in an error-prone spreadsheet? 

With ManageGo, say goodbye to these headaches and manage your company’s accounting on the same platform you manage the rest. Talk about simple and easy. 

Plus, you can customize reports at every turn. That way, you can generate data-driven reports for solutions tailored to your exact needs. 

Wrapping up

Data analytics allows for more informed decision-making and streamlined operations.

With dedicated property management apps like ManageGo, property managers can now consolidate all data management and decision-making aspects into a user-friendly platform.

From automating lease management to personalizing resident communications, ManageGo provides a comprehensive solution.

Book a demo.

About the Author

Ryan Robinson is a blogger, podcaster, and (recovering) side project addict that teaches 500,000 monthly readers how to start a blog and grow a profitable side business at ryrob.com.

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The History of New York’s Chaotic May 1st Moving Day

Did you know that 64% of Americans cite moving as the #1 most stressful event in their lives? At least that’s what a recent OnePoll study for North American Van Lines found. 

Now think back to your last big move, except imagine it on the SAME day everyone else in your building, on your street, and in your city were moving. Sounds like a recipe for dodging couches and making enemies out of neighbors! 

Well, in the 19th century, this was the norm for New York City residents. It was called Moving Day, and it may have been the most chaotic time in the city’s history.

A Short History of Moving Day

While the exact origin of this tradition has been lost to history, experts suggest that it traces all the way back to colonial times. Even so, it wasn’t made official until 1820, when the state of New York wrote it into law: all leases must be valid until the first day of May. This coincided with Rent Day, February 1st, where landlords would notify tenants of the rent price for the next year. This gave renters 3 months to make housing plans that fit their needs.

With this legislation in place, thousands of New Yorkers hit the streets at 9am on May 1st with horse drawn wagons filled with their belongings, headed to their new homes. This chaos lived on as the norm through the city, eventually dwindling in the early 20th century as tenant protections grew and city lifestyles shifted. Until, in 1945, the aforementioned law was officially written out due to nationwide housing shortages following WWII – ending the tradition for good.

A Look at How Far We’ve Come

It’s safe to say we’ve come a long way since Moving Day was alive and well. These days, New Yorkers can move on any day they wish, and they enjoy quite a bit more luxury in the process.  Long gone are the days of chaos in the streets when it comes time to move abodes, but this history reminds us of the importance of ensuring a seamless transition from renters. 

Like the February 1st Rent Day of the previous centuries, giving current residents at least 90 days notice of any price increases is the considerate thing to do, but whether or not you have to will depend on your local housing laws (do your research!). Giving renters this buffer shows your respect for them, which is important if you’re hoping for a renewal, or even a great property review. 

The advantage that modern renters have today that renters during the era of Moving Day lacked was access to powerful technology. Whether it’s a simple digital moving checklist or a full-fledged mobile resident portal, moving in the 21st century has never been more streamlined. While it’s fun to look back at outdated traditions like New York’s infamous Moving Day, it’s also a relief to realize how easy we have it thanks to modern property management technology.

No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our monthly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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Rent Price Negotiation: How to Do It (For Residents and Property Managers)

Is the price of rent negotiable? Believe it or not, yes! It may seem that the market prices you see on rental listings are set-in-stone, but that’s not always the case. Of course, whether or not property managers are willing to budge on the price of a unit will be up to their own discretion. At the very least, asking is worth a shot, and it’s a more common practice than you’d think. 

So how should you go about it as a resident? And how exactly should property managers handle renters eager to negotiate? Dive in to find out! 

Negotiating Rent as a Resident

Whether you’re a current resident planning to negotiate rent at a lease renewal or a prospective renter hoping to get a deal from the jump, we have a few tips on playing the cards in your favor.

Current Residents

The great news for current residents is that you (hopefully) already have a great track record with your property manager. Our advice? Remind them of this! When you go to draft a price proposal, help them remember why you’re a great resident worth keeping around. Have you always paid rent in full, on time? Are you respectful to neighbors and cause little disruption? Have you taken care of the property like it’s your own? If so, these are the types of things property managers want to hear. 

While property managers likely already know the value of resident retention, it doesn’t hurt to remind them of the money and time they’d save by keeping you around. The sheer fact of saving money through renewals could be enough of a push they need to accept your offer!

