Thoroughly vetting applicants is a crucial part of running a successful rental property. Not only does it guarantee your renters are qualified, when done right, it has the power to help you secure the best-fitting residents for your property.
But why is finding great fits so important? From more on-time rental payments and minimal property disruptions to lifestyle alignment, by finding ideal matches you set yourself up for increased retention, and ultimately, better ROI.
So how can you better navigate rental applications to ensure optimal outcomes? Read on for our step-by-step guide.
1. Utilize a Digital Application Software
No renter wants to show up to your office with a folder of paper documents in hand – and you certainly don’t want to sort through them. The first step to navigating rental applications with ease is to employ a modern rental application software. With the right software, you and your applicants will have one digital place to submit, organize, and manage all required information throughout the application process. Not only is this step practical in saving you time and improving efficiency, it also gives a great first impression to renters by providing them a seamless leasing experience.
2. Set Application Fees
Vetting applicants requires time and resources from your team, and it’s likely you’ll want to be compensated for that. Before you send instructions to apply, be sure to set the appropriate application fees for both applicants and guarantors. This should be a self-explanatory process with the right comprehensive software.
In ManageGo, easily set these fees under Settings > Rental Applications > Application Fees.
If you’re unsure about whether to set fees or not, read our blog for insights on how to make the right decision for your business.
3. Collect & Verify The Renter’s Information
Now it’s time to get the application started! Collect all the information you’ll need to make an informed decision, including (but not limited to) contact information, employment verification, proof of income, past rental history and references, pet and vehicle details, and anything else you think you’ll need to know. This is the step where you’ll be glad to have a robust software system to make requesting and acquiring this information a breeze. Once received, do your due diligence to verify everything.
4. Run a Credit & Background Check
Credit checks simply verify a renter’s ability to pay rent monthly, while background checks reveal criminal histories (or lack thereof). These are important in confirming your applicants won’t be disrupting your cashflow or cause legal problems at your property in the future. It’s most common for property managers to pay to run these checks through third parties. On the flip side, all-inclusive application softwares like ManageGo may offer this service free of charge for an extra-seamless experience.
5. Talk To Rental References
When collecting the renter’s information in step 3, don’t forget to ask for rental references. References are instrumental in verifying an applicant’s rental history and confirming they’re a favorable choice for your property. These conversations are a great way to find out about those residents who have a history of late payments, property complaints, or even evictions. If a past reference can vouch for your prospective resident, they’ll likely be a good pick for you, too.
6. Interview The Renters
Once you’ve reviewed all of the information collected about your applicant, it’s time to interview them directly. This may seem like an unnecessary step, but it’s a helpful measure that can help you confirm they’ll be a good fit for your specific property and unit. Check out our 5 Vital Questions to Ask Your Rental Applicants article if you need a jumping off point for your interviews!
7. Make Your Decision
At this point, you should have all the facts and figures needed to make an informed decision about your rental applicant. If they meet all of your rental requirements on paper, go the extra step in making sure their wants and needs align with your property’s offerings. By considering both your needs and your residents’, you’ll set yourself up for long-term success and retention.
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!
With an all-in-one software solution that covers a huge array of bases in property management daily tasks, it’s more than likely you’re not using the technology in your hands to its fullest potential. With features covering everything including accounting, payments, maintenance, leasing, and concierge services, small but powerful tools within each are bound to fall through the cracks. Lucky for you, this article will highlight three essential tools you may be missing out on in your property management software. Let’s dive in!
Streamlined Messaging Tools
Simply managing the behind-the-scenes of your property isn’t enough to create a successful multifamily rental operation. Connecting and communicating with residents is crucial to retaining renters, which is why this is our first essential tool you should be utilizing in your property management software. There are three places you should look to when streamlining your messaging with residents:
The Messages Tab
Located in the main navigation menu of ManageGo, this feature lets you effortlessly mass message residents with pre-made templates, complete with personalized fields. This tool is more obvious thanks to its front-and-center location, but what you may have missed is the ability to customize your own mass message templates! In Settings under the Message Templates tab, click “Add New” to draft any custom mass message of your choosing to save and use for later. From new resident welcome messages to holiday office hours notices, use this tool to make communicating with residents simpler.
Maintenance Tickets
Instead of just closing a maintenance ticket, try sending an email along with it to notify residents of its completion. We love that this feature kills two birds with one stone, closing work orders and communicating with residents about their completed maintenance requests at once. By selecting the option to “Close ticket & send email,” you’ll have the chance to receive valuable feedback from residents about their maintenance experience with just the click of a button.