The last thing to consider before pressing send on your proposal (and yes, do this in writing!) are the current market rates for units like yours. To increase your chances of a successful negotiation, do your research beforehand, and be reasonable in your offer. 

Prospective Renters

Whether you plan to negotiate your rent price or not, every renter should get their rental history and recommendations ready to share. Since your new property managers have little idea of how you operate as a resident, they’ll want great references able to vouch for you – especially if you plan to negotiate the rent price.

The key for prospective renters is research. Do your due diligence by finding out what the market looks like around you. What are similar units at comparable properties going for in your area? Find these details out, and leverage your findings to negotiate a reasonable deal.

You may find it more difficult as an incoming renter to get property managers to budge on the gross rent price. If this is the case, ask about concessions or consider experimenting with lease terms. Maybe you have to pay the market price, but management is willing to give you free parking for the duration of your lease instead. The possibilities are abundant, so stay flexible and knowledgeable about your options!

Rent Negotiation for Property Managers

Understandably, getting a message that your renters want to negotiate the price of their rent isn’t ideal. Afterall, you advertised the unit at a certain price for a reason. Just like we told the renters, your first step is going to be research. Compare your units with those of your competitors to ensure your rental prices make sense for your offerings. Additionally, know your rights! Property managers are under no obligation to accept rent negotiation offers, given they’re in line with other applicable rental laws. If you feel a renter has lowballed you, just say no. Though, giving them a flat-out no may mean you lose a great resident you’d otherwise love to rent to. If that’s the case, consider offering concessions or incentives, like a month or two of free rent. 

It’s also important to run the numbers to understand whether or not accepting or denying a rental negotiation is worthwhile. Consider the price of potentially losing a great renter versus the price of their offer. Additionally, keep in mind your current vacancies. If you have one too many unrented units, it may be more cost effective in the interim to fill the space and generate cash flow you’d otherwise miss out on.

No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our monthly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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How to Handle Hostile Renters At Your Multifamily Property

No matter how thoroughly you screen your renters at the time of application, it’s impossible to know the attitude they’ll show up with at your property. Hopefully, they’ll be communicative, pleasant residents that cause little issues during their stay. Those residents are what you aim for, and they’ll be the ones to renew their leases and keep your cash flow healthy. Worst case scenario, they neglect to pay rent or cause major disruptions to neighbors and staff. Those are the ones you’ll be fighting to evict, and understandably the ones you’ll do your absolutely best to avoid leasing to. But what about those residents that fall somewhere in between? 

We’ll call these hostile renters, and these are the residents that simply aren’t pleasant to interact with. They’re behavior isn’t eviction worthy, but it isn’t exactly sunshine and rainbows when they’re around either. But why are some renters so hostile, why should you care, and what can you do to get them on your side? Read on to find out! 

Why Renters May Be Hostile 

Before diving into why some renters are hostile, it’s important to define what this kind of renter hostility looks like. You may be dealing with a hostile renter if they check any of the following boxes:

  • They’re rude to you, your staff, or your vendors
  • They often ignore or fight back on your property policies (like having more guests than allowed in amenities, for example)
  • They complain often about little things
  • They have poor communication or are flat-out unresponsive

These are just a few examples of hostile renter behavior, but the list can be endless. In reality, it can be difficult to pinpoint one concrete reason for hostility, and there could be a combination of contributing factors. It could be anything from you not delivering on your promises (think unresolved maintenance issues or false advertising during a property showing) to a general disdain for landlords and property managers, to a personal reason that has nothing to do with you or your property.

So, you’ve determined you have a hostile resident, and you may or may not have an idea of what caused the hostility. But why should you care to turn their attitude around? 

Improving Relationships Is a Win-Win

While they may not be causing any real trouble at your property, having a hostile renter is never a favorable situation to be in. By taking the time to get to the bottom of a renter’s bad attitude and doing what’s in your power to improve it, you’ll be setting everyone up for success. Not only will your residents be more relaxed and enjoy their home more, your staff and your business will thank you too. Fostering positive relationships with these kinds of renters will build a level of respect that may not have existed before. This means they’ll be more likely to pay rent on time, more likely to follow property rules, more likely to treat you and your staff fairly, and more likely to leave a great review of your business. So what can you do to flip the narrative?