Books Accounting Platform
What’s one message you hate having to send to residents? Let us guess…rent payment reminders? Make use of two routes to avoid sending dozens of these emails each month. First, be sure to optimize your settings in your accounting software to automatically send rent bill notifications to residents each month. Customize the method of delivery and which day of the month reminders are sent to ensure timely payments. Secondly, go back to your mass messaging settings to create mass rent payment reminders to email to residents. With these two messaging tools in your back pocket, you’ll be sure to see more on time payments.
Seamless Maintenance Sourcing
You know your way around your software’s maintenance platform, from creating maintenance tickets and assigning work orders to creating custom task checklists. But what happens when you don’t have the right vendor for a specific job? You may scramble to get word-of-mouth recommendations or take your chances on a quick Google search.
Or, you could secure contractors straight from your maintenance tickets. Yup, you heard that right. This is our latest favorite ManageGo property management software feature, and for good reason. You don’t even have to open a new tab to request quotes from local, reliable vendors that specialize in the work you need. Simply request a quote under any maintenance ticket, view and accept quotes from vendors, and seamlessly convert accepted quotes to Jobs manageable in the maintenance platform.
Robust Custom Reporting
You may be so busy taking care of the day-to-day tasks of running a rental property that you forget to check in on the bigger picture of your business’ performance – so don’t look past the reporting tools available to you in your property management software! Running reports to track your company’s financial health may be a no-brainer, but don’t stop there. Make it a point to generate reports across your divisions to gain a comprehensive view of your business in totality. With ManageGo, build robust, customizable reports on everything from maintenance, payments, and accounting operations to our entire suite of concierge solutions. With endless ways to customize these analytics, you’ll have endless opportunities to improve and boost your performance regularly.
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!
Navigating the hairy world of pets at your rental properties can be a bit of an undertaking. From crafting pet policies for your lease agreements to making accommodations based on local and federal laws, there’s a lot to consider when it comes to welcoming pets at your rentals.
Regardless of your own pet policies, knowing the difference between emotional support and service animals, as well as the laws you must follow to accommodate them, is crucial to responsible property management. So, let’s start by breaking down the difference between the two.
Emotional Support Vs. Service Animals
While neither emotional support animals (ESAs) nor service animals are considered pets in the eyes of the law, there are important differences to note as a property manager.
Emotional Support Animals (ESAs)
ESAs are defined by the NYC Commission on Human Rights as an animal, protected by the FHA, that provides emotional support or other assistance to their owner in order to help treat symptoms of a disability. The main differentiator between emotional support animals and service animals is that ESAs do not require training to perform their assistance.
Service Animals
Service animals, protected by the FHAandADA, are animals specificallyand often rigorously trained to perform tasks in order to provide assistance to people with disabilities. Contrary to emotional support animals, service animals perform a medically necessary service. For this reason, the lawful accommodation of such animals are much stricter than those of ESAs.
But what exactly protects renters and their furry friends? The Fair Housing Act! Here’s what you should know…
The Fair Housing Act (FHA)
Introduced in 1968, the Fair Housing Act outlaws the discrimination of renters on the basis of race, gender, sexual orientation, nationality, religion, family status, or disability. Key word for our purposes today: disability. That means that in the U.S., property owners and managers are legally required by the FHA to allow both emotional support and service animals at their rental properties, based on the definitions we learned earlier.
It’s important to note, however, that property managers are only obligated to make reasonable accommodations. For example, if a resident is unable to provide verification from a medical provider, or if the animal causes destruction to the property, the manager is no longer required to provide accommodation.
What This Means for Property Managers
So what exactly does this mean for property managers? First and foremost, it means that you can’t turn ESAs or service animals away if all requirements are met – regardless of your pet policies (because remember, these animals aren’t pets). In the same vein, while you may charge fees to allow renters’ pets, you cannot charge pet fees for ESAs or service animals at your property.
It’s also crucial to study up on what you’re legally allowed to ask residents who request accommodations for their ESAs and service animals to avoid noncompliance with the ADA. While property managers in NYC can’task owners for specific documentation, they do have the right to request verification from the renter’s service provider that they have a disability, and that the animal in question helps aid said disability. There are plenty of questions that are illegal to ask residents, so research the laws in the area of your property to avoid trouble down the line.
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!
Winter has officially settled in across the U.S., bringing with it colder temperatures, promises of winter wonderlands, and potentially hazardous conditions for multifamily properties.
According to the Old Farmer’s Almanac’s 2024 winter predictions, large parts of the country can expect freezing temperatures and above average snowfall. With this in mind, it’s time to prioritize winter maintenance before it’s too late and you’re stuck paying the price later. Here are our top 5 winter maintenance tasks not to miss at your multifamily property!
Inspect the Roof & Clear the Gutters
Now’s the time to check your roof for minor damage to avoid major damage later. Have your roofing inspected by professionals for cracks, loose shingles, and areas prone to water pooling. These small imperfections may be tempting to leave to deal with at a later date, but the expansion of freezing water in these areas is going to cause a much larger headache down the line.