3 Strategies to Get Them On Your Side

No matter the reason for their hostility, doing everything you can to ensure they have a great experience at your property will help alleviate a resident’s bad attitude. Here are our three favorite strategies to do just that:

Encourage open communication

The best way to keep a wedge between you and your residents is failing to communicate early and often with them. Let them know, as early as the application process, that you’re here for them. But once you’ve talked, it’s imperative you walk the walk. Give residents the tools they need to communicate with you easily. The best way we’ve found to do this is by giving residents access to an online portal where they can interact with you and their home by simply logging onto a mobile app. Making communication as seamless as possible will help bridge the gap between you and a hostile renter. 

Be responsive to concerns and requests

A common cause of hostile residents is the impression that landlords and property managers don’t care about a renter’s needs. The best way to prove them wrong? Show up for them with quick and meaningful responses to any concerns or requests. Whether it’s maintenance requests, questions about their lease, or anything in between, prioritizing responsiveness will further show them that you care about them and their rental experience. 

Help make their rental feel like home

The more your units feel like home to your renters, the happier they’ll feel, and in turn, the less hostile they’ll be. There are endless ways to make a multifamily rental family feel more like a home, but some of our favorites include:

  • Complimentary package management
  • Seamless guest key access
  • Amenities spaces that are well looked after
  • Community-centered classes & events 

Implementing these three strategies will build a foundation of trust and ease reservations of hostile renters. Getting residents on your side may be a lengthy process, but by showing up again and again for them, you’ll reap the benefits of gaining another long term renter.

No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our monthly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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ManageGo Begins 2024 With Multiple Recognitions from Gartner Digital Markets

ManageGo kick starts 2024 with huge success and accolades from the Gartner Digital Markets brands – Capterra and GetApp. Our product was recognized in various flagship reports released in January. Check out our recognitions!

Capterra

Real Estate Property Management

“A great Product and and designed with a very easy to use interface. Customer Service is great and really take all comments in consideration and keep on updating the system according to user feedback. The accounting features all of your basic accounting needs and some reports which are also somewhat customizable according to your selections. They also have great features for automating lease renewal signings etc. Their online payments also feature next day funding which is a great perk. They also offer great API integrations if you would only like to use some of their features and use other programs for different uses.”

ManageGo Verified Review | Capterra

“This software is comprehensive enough to do what you need yet not too detailed and comprehensive where you need a college degree to learn how to operate it.”

ManageGo Verified Review | Capterra

GetApp

Real Estate Property Management

ManageGo is super easy to use and very easy to train on. We use it daily to keep track of payments, work orders and leases. The tenant app is very quick to use and it’s easy for us to help show the residents how to log in and pay. ManageGo works seamlessly with our other property management software. I like that resident’s are able to use the portal to submit their own work orders.”

Great Product – ManageGo | GetApp

“Excellent customer service and the simplicity of the online platform is outstanding.”

Great Product – ManageGo | GetApp

Want to review ManageGo? Click here.

Our recognition in these prestigious reports is a significant achievement for us. It is a testament to our commitment to providing a high-quality solution that meets the needs of businesses across a wide range of industries. It also serves as a valuable endorsement for businesses looking for effective software solutions.


We have always strived to achieve higher customer satisfaction, which is why ManageGo has been a top-rated product on all Gartner Digital Markets sites, with an overall rating of 4.8 out of 5. We would like to sincerely thank all our users for loving us so much and rating us so high.

‟Seeing how invested our clients are in using our system gives me energy to keep building and bettering our solutions.”

– Naftali Klein, Co-founder & VP of Product

About ManageGo

ManageGo is the all-inclusive property management software built to help you take control of your operations and run business on your terms. Trusted by property managers for over a decade, we’ve crafted a lineup of fully customizable solutions designed with modern users in mind. Streamline leasing, offer superior concierge services, manage maintenance, collect rent, and balance your books all on one robust platform with more ease than ever before. 

We cater to property managers operating in any market, including multifamily, commercial, condo, co-op, HOA, affordable housing, and student housing – serving over 9,000 properties across the United States. No matter your niche, you’ll enjoy one-on-one onboarding, tailored-made staff training, and unlimited customer support. With the essential tool for every property management company, you’re on your way to more efficient management.

Visit managego.com/request-a-demo to get started.

About Gartner Digital Markets

Gartner Digital Markets is the world’s largest platform for finding software and services. More than 100 million people visit Capterra, GetApp, Software Advice, and UpCity across over 70 localized sites every year to read objective research and verified customer reviews that help them confidently choose the right software and services. Thousands of B2B companies work with Gartner Digital Markets to build their brand, capture buyer demand, and grow their business.


For more information, visit www.gartner.com/en/digital-markets

Disclaimer:
The Gartner Digital Markets badges from Capterra, GetApp, and Software Advice are trademarks and service marks of Gartner, Inc. and/or its affiliates are used herein with permission. All rights reserved. Gartner Digital Markets badges constitute the subjective opinions of individual end-user reviews, ratings, and data applied against a documented methodology; they neither represent the views of, nor constitute an endorsement by, Gartner, Inc. or its affiliates.

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Innovative Horizons: 6 Pioneering Advances Shaping Property Management in 2024

As a property manager or real estate investor, your responsibility goes beyond just collecting rent and responding to resident complaints. 

You must wear many hats to make your property a great place to live or work. This workload includes organizing maintenance and repairs, coordinating property inspections, managing finances, and more.

In fact, 80% of property managers handle a wide scope of activities.

Thanks to emerging tools and technologies, you can streamline these processes in several ways. In this blog, we cover some of the top technology trends shaping property management in 2024.

6 Pioneering Advances Shaping Property Management in 2024

Here are six tech trends to keep on your radar in 2024 to streamline your property management workflows. 

1. Smart Home and Building Technology

Interconnected devices and systems are driving advances in smart home and building technology.

Through these devices, you can remotely monitor and control different parts of your property. Some examples include:

(Image Source)

2. Property Management Software

About 44% of US property managers use property management software.

Thanks to various software applications, you can automate and optimize various property management tasks like:

  • Lease management
  • Communication
  • Rent collection
  • Maintenance
  • Repairs

Being able to handle all these tasks from one platform offers convenience and can save you a lot of time. 

Plus, you can implement predictive maintenance by integrating data analytics and artificial intelligence. This technology allows you to make more informed decisions regarding maintenance and repairs.

These software platforms also foster collaboration between property managers, residents, and owners through communication channels and document sharing.

But property managers aren’t the only ones who stand to gain from these advancements. Property management software can also improve the resident experience by giving renters convenient ways to put in maintenance requests, make rent payments, and communicate with owners online.

ManageGo is a property management software solution that gives you everything you need on one platform. 

Simplify rent payments, maintenance requests, scheduling, rental applications, and more. 

3. Property Protection

As a property manager, you may struggle to find efficient ways to screen residents. However, online resident screening tools are now readily available, allowing easier access to background checks and credit reports.

Using screening software, you can view an applicant’s credit, criminal, and eviction history in more detail. As a result, you’ll have more insights into their financial responsibility and behavior. 

That way, you can improve the decision-making process when it comes to choosing qualified residents who are most likely to pay rent on time, maintain the property, and respect lease terms. 

Another way digital platforms enhance property protection is through OpenID Connect (OIDC), which allows you to authenticate your residents and staff securely and efficiently across multiple digital platforms. 

OIDC is an identity authentication protocol that verifies user identities when they sign in to their online accounts.

This protocol allows users to sign in with one account (think email or social media) and access multiple applications without creating new usernames and passwords. This simplifies the user experience and reduces the risk of data breaches. 

OIDC also provides identity tokens that contain user profile information, such as names and email addresses.

You can then use this information to personalize the services and offers for each resident.

Insurance is another important aspect of property protection. 

Umbrella insurance for rental property policies offers many advantages for landlords, especially if you manage multiple property portfolios. These benefits include:

  • Cost-effective expansion: insurance policies are affordable extensions to standard liability coverage. For a small investment, you can secure coverage ranging from hundreds of thousands to millions of dollars, which will depend on your unique circumstances and the insurance provider you choose.
  • Peace of mind: As a landlord, you may face potential liabilities, from personal injuries to property damage and more. These insurance policies give you an extra layer of reassurance, acting as a safeguard against unforeseen legal challenges introduced by residents. 
  • Convenience: Managing multiple properties can be exhausting, but insurance simplifies the process. Extending coverage across various properties simultaneously allows you to streamline your risk management strategy. Choosing just one umbrella policy for an entire property portfolio is much more convenient than juggling multiple policies, ultimately reducing administrative burdens.
  • Protection: Insurance can complement your existing insurance and limited liability company structures. This helps strengthen overall protection strategies for property owners. 