While you’re up there, take this time to clear the gutters of any leftover debris from fall. From fallen leaves to mud and gunk, any remains can cause water build up, resulting in damage to the gutters themselves, and eventually the roof.
Winterize Your Pipes
With temperatures quickly dropping it’s important to safeguard interior and exterior piping at your property. Drain and detach any outdoor hoses, hookups, and faucets to avoid damage from frozen water. Inside, avoid ruptures by installing insulation to pipes that have the potential of being exposed to the cold.
Service Your HVAC
Whether it’s extreme hot or, in this case, extreme cold, the last thing you want is your HVAC to be working harder than it needs to during a change in weather. With the forecast predicting below-average temperatures, it’ll be more important than ever to have your HVAC systems serviced to ensure they’ll keep residents warm all winter long. Not only does this help avoid failure of the machines from overworking, but regular servicing helps maintain longevity.
Trim Trees & Large Bushes
If you live in an area where snow and ice are the norm, don’t skimp on winter landscaping. Have the trees and large shrubs on your property trimmed wherever necessary by industry professionals. Heavy snow and ice on overgrown plants near buildings and walkways can cause property damage and injury to people. Don’t risk it!
Plan for Snow Removal
On the note of snow, be sure to plan ahead of time for its removal on your property. Do your research now to secure a trusted vendor. This will save you the high costs of last-minute bookings and give you peace of mind that this pesky task is already taken care of. Don’t know any reliable snow removal companies around you? Make use of ManageGo’s newest maintenance feature, Worksource: a powerful new tool connecting property managers with qualified maintenance professionals.
Winter comes every year, and it’s rarely full of surprises. Now that you have a starting point with 5 common winter maintenance tasks, let’s implement them! Use a modern property management software to schedule recurring maintenance tasks ahead of time and stay on-top of seasonal jobs. Plus, keep track of your winter maintenance to-do with our downloadable checklist!
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!
As the year comes to an end, it’s time to review your financial performance and prepare for the upcoming tax season.
Whether you are a homeowner, a real estate investor, or a property manager, you must have a clear and effective financial plan to optimize your income, expenses, and taxes.
In this post, we’ll share some of the best year-end financial strategies for property owners or managers and how you can easily use them to navigate the complex tax season.
#1 Focus on your year-end review
The first step to achieving your financial goals is to evaluate your current financial situation. A year-end review involves analyzing your property’s performance and profitability over the past year and setting goals and plans for the next year.
Here are some of the key aspects you should review:
Review the financial statements and reports
Understand your income, expenses, cash flow, occupancy rate, rent collection, and resident turnover. Then, compare the actual numbers with the budgeted or projected ones and analyze the variances.
Review residents’ feedback and satisfaction
You should review your residents’ online reviews, ratings, surveys, and complaints. Assess the quality of the renter’s service and communication and the responsiveness and effectiveness of themaintenance and repair requests.
Identifying the areas of improvement and the best practices for resident retention and satisfaction will strengthen your financial position next year.
Review the condition and current value of each property
Look at the building’s age, functionality, appearance, marketability, and amenities to assess each property’s current value. Savvy property owners check that value with the estimated value after depreciation to assets if their depreciation model is adequate.
Review your budget and spending habits. Identify any areas where you are spending more or less than you should.
For example, you may be paying too much for utilities, insurance, or taxes or missing out on tax deductions, depreciation, or capital improvements.
#2 Leverage tax deductions
One of the most important benefits of owning a property is the ability to leverage tax deductions, reducing the amount of tax you owe.
Besides things like charitable distributions, there are many types of tax deductions that property owners can claim, such as:
Rental expenses
You can deduct expenses such as mortgage interest, property taxes, insurance, repairs, maintenance, utilities, advertising, management fees, and travel expenses. However, you can only deduct the portion of the expenses allocated to the rental use of the property, not personal use.
Qualified business income deduction for property owners
You may be eligible for a 20% deduction on your qualified business income (QBI) from your rental property if you meet certain criteria and conditions. QBI is net income from a qualified trade or business, which includes most rental activities.
Real estate income
If you meet certain criteria and conditions, you can deduct the income that you earn from selling or exchanging your property.
For example, you can exclude up to $250,000 ($500,000 for married couples filing jointly) of the capital gain from selling your main home if you have lived in it for at least two of the last five years.
Tax-loss harvesting is another way to reduce your real estate income tax burden.
This process involves selling one or more properties at a loss to offset the short-term capital gains tax from selling another property for a profit.
The logic is that short-term capital gains are usually taxed at a higher rate than long-term gains, therefore improving your tax situation.