Say goodbye to headaches in 2024 and hello to peace of mind with all of your properties. 

4. Energy-Efficient Properties

With increased concerns about sustainability, property management across the country is embracing green initiatives. 

For homes, consumers are looking for more energy-efficient appliances. Those renting office buildings want sustainable features like energy-efficient windows to reduce energy bills.

Property managers and real estate investors overseeing luxury multi-family homes and buildings bring nature to their properties. 

They’re doing this by implementing large green spaces or rooftop parks. This really revolutionizes urban living and work environments as renters no longer have to choose between city living and having green space. 

5. Predictive Maintenance

Predictive maintenance is another notable trend in property management in 2024.

Advanced technologies like artificial intelligence allow you to analyze building systems and components data. 

This promotes a more proactive approach to property management because you no longer have to rely on fixed maintenance schedules.

Instead, you can use predictive algorithms to anticipate equipment failures. From there, you can minimize downtime and reduce repair costs. 

In other words, you can prevent a water heater from going bust thanks to an alert notification that it is approaching the end of its average life expectancy.

6. Virtual Reality and Augmented Reality

Virtual reality (VR) and augmented reality (AR) take ‌property viewing experiences to futuristic levels. For example, many property managers offer 360 virtual tours for their rental properties. 

Potential residents don’t even have to enter the building before signing a lease.

For instance, Linz Holly Springs Apartments, located in Georgia, uses virtual tour software to allow potential applicants to explore the property online, removing the need for in-person visits.

Screenshot apartment virtual tour software

(Image source)

VR and AR technologies have also been helpful in virtual staging. Staging empty properties with virtual furniture gives renters the ability to visualize a space before moving in. 

Wrapping Up

When we talk about the future of property management, it almost seems like it’s far away. But in reality, it’s already here.

These property management trends are already in effect and you’ll continue to see them implemented more in 2024.

So, why not jump on the bandwagon, too? With a property management solution like ManageGo, you can streamline your operations and easily manage all aspects of your property.

About the Author

Guillaume is a digital marketer focused on handling the outreach strategy at uSERP and content management at Wordable. Outside of work, he enjoys his expat life in sunny Mexico, reading books, wandering around, and catching the latest shows on TV.

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Shopping for Property Management Software? 4 Features Not to Compromise On

So, you’re shopping for a new property management software. Whether you’re leveraging software for the very first time or upgrading from an outdated system, the sheer number of options can be overwhelming. 

On the surface, it may seem like they all provide the same solutions with only slight variations – and you might be right. So if they all offer something similar, what exactly should you be looking for to make the best decision for your business? 

Consider these 4 features before making the plunge!

All-In-One Package

At the end of the day, the software that will serve you best will be the one with the solutions that fit your needs. You should also, however, consider the long term goals of your business. For this reason, seeking out an all-in-one package is our number one priority when shopping for software. Property management covers a huge array of tasks and duties, and having one comprehensive software that covers it all will save you time and money in the long run. Plus, it gives you room to grow if you don’t quite need it all yet. In this case, be sure the software in your shopping cart allows you to pick and choose the features you need, while giving you the option to add on the rest later. 

Ease of Use

Your software might have every bell and whistle, but what use is it if it’s a nightmare to navigate? When searching for your next property management system, don’t compromise on the usability of the technology. It may seem like a more trivial quality, but the price of difficult software is reduced productivity and decreased efficiency (and hopefully you’re upgrading your software to enhance these, not the other way around). Compare reviews from current users to get a good idea of how easy different systems are to operate. It’s also recommended you attend product demos to see the software first-hand. 

Training & Customer Support

Every new software is going to come with a learning curve – point blank. No matter how intuitive a system is (and should be) you should still ensure the software you choose provides adequate training and customer support. Not only should the onboarding process include in-depth training for your management and staff, they should also guarantee unlimited access to customer and technical support. We can’t stress enough the complexity of property management, let alone the software behind it. With so many moving parts, you’re going to thank yourself when you pick a software with a dedicated team behind it rooting for your success.

Robust Reporting Tools

In order for your rental properties to succeed, your managing decisions need to be data-driven. Robust reporting tools give you this ability with access to real-time data at your fingertips. From analytics on amenity usage or maintenance progress, to custom reports on your business financials, this data is versatile and invaluable – and a feature you’d regret overlooking.