Leveraging the 1031 exchange as a property owner
A 1031 exchange is a tax strategy that allows you to defer the capital gain from the sale of your investment property if you reinvest it in another property of equal or greater value within 180 days. This strategy helps you avoid paying taxes on the gain and use it to grow your portfolio and wealth.
#3 Protect your assets
There are many factors that could affect your property’s value, income, or ownership, such as lawsuits, creditors, or natural disasters.
Here are two ways to protect your assets from these potential risks and threats:
Reviewing your insurance plans
As part of an investment strategy, you should review your insurance policy and make sure that it covers your property from the risks you face, such as:
Natural disasters
Theft
Fire
You should also check your policy’s limits, deductibles, and exclusions and see if you need to update or adjust them based on your budgetary constraints and risk tolerance.
Consider a real estate asset protection plan
Beyond the immediate focus on tax implications, savvy property owners may explore the strategic implementation of a real estate asset protection plan.
This proactive approach involves fortifying real estate holdings against unforeseen challenges like lawsuits, creditors, or other claims that could threaten your ownership or equity, ensuring optimized tax positions and a resilient financial portfolio.
#4 Diversify your investments
Any financial advisor will tell you that diversifying your investments is one of the best ways to grow your wealth and achieve your financial goals.
Here are some ways to diversify your investments as a property owner:
Invest in different properties, such as residential, commercial, industrial, or agricultural, with different characteristics, markets, and demands.
Invest in different locations, such as local, national, or international, that have different economic, political, and environmental factors.
Invest in different strategies, such as buy and hold, fix and flip, or wholesale, with different objectives, timelines, and risks.
Invest in different vehicles with different structures, costs, and benefits, such as REITs, ETFs, or crowdfunding.
Invest in different asset classes, such as stocks, bonds, or commodities, with different correlations, volatility, and returns.
For example, a property owner or manager in the travel and hospitality industry can buy used RVs as part of a diversified financial plan.
While this is a different type of asset to real estate and is subject to different market conditions, it can still cater to a similar market segment, allowing managers to leverage their industry experience and know-how.
#5 Make your life easier with property management software
Managing a property can be complex and time-consuming, especially with multiple properties and renters.
Therefore, you need a system and tool to help you manage your property efficiently and effectively. That’s where property management software tools like ManageGo can help, automating many aspects of your property management processes.
Automated accounting systems can assist in organizing financial records, categorizing expenses, and generating reports, easing the burden of tax preparation the same way a financial professional would.
Financial advisors and financial professionals are expensive, but business process automation tools can tackle many of the same tasks at a fraction of the cost.
Choosing the right business intelligence platform isn’t always straightforward, though. For example, you may compare BI tools like Looker vs. Tableau to see which suits your needs better, yet using them in tandem may make more sense. You could, for example, use Looker to model your data and Tableau to visualize and explore that data.
Additionally, automation can facilitate timely rent collection, expense tracking, and invoicing, ensuring accuracy and efficiency in financial management.
#6 Seek help from a tax advisor
As you can see, managing your property finances and taxes at the end of the year can feel like a daunting and complicated task in the best of cases.
Navigatingtax season is much easier when you have a tax advisor to back you up and do proper tax planning, given your circumstances.
Tax professionals can also help you take advantage of tax deductions you may not be aware of, such as those for a VA home loan, home office expenses, and more.
Should you accept crypto?
Many residents today are interested in paying their rent with Bitcoin, Ethereum, or another cryptocurrency, so consider accepting crypto if your occupancy rates are down. While this comes with high volatility risk, it allows property managers to tap into a younger market.
However, if you, as a landlord or property manager, receive rental payment transactions in cryptocurrencies, you must make sure to file your cryptocurrency taxes correctly.
In this sense, you can use a crypto tax calculator to ensure you have the correct numbers and comply with tax regulations.
Deadlines to be aware of
As a property owner or manager, you must know the deadlines and dates that affect your financial and tax obligations and opportunities. Here are some deadlines and dates that you should mark on your calendar:
Date
Related forms
Description
January 16
Form 1040-ES
4th Quarter 2023 estimated tax payment.
January 31
W-2
Form sent to employees (if you have them) for their individual income tax return.
January 31
1099-NEC,1099-MISC, and 1099-K
These are forms sent to yourvendors or contractors (if you paid them more than $600) and to your residents (if you received more than $20,000 and 200 transactions from them).
April 1
Minimum distributions.
Required minimum distribution due if you turn 73 in 2023.
April 15
Tax day, file Form 4868, and make IRA and HSA contributions
Normal deadline to pay your taxes or to file for an extension to file your individual income tax return. It’s also the last day to make contributions to your retirement accounts.
April 15
Form 1040-ES
First quarter 2024 estimated tax payment due.
June 17
Form 1040-ES
Second quarter 2024 estimated tax payment due.
September 16
Form 1040-ES
Third quarter 2024 estimated tax payment due.
October 15
Form 4868
Deadline to file your extended 2023 tax return.
Wrap up your year-end financial strategies
As you can see, there are many year-end financial strategies that you can use to manage your property finances and taxes and achieve your financial goals.
Performing a year-end review of your assets and financial situation, taking advantage of all the tax benefits you’re entitled to, harvesting losses, and diversifying your investment portfolio are all great ideas leading into the end of the year.
You’ll be on the right track to a better financial future through sane investment decisions, proper asset allocation, and applying the other strategies we discussed above.
If you seek good investment advice from a financial planner, plan everything ahead of time, and keep your business organized with the right property management tools, you’ll be able to enjoy a laid-back holiday season.
The best part? You won’t have to worry about the risks of a volatile market or the IRS knocking on your door.
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.
It might just be the talk of the century: artificial intelligence. No matter your industry or interests, it’s almost inevitable you’ve heard the fears that it’s coming for our jobs, if not total world-domination. While we don’t think it’s that serious, we do think its power is undeniable. But instead of letting it induce panic attacks around sci-fi scenarios, we invite property managers to consider how it could just be your new best friend. So what exactly is artificial intelligence, and how can you leverage AI to enhance property management?
What is Artificial Intelligence?
Artificial intelligence, commonly referred to as AI, is a computer simulation of human intelligence used to perform various tasks. Think, for example, chatbots mimicking human responses to resolve customer service inquiries on popular e-commerce sites. This is often executed through a machine’s analysis of data and ability to recognize patterns, resulting in the power to make informed decisions that imitate human decision making. So how can this technology be used to advance property management?
5 Ways to Harness AI in Property Management
Artificial intelligence in property management is just getting started, and the use cases are only going to expand exponentially. But if you’re just warming up to this new advancement in technology, here are five easy ways to make the most of it.
Transform Customer Service
Questions can occur at any hour, so why not give residents the convenience of 24/7 customer service? Useful for both current residents and prospective renters, set up a chatbot on your website or resident portals to provide users with answers to frequent questions about your property. Not only does this AI addition reduce workload for your staff, it also provides unparalleled customer service – building a sense of trust and reliability in your community.
Streamline Marketing Initiatives
Maybe you’re familiar with using chatbots for customer service initiatives, but have you considered using them to write marketing materials? Arguably the most exciting development in the last year is ChatGPT, a chatbot employing mass amounts of data to create meaningful responses to user directions. From writing rental listings to advertising copy and marketing emails, the possibilities are vast for property managers looking to streamline marketing operations.
Leverage Software Automation
Reduce human error by…taking the humans out of it! Now we definitely don’t mean to ditch your staff – you still need them. But certain automation tools can help both staff and residents at your property. On the resident side, utilizing modern property management software with built-in automation can help you secure rent on-time, more often. For example, ManageGo’s payment platform sends automatic rent reminders to residents, and offers automatic payments – taking forgetfulness out of the equation. On the staff side, set automatic lease renewal reminders with ManageGo’s leasing solution to increase resident retention and ultimately, NOI.
Incorporate Smart Tech in Your Buildings
IoT smart building technology can leverage AI to save money and increase efficiency around your property. From light sensors that reduce energy consumption based on usage to temperature tracking that optimizes HVAC use, artificial intelligence can make a huge difference in a building’s efficiency and overall sustainability.
Analyze Market Trends
Artificial intelligence exists thanks to treasure troves of data – making it the perfect tool to analyze market trends and use them to your advantage. Employing AI tools to analyze trends and make predictions in leasing, rent prices, and resident preferences can give you valuable insights that will give you an edge against competitors.
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!
Fa – la – la – la – wait. It’s December already? Time flies when you’re managing multifamily properties! While you were busy collecting late rent payments, scheduling annual winter maintenance, and closing out your Q4 books, the holiday season reared its head. Fortunately, we put together a list of celebrations that are guaranteed to liven up your multifamily properties, just in time for the holidays. Check out our top 6 last-minute holiday events to host at your multifamily properties!
Hot Cocoa Bar
Setting up a hot chocolate bar is a simple but effective way to bring warmth to your multifamily community! Grab the ingredients for traditional hot cocoa: hot water, hot chocolate mix, mini marshmallows, and garnishes like cinnamon sticks or candy canes. Set up a spread with the ingredients and necessary utensils in your building’s lobby or frequented community area, and let your residents enjoy! We love this one for its minimal planning, cost-effectiveness, and popularity amongst all age groups.