No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our monthly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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Does Your Multifamily Building Need a Community Message Board?

Maybe you’ve heard other property managers talk about them, maybe you use one yourself, or maybe this is your first time hearing about them. Community message boards: the most underrated, rewarding feature a property manager could offer.

But what exactly is a community message board, what are the benefits, and should you be taking advantage of one at your properties? Read on to find out!

What Is It and What Are the Benefits? 

Think of a community message board as your building’s own exclusive social media platform, where residents and management can interact online. The key differentiator between a traditional platform like Twitter or Reddit, and a community message board like ManageGo Engage, is the exclusive community access. Ideally, your message board is only accessible by your residents through a resident portal, giving them a unique opportunity to digitally interact with their neighbors.  

But why is this so beneficial? Here are our top 4 reasons:

1. It builds community

It seems as though neighbors are increasingly less likely to share a laugh with each other in lobbies and hallways, but all hope is not lost! If they’re good for one thing, digital forums are fantastic mediums to build a community. Just a simple app gives residents a low-stakes, enjoyable way to interact with their neighbors.

You may not care whether or not your neighbors are friendly amongst themselves – but we challenge you to consider the importance of a well-cultivated community. For renters in 2024, a sense of community is amongst the top value-drivers of a multifamily rental unit. In a nutshell, investing in ways to build community, like a digital message board, will set yourself apart from other properties – increasing prospective renters and helping to retain current ones.

2. It encourages resident engagement

An engaged resident is a resident that’s connected to your property – all the better for their chances of becoming (or staying) a long-term renter with you! On a digital community message board, residents can buy, sell, & trade, find nearby babysitters, dog walkers, & house cleaners, and even promote personal events & gatherings. The possibilities of engagement are endless, and it’s advantageous that you cash in on this type of connection.

3. It’s an effective means of communication

A community message board is a stellar place for both resident-resident communication and resident-staff communication. Forget the olden days of paper flyers in elevators and level up by using this tool for digital announcements. Whether you’re promoting an upcoming event, reminding residents of building rules, or notifying them of changes to office hours or common areas, a message board is your most effective way to keep residents in the loop about what’s happening in their community.

Should You Use One?

The benefits are crystal clear, but you may still be questioning whether it’s necessary for your own multifamily property. If that’s you, consider these three indicators:

The Size of Your Property

Does your property host tens of residents, or hundreds? It matters when looking at whether or not community message boards will be a success at your buildings. If you manage a humble 10-unit building without a robust amenity & event lineup, it may not be a worthwhile investment. If, however, you manage a huge property with hundreds of units with lots of property happenings, a community message board makes a bit more sense. With a larger property, you’ll have more to talk about with residents, and more residents to engage with the platform. 

The Demographic of Your Residents

Any type of communication software is going to be best embraced by digital natives, and may not be so successful with older generations. You might have hundreds of units, but if you’re building a senior living community, this tool is probably not for you. If, however, your renter base consists largely of students, Gen Z, or Millennials, your chances of success when implementing this technology skyrocket. Luckily, nearly half of all U.S. renters are under the age of 30, so there’s a fair chance a community message board is applicable to you.

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Resident Needs

Do your residents often come to you asking questions like “where’s the lost and found?” “can I put up a promotional flyer?” or “when’s the next resident mixer?”? If so, the solution is right in front of you. Chances are, if your residents are asking questions that can be answered on a community forum accessible from the phone in their pockets, it’s a sure sign you and your renters will benefit from its implementation. 

No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our monthly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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How to Cater to the Top 5 Resident Priorities In 2024

As renters’ needs shift, so do their priorities when apartment hunting. It can feel like a bit of a roller coaster as a property manager trying to adapt to the ever-evolving expectations of residents. But sit tight, cause we’ve taken note! Read on for the top 5 resident priorities in 2024 and expert advice on how to cater to them at your multifamily properties.

1. Price & Value for Money

For a majority of renters, the first thing they’re going to prioritize when looking for their next home will be price – and they won’t just settle for any unit that falls within their budget. While current market trends and the necessity of making a profit will place limitations on what you’re willing to charge renters, there are ways you can increase the perceived value of your property, without touching price. This could be as simple as a fresh coat of paint or upgrading small appliances like microwaves. The more you can do to refresh your units, the more valuable prospective residents will view them, and the more likely they will be to rent from you!