Ugly Sweater Contest
Don’t have the time or resources to throw a full-blown event? Don’t sweat it (it’s December after all). Host an Ugly Sweater Contest through your property’s social media accounts! Make a post on your social page, collect contestant photos, and let your staff vote for a winner. Make it worthwhile by partnering with a local small business, like the neighborhood coffee shop, to giveaway a gift card or small treat to the resident with the ugliest sweater!
Pictures with Santa
A classic for a reason, pictures with Santa is a phenomenal way to engage young families at your multifamily property. Hire a trusted Santa and set up a photo station in a large amenity space. Advertise in advance to maximize turn out and go the extra mile by setting out holiday-themed treats.
Bonus: make it pet-friendly for extra-cute photos!
Sound Bath Yoga
Looking for a less-obvious event for your residents? Hold a sound bath yoga class in addition to your regular class line-up! A sound bath is a type of meditation that uses sound vibrations to relax attendees – a great way to de-stress during the hectic holiday season. This type of experience pairs well with yoga, which makes it a convenient way to spruce up a class you already have planned.
Candle Making Workshop
Nothing screams holidays like the coziness of a pine-scented candle. Although a bit more intensive than other events on this list, with the sourcing of the right teacher, it can come together pretty easily! We love this event as it’s both a holiday-neutral celebration, and a great way for residents to hand-make a gift for a loved one during giving season.
Pro-tip: stress the importance of candle safety during and after this type of workshop! You don’t want to be dealing with emergencies, like candle fires, during your winter break.
Holiday Trivia Night
Hosting a holiday trivia night is a fun way to liven up a multifamily community and get residents excited about the season. Gather a set of trivia questions (and answers!) from Google and print out blank answer sheets for your guests. Volunteer a staff member with a great hosting voice, or hire a local actor to bring life to the trivia questions. Not only is this event fun for all ages, it’s also a great way to learn about all the diverse celebrations that happen during the winter months.
Bringing It All Together
Whichever events you choose to arrange, we recommend keeping two things in mind:
First, simply hosting an event isn’t enough to engage residents. Consider the residents’ experience before, during, and after each event, and how that translates to meaningful engagement, and ultimately, retention. For expert tips on maximizing engagement, check out our recent podcast episode on multifamily events!
Second, convenience is king. Imagine going through all the trouble of pulling together a candle-making workshop, only for a few residents to turn up. Ask yourself: did we advertise the event thoroughly? Did we have clear instructions on how to RSVP? And did we make the process of signing-up as simple as possible? Having a comprehensive concierge solution in your back pocket will help you tick all these boxes, and ensure your events run as smoothly as possible.
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!
Isn’t it incredible how far technology has come? Not long ago, the idea of smart, internet-connected devices seemed like a concept straight out of a sci-fi movie.
Today that very technology is everywhere we look. And it’s transforming industries in unimaginable ways. In fact, there’s no slowing down in sight — especially in the property management industry.
According to recent survey data, an astounding 63.43 million American homes have fully embraced the smart home revolution in 2023. This figure represents an impressive 10.2% growth compared to 2022.
As the Internet of Things (IoT) continues to grow in popularity among households, it only makes sense for property managers to embrace it with open arms.
But how exactly does this technology work, and what benefits does IoT bring to property managers? Let’s dive in and explore the transformative impact of IoT in property management in 2023.
What is the Internet of Things (IoT)?
So, you might be thinking, “What exactly is this Internet of Things?” It’s a fair question, and understanding this concept is crucial for anyone looking to fully embrace the benefits.
The Internet of Things, or IoT, refers to the vast network of physical devices, vehicles, appliances, and other items connected to the Internet.
Think of Amazon Alexa, wearable technology like an Apple watch, or a smart TV. These devices collect and share real-time data, transforming how we interact with our everyday environment.
But what does it mean for you as a property manager? Imagine these scenarios:
A thermostat in an apartment unit sends you an alert when the temperature drops too low, signaling potential heating problems.
A security system notifies you immediately of a breach, even if it happens in the middle of the night.
An integrated system that allows you to check and control energy usage across multiple properties, all from an app on your smartphone.
Sounds idyllic, right? Well, that’s the power of IoT. In simple terms, IoT allows objects to “speak” to each other by sharing data, turning them from ordinary objects into “smart devices.”
Now your buildings are more than brick and mortar. They’re interconnected, data-driven ecosystems that can help you run operations more effectively, keep residents safer, and save money.
That’s just the tip of the iceberg. So without further ado, let’s dive into the main benefits that IoT brings to the table.
Manage your property from anywhere in the world
Have you ever dreamt of managing your properties from a beach in Bali, a coffee shop in Italy, or the comfort of your home? With IoT, this is no longer a fantasy but a reality.