2. Safety & Security

Next up on residents’ must-haves is a feeling of safety and security. This one is rather self-explanatory. I mean, it’s their home after all, residents want to feel safe! While not every property can have 24/7 doormen or human security guards, there are a few enhancements you can make to make it feel safer around your buildings. Start by ensuring every walkway, stairwell, and parking area is well lit. If onsite security is out of the question, consider implementing technology such as smart security systems, smart locks, and secure guest key access and package management systems. Even just knowing these features exist around their home will add to residents’ peace of mind.  

3. Remote Work Amenities

According to the National Multifamily Housing Council’s 2024 Renter Preferences Survey, 45% of renters report working from home several days a week, if not every day. That’s almost half of all renters, and catering to this new development in the workforce is imperative. Properties with amenities that make working from home more enjoyable will inevitably have a competitive edge. First and foremost, this means prioritizing providing fast, reliable internet throughout your property. Take it a step further by transforming a low-use area into a co-working space for residents. Bonus: offer a complimentary coffee bar on weekday mornings in your building’s lobby. The possibilities are endless! 

4. Sustainability

The call for sustainability in real estate persists, and according to residents, it’s here to stay. If you haven’t already, it’s time to start implementing eco-friendly practices if you want to appeal to the modern renter. This can be achieved with simple changes like switching to energy-efficient appliances or with more complex commitments like leveraging smart technology to meet demands. However you decided to tackle the evolving issue of sustainability, make your efforts known to renters. 

5. Community

In a 2024 renter study, SatisFacts found that a sense of community was the #1 driver for perception of value among rental residents. Multifamily properties are more than just homes, they’re unique opportunities for renters to connect with their neighbors. Aside from communal amenities like co-working spaces and fitness centers, what else can be done to build community? Well, holding regular classes and events is a great start in bringing people together organically. Another one of our favorite community building tools is a digital message board. 

No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our monthly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

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3 Keys to Sourcing Reliable Maintenance Vendors for Your Properties

Maintenance is a make or break facet of property management…pun intended. Efficient, quality, and reliable maintenance work ensures that both your property and your residents are taken care of. But how can you know that your vendors are qualified, trustworthy professionals? If you’ve been in the industry a while, you’ll be the first to know it can be a challenge to secure the right workers for any given maintenance job. And if you’re new to the business, you’re probably wondering… “where do I even start?”

As always, we’ve got your back! Here are our three keys to sourcing reliable maintenance vendors for your properties. 

Know Where to Look

Your first instinct might be to type in the type of contractor you need into your Google search bar. But before you dive into that deep end, let us stop you there. Odds are, that general search will produce thousands of search results, and how can you know the one you pick will be a reliable, long-lasting vendor that’s fit for the job?

Our first piece of advice in finding maintenance workers is to lean on a trusted network of property management professionals. Word of mouth is almost always going to be a good bet, though you’ll definitely be working with quality over quantity. Further, you could seek out maintenance-specific job boards; though these aren’t often multifamily property focused.

A recent development to certain property management software includes job boards built-into maintenance platforms. This is by far the simplest, most reliable source for maintenance vendors in property management. For example, ManageGo’s brand new feature, Worksource, allows users to request quotes from local contractors straight from their maintenance tickets. In one place, your team can request job-specific workers that are trusted by property professionals. How much easier could it get?

Don’t Overlook Specialists

It might be tempting to hire one company to cover all maintenance needs, but property maintenance is a huge umbrella covering many areas of expertise. From pest control to roofing to electrical and plumbing, expecting one professional or company to excel in every one of these areas is unrealistic at best. When searching for contractors, make it a priority to search for specialists. In ManageGo’s Worksource, easily filter vendors by specialty, to guarantee your vendors reflect your needs.

Be a Great Employer

Just as you’re eager to hire great vendors, vendors are eager to work for great employers. Once you’ve managed to secure reliable contractors, the next important step is to keep them coming back to work for you. The best way to do that? Be a great employer! You (hopefully) know how to retain your onsite staff, but retaining contractors requires a different approach. Check out our three tips enhancing your vendor relationships to start off on the right foot with your new hires.

No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our monthly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!