Take smart locks, for example. No more rushing to deliver keys in time for check-in or dealing with locked-out residents in the middle of the night. You can grant or revoke access right from your phone, regardless of location. No human intervention required.
And let’s not forget those IoT-enabled security systems that offer real-time alerts and live feeds of your properties. Smart devices can even flag maintenance issues before they become major headaches.
With all of this power accessible right from your internet-connected device. You’re no longer geographically bound to your properties. So, welcome to the future, where you can work smarter, not harder, from any corner of the world.
Adapt to changing renter demands
There are dozens of annual studies on smart home devices with data that paints a clear picture: modern-day residents aren’t just hoping for smart tech in their rentals. They’re expecting it.
And what’s the key to staying ahead in an already competitive market? Adapting to changing consumer demands.
Thankfully, that doesn’t mean you must drop tens of thousands of dollars on IoT technologies and fancy gadgets. Focus on providing the convenience and security that your tech-savvy residents value. For instance, you can offer features like:
Remote-controlled thermostats
Advanced security systems
Smart appliances
Smart speakers
But it never hurts to check with trusted IoT providers like SAP if you’re still scratching your head about the appropriate gadgets for your property. Why? The potential is vast, from optimizing resource allocation and energy management to enhancing security measures and improving resident experiences.
Fully embracing these tech upgrades can boost your property’s appeal to prospective renters.
In the era of IoT, keeping pace with renter demands isn’t just smart — it’s the key to establishing a competitive advantage.
Add an extra layer of security to your property
Who wouldn’t want to provide their residents with an environment that’s as safe and secure as possible? It keeps your residents happy, and you avoid potential lawsuits with a ten-foot pole.
Thanks to IoT, smart locks, surveillance cameras, and alarm systems all work harmoniously, sending you real-time alerts anytime there’s unusual activity.
Maybe a camera in the backyard senses some unexpected motion. Or someone opened a window, setting off an alarm. You’ll receive an immediate notification straight to your smartphone. It’s like having a virtual security guard on duty around your property working 24/7, providing you and your residents with invaluable peace of mind.
But of course, your property is only as safe as the residents who know how to properly engage and disengage these smart security devices.
To foolproof your rentals, use text-to-speech (TTS) to create short videos. That way, you can simplify the communication about all of the complex IoT features within the home.
Since 83% of people prefer to watch videos to access instructional content, it’s a quick and easy way to help your residents understand technical concepts in a digestible manner. Plus, you’re using artificial intelligence technology to teach IoT. That’s pretty neat.
Anyways, you can embed the video into a welcome email or keep it easily accessible when new residents arrive.
Make your property more eco-friendly
We have one earth. Let’s keep it as pristine as possible. And smart devices offer a straightforward way to make your property greener.
Smart thermostats, for instance, learn your residents’ habits and adjust accordingly, reducing energy consumption. IoT devices can also check water usage and water supply, alerting you to leaks that waste resources.
Going green isn’t just good for the planet. It’s good for your property’s appeal, too. In fact, 61% of renters confirm they’d pay a higher rent to live in an eco-friendly apartment. So why not use that to your advantage?
Save on costs across the board
Imagine spotting a potential maintenance issue before it spirals into a costly repair. And trust us. Maintenance costs aren’t cheap.
Some experts recommend setting aside 1% of the property’s value to cover annual maintenance expenses. Others recommend setting aside 50% of your monthly rental income for these costs. Yikes.
So these savings will quickly add up, significantly impacting your bottom line. From preventing major maintenance disasters to saving on utilities, your overhead will decrease significantly after installing smart devices. It’s a win-win.
Unlock access to treasure troves of data
IoT devices are more than just handy tools — they’re data-gathering powerhouses. By monitoring and analyzing usage patterns, you can gain insights into your property’s operations like never before. Think of it as your new inventory management best friend.
This data can help you streamline business processes, improve resident satisfaction, and forecast future trends. It’s like having access to a magic eight ball, giving you the knowledge to make informed, proactive decisions about your properties.
Say goodbye to tedious offline paperwork and hello to operational efficiencies that help you grow and prosper regardless of the economic backdrop.
Wrapping up
And there you have it. The future of property management is here, and it’s smarter, more efficient, and remarkably accessible.
Remember, it’s not just about keeping pace with changing times. But about capitalizing on the immense opportunities and benefits that IoT presents.
So why not take that first step today? And if you’re worried about managing it all, don’t be. With innovative software solutions like ManageGo, you can easily incorporate seamless technology into your properties without any heavy lifting.
Here’s to your success!
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.
Summer’s been busy as the ManageGo team worked to make our softwarebetter than ever, enhancing everything from Packages to Books! As the days cool and autumn rolls in, here’s everything new you’ll enjoy when using ManageGo:
Improvements to the Login Experience
Ditch the hassle of temporary passwords and experience an easier login experience. Whether creating a new account or resetting a password, all users (property managers and residents alike) will now receive a link to set or reset their passwords.
Resident Notifications for Maintenance Tickets
With every email notification for a maintenance ticket, residents will now find a direct link that opens their portal and takes them straight to the ticket – for enhanced navigation.
Legal Notices in ManageGo Books
Books users can now add Notice/Legal statuses to leases. Add a customized status, payment acceptance, or recurring charge rules, so your team can easily see those leases that need special attention.
Other Enhancements to Books
Finding residents in ManageGo Books just got easier! When viewing a resident profile in the Management Portal, simply click the MG Code under their infortmation to view the same occupant in Books.
Payment acceptance in Books is here! Choose from three levels of payment acceptance:
Unit Level: Restrict payments from a single unit.
Lease Level: Restrict payments from a specific lease. Other leases for the same unit will be unaffected.
Occupant Level: Restrict payments from an occupant for any unit, across the board.
Users can now set Building and Unit types as Rental, Commercials, or Condo/HOA for more intuitive organization.
Offering rent-stabilized units with the Office of Rent Administration (ORA) in New York City? Check out our brand new DHCR Reports tool to analyze and compare rent-stabilized leases over a two-year period.
A New Level of Package Management Efficiency
For property managers with our Packages & Deliveries feature, read on to see what’s new. Don’t have access to the feature? Connect with our experts to see what you’re missing!
Introducing: Self-Pickup! Whether they’re logged into the Resident Portal or simply viewing their email notification, residents can now mark their own packages as picked up – with just the click of a button.
Enjoy a fresh user interface adapted for small displays (like your smartphone!) for a more seamless package-adding workflow for your staff.
Say Goodbye to These Bugs
Attach an image of a delivery – or don’t. Package email notifications will now send either way.
Residents can now seamlessly download their monthly invoices, straight from their emails.
Be sure to share these updates with your residents so they can enjoy these enhancements, too. And as we continuously upgrade the ManageGo experience, don’t forget to subscribe to our newsletter to be the first to know about what’s new! 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.
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
The e-commerce industry is booming, with no signs of slowing down. Who doesn’t enjoy the convenience of doorstep delivery, after all? But as quickly as it’s growing, so is the threat of package theft. And when you live in a multifamily community, it’s property managers who bear the brunt of the package problem. From real-world delivery statistics to insights on the true cost of missing packages, check out this month’s podcast highlights to learn how to enhance your delivery management – the modern way!
Should I really be concerned about package theft?
The short answer? Yes! The statistics speak for themselves…
Erica: “Three of four Americans have been victims of package theft in their lifetime. That says a lot. Over 210 million packages were stolen all over the US in 2021 and then 260 million in 2022…That is a lot of packages that have been stolen…
Plus, 40% of package theft occurs in apartment communities. I mean, I’m not necessarily surprised by this. There are a lot of people who go into multifamily buildings and apartment communities every single day. It is very, very hard to keep track. Especially if you live in a building that doesn’t have a reception area, a front desk person, or someone who’s manning the package area.”
How does it affect my property management business?
Erica: “The package problem is costly and not just for your residents. Residents will start to feel insecure about the place that they live in, which can really reduce retention rates… and the likelihood of them renewing their leases. And it is extremely expensive to acquire new residents versus retaining your current ones.
This can also lead to poor reviews and ratings online that can spread rapidly. So, you want to take action. Don’t let your residents down when there are turnkey solutions for this common issue. Provide the trust and security that your residents deserve and save them from the headache of misplaced or stolen packages.
Put in the effort now and it will make a lasting impression. Your residents will thank you for it later.”
So, how can I combat the package problem at a multifamily property?
Erica: “A practical way to prevent package theft is to really invest in a package management platform like our ManageGo Concierge bundle. In that bundle, we have package management, and with that, you can really have full transparency of incoming, outgoing, and offsite packages visible to not just your staff but also your residents…Your staff will be able to scan them and then your resident will get a notification…and then they’ll know they have a package waiting for pin-secured pickup.
…It’s also a good reflection on you as a property manager to have such a high-tech system in place to really make sure that your residents are never losing their packages.”
Now that you know the severity of the package problem, why you should care as a property manager, and the initial steps you can take to combat it, it’s time to listen to the full episode! Join Erica as she gives us more practical ways to address this issue, an in-depth look at ManageGo’s package management features, and expert tips on how to pick the right package management software for your business.
No matter your business goals, ManageGo has your back. Stay tuned for next month’s episode for more advice on better property management. Or, request a demo today to discover how our software solutions can benefit you and your unique property management needs. Plus, subscribe to our bi-weekly 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!